IRIS Accounts Production v26.1.0.640 05736370 Board of Directors 31.7.25 1.8.24 31.7.25 31.7.25 a holding company for a group of companies trading in the manufacture and sale of industrial tarpaulins and sports ground covers. true true false true false false false true false iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 05736370 2024-07-31 05736370 2025-07-31 05736370 2024-08-01 2025-07-31 05736370 2023-07-31 05736370 2023-08-01 2024-07-31 05736370 2024-07-31 05736370 ns15:EnglandWales 2024-08-01 2025-07-31 05736370 ns14:PoundSterling 2024-08-01 2025-07-31 05736370 ns10:Director1 2024-08-01 2025-07-31 05736370 ns10:CompanySecretary1 2024-08-01 2025-07-31 05736370 ns10:Consolidated 2025-07-31 05736370 ns10:ConsolidatedGroupCompanyAccounts 2024-08-01 2025-07-31 05736370 ns10:PrivateLimitedCompanyLtd 2024-08-01 2025-07-31 05736370 ns10:Consolidated ns10:SmallEntities 2024-08-01 2025-07-31 05736370 ns10:Consolidated ns10:AuditExemptWithAccountantsReport 2024-08-01 2025-07-31 05736370 ns10:SmallCompaniesRegimeForDirectorsReport 2024-08-01 2025-07-31 05736370 ns10:SmallCompaniesRegimeForAccounts 2024-08-01 2025-07-31 05736370 ns10:Consolidated ns10:SmallCompaniesRegimeForDirectorsReport 2024-08-01 2025-07-31 05736370 ns10:Consolidated ns10:SmallCompaniesRegimeForAccounts 2024-08-01 2025-07-31 05736370 ns10:FullAccounts 2024-08-01 2025-07-31 05736370 1 2024-08-01 2025-07-31 05736370 ns10:Consolidated 2024-08-01 2025-07-31 05736370 ns10:Director3 2024-08-01 2025-07-31 05736370 ns10:RegisteredOffice 2024-08-01 2025-07-31 05736370 ns10:Director2 2024-08-01 2025-07-31 05736370 ns10:Consolidated 2023-08-01 2024-07-31 05736370 ns5:CurrentFinancialInstruments 2025-07-31 05736370 ns5:CurrentFinancialInstruments 2024-07-31 05736370 ns5:ShareCapital 2025-07-31 05736370 ns5:ShareCapital 2024-07-31 05736370 ns5:CapitalRedemptionReserve 2025-07-31 05736370 ns5:CapitalRedemptionReserve 2024-07-31 05736370 ns5:RetainedEarningsAccumulatedLosses 2025-07-31 05736370 ns5:RetainedEarningsAccumulatedLosses 2024-07-31 05736370 ns5:ShareCapital 2023-07-31 05736370 ns5:RetainedEarningsAccumulatedLosses 2023-07-31 05736370 ns5:CapitalRedemptionReserve 2023-07-31 05736370 ns5:RetainedEarningsAccumulatedLosses 2023-08-01 2024-07-31 05736370 ns5:CapitalRedemptionReserve 2023-08-01 2024-07-31 05736370 ns5:RetainedEarningsAccumulatedLosses 2024-08-01 2025-07-31 05736370 ns5:CapitalRedemptionReserve 2024-08-01 2025-07-31 05736370 ns5:NetGoodwill 2024-08-01 2025-07-31 05736370 ns5:PlantMachinery 2024-08-01 2025-07-31 05736370 ns5:FurnitureFittings 2024-08-01 2025-07-31 05736370 ns5:MotorVehicles 2024-08-01 2025-07-31 05736370 ns5:ComputerEquipment 2024-08-01 2025-07-31 05736370 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-07-31 05736370 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-07-31

REGISTERED NUMBER: 05736370 (England and Wales)

| Report of the Directors and |

| Unaudited Consolidated Financial Statements |

| for the Year Ended 31 July 2025 |

| for |

| Stuart Canvas Group Limited |

| Stuart Canvas Group Limited (Registered number: 05736370) |

Contents of the Consolidated Financial Statements

for the Year Ended 31 July 2025

Page |

| Company Information | 1 |

| Report of the Directors | 2 |

| Consolidated Income Statement | 3 |

| Consolidated Balance Sheet | 4 |

| Company Balance Sheet | 6 |

| Consolidated Statement of Changes in Equity | 8 |

| Company Statement of Changes in Equity | 9 |

| Notes to the Consolidated Financial Statements | 10 |

| Stuart Canvas Group 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: | 05736370 (England and Wales)

| ACCOUNTANTS: | Voisey & Co LLP

| Chartered Accountants

| 8 Winmarleigh Street

| Warrington

| Cheshire

| WA1 1JW

| Stuart Canvas Group Limited (Registered number: 05736370) |

Report of the Directors

for the Year Ended 31 July 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 July 2025.

REVIEW OF BUSINESS

The group had a good year with PBT up by just short of 50%. We saw revenues plateau, but our margins improve through better efficiencies and productivity within our production departments.

Mudfords had an improved year after the disruption of the warehouse move in the previous year. The new warehouse and hence efficiencies we are seeing from this site are now being reflected in continued improvements to PBT.

Stuart Canvas launched new product ranges during the year which started to gain traction by the end of the year, so we would hope to see them show dividend in the next FY.

Trading conditions from the group are still quite tough, with continued increases in government taxes on SMEs, which is only contributing to higher costs for the end consumer and increased inflation. The 2024 budget fiasco put a dampener on business confidence & investment, and we saw projects delayed until the budget was over, which saw our H2 revenues dip as a result.

Overall, the performance of the group was good. We will be looking to invest further in the business and our equipment over the forthcoming year, to further improve on our efficiencies.

The outlook for FY26 is strong, with forecasted PBT to improve by over 20% YOY.

DIRECTORS

E A Stoddart has held office during the whole of the period from 1 August 2024 to the date of this report.

Other changes in directors holding office are as follows:

M P Henderson - appointed 4 September 2024

N I Coward ceased to be a director after 31 July 2025 but prior to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

E A Stoddart - Secretary

31 March 2026

| Stuart Canvas Group Limited (Registered number: 05736370) |

Consolidated

Income Statement

for the Year Ended 31 July 2025

| 31.7.25 |  | 31.7.24

| Notes | £ | £ |

TURNOVER | 9,656,057 |  | 9,802,257 |  |

Cost of sales | (5,741,654 | ) | (6,406,039 | ) |

GROSS PROFIT | 3,914,403 |  | 3,396,218 |  |

Administrative expenses | (3,404,978 | ) | (3,018,004 | ) |

OPERATING PROFIT | 4 | 509,425 |  | 378,214 |  |

Relocation costs | 5 | - |  | (10,129 | ) |

509,425 |  | 368,085 |  |

Interest payable and similar expenses | (60,725 | ) | (66,962 | ) |

PROFIT BEFORE TAXATION | 448,700 |  | 301,123 |  |

Tax on profit | (120,914 | ) | (71,305 | ) |

PROFIT FOR THE FINANCIAL YEAR | 327,786 |  | 229,818 |  |

Profit attributable to:

Owners of the parent | 327,786 |  | 229,818 |  |

| Stuart Canvas Group Limited (Registered number: 05736370) |

Consolidated Balance Sheet

31 July 2025

| 31.7.25 | 31.7.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 7 | - |  | - |  |

Tangible assets | 8 | 275,701 |  | 329,269 |  |

Investments | 9 | - |  | - |  |

275,701 |  | 329,269 |  |

CURRENT ASSETS

Stocks | 1,359,884 |  | 1,285,450 |  |

Debtors | 10 | 2,177,546 |  | 2,169,828 |  |

Cash at bank and in hand | 974,630 |  | 528,180 |  |

4,512,060 |  | 3,983,458 |  |

CREDITORS

Amounts falling due within one year | 11 | 2,104,946 |  | 1,862,617 |  |

NET CURRENT ASSETS | 2,407,114 |  | 2,120,841 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,682,815 |  | 2,450,110 |  |

CREDITORS

Amounts falling due after more than one year | 12 | - |  | (90,854 | ) |

PROVISIONS FOR LIABILITIES | (168,507 | ) | (172,734 | ) |

NET ASSETS | 2,514,308 |  | 2,186,522 |  |

CAPITAL AND RESERVES

Called up share capital | 377,500 |  | 377,500 |  |

Capital redemption reserve | 160,000 |  | 160,000 |  |

Retained earnings | 1,976,808 |  | 1,649,022 |  |

SHAREHOLDERS' FUNDS | 2,514,308 |  | 2,186,522 |  |

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2025.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 July 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group.

| Stuart Canvas Group Limited (Registered number: 05736370) |

Consolidated Balance Sheet - continued

31 July 2025

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

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 Group Limited (Registered number: 05736370) |

Company Balance Sheet

31 July 2025

| 31.7.25 | 31.7.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 7 | - |  | - |  |

Tangible assets | 8 | - |  | - |  |

Investments | 9 | 1,258,594 |  | 1,258,594 |  |

1,258,594 |  | 1,258,594 |  |

CURRENT ASSETS

Debtors | 10 | - |  | 20,579 |  |

Cash at bank | 1,032 |  | 1,032 |  |

1,032 |  | 21,611 |  |

CREDITORS

Amounts falling due within one year | 11 | 658,229 |  | 675,658 |  |

NET CURRENT LIABILITIES | (657,197 | ) | (654,047 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 601,397 |  | 604,547 |  |

CAPITAL AND RESERVES

Called up share capital | 377,500 |  | 377,500 |  |

Capital redemption reserve | 160,000 |  | 160,000 |  |

Retained earnings | 63,897 |  | 67,047 |  |

SHAREHOLDERS' FUNDS | 601,397 |  | 604,547 |  |

Company's loss for the financial year | (3,150 | ) | (2,625 | ) |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

| Stuart Canvas Group Limited (Registered number: 05736370) |

Company Balance Sheet - continued

31 July 2025

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

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 Group Limited (Registered number: 05736370) |

Consolidated Statement of Changes in Equity

for the Year Ended 31 July 2025

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 August 2023 | 377,500 |  | 1,419,204 |  | 160,000 |  | 1,956,704 |  |

Changes in equity

Total comprehensive income | - |  | 229,818 |  | - |  | 229,818 |  |

Balance at 31 July 2024 | 377,500 |  | 1,649,022 |  | 160,000 |  | 2,186,522 |  |

Changes in equity

Total comprehensive income | - |  | 327,786 |  | - |  | 327,786 |  |

Balance at 31 July 2025 | 377,500 |  | 1,976,808 |  | 160,000 |  | 2,514,308 |  |

| Stuart Canvas Group Limited (Registered number: 05736370) |

Company Statement of Changes in Equity

for the Year Ended 31 July 2025

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 August 2023 | 377,500 |  | 69,672 |  | 160,000 |  | 607,172 |  |

Changes in equity

Total comprehensive income | - |  | (2,625 | ) | - |  | (2,625 | ) |

Balance at 31 July 2024 | 377,500 |  | 67,047 |  | 160,000 |  | 604,547 |  |

Changes in equity

Total comprehensive income | - |  | (3,150 | ) | - |  | (3,150 | ) |

Balance at 31 July 2025 | 377,500 |  | 63,897 |  | 160,000 |  | 601,397 |  |

| Stuart Canvas Group Limited (Registered number: 05736370) |

Notes to the Consolidated Financial Statements

for the Year Ended 31 July 2025

1. | STATUTORY INFORMATION

| Stuart Canvas Group 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 General Information page.

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. 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.

| Basis of consolidation

| The group financial statements consolidate the financial statements of Stuart Canvas Group Limited and all its subsidiaries drawn up to 31st July each year.

| Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control and continues to consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the investee so as to obtain benefit from its activities.

| 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.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Stuart Canvas Group Limited (Registered number: 05736370) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 July 2025

2. | ACCOUNTING POLICIES - continued

| Goodwill

| The Group established a reliable estimate of the useful life of goodwill arising on business combinations as 5 years. This estimate is based on a variety of factors such as the expected use of the acquired business, the expected useful life of the cash generating units to which the goodwill is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses.

| Intangible assets acquired separately from a business are capitalised at cost. Intangible assets acquired as part of an acquisition of a business are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition.

| Subsequent to initial recognition, intangible assets are stated at cost less accumulated amortisation and accumulated impairment. Intangible assets are amortised on a straight line basis over their estimated useful life.

| The useful economic life of intangibles are as follows:

| Negative Goodwill - 5 years

| Goodwill - 5 years

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Plant and machinery | - | 25% on reducing balance and 20% on reducing balance

| Fixtures and fittings | - | 25% on reducing balance, 20% on reducing balance and 20% on cost

| Motor vehicles | - | 25% on reducing balance

| Computer and office equipment | - | 25% on cost

| Stuart Canvas Group Limited (Registered number: 05736370) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 July 2025

2. | 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 enforcible 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.

| Basic financial liabilities

| Basic financial liabilities include debentures which are initially recorded at the present value of future payments discounted at a market rate of interest for a similar loan. Subsequently, they are measured at amortised cost using the effective interest method.

| 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.

| 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.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

| Stuart Canvas Group Limited (Registered number: 05736370) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 July 2025

2. | ACCOUNTING POLICIES - continued

| 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.

| Employee benefits

| The costs of short-term employee benefits are recognised as 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.

| Hire purchase and leasing commitments

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

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

| Provisions

| A provision is recognised in the balance sheet when the company has a constructive or legal obligation as a result of a past event and it is probable that an outflow of economic benefit will be required to settle the obligation. Provisions are recognised at their discounted net present value.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 84 (2024 - 86 ) .

4. | OPERATING PROFIT

| The operating profit is stated after charging:

| 31.7.25 |  | 31.7.24

£ | £ |

| Depreciation - owned assets | 108,419 |  | 70,834 |  |

5. | EXCEPTIONAL ITEMS

| 31.7.25 |  | 31.7.24

£ | £ |

| Relocation costs | - |  | (10,129 | ) |

| Stuart Canvas Group Limited (Registered number: 05736370) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 July 2025

6. | INDIVIDUAL INCOME STATEMENT

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

7. | INTANGIBLE FIXED ASSETS

| Group |  |

|  | Negative Goodwill |  |  | Total |  |

|  | £ |  |  | £ |  |

| COST |  |

| At 1 August 2022 |  |  | (256,855 | ) |  | (256,855 | ) |

| Additions |  |  | - |  |  | - |  |

| Disposals |  |  | - |  |  | - |  |

| At 31 July 2023 |  |  | (256,855 | ) |  | (256,855 | ) |

| AMORTISATION |  |

| At 1 August 2022 |  |  | (236,786 | ) |  | (202,382 | ) |

| Charge for the year |  |  | (20,069 | ) |  | (34,404 | ) |

| Elim on disposal |  |  | - |  |  | - |  |

| At 31 July 2023 |  |  | (256,855 | ) |  | (236,786 | ) |

| NET BOOK VALUE |  |

| At 31 July 2023 |  |  | - |  |  | (20,069 | ) |

| At 31 July 2022 |  |  | (20,069 | ) |  | (54,473 | ) |

| Negative goodwill is being written off on a straight line basis over a period of 2-5 years which is equal to the period over which the related non-monetary assets of the acquired business are being depreciated.

| Stuart Canvas Group Limited (Registered number: 05736370) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 July 2025

8. | TANGIBLE FIXED ASSETS

| Group

| Computer |

| Fixtures |  | and |

| Plant and |  | and |  | Motor |  | office |

| machinery |  | fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 August 2024 | 440,922 |  | 184,478 |  | 290,753 |  | 95,439 |  | 1,011,592 |  |

| Additions | 48,698 |  | 9,143 |  | - |  | 760 |  | 58,601 |  |

| Disposals | - |  | - |  | (31,593 | ) | - |  | (31,593 | ) |

| At 31 July 2025 | 489,620 |  | 193,621 |  | 259,160 |  | 96,199 |  | 1,038,600 |  |

| DEPRECIATION

| At 1 August 2024 | 358,913 |  | 72,067 |  | 205,192 |  | 46,151 |  | 682,323 |  |

| Charge for year | 34,212 |  | 25,775 |  | 22,884 |  | 25,548 |  | 108,419 |  |

| Eliminated on disposal | - |  | - |  | (27,843 | ) | - |  | (27,843 | ) |

| At 31 July 2025 | 393,125 |  | 97,842 |  | 200,233 |  | 71,699 |  | 762,899 |  |

| NET BOOK VALUE

| At 31 July 2025 | 96,495 |  | 95,779 |  | 58,927 |  | 24,500 |  | 275,701 |  |

| At 31 July 2024 | 82,009 |  | 112,411 |  | 85,561 |  | 49,288 |  | 329,269 |  |

| Stuart Canvas Group Limited (Registered number: 05736370) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 July 2025

9. | FIXED ASSET INVESTMENTS

| Company

|  | Shares in group undertakings |

| £ |  |

| COST |  |

| At 1 August 2022 |  |  | 1,258,594 |

| At 31 July 2023 |  |  | 1,258,594 |

| NET BOOK VALUE |  |

| At 31 July 2023 |  |  | 1,258,594 |

| At 31 July 2022 |  |  | 1,258,594 |

| The group or company's investments at the Balance Sheet date in the share capital of companies include the following:

| Company |  |  | Principal activity |

| Stuart Canvas Limited |  |  | Manufacture and sale of industrial tarpaulins and covers |

| Bennett Covers Limited |  |  | Dormant |

| Mudfords Limited |  |  | Manufacture and sale of industrial tarpaulins and covers |

| The company holds 100% of the share capital in each of the above subsidiaries.

| The registered offices of the above companies are: Unit 6, Hardwick Grange, Woolston, Warrington, Cheshire, WA1 4RF. With exception of Mudfords, which has a registered address of: Ropeman Works, 400 Petre Street, Sheffield, S4 8LU.

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

| Group |  | Company |

| 31.7.25 |  | 31.7.24 |  | 31.7.25 |  | 31.7.24 |

£ | £ | £ | £ |

| Trade debtors | 1,749,505 |  | 1,750,682 |  | - |  | 20,579 |  |

| Other debtors | 240,208 |  | 226,273 |  | - |  | - |  |

| Prepayments and accrued income | 187,833 |  | 192,873 |  | - |  | - |  |

2,177,546 |  | 2,169,828 |  | - |  | 20,579 |  |

| Stuart Canvas Group Limited (Registered number: 05736370) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 July 2025

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

| Group |  | Company |

| 31.7.25 |  | 31.7.24 |  | 31.7.25 |  | 31.7.24 |

£ | £ | £ | £ |

| Bank loans and overdrafts | 92,204 |  | 101,350 |  | - |  | - |  |

| Hire purchase contracts | 74,150 |  | 115,069 |  | - |  | - |  |

| Trade creditors | 942,640 |  | 808,407 |  | - |  | - |  |

| Amounts owed to group undertakings | - |  | - |  | 655,079 |  | 662,471 |  |

| Tax | 125,141 |  | 29,795 |  | - |  | - |  |

| Social security and other taxes | 346,442 |  | 308,128 |  | - |  | 10,562 |  |

| VAT | 108,286 |  | 98,582 |  | - |  | - |  |

| Other creditors | 171,708 |  | 168,737 |  | - |  | - |  |

| Accruals and deferred income | 244,375 |  | 232,549 |  | 3,150 |  | 2,625 |  |

2,104,946 |  | 1,862,617 |  | 658,229 |  | 675,658 |  |

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

| Group |

| 31.7.25 |  | 31.7.24 |

£ | £ |

| Bank loans - 1-2 years | - |  | 90,854 |  |

13. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |

| 31.7.25 |  | 31.7.24 |

£ | £ |

| Bank loans | 92,204 |  | 192,204 |  |

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

14. | ULTIMATE CONTROLLING PARTY

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