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REGISTERED NUMBER: 01032862 (England and Wales)

Financial Statements for the Year Ended 31 July 2025

for

Stuart Canvas Limited

| Stuart Canvas Limited (Registered number: 01032862) |

Contents of the Financial Statements

for the Year Ended 31 July 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| Stuart Canvas Limited |

Company Information

for the Year Ended 31 July 2025

| DIRECTORS: | E A Stoddart

| M P Henderson

| SECRETARY: | E A Stoddart

| REGISTERED OFFICE: | Unit 6, Hardwick Grange

| Woolston

| Warrington

| Cheshire

| WA1 4RF

| REGISTERED NUMBER: | 01032862 (England and Wales)

| AUDITORS: | Voisey & Co LLP

| 8 Winmarleigh Street

| Warrington

| Cheshire

| WA1 1JW

| Stuart Canvas Limited (Registered number: 01032862) |

Balance Sheet

31 July 2025

| 31.7.25 |  | 31.7.24

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 5 | 214,538 |  | 217,835 |  |

CURRENT ASSETS

Stocks | 546,499 |  | 514,732 |  |

Debtors | 6 | 1,638,822 |  | 1,554,622 |  |

Cash at bank and in hand | 805,226 |  | 503,721 |  |

2,990,547 |  | 2,573,075 |  |

CREDITORS

Amounts falling due within one year | 7 | (1,493,922 | ) | (1,233,656 | ) |

NET CURRENT ASSETS | 1,496,625 |  | 1,339,419 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,711,163 |  | 1,557,254 |  |

CREDITORS

Amounts falling due after more than one year | 8 | - |  | (44,812 | ) |

PROVISIONS FOR LIABILITIES | 11 | (143,635 | ) | (144,459 | ) |

NET ASSETS | 1,567,528 |  | 1,367,983 |  |

CAPITAL AND RESERVES

Called up share capital | 12 | 312,750 |  | 312,750 |  |

Share premium | 13 | 1,850 |  | 1,850 |  |

Retained earnings | 13 | 1,252,928 |  | 1,053,383 |  |

SHAREHOLDERS' FUNDS | 1,567,528 |  | 1,367,983 |  |

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2026 and were signed on its behalf by:

E A Stoddart - Director

| Stuart Canvas Limited (Registered number: 01032862) |

Notes to the Financial Statements

for the Year Ended 31 July 2025

1. | STATUTORY INFORMATION

| Stuart Canvas Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | STATEMENT OF COMPLIANCE

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

| Monetary amounts in these financial statements are rounded to the nearest £.

| The principal accounting policies adopted are set out below.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Significant judgements and estimates

| 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.

| Going concern

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

| Turnover

| Turnover represents amounts receivable for goods and services net of VAT and trade discounts and derives from the company's principal activity of the manufacture and sale of industrial tarpaulins and sports ground covers. Income is recognised on the delivery of goods or at agreed points during a service contract based on the stage of completion or the services provided at that point.

| Stuart Canvas Limited (Registered number: 01032862) |

Notes to the Financial Statements - continued

for the Year Ended 31 July 2025

3. | ACCOUNTING POLICIES - continued

| Tangible fixed assets and depreciation

| Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

| Plant and machinery |  | 10%-20% on a reducing balance basis |  |

| Fixtures, fittings & equipment |  | 25% on a reducing balance basis |  |

| Motor vehicles |  | 25% on a reducing balance basis |  |

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

| Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Stuart Canvas Limited (Registered number: 01032862) |

Notes to the Financial Statements - continued

for the Year Ended 31 July 2025

3. | ACCOUNTING POLICIES - continued

| Cash and cash equivalents

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

| 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 statement of financial position 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 net asset and settle the liability simultaneously.

| 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 costs 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.

| Other financial assets

| Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

| Stuart Canvas Limited (Registered number: 01032862) |

Notes to the Financial Statements - continued

for the Year Ended 31 July 2025

3. | ACCOUNTING POLICIES - continued

| Impairment of financial assets

| Financial assets, other than those held at fair value through profit or 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.

| 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, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 receipts 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. Amounts 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.

| Equity instruments

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

| 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.

4. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 48 (2024 - 48 ) .

| Stuart Canvas Limited (Registered number: 01032862) |

Notes to the Financial Statements - continued

for the Year Ended 31 July 2025

5. | TANGIBLE FIXED ASSETS

| Fixtures |

| Plant and |  | and |  | Motor |

| machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 August 2024 | 427,898 |  | 79,891 |  | 227,790 |  | 735,579 |  |

| Additions | 48,698 |  | 9,143 |  | - |  | 57,841 |  |

| At 31 July 2025 | 476,596 |  | 89,034 |  | 227,790 |  | 793,420 |  |

| DEPRECIATION

| At 1 August 2024 | 305,668 |  | 63,590 |  | 148,486 |  | 517,744 |  |

| Charge for year | 34,212 |  | 4,919 |  | 22,007 |  | 61,138 |  |

| At 31 July 2025 | 339,880 |  | 68,509 |  | 170,493 |  | 578,882 |  |

| NET BOOK VALUE

| At 31 July 2025 | 136,716 |  | 20,525 |  | 57,297 |  | 214,538 |  |

| At 31 July 2024 | 122,230 |  | 16,301 |  | 79,304 |  | 217,835 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.7.25 |  | 31.7.24

£ | £ |

| Trade debtors | 1,148,482 |  | 1,096,235 |  |

| Amounts owed by group undertakings | 301,708 |  | 256,423 |  |

| Other debtors | 47,777 |  | 52,481 |  |

| Prepayments and accrued income | 140,855 |  | 149,483 |  |

1,638,822 |  | 1,554,622 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.7.25 |  | 31.7.24

£ | £ |

| Bank loans and overdrafts | 45,834 |  | 51,022 |  |

| Hire purchase contracts (see note 9) | 74,150 |  | 115,069 |  |

| Trade creditors | 783,424 |  | 596,327 |  |

| Amounts owed to group undertakings | 63,316 |  | - |  |

| Tax | 66,018 |  | 29,795 |  |

| Social security and other taxes | 320,368 |  | 275,660 |  |

| Other creditors | 8,835 |  | 8,245 |  |

| Accruals and deferred income | 131,977 |  | 157,538 |  |

1,493,922 |  | 1,233,656 |  |

| Stuart Canvas Limited (Registered number: 01032862) |

Notes to the Financial Statements - continued

for the Year Ended 31 July 2025

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.7.25 |  | 31.7.24

£ | £ |

| Bank loans - 1-2 years | - |  | 44,812 |  |

9. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

| 31.7.25 |  | 31.7.24 |

£ | £ |

| Net obligations repayable:

| Within one year | 74,150 |  | 115,069 |  |

| Non-cancellable |

| operating leases |

| 31.7.25 |  | 31.7.24

£ | £ |

| Within one year | 304,587 |  | 216,286 |  |

| Between one and five years | 1,029,209 |  | 625,878 |  |

| In more than five years | 31,301 |  | 31,116 |  |

1,365,097 |  | 873,280 |  |

10. | SECURED DEBTS

| The bank loan and overdraft is secured by a debenture over all assets of the company.

11. | PROVISIONS FOR LIABILITIES

| 31.7.25 |  | 31.7.24

£ | £ |

| Deferred tax | 53,635 |  | 54,459 |  |

| Other provisions | 90,000 |  | 90,000 |  |

143,635 |  | 144,459 |  |

| Deferred |  | Other |

| tax |  | provisions |

£ | £ |

| Balance at 1 August 2024 | 54,459 |  | 90,000 |  |

| Credit to Income Statement during year | (824 | ) | - |  |

| Balance at 31 July 2025 | 53,635 |  | 90,000 |  |

| Stuart Canvas Limited (Registered number: 01032862) |

Notes to the Financial Statements - continued

for the Year Ended 31 July 2025

11. | PROVISIONS FOR LIABILITIES - continued

| The deferred tax movement in the year is in respect of calculated accelerated capital allowances.

| The other provision is a dilapidation provision in relation to the ongoing wear and tear of the company's premises, in order to spread the cost of repair over the lease term of the premises. The existing lease expires in 2029.

12. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.7.25 |  | 31.7.24

| value: | £ | £ |

| 312,750 | Ordinary | £1 | 312,750 |  | 312,750 |  |

13. | RESERVES

| Retained |  | Share |

| earnings |  | premium |  | Totals

£ | £ | £ |

| At 1 August 2024 | 1,053,383 |  | 1,850 |  | 1,055,233 |  |

| Profit for the year | 199,545 |  | 199,545 |  |

| At 31 July 2025 | 1,252,928 |  | 1,850 |  | 1,254,778 |  |

14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Jonathan Urmston BA ACA (Senior Statutory Auditor)

| for and on behalf of Voisey & Co LLP

15. | ULTIMATE CONTROLLING PARTY

| Stuart Canvas Group Limited is regarded by the directors as being the company's ultimate parent company.

| Copies of the consolidated accounts are available from the registered office of that company - Unit 6 Hardwick Grange, Woolston, Warrington, Cheshire, WA1 4RF.

| The address of the principal place of business is Unit 6 Hardwick Grange, Woolston, Warrington, Cheshire, WA1 4RF.

| The ultimate controlling party of the company is considered to be E Stoddart by virtue of his majority shareholding in Stuart Canvas Group Limited.