78 false false false false true false false false false false false true false false false false false false 2024-12-01 Sage Accounts Production Advanced 2025 - FRS102_2025 232,511 128,934 1,855,491 645,000 2,500,491 357,449 2,143,042 1,498,042 103,589 15,312 118,901 xbrli:pure xbrli:shares iso4217:GBP SC080155 2024-12-01 2025-11-30 SC080155 2025-11-30 SC080155 2024-11-30 SC080155 2023-12-01 2024-11-30 SC080155 2024-11-30 SC080155 2023-11-30 SC080155 core:LandBuildings core:OwnedOrFreeholdAssets 2024-12-01 2025-11-30 SC080155 core:MotorVehicles 2024-12-01 2025-11-30 SC080155 bus:RegisteredOffice 2024-12-01 2025-11-30 SC080155 bus:OrdinaryShareClass1 2024-12-01 2025-11-30 SC080155 bus:LeadAgentIfApplicable 2024-12-01 2025-11-30 SC080155 bus:Director1 2024-12-01 2025-11-30 SC080155 bus:Director2 2024-12-01 2025-11-30 SC080155 bus:Director3 2024-12-01 2025-11-30 SC080155 bus:CompanySecretary1 2024-12-01 2025-11-30 SC080155 core:WithinOneYear 2025-11-30 SC080155 core:WithinOneYear 2024-11-30 SC080155 core:LandBuildings core:OwnedOrFreeholdAssets 2024-11-30 SC080155 core:PlantMachinery 2024-11-30 SC080155 core:MotorVehicles 2024-11-30 SC080155 core:LandBuildings core:OwnedOrFreeholdAssets 2025-11-30 SC080155 core:PlantMachinery 2025-11-30 SC080155 core:MotorVehicles 2025-11-30 SC080155 core:DeferredTaxation 2024-12-01 2025-11-30 SC080155 core:PlantMachinery 2024-12-01 2025-11-30 SC080155 core:UKTax 2024-12-01 2025-11-30 SC080155 core:UKTax 2023-12-01 2024-11-30 SC080155 core:RetainedEarningsAccumulatedLosses 2024-11-30 SC080155 core:RetainedEarningsAccumulatedLosses 2023-11-30 SC080155 core:RetainedEarningsAccumulatedLosses 2025-11-30 SC080155 core:RetainedEarningsAccumulatedLosses 2024-11-30 SC080155 core:ShareCapital 2025-11-30 SC080155 core:ShareCapital 2024-11-30 SC080155 core:RevaluationReserve 2025-11-30 SC080155 core:RevaluationReserve 2024-11-30 SC080155 core:BetweenOneFiveYears 2025-11-30 SC080155 core:BetweenOneFiveYears 2024-11-30 SC080155 core:MoreThanFiveYears 2025-11-30 SC080155 core:CostValuation core:Non-currentFinancialInstruments 2024-11-30 SC080155 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2025-11-30 SC080155 core:CostValuation core:Non-currentFinancialInstruments 2025-11-30 SC080155 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2025-11-30 SC080155 core:Non-currentFinancialInstruments 2025-11-30 SC080155 core:Non-currentFinancialInstruments 2024-11-30 SC080155 core:AcceleratedTaxDepreciationDeferredTax 2025-11-30 SC080155 core:AcceleratedTaxDepreciationDeferredTax 2024-11-30 SC080155 core:RevaluationInvestmentPropertyDeferredTax 2025-11-30 SC080155 core:RevaluationInvestmentPropertyDeferredTax 2024-11-30 SC080155 core:LandBuildings core:OwnedOrFreeholdAssets 2024-11-30 SC080155 core:PlantMachinery 2024-11-30 SC080155 core:MotorVehicles 2024-11-30 SC080155 core:DeferredTaxation 2024-11-30 SC080155 core:DeferredTaxation 2025-11-30 SC080155 bus:LeadAgentIfApplicable 2023-12-01 2024-11-30 SC080155 bus:MediumEntities 2024-12-01 2025-11-30 SC080155 bus:Audited 2024-12-01 2025-11-30 SC080155 bus:Medium-sizedCompaniesRegimeForAccounts 2024-12-01 2025-11-30 SC080155 bus:PrivateLimitedCompanyLtd 2024-12-01 2025-11-30 SC080155 bus:FullAccounts 2024-12-01 2025-11-30 SC080155 bus:OrdinaryShareClass1 2025-11-30 SC080155 bus:OrdinaryShareClass1 2024-11-30 SC080155 core:InvestmentPropertyIncludedWithinPPE 2024-11-30 SC080155 core:InvestmentPropertyIncludedWithinPPE 2025-11-30
COMPANY REGISTRATION NUMBER: SC080155

Decora Ltd

Financial Statements

30 November 2025

Decora Ltd

Financial Statements

Year ended 30 November 2025

Contents | Pages

Officers and professional advisers | 1

Strategic report | 2 to 3

Directors' report | 4 to 5

Directors' responsibilities statement | 6

Independent auditor's report to the members | 7 to 10

Statement of income and retained earnings | 11

Statement of financial position | 12

Statement of cash flows | 13

Notes to the financial statements | 14 to 22

Decora Ltd

Officers and Professional Advisers

The board of directors | T McWhirter
| A McWhirter
| D McWhirter

Company secretary | A McWhirter

Registered office | Bruceland House
| Elgin
| Morayshire
| IV30 1YE

Auditor | Ritsons
| Chartered Accountants & Statutory Auditor
| 103 High Street
| ELGIN
| Moray
| IV30 1EB

Solicitors | Cockburns
| 82 High Street
| ELGIN
| IV30 1BL

Decora Ltd

Strategic Report

Year ended 30 November 2025
The directors of the company present their Strategic Report for the year ended 30 November 2025.
Principal activity
Decora is a home improvement and garden centre retailer and also operates a restaurant .
Fair review
There have not been any significant changes in the company's principal activities during the year. The company continued to provide home improvement and gardening products alongside the running of a restaurant. During the year, there was a slight increase in turnover. This was in line with the directors' expectations and intentional monitoring of overheads and stock put the profitability back to an acceptable level. Pressure is on with rising costs of energy and fuel with the economy flatlining due to government mismanagement, 2026 may prove difficult to maintain turnover and profit.
Principal risks and uncertainties
As for many businesses of this size, the business environment in which the company operates continues to be challenging. National companies continue to provide fierce competition for the business which provides a constraint on margins. The business will be affected by consumer spending patterns and consumers' overall level of disposable income within the economy. As a result of the current economy the company's growth in the forthcoming period will be affected as the overall level of activity is expected to remain constant. With these risks and uncertainties in mind the directors are aware that the growth and development of the company may be subject to events that are out-with the company's control.
Key performance indicators
The key performance indicators are those that communicate the financial performance and strength of the company. The financial statements of the business are considered satisfactory given the current pressures within the retail sector. The turnover has increased on last year giving a gross profit of £2,393,954 compared to £2,203,755 for the previous year. The profit before tax is £321,925 compared to £181,792 in the previous year.
This report was approved by the board of directors on 8 April 2026 and signed on behalf of the board by:

T McWhirter
Director

Registered office:
Bruceland House
Elgin
Morayshire
IV30 1YE

Decora Ltd

Directors' Report

Year ended 30 November 2025
The directors present their report and the financial statements of the company for the year ended 30 November 2025 .
Directors
The directors who served the company during the year were as follows:

T McWhirter |
A McWhirter |
D McWhirter |

Dividends
The directors do not recommend the payment of a dividend.
Financial instruments
The financial risk management objectives and policies of the company include minimising exposure to all risks, and mitigating these risks where possible. There is a robust system in place to ensure the risks are insignificant. Financial instruments are not used by the company as it is considered that the systems the company has in place are adequate to alleviate the exposure to price risk, credit risk, liquidity risk and cash flow risk.
Disclosure of information in the strategic report
The Strategic Report contains details of the principal activities of the company and an overview which provides detailed information on the company's business during the year.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 8 April 2026 and signed on behalf of the board by:

T McWhirter
Director

Registered office:
Bruceland House
Elgin
Morayshire
IV30 1YE

Decora Ltd

Directors' Responsibilities Statement

Year ended 30 November 2025
The directors are responsible for preparing the strategic report, directors' 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 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 judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. 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.

Decora Ltd

Independent Auditor's Report to the Members of Decora Ltd

Year ended 30 November 2025
Opinion
We have audited the financial statements of Decora Ltd (the 'company') for the year ended 30 November 2025 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 30 November 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the audit:
- the information given in the strategic report and the directors' report 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.
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 identified material misstatements in the strategic report or the directors' report. 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' responsibilities statement, 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, including 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: As part of the audit planning process, the engagement principal and the engagement team discussed the legal and regulatory frameworks that are applicable to the company. The laws and regulations which have a direct impact on the financial statements are those that relate to regulations governing the preparation of the financial statements, being Companies Act 2006 and FRS 102, as well as UK tax laws. Other laws and regulations which would have an indirect impact, but potentially significant effect on on operations are health & safety and employment laws. The engagement principal and the engagement team discussed non-compliance with laws and regulations at the audit team planning meeting. The engagement principal made enquiries of management regarding their assessment of the likelihood of fraud or error or non-compliance with laws and regulations which could lead to material misstatements in the financial statements. The engagement principal was satisfied that the engagement team had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations during the audit. The engagement team reviewed records to identify any legal and regulatory correspondence. The engagement team did not identify any key audit matters relating to irregularities, including fraud. Part of the engagement team's assessment of non-compliance with laws and regulations included a review of the risk of management override of controls. This was carried out by reviewing journals posted to the financial records, reviewing accounting estimates and significant transactions that are outside the normal course of business, to identify any material misstatement which may be due to fraud. The audit team also considered whether there could be irregularities, including fraud, related to revenue recognition. This was carried out by reviewing the revenue recognition policies, testing of material revenue streams and testing cut off at the year end date. The disclosures in the financial statements were reviewed and tested to supporting documentation to assess compliance with applicable laws and regulations. A Disclosure Check was carried out to confirm that the financial statements comply with current accounting requirements. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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.

Alison Fionda
(Senior Statutory Auditor)

For and on behalf of
Ritsons
Chartered Accountants & Statutory Auditor
103 High Street
ELGIN
Moray
IV30 1EB

8 April 2026

Decora Ltd

Statement of Income and Retained Earnings

Year ended 30 November 2025

| 2025 | 2024
Note | £ | £
Turnover | 4 | 4,965,102 | 4,894,984

Cost of sales | ( 2,571,148) | ( 2,691,229)
| ------------ | ------------
Gross profit | 2,393,954 | 2,203,755

Administrative expenses | ( 2,231,947) | ( 2,202,389)
Other operating income | 5 | 77,192 | 72,053
|  | ------------ | ------------
Operating profit | 6 | 239,199 | 73,419

Other interest receivable and similar income | 10 | 82,726 | 108,373
| ------------ | ------------
Profit before taxation | 321,925 | 181,792

Tax on profit | 11 | ( 89,414) | ( 52,858)
| --------- | ---------
Profit for the financial year and total comprehensive income | 232,511 | 128,934
| --------- | ---------

Retained earnings at the start of the year | 8,653,681 | 8,524,747
| ------------ | ------------
Retained earnings at the end of the year | 8,886,192 | 8,653,681
| ------------ | ------------

All the activities of the company are from continuing operations.

Decora Ltd

Statement of Financial Position

30 November 2025

| 2025 | 2024
Note | £ | £ | £

Fixed assets

Tangible assets | 12 |  | 3,680,612 | 3,681,156
Investments | 13 |  | 2,143,042 | 1,498,042
|  | ------------ | ------------
|  | 5,823,654 | 5,179,198

Current assets

Stocks | 14 | 821,322 |  | 849,000
Debtors | 15 | 58,321 |  | 91,020
Cash at bank and in hand | 3,582,537 |  | 3,902,460
| ------------ |  | ------------
| 4,462,180 |  | 4,842,480

Creditors: amounts falling due within one year | 16 | ( 743,570) |  | ( 727,237)
| ------------ |  | ------------
Net current assets |  | 3,718,610 | 4,115,243
|  | ------------ | ------------
Total assets less current liabilities |  | 9,542,264 | 9,294,441

Provisions | 17 |  | ( 118,901) | ( 103,589)
|  | ------------ | ------------
Net assets |  | 9,423,363 | 9,190,852
|  | ------------ | ------------

Capital and reserves

Called up share capital | 20 |  | 90,000 | 90,000
Non-distributable reserve | 21 |  | 447,171 | 447,171
Profit and loss account | 21 |  | 8,886,192 | 8,653,681
|  | ------------ | ------------
Shareholders funds |  | 9,423,363 | 9,190,852
|  | ------------ | ------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 8 April 2026 , and are signed on behalf of the board by:

T McWhirter
Director

Company registration number: SC080155

Decora Ltd

Statement of Cash Flows

Year ended 30 November 2025

| 2025 | 2024
| £ | £

Cash flows from operating activities

Profit for the financial year | 232,511 | 128,934

Adjustments for: |  |
Depreciation of tangible assets | 89,908 | 86,487
Other interest receivable and similar income | ( 82,726) | ( 108,373)
Gains on disposal of tangible assets | ( 29,740) | ( 14,642)
Tax on profit | 89,414 | 52,858
Accrued income | ( 5,409) | ( 34,074)

Changes in: |  |
Stocks | 27,678 | 9,436
Trade and other debtors | 32,699 | ( 17,476)
Trade and other creditors | 56,541 | ( 41,642)
| --------- | ---------
Cash generated from operations | 410,876 | 61,508

Interest received | 82,726 | 108,373
Tax paid | ( 54,943) | ( 67,500)
| --------- | ---------
Net cash from operating activities | 438,659 | 102,381
| --------- | ---------

Cash flows from investing activities

Purchase of tangible assets | ( 146,666) | ( 88,179)
Proceeds from sale of tangible assets | 87,042 | 29,000
Purchases of other investments | ( 645,000) | ( 265,000)
| --------- | ---------
Net cash used in investing activities | ( 704,624) | ( 324,179)
| --------- | ---------

Cash flows from financing activities

Proceeds from borrowings | ( 53,958) | 94,925
| --------- | ---------
Net cash (used in)/from financing activities | ( 53,958) | 94,925
| --------- | ---------

Net decrease in cash and cash equivalents | ( 319,923) | ( 126,873)
Cash and cash equivalents at beginning of year | 3,902,460 | 4,029,333
| ------------ | ------------
Cash and cash equivalents at end of year | 3,582,537 | 3,902,460
| ------------ | ------------

Decora Ltd

Notes to the Financial Statements

Year ended 30 November 2025
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Bruceland House, Elgin, Morayshire, IV30 1YE.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and 'Companies Act 2006'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties and vintage vehicles measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Fixed asset investments
Fixed asset investments, in the form of vintage motor vehicles, are shown at their open market value. The valuation is based on original cost of the asset plus any subsequent costs incurred where value is deemed to be added. The surplus or deficit arising from the annual revaluation is transferred to the investment revaluation reserve unless a deficit, or its reversal, on an individual investment is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property, plant and equipment, and note 3 for the depreciation accounting policy for the useful economic lives for each class of assets. Valuation of investment properties As described in the accounting policy at note 3 and in note 12 to the financial statements, investment properties are stated at fair value based on valuations carried out by the directors. The valuations are re-assessed annually and amended where necessary to reflect current estimates. Valuation of vintage motor vehicles As described in the accounting policy at note 3 to the financial statements, vintage motor vehicles are carried at open market value, based on original cost plus any subsequent costs incurred where value is deemed to be added. The lack of an active market for vintage vehicles increases the degree of judgement involved in the valuation.
Revenue recognition
The turnover in the profit and loss account represents amounts received during the year for the supply of home improvement and garden centre products and café sales. Sales of products are recognised when the significant risks and rewards are transferred to the customer at the electronic point of sale, exclusive of Value Added Tax. Sales of kitchen and bathroom products represents amounts invoiced during the year, exclusive of Value Added Tax. Turnover is recognised when the products have been delivered to the customer and the significant risk and rewards have been transferred to the customer.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Freehold Property | - | 2% straight line
| Plant, machinery & fixtures | - | 15%-20% reducing balance & straight line
| Motor Vehicles | - | 25% reducing balance

Investment property
Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The following assets and liabilities are classified as financial instruments - bank, trade debtors, trade creditors, directors' loans to the company. Cash and cash equivalents in the statement of financial position comprise cash at bank and in hand held on demand. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings. Directors' loans to the company which are repayable on demand are measured at the undiscounted amount of cash expected to be paid.
Defined contribution plans
The company operates a money purchase pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions are charged to the profit and loss account.
4. Turnover
Turnover arises from:

| 2025 | 2024
| £ | £
Sale of goods | 4,965,102 | 4,894,984
| ------------ | ------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income

| 2025 | 2024
| £ | £
Rental income | 77,192 | 72,053
| -------- | --------

6. Operating profit
Operating profit or loss is stated after charging/crediting:

| 2025 | 2024
| £ | £
Depreciation of tangible assets | 89,908 | 86,487
Gains on disposal of tangible assets | ( 29,740) | ( 14,642)
Impairment of trade debtors | – | 4,002
Operating lease rentals | 2,712 | 1,562
| -------- | --------

7. Auditor's remuneration

| 2025 | 2024
| £ | £
Fees payable for the audit of the financial statements | 12,550 | 11,945
| -------- | --------

Fees payable to the company's auditor and its associates for other services:

Taxation advisory services | 300 | 284
Other non-audit services | 6,919 | 6,994
| -------- | --------
| 7,219 | 7,278
| -------- | --------

8. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:

| 2025 | 2024
| No. | No.
Administrative staff | 7 | 7
Management staff | 3 | 3
Number of sales staff | 68 | 71
| ---- | ----
| 78 | 81
| ---- | ----

The aggregate payroll costs incurred during the year, relating to the above, were:

| 2025 | 2024
| £ | £
Wages and salaries | 1,302,710 | 1,317,497
Social security costs | 113,196 | 99,424
Other pension costs | 21,771 | 22,106
| ------------ | ------------
| 1,437,677 | 1,439,027
| ------------ | ------------

9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:

| 2025 | 2024
| £ | £
Remuneration | 60,981 | 87,470
Company contributions to defined contribution pension plans | 1,015 | 1,018
| -------- | --------
| 61,996 | 88,488
| -------- | --------

The number of directors who accrued benefits under company pension plans was as follows:

| 2025 | 2024
| No. | No.
Defined contribution plans | 1 | 1
| ---- | ----

10. Other interest receivable and similar income

| 2025 | 2024
| £ | £
Interest on cash and cash equivalents | 82,726 | 108,373
| -------- | ---------

11. Tax on profit
Major components of tax expense

| 2025 | 2024
| £ | £

Current tax:

UK current tax expense | 74,102 | 54,961

Deferred tax:

Origination and reversal of timing differences | 15,312 | ( 2,103)
| -------- | --------
Tax on profit | 89,414 | 52,858
| -------- | --------

Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

| 2025 | 2024
| £ | £
Profit on ordinary activities before taxation | 321,925 | 181,792
| --------- | ---------
Profit on ordinary activities by rate of tax | 80,481 | 45,448
Effect of expenses not deductible for tax purposes | 1,485 | 389
Effect of capital allowances and depreciation | ( 7,435) | 3,589
Effect of different UK tax rates on some earnings | – | (427)
Excess/(deficit) of depreciation over capital allowances | ( 429) | 5,962
Deferred tax movement | 15,312 | (2,103)
| --------- | ---------
Tax on profit | 89,414 | 52,858
| --------- | ---------

12. Tangible assets

| Freehold property | Plant and machinery | Motor vehicles | Investment Properties | Total
| £ | £ | £ | £ | £
Cost or valuation |  |  |  |  |
At 1 December 2024 | 2,213,774 | 259,364 | 287,189 | 1,760,000 | 4,520,327
Additions | – | 89,024 | 57,642 | – | 146,666
Disposals | – | ( 38,879) | ( 127,782) | – | ( 166,661)
| ------------ | --------- | --------- | ------------ | ------------
At 30 November 2025 | 2,213,774 | 309,509 | 217,049 | 1,760,000 | 4,500,332
| ------------ | --------- | --------- | ------------ | ------------
Depreciation |  |  |  |  |
At 1 December 2024 | 511,844 | 142,569 | 184,758 | – | 839,171
Charge for the year | 29,791 | 33,857 | 26,260 | – | 89,908
Disposals | – | ( 36,611) | ( 72,748) | – | ( 109,359)
| ------------ | --------- | --------- | ------------ | ------------
At 30 November 2025 | 541,635 | 139,815 | 138,270 | – | 819,720
| ------------ | --------- | --------- | ------------ | ------------
Carrying amount |  |  |  |  |
At 30 November 2025 | 1,672,139 | 169,694 | 78,779 | 1,760,000 | 3,680,612
| ------------ | --------- | --------- | ------------ | ------------
At 30 November 2024 | 1,701,930 | 116,795 | 102,431 | 1,760,000 | 3,681,156
| ------------ | --------- | --------- | ------------ | ------------

The investment properties were revalued by the directors, with assistance from an independent Registered Valuer, on 4 July 2023. The directors reviewed the valuation and agree that the valuation at the above date correctly reflects the value at 30 November 2025. If investment property were included in the balance sheet on a historical cost basis, then the carrying amount would be £1,273,172.
13. Investments

| Other investments other than loans
| £
Cost or valuation |
At 1 December 2024 | 1,855,491
Additions | 645,000
| ------------
At 30 November 2025 | 2,500,491
| ------------
Impairment |
At 1 December 2024 and 30 November 2025 | 357,449
| ------------

Carrying amount |
At 30 November 2025 | 2,143,042
| ------------
At 30 November 2024 | 1,498,042
| ------------

14. Stocks

| 2025 | 2024
| £ | £
Finished goods and goods for resale | 821,322 | 849,000
| --------- | ---------

15. Debtors

| 2025 | 2024
| £ | £
Trade debtors | 15,545 | 18,697
Prepayments and accrued income | 42,698 | 64,152
Other debtors | 78 | 8,171
| -------- | --------
| 58,321 | 91,020
| -------- | --------

16. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Trade creditors | 247,916 | 223,376
Accruals and deferred income | 122,868 | 128,277
Corporation tax | 74,102 | 54,943
Social security and other taxes | 147,649 | 116,943
Director loan accounts | 148,536 | 202,494
Other creditors | 215 | 8
Pension creditor | 2,284 | 1,196
| --------- | ---------
| 743,570 | 727,237
| --------- | ---------

17. Provisions

| Deferred tax (note 18)
| £
At 1 December 2024 | 103,589
Movement | 15,312
| ---------
At 30 November 2025 | 118,901
| ---------

18. Deferred tax
The deferred tax included in the statement of financial position is as follows:

| 2025 | 2024
| £ | £
Included in provisions (note 17) | 118,901 | 103,589
| --------- | ---------

The deferred tax account consists of the tax effect of timing differences in respect of:

| 2025 | 2024
| £ | £
Accelerated capital allowances | 62,118 | 46,806
Fair value adjustment of investment property | 56,783 | 56,783
| --------- | ---------
| 118,901 | 103,589
| --------- | ---------

19. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 20,756 (2024: £ 21,088 ).
The company operates a money purchase pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions are charged to the profit and loss account.
20. Called up share capital
Issued, called up and fully paid

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £ 1 each | 90,000 | 90,000 | 90,000 | 90,000
| -------- | -------- | -------- | --------

21. Reserves
Non-distributable reserve - This reserve records the fair value movements on assets recognised in profit or loss which are not available for distribution. Profit and loss account - This reserve records retained earnings and accumulated losses.
22. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:

| 2025 | 2024
| £ | £
Not later than 1 year | 2,447 | 2,389
Later than 1 year and not later than 5 years | 9,788 | 8,713
Later than 5 years | 224 | –
| -------- | --------
| 12,459 | 11,102
| -------- | --------

23. Directors' advances, credits and guarantees
During the year the company made advances totalling £78 (2024 - £8,171) to Mr D McWhirter in relation to private expenditure and Mr D McWhirter repaid £8,171 (2024 - £75). The maximum balance outstanding at any time during the year was £8,249 (2024 - £8,171) due by Mr D McWhirter to the company and the closing balance at the year end was £78 (2024 - £8,171). No repayment terms are in place for this balance and no interest was charged thereon.
24. Related party transactions
During the year, the company purchased vintage vehicles from Mr T McWhirter , director, totalling £645,000. The vehicles are included as investments in the financial statements.
Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the company was £ 110,657 (2024: £ 135,893 ).