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REGISTERED NUMBER: 06768241 (England and Wales)

Financial Statements for the Year Ended 31 December 2025

for

The People Dryer Company Limited

The People Dryer Company Limited (Registered number: 06768241)

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

Company Information | 1 |

Statement of Financial Position | 2 |

Notes to the Financial Statements | 3 |

The People Dryer Company Limited

Company Information

for the Year Ended 31 December 2025

| DIRECTOR: | P A Thomas

| SECRETARY: | Haystack Dryers Limited

| REGISTERED OFFICE: | Unit 1 Pintail Business Park

| 165 Christchurch Road

| Ringwood

| Hampshire

| BH24 3AL

| REGISTERED NUMBER: | 06768241 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Christopher Atkinson

| AUDITORS: | C J A Accounting Limited

| Delta House

| 16 Bridge Road

| Haywards Heath

| West Sussex

| RH16 1UA

The People Dryer Company Limited (Registered number: 06768241)

Statement of Financial Position

31 December 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Investments | 4 | 1 |  | 1 |  |

CURRENT ASSETS

Inventories | 172,842 |  | 121,923 |  |

Debtors | 5 | 3,470,702 |  | 3,395,064 |  |

Cash at bank | - |  | 54 |  |

3,643,544 |  | 3,517,041 |  |

CREDITORS

Amounts falling due within one year | 6 | 3,522,064 |  | 3,201,466 |  |

NET CURRENT ASSETS | 121,480 |  | 315,575 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 121,481 |  | 315,576 |  |

CREDITORS

Amounts falling due after more than one year | 7 | 285,000 |  | 427,500 |  |

NET LIABILITIES | (163,519 | ) | (111,924 | ) |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Retained earnings | (163,619 | ) | (112,024 | ) |

SHAREHOLDERS' FUNDS | (163,519 | ) | (111,924 | ) |

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

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

The financial statements were approved by the director and authorised for issue on 16 March 2026 and were signed by:

P A Thomas - Director

The People Dryer Company Limited (Registered number: 06768241)

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| The principal activity of the company continued to be that of the design and manufacturing of people dryers.

| The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is Unit 1, Pintail Business Park, 165 Christchurch Road, Ringwood, Hampshire, BH24 3AL.

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.

| Critical accounting judgements and key sources of estimation uncertainty

| In assessing whether there have been any indicators of impairment to assets, the directors consider both external and internal sources of information such as market conditions and experience of recoverability and establishes a provision for receivables that are estimated not to be recoverable.

| Determining residual values and useful economic lives of property, plant and equipment and intangible fixed assets

| The company depreciates tangible assets and amortises intangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including product life cycle and maintenance programmes.

| Judgement is applied by management when determining the residual values for tangible and intangible fixed assets.

| Provisions against slow moving inventory

| The company establishes a provision for slow moving inventory. When determining the provision, the directors consider factors such as the amount of the inventory holding and subsequent sales.

| Turnover

| Turnover, which is stated excluding Value Added Tax and other sales related taxes, is the amount receivable for goods supplied less returns, trade discounts and allowances.

| Turnover is formally recognised on delivery of the manufactured dryers.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost less accumulated deprecation.

The People Dryer Company Limited (Registered number: 06768241)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Stock

| Stock is valued at the lower of cost and net realisable value, being the estimated selling price less costs to sell. Cost is based on the cost of purchase plus any associated costs on a first in, first out basis.

| At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its estimated selling price less costs to sell. The impairment loss is recognised immediately in profit or loss.

| Financial instruments

| The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective impairment is found, an impairment loss is recognised in the Income Statement.

| Debtors

| Short term debtors are measured at transaction price, less any impairment.

| Creditors

| Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

| Cash and cash equivalents

| Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

| Taxation

| Taxation for the year comprises current 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 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 statement of financial position date.

The People Dryer Company Limited (Registered number: 06768241)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Pension

| The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

| The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in creditors as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

| Borrowing costs

| All borrowing costs are recognised in the statement of comprehensive income in the year in which they are incurred.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 12 (2024 - 12 ) .

4. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakin

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 1 |  |

| NET BOOK VALUE

| At 31 December 2025 | 1 |  |

| At 31 December 2024 | 1 |  |

| The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

| Name |  | Country of incorporation |  | Class of shares |  | Holding |  | Principal activity |  |

| Haystack Dryers Limited |  | England and Wales |  | Ordinary |  | 100 % |  | Sale and distribution of people dryers |  |

| Haystack Dryers Inc |  | USA |  | Ordinary |  | 100% |  | Sale and distribution of people dryers |  |

| Haystack Dryers (Shenzhen) Co, Ltd |  | People's Republic of China |  | Held indirectly |  | 100%* |  | Sale and distribution of people dryers |  |

The People Dryer Company Limited (Registered number: 06768241)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Amounts owed by group undertakings | 3,432,533 |  | 3,287,692 |  |

| Tax | 23,758 |  | 94,096 |  |

| VAT | 14,411 |  | 13,276 |  |

3,470,702 |  | 3,395,064 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans and overdrafts | 177,711 |  | 190,293 |  |

| Trade creditors | 45,498 |  | 30,684 |  |

| Amounts owed to group undertakings | 3,210,513 |  | 2,878,779 |  |

| Social security and other taxes | 15,278 |  | 11,507 |  |

| Other creditors | 2,514 |  | 2,653 |  |

| Accruals and deferred income | 70,550 |  | 87,550 |  |

3,522,064 |  | 3,201,466 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans - 1-2 years | 142,500 |  | 142,500 |  |

| Bank loans - 2-5 years | 142,500 |  | 285,000 |  |

285,000 |  | 427,500 |  |

The People Dryer Company Limited (Registered number: 06768241)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

8. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31.12.25 |  | 31.12.24

£ | £ |

| Bank loans | 427,500 |  | 570,000 |  |

| Bank overdraft | 35,211 |  | 47,793 |  |

462,711 |  | 617,793 |  |

| The bank loans are repayable in instalments up to 5 years. Interest is payable on the loans at 4.45% over the Bank's Base Rate.

| Bank borrowings are secured by a legal charge over all assets of the company, and by joint and several cross guarantees between Ingleby (1895) Ltd, The People Dryer Company Limited and Haystack Dryer Limited, and by personal guarantees from P Thomas, a director and shareholder of Ingleby (1895) Ltd, the ultimate parent company.

9. | AUDITORS' INFORMATION

| The audit report provided to the members of The People Dryer Company Limited on the financial statements for the year ended 31st December 2022 was not qualified.

| The audit report was signed by Christopher Atkinson (Senior Statutory Auditor) for and on behalf of C J A Accounting Limited, Chartered Accountants and Statutory Auditor.

10. | RELATED PARTY DISCLOSURES

| No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 Section 1A paragraph 1AC.35, as the company is itself a wholly owned subsidiary of Ingleby (1895) Limited.

11. | ULTIMATE CONTROLLING PARTY

| The directors consider that the ultimate controlling party of the company is a director Mr P Thomas who, together with his wife, is deemed to be a person with significant control in the ultimate parent company, Ingleby (1895) Limited.