Company registration number 00105398 (England and Wales)
HENRY ALTY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
HENRY ALTY LIMITED
COMPANY INFORMATION
Directors
J.C. Fairbairn
A. Price
S.J. Gautrey
Secretary
S.J. Gautrey
Company number
00105398
Registered office
Alty's Liverpool Road
Much Hoole
Preston
Lancashire
PR4 5JT
Auditor
JS. Audit Limited
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
Business address
Alty's Liverpool Road
Much Hoole
Preston
Lancashire
PR4 5JT
Bankers
HSBC Bank plc
49a Fishergate
Preston
Lancashire
PR1 8BH
HENRY ALTY LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
8
Statement of cash flows
9
Notes to the financial statements
10 - 22
HENRY ALTY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 1 -

The directors present the strategic report for the year ended 31 October 2025.

Principal activities

The principal activity of the company is the supply of building materials.

Review of the business

Our industry continues to be very competitive, so we are pleased to have increased turnover by 12.5%. Along with other businesses, the increase in minimum wage and national insurance contributions hit us, along with a general increase in overheads, which resulted in our costs being significantly higher than last year. However, we still increased our overall profitability year on year, which was pleasing. We are confident that we are in a very strong position to maintain our success over the coming year.

Principal risks and uncertainties

In terms of financial risk management, the company considers that it has limited exposure to various aspects of financial risk. All of the company's revenue is invoiced in sterling, and all of its operations and costs arise within the UK.

We are always facing the possibility of bad debts, but we work hard to limit the risks and constantly monitor credit limits and payment schedules.

Key performance indicators

Turnover increased by 12.5% from £9,762,382 to £10,983,355 with the pre-tax profit also up on the prior year by £55,109. The gross profit margin reduced slightly to 30.08% (2024: 31.03%). Although we are facing a difficult year to come we are confident that our loyal customer base and our ability to react quickly to changing market conditions, will stand us in good stead to weather any storms.

On behalf of the board

A. Price
Director
13 February 2026
HENRY ALTY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 2 -

The directors present their report f or the year ended 31 October 2025.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £511,000.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J.C. Fairbairn
A. Price
S.J. Gautrey
Financial instruments
Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits. Management review these regularly to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.

Credit risk

Investments of cash surpluses are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Auditor

The auditor, JS. Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

HENRY ALTY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 3 -

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The company has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the review of the business and principal risks and uncertainties.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
A. Price
Director
13 February 2026
HENRY ALTY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HENRY ALTY LIMITED
- 4 -
Opinion

We have audited the financial statements of Henry Alty Limited (the 'company') for the year ended 31 October 2025 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

HENRY ALTY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HENRY ALTY LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement included within the directors' report the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities and fraud are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities including fraud is detailed below.

Based on our understanding of the company and sector, we identified that the principal risks of non-compliance with laws and regulations related to, but was not limited to, the Companies Act 2006, UK tax, employment, pension and health and safety legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgements and the risk of fraud in revenue recognition.

HENRY ALTY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HENRY ALTY LIMITED (CONTINUED)
- 6 -

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management about actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- obtaining an understanding of provisions and holding discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls: testing the appropriateness of journal entries; assessing whether the accounting estimates, judgements and decisions made by management are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Peter Atkinson F.C.A. (Senior Statutory Auditor)
For and on behalf of JS. Audit Limited, Statutory Auditor
Chartered Accountants
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
19 March 2026
HENRY ALTY LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
10,983,355
9,762,382
Cost of sales
(7,679,541)
(6,733,367)
Gross profit
3,303,814
3,029,015
Distribution costs
(1,251,499)
(1,112,147)
Administrative expenses
(876,355)
(784,031)
Other operating income
14,013
35,286
Operating profit
4
1,189,973
1,168,123
Interest receivable and similar income
7
123,238
112,690
Interest payable and similar expenses
8
(5,062)
(3,467)
Fair value gains / (losses) on investment
9
24,306
-
Profit before taxation
1,332,455
1,277,346
Tax on profit
10
(332,232)
(321,020)
Profit for the financial year
1,000,223
956,326
Retained earnings brought forward
6,248,830
5,852,504
Dividends
11
(511,000)
(560,000)
Retained earnings carried forward
6,738,053
6,248,830

The notes on pages 10 to 22 form part of these financial statements.

HENRY ALTY LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2025
31 October 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,361,846
2,358,347
Investments
13
89,838
65,532
2,451,684
2,423,879
Current assets
Stocks
15
1,494,601
1,553,304
Debtors
16
1,708,578
1,790,321
Investments
17
1,109,210
1,535,330
Cash at bank and in hand
2,570,589
1,183,836
6,882,978
6,062,791
Creditors: amounts falling due within one year
18
(2,300,452)
(1,896,756)
Net current assets
4,582,526
4,166,035
Total assets less current liabilities
7,034,210
6,589,914
Creditors: amounts falling due after more than one year
19
(66,937)
(102,000)
Provisions for liabilities
Deferred tax liability
21
159,220
169,084
(159,220)
(169,084)
Net assets
6,808,053
6,318,830
Capital and reserves
Called up share capital
23
70,000
70,000
Profit and loss reserves
24
6,738,053
6,248,830
Total equity
6,808,053
6,318,830

The notes on pages 10 to 22 form part of these financial statements.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 13 February 2026 and are signed on its behalf by:
A. Price
Director
Company registration number 00105398 (England and Wales)
HENRY ALTY LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 9 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,968,078
1,658,529
Interest paid
(5,062)
(3,467)
Income taxes paid
(341,953)
(343,694)
Net cash inflow from operating activities
1,621,063
1,311,368
Investing activities
Purchase of tangible fixed assets
(259,250)
(99,597)
Proceeds from disposal of tangible fixed assets
40,600
58,511
Interest received
112,238
112,690
Dividends received
11,000
-
0
Net cash (used in)/generated from investing activities
(95,412)
71,604
Financing activities
Payment of finance leases obligations
(54,018)
(38,352)
Dividends paid
(511,000)
(560,000)
Net cash used in financing activities
(565,018)
(598,352)
Net increase in cash and cash equivalents
960,633
784,620
Cash and cash equivalents at beginning of year
2,719,166
1,934,546
Cash and cash equivalents at end of year
3,679,799
2,719,166
Relating to:
Cash at bank and in hand
2,570,589
1,183,836
Short term deposits included in current asset investments
1,109,210
1,535,330

The notes on pages 10 to 22 form part of these financial statements.

HENRY ALTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 10 -
1
Accounting policies
Company information

Henry Alty Limited is a private company limited by shares incorporated in England and Wales. The registered office is Alty's Liverpool Road, Much Hoole, Preston, Lancashire, PR4 5JT. The company has no single principal place of business.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Turnover represents amounts receivable for horticultural and building supplies sold through the company's various locations, before the balance sheet date and net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold buildings
2% per annum straight line basis
Plant and machinery
10% and 6.67% per annum straight line basis
Fixtures, fittings & equipment
10-20% per annum straight line basis
Motor vehicles
15-25% per annum straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

HENRY ALTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 11 -
1.5
Fixed asset investments

Interests in listed investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.

Unlisted investments are recorded at cost and have subsequently been reviewed each year for any potential impairment.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

HENRY ALTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 12 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

HENRY ALTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 13 -
1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the statement of income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.15

Current asset investments

Fixed-term deposits are investments held with financial institutions that have a fixed maturity date and typically earn a fixed rate of interest over the investment term. These deposits are not considered cash equivalents unless they have an original maturity of three months or less and are readily convertible to known amounts of cash with insignificant risk of changes in value.

HENRY ALTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 14 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
Esimated useful economic lives and residual value of fixed assets

Depreciation of tangible fixed assets has been based on estimated useful economic lives and residual values deemed appropriate by the directors.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Bad debt provision

In calculating provisions, directors review the trade debtors and consider the likelihood of recoverability.

Stock provision

In calculating the closing stock at 31 October 2025, the directors have reviewed the carrying value of the stock as at the year end, including any slow moving, damaged or obsolete stock.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Sale of goods
10,983,355
9,762,382
2025
2024
£
£
Turnover analysed by geographical market
UK Sales
10,983,355
9,762,382
2025
2024
£
£
Other revenue
Interest income
112,238
112,690
Dividends received
11,000
-
HENRY ALTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 15 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
12,450
10,225
Depreciation of owned tangible fixed assets
186,565
107,355
Depreciation of tangible fixed assets held under finance leases
32,675
105,999
Profit on disposal of tangible fixed assets
(4,089)
(3,546)
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Selling and distribution
23
22
Administration
2
2
Directors
3
3
Total
28
27

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,199,880
1,015,426
Social security costs
152,730
108,296
Pension costs
71,211
174,941
1,423,821
1,298,663
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
288,469
176,944
Company pension contributions to defined contribution schemes
27,976
135,185
316,445
312,129
HENRY ALTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
6
Directors' remuneration
(Continued)
- 16 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
138,098
n/a
Company pension contributions to defined contribution schemes
25,099
n/a

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
112,238
111,749
Other interest income
-
0
941
Total interest revenue
112,238
112,690
Other income from investments
Dividends received
11,000
-
0
Total income
123,238
112,690
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
112,238
111,749
8
Interest payable and similar expenses
2025
2024
£
£
Other finance costs
Interest on finance leases and hire purchase contracts
5,062
2,539
Other interest
-
0
928
5,062
3,467
9
Amounts written off investments
2025
2024
£
£
Fair value gains/(losses) on financial instruments
Gain on financial assets held at fair value through profit or loss
24,306
-
0
HENRY ALTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 17 -
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
342,096
341,953
Adjustments in respect of prior periods
-
0
183
Total current tax
342,096
342,136
Deferred tax
Origination and reversal of timing differences
(9,864)
(21,116)
Total tax charge
332,232
321,020

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,332,455
1,277,346
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
333,114
319,337
Tax effect of expenses that are not deductible in determining taxable profit
5,195
1,500
Tax effect of income not taxable in determining taxable profit
(6,077)
-
0
Under/(over) provided in prior years
-
0
183
Taxation charge for the year
332,232
321,020

Deferred tax has been calculated using a rate of 25% (202 4: 25%).

11
Dividends
2025
2024
£
£
Interim paid
511,000
560,000
HENRY ALTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 18 -
12
Tangible fixed assets
Freehold buildings
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2024
1,796,337
358,784
325,966
784,209
3,265,296
Additions
13,579
8,596
5,267
231,808
259,250
Disposals
-
0
-
0
(4,958)
(140,910)
(145,868)
At 31 October 2025
1,809,916
367,380
326,275
875,107
3,378,678
Depreciation and impairment
At 1 November 2024
257,602
109,152
235,825
304,370
906,949
Depreciation charged in the year
25,731
36,741
22,936
133,832
219,240
Eliminated in respect of disposals
-
0
-
0
(4,848)
(104,509)
(109,357)
At 31 October 2025
283,333
145,893
253,913
333,693
1,016,832
Carrying amount
At 31 October 2025
1,526,583
221,487
72,362
541,414
2,361,846
At 31 October 2024
1,538,735
249,632
90,141
479,839
2,358,347

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Motor vehicles
136,691
205,767
13
Fixed asset investments
2025
2024
£
£
Listed investments
29,439
5,133
Unlisted investments
60,399
60,399
89,838
65,532
HENRY ALTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
13
Fixed asset investments
(Continued)
- 19 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 November 2024
65,532
Valuation changes
24,306
At 31 October 2025
89,838
Carrying amount
At 31 October 2025
89,838
At 31 October 2024
65,532
14
Financial instruments
2025
2024
£
£
Carrying amount of financial assets include:
Cash held in accounts that are unaccessible maturing in greater than 3 months
1,109,210
1,535,330
15
Stocks
2025
2024
£
£
Finished goods and goods for resale
1,494,601
1,553,304
16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,494,805
1,573,894
Other debtors
3,090
2,550
Prepayments and accrued income
210,683
213,877
1,708,578
1,790,321
17
Current asset investments
2025
2024
£
£
Unlisted investments
1,109,210
1,535,330
HENRY ALTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 20 -
18
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Obligations under finance leases
20
38,250
57,205
Trade creditors
1,419,644
1,061,208
Corporation tax
341,333
341,190
Other taxation and social security
158,938
136,421
Other creditors
553
351
Accruals and deferred income
341,734
300,381
2,300,452
1,896,756

Included in other creditors are obligations under finance leases of £38,250 (202 4: £57,205) which are secured on the assets to which they relate.

19
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
20
66,937
102,000

Obligations under finance leases of £66,937 (2024: £102,000) a re secured on the assets to which they relate.

20
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
38,250
57,205
After more than one year
66,937
102,000
105,187
159,205

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

HENRY ALTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 21 -
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
199,545
201,657
Retirement benefit obligations
(40,325)
(32,573)
159,220
169,084
2025
Movements in the year:
£
Liability at 1 November 2024
169,084
Credit to profit or loss
(9,864)
Liability at 31 October 2025
159,220

The deferred tax liability set out above is expected to reverse within 60 months and relates mainly to accelerated capital allowances that are expected to mature within the same period.

22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
71,211
174,941

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the year end there were unpaid pension contributions of £161,300 (2024: £130,290).

23
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
70,000
70,000
70,000
70,000
24
Profit and loss reserves

The profit and loss reserves represent cumulative profits and losses, net of distributions to shareholders.

HENRY ALTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 22 -
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
178,950
-
26
Cash generated from operations
2025
2024
£
£
Profit after taxation
1,000,223
956,326
Adjustments for:
Taxation charged
332,232
321,020
Finance costs
5,062
3,467
Investment income
(123,238)
(112,690)
Gain on disposal of tangible fixed assets
(4,089)
(3,546)
Depreciation and impairment of tangible fixed assets
219,240
213,354
Other gains and losses
(24,306)
-
Movements in working capital:
Decrease/(increase) in stocks
58,703
(70,785)
Decrease in debtors
81,743
105,461
Increase in creditors
422,508
245,922
Cash generated from operations
1,968,078
1,658,529
27
Analysis of changes in net funds
1 November 2024
Cash flows
31 October 2025
£
£
£
Cash and cash equivalents
2,719,166
960,633
3,679,799
Lease liabilities
(159,205)
54,018
(105,187)
2,559,961
1,014,651
3,574,612
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