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REGISTERED NUMBER: 06769293 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 December 2025

for

Andrews & Wykeham Limited

Andrews & Wykeham Limited (Registered number: 06769293)

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

Company Information | 1 |

Report of the Directors | 2 |

Report of the Independent Auditors | 4 |

Income Statement | 8 |

Balance Sheet | 9 |

Statement of Changes in Equity | 10 |

Notes to the Financial Statements | 11 |

Andrews & Wykeham Limited

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | Mr L J Collier

| Mr J C Willis

| Mr M O Zolotukhin

| Mr A J Webb

| REGISTERED OFFICE: | Lutyens Building Kingsland Business Park

| Bilton Road

| Basingstoke

| RG24 8LJ

| REGISTERED NUMBER: | 06769293 (England and Wales)

| AUDITORS: | Nordens Audit Limited

| The Retreat

| 406 Roding Lane South

| Woodford Green

| Essex

| IG8 8EY

Andrews & Wykeham Limited (Registered number: 06769293)

Report of the Directors

for the Year Ended 31 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the production, marketing and sale of component devices for printing, identity management and brand protection.

RESEARCH AND DEVELOPMENT

In keeping with the company's overall strategy, the company continues to make significant investments into research and development and the integration and implementation of new technologies in order to introduce innovative new products for the benefit of customers around the world. During 2025, and in keeping with the record of previous years, the company developed further new products and improvements and introduced them to clients. These products are focussed in the area of polycarbonate-based credentials, which is a key growth sector within the industry, and in 2025 the company launched further formats within these product lines. The directors continue to regard investment in research and development as key to the future success of the business and ensuring we provide our customers with a range of products tailored to their needs.

FUTURE DEVELOPMENTS

There are significant uncertainties facing many UK manufacturers in relation to supply chain resilience and foreign exchange volatility and this continued to be a feature of the business landscape during 2025. The company's well-established strategy of developing business in additional geographical markets to avoid geographical dependency and continuing to invest in new products and technologies in order to offset external risk continues to be helpful in this context. Having recorded another solid and productive year of activity in 2025, we remain confident that we are on course to maintain a strong level of performance in the future.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

Mr L J Collier

Mr J C Willis

Mr M O Zolotukhin

Mr A J Webb

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company at the time of writing are considered to relate to geopolitical uncertainty in various regions of the world, competition from UK and international manufacturers, raw material costs, availability and lead times, exchange rate fluctuations, and the external commercial environment.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

- | select suitable accounting policies and then apply them consistently;

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

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

Andrews & Wykeham Limited (Registered number: 06769293)

Report of the Directors

for the Year Ended 31 December 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued

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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Nordens Audit Limited, were appointed during the year and will be proposed for re-appointment at the forthcoming Annual General Meeting.

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:

Mr J C Willis - Director

9 April 2026

Report of the Independent Auditors to the Members of

Andrews & Wykeham Limited

Opinion

We have audited the financial statements of Andrews & Wykeham Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

Andrews & Wykeham Limited

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 Report of the Directors.

We have nothing to report in respect of the following matters where 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; or

- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages two and three, 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 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.

Report of the Independent Auditors to the Members of

Andrews & Wykeham Limited

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions were held with the directors with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

- It is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of

Andrews & Wykeham Limited

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 a Report of the Auditors 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.

Lorraine Curtis BFP ACA FCCA (Senior Statutory Auditor)

for and on behalf of Nordens Audit Limited

The Retreat

406 Roding Lane South

Woodford Green

Essex

IG8 8EY

15 April 2026

Andrews & Wykeham Limited (Registered number: 06769293)

Income Statement

for the Year Ended 31 December 2025

| 31.12.25 |  | 31.12.24

| Notes | £ | £ |

TURNOVER | 5,815,975 |  | 5,194,496 |  |

Cost of sales | 1,629,685 |  | 1,540,091 |  |

GROSS PROFIT | 4,186,290 |  | 3,654,405 |  |

Administrative expenses | 3,391,419 |  | 3,195,645 |  |

OPERATING PROFIT | 4 | 794,871 |  | 458,760 |  |

Interest receivable and similar income | 81,125 |  | 78,876 |  |

875,996 |  | 537,636 |  |

Interest payable and similar expenses | 14,292 |  | - |  |

PROFIT BEFORE TAXATION | 861,704 |  | 537,636 |  |

Tax on profit | 171,765 |  | 85,640 |  |

PROFIT FOR THE FINANCIAL YEAR | 689,939 |  | 451,996 |  |

Andrews & Wykeham Limited (Registered number: 06769293)

Balance Sheet

31 December 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 5 | 169,143 |  | 152,530 |  |

CURRENT ASSETS

Stocks | 6 | 877,779 |  | 877,953 |  |

Debtors | 7 | 3,565,030 |  | 2,703,672 |  |

Cash at bank and in hand | 18,952 |  | 155,267 |  |

4,461,761 |  | 3,736,892 |  |

CREDITORS

Amounts falling due within one year | 8 | 1,110,885 |  | 684,893 |  |

NET CURRENT ASSETS | 3,350,876 |  | 3,051,999 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,520,019 |  | 3,204,529 |  |

CREDITORS

Amounts falling due after more than one year | 9 | (84,593 | ) | (400,000 | ) |

PROVISIONS FOR LIABILITIES | (19,791 | ) | - |  |

NET ASSETS | 3,415,635 |  | 2,804,529 |  |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Other reserves | - |  | 78,833 |  |

Retained earnings | 3,415,535 |  | 2,725,596 |  |

SHAREHOLDERS' FUNDS | 3,415,635 |  | 2,804,529 |  |

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 9 April 2026 and were signed on its behalf by:

Mr J C Willis - Director

Andrews & Wykeham Limited (Registered number: 06769293)

Statement of Changes in Equity

for the Year Ended 31 December 2025

| Called up |

| share |  | Retained |  | Other |  | Total

| capital |  | earnings |  | reserves |  | equity

£ | £ | £ | £ |

Balance at 1 January 2024 | 100 |  | 2,273,600 |  | 157,667 |  | 2,431,367 |  |

Changes in equity

Total comprehensive income | - |  | 451,996 |  | (78,834 | ) | 373,162 |  |

Balance at 31 December 2024 | 100 |  | 2,725,596 |  | 78,833 |  | 2,804,529 |  |

Changes in equity

Total comprehensive income | - |  | 689,939 |  | (78,833 | ) | 611,106 |  |

Balance at 31 December 2025 | 100 |  | 3,415,535 |  | - |  | 3,415,635 |  |

Andrews & Wykeham Limited (Registered number: 06769293)

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Andrews & Wykeham 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. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Significant judgements and estimates

| 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.

| No significant judgements have had to be made by the directors in preparing these financial statements.

| Turnover

| Turnover is measured at the fair value of our core activities, which include our bespoke products invoiced to customers (some of which includes freight) net of any discounts, rebates, commission and Value Added Tax.

| Tangible fixed assets

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

| Long leasehold | - | Straight line over 10 years

| Plant and machinery | - | Straight line over 10 years

| Fixtures and fittings | - | Straight line over 5 years

| Motor vehicles | - | Straight line over 3 years

| Computer equipment | - | Straight line over 3 years

| Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

| 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.

| At the end of the each reporting period, inventories are assessed for impairment. If an item of inventory is impaired, the identified inventory is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required, the impairment charge is reversed up to the original impairment loss and is recognised as a credit in the profit and loss account.

Andrews & Wykeham Limited (Registered number: 06769293)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| Financial assets and financial liabilities are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument. Unless otherwise indicated, the carrying amounts of financial assets and liabilities are at a reasonable estimate of their fair values.

| Financial assets

| The company's financial assets comprise basic financial assets, being trade and other receivables, and cash and bank balances.

| Cash is represented by cash in hand and deposits held at call with banks.

| Trade and other receivables are measured at transaction price less any impairment. Any impairment loss is recognised in the statement of comprehensive income.

| An impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.

| Financial assets are derecognised when the contractual rights to the cash flows from the financial assets expire or are settled, or when substantially all the risks and rewards of the ownership of the asset are transferred.

| Financial liabilities

| The company's financial liabilities comprise basic financial liabilities, being trade and other payables. These are measured at the transaction price.

| Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

| Other financial liabilities

| Borrowings from related parties which constitute a financing transaction are initially recognised at the fair value of the proceeds, net of related transaction costs. These transaction costs and any discounts are subsequently amortised under the effective interest rate method through the income statement as interest over the life of the loan and added to the liability disclosed in the balance sheet. Related accrued interest is included in the borrowings figure.

| 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.

Andrews & Wykeham Limited (Registered number: 06769293)

Notes to the Financial Statements - continued

for the Year Ended 31 December 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.

| Research and development

| Expenditure on research and development is written off in the year in which it is incurred.

| 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.

| Operating lease agreements

| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

| Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the term of the lease.

| 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.

| Going concern

| The financial statements have been prepared on a going concern basis.

| The directors have assessed the company’s financial position, cash resources and forecast performance for a period of at least twelve months from the date of approval of these financial statements. This assessment included consideration of expected trading activity, confirmed customer orders, historic profitability, working capital cycles and the company’s available banking facilities.

| The company has a strong balance sheet, positive net assets and a history of profitable trading. It continues to generate positive operating cash flows and maintains adequate liquidity to meet its liabilities as they fall due. The directors note that the company’s principal creditor balances relate to normal working capital and contractual obligations that are expected to be settled through operating cash flows.

| Based on these forecasts and the level of financial resources available, the directors have a reasonable expectation that the company has sufficient funds to continue in operational existence for the foreseeable future and therefore consider the going concern basis of preparation to be appropriate.

| No material uncertainties that may cast significant doubt on the company’s ability to continue as a going concern have been identified.

Andrews & Wykeham Limited (Registered number: 06769293)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 36 (2024 - 35 ) .

4. | OPERATING PROFIT

| The operating profit is stated after charging:

| 31.12.25 |  | 31.12.24

£ | £ |

| Depreciation - owned assets | 82,693 |  | 97,656 |  |

| Auditors' remuneration | 4,850 |  | 5,555 |  |

5. | TANGIBLE FIXED ASSETS

| Fixtures

| Long |  | Plant and |  | and

| leasehold |  | machinery |  | fittings

£ | £ | £ |

| COST

| At 1 January 2025 | 254,779 |  | 3,099,211 |  | 79,142 |  |

| Additions | - |  | 28,298 |  | - |  |

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

| At 31 December 2025 | 254,779 |  | 3,127,509 |  | 79,142 |  |

| DEPRECIATION

| At 1 January 2025 | 248,263 |  | 2,958,093 |  | 78,285 |  |

| Charge for year | 3,785 |  | 59,308 |  | 331 |  |

| Eliminated on disposal | - |  | - |  | - |  |

| At 31 December 2025 | 252,048 |  | 3,017,401 |  | 78,616 |  |

| NET BOOK VALUE

| At 31 December 2025 | 2,731 |  | 110,108 |  | 526 |  |

| At 31 December 2024 | 6,516 |  | 141,118 |  | 857 |  |

Andrews & Wykeham Limited (Registered number: 06769293)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

5. | TANGIBLE FIXED ASSETS - continued

| Motor |  | Computer |

| vehicles |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 January 2025 | 83,380 |  | 141,358 |  | 3,657,870 |  |

| Additions | 65,546 |  | 5,462 |  | 99,306 |  |

| Disposals | (52,000 | ) | - |  | (52,000 | ) |

| At 31 December 2025 | 96,926 |  | 146,820 |  | 3,705,176 |  |

| DEPRECIATION

| At 1 January 2025 | 79,782 |  | 140,917 |  | 3,505,340 |  |

| Charge for year | 17,272 |  | 1,997 |  | 82,693 |  |

| Eliminated on disposal | (52,000 | ) | - |  | (52,000 | ) |

| At 31 December 2025 | 45,054 |  | 142,914 |  | 3,536,033 |  |

| NET BOOK VALUE

| At 31 December 2025 | 51,872 |  | 3,906 |  | 169,143 |  |

| At 31 December 2024 | 3,598 |  | 441 |  | 152,530 |  |

6. | STOCKS

| 31.12.25 |  | 31.12.24

£ | £ |

| Stocks | 877,779 |  | 877,953 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade debtors | 1,427,978 |  | 944,118 |  |

| Amounts owed by group undertakings | 1,800,000 |  | 1,480,000 |  |

| Other debtors | 337,052 |  | 279,554 |  |

3,565,030 |  | 2,703,672 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans and overdrafts | 199,453 |  | - |  |

| Trade creditors | 325,118 |  | 338,472 |  |

| Taxation and social security | 217,419 |  | 146,069 |  |

| Other creditors | 368,895 |  | 200,352 |  |

1,110,885 |  | 684,893 |  |

| The company holds an overdraft facility with The Royal Bank of Scotland PLc which contains a fixed and floating charge covering all the property or undertaking of the company. The company is not currently operating within the overdraft of the bank account.

Andrews & Wykeham Limited (Registered number: 06769293)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans | 84,593 |  | - |  |

| Other creditors | - |  | 400,000 |  |

84,593 |  | 400,000 |  |

10. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

| 31.12.25 |  | 31.12.24

£ | £ |

| Within one year | 198,980 |  | 198,980 |  |

| Between one and five years | 795,920 |  | 795,920 |  |

| In more than five years | 223,853 |  | 422,833 |  |

1,218,753 |  | 1,417,733 |  |

11. | RELATED PARTY DISCLOSURES

| Key Management Personnel

| The directors of the company, Mr J Willis and Mr M Zolotukhin, who are also majority shareholders of the parent company, Andrews & Wykeham Holdings Limited are considered to be key management personnel. Key management personnel received total emoluments amounting to £489,684 (2024: £500,740) in the year for services undertaken on behalf of the company.