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REGISTERED NUMBER: 04064293 (England and Wales)

Financial Statements for the Year Ended 31 December 2025

for

Haystack Dryers Limited

Haystack Dryers Limited (Registered number: 04064293)

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 | 4 |

Haystack Dryers Limited

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | P A Thomas

| Ms M Trench

| SECRETARY: | The People Dryer Company Limited

| REGISTERED OFFICE: | Unit 1 Pintail Business Park

| 165 Christchurch Road

| Ringwood

| BH24 3AL

| REGISTERED NUMBER: | 04064293 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Christopher Atkinson

| INDEPENDENT AUDITORS: | C J A Accounting Limited

| Delta House

| 16 Bridge Road

| Haywards Heath

| West Sussex

| RH16 1UA

Haystack Dryers Limited (Registered number: 04064293)

Statement of Financial Position

31 December 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | - |  | - |  |

Property, plant and equipment | 5 | 1,714,733 |  | 1,341,324 |  |

1,714,733 |  | 1,341,324 |  |

CURRENT ASSETS

Debtors | 6 | 4,050,716 |  | 3,709,510 |  |

Cash at bank | 754,245 |  | 545,057 |  |

4,804,961 |  | 4,254,567 |  |

CREDITORS

Amounts falling due within one year | 7 | 108,842 |  | 117,939 |  |

NET CURRENT ASSETS | 4,696,119 |  | 4,136,628 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 6,410,852 |  | 5,477,952 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (20,937 | ) | - |  |

PROVISIONS FOR LIABILITIES | 9 | (272,568 | ) | (189,935 | ) |

NET ASSETS | 6,117,347 |  | 5,288,017 |  |

CAPITAL AND RESERVES

Called up share capital | 149 |  | 149 |  |

Share premium | 159,851 |  | 159,851 |  |

Retained earnings | 5,957,347 |  | 5,128,017 |  |

SHAREHOLDERS' FUNDS | 6,117,347 |  | 5,288,017 |  |

Haystack Dryers Limited (Registered number: 04064293)

Statement of Financial Position - continued

31 December 2025

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 16 March 2026 and were signed on its behalf by:

P A Thomas - Director

Haystack Dryers Limited (Registered number: 04064293)

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 sale and distribution 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.

| Recoverability of receivables

| The company establishes a provision for receivables that are estimated not to be recoverable or recoupable. When assessing recoverability the directors consider factors such as the aging of the receivables, past experience of recoverability, and the credit profile of the debtor.

Haystack Dryers Limited (Registered number: 04064293)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover represents invoiced sales, servicing and rental of dryers, excluding value added tax. Revenue is recognised for sales and rental of dryers in the period of delivery or rental. Revenue is recognised for annual maintenance income only for the period to the balance sheet date, with future revenue deferred to the following year.

| Intangible assets

| Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

| All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

| The estimated useful lives range as follows:

| Patent - 5 years straight line

| Tangible fixed assets

| Tangible fixed assets under the cost model are stated at historical cost less accumulated deprecation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

| Deprecation is provided on the following basis:

| Plant and machinery |  | - at varying rates on cost |  |

| Fixtures and fittings |  | - at varying rates on cost |  |

| Motor vehicles |  | - 33% on cost |  |

| Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

Haystack Dryers Limited (Registered number: 04064293)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

2. | ACCOUNTING POLICIES - continued

| 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 evidence of impairment is found, an impairment loss is recognised in the Income Statement.

| Debtors

| Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, 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.

| Provisions for liabilities

| Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

| The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

| 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.

Haystack Dryers Limited (Registered number: 04064293)

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 statement of financial position 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 currency

| The company's functional and presentational currency is pound sterling.

| Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

| Foreign exchange gains/losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in administrative expenses within the statement of comprehensive income.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 2 (2024 - 3 ) .

Haystack Dryers Limited (Registered number: 04064293)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

4. | INTANGIBLE FIXED ASSETS

| Patents

| and

| licences

£ |

| COST

| At 1 January 2025

| and 31 December 2025 | 2,917 |  |

| AMORTISATION

| At 1 January 2025

| and 31 December 2025 | 2,917 |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  |

| At 31 December 2024 | - |  |

5. | PROPERTY, PLANT AND EQUIPMENT

| Fixtures |

| Plant and |  | and |  | Motor |

| machinery |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2025 | 6,988,334 |  | 40,050 |  | 23,950 |  | 7,052,334 |  |

| Additions | 546,586 |  | 508 |  | 27,974 |  | 575,068 |  |

| Disposals | (75,750 | ) | - |  | - |  | (75,750 | ) |

| At 31 December 2025 | 7,459,170 |  | 40,558 |  | 51,924 |  | 7,551,652 |  |

| DEPRECIATION

| At 1 January 2025 | 5,656,518 |  | 35,496 |  | 18,996 |  | 5,711,010 |  |

| Charge for year | 197,014 |  | 736 |  | 3,909 |  | 201,659 |  |

| Eliminated on disposal | (75,750 | ) | - |  | - |  | (75,750 | ) |

| At 31 December 2025 | 5,777,782 |  | 36,232 |  | 22,905 |  | 5,836,919 |  |

| NET BOOK VALUE

| At 31 December 2025 | 1,681,388 |  | 4,326 |  | 29,019 |  | 1,714,733 |  |

| At 31 December 2024 | 1,331,816 |  | 4,554 |  | 4,954 |  | 1,341,324 |  |

Haystack Dryers Limited (Registered number: 04064293)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade debtors | 77,127 |  | 87,768 |  |

| Amounts owed by group undertakings | 3,935,779 |  | 3,608,314 |  |

| Other debtors | 11,000 |  | - |  |

| VAT | 11,548 |  | 5,172 |  |

| Prepayments and accrued income | 15,262 |  | 8,256 |  |

4,050,716 |  | 3,709,510 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Hire purchase contracts | 6,979 |  | - |  |

| Trade creditors | 54,240 |  | 55,625 |  |

| Customer deposits | - |  | 49,583 |  |

| Accruals and deferred income | 47,623 |  | 12,731 |  |

108,842 |  | 117,939 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Hire purchase contracts | 20,937 |  | - |  |

9. | PROVISIONS FOR LIABILITIES

| 31.12.25 |  | 31.12.24

£ | £ |

| Deferred tax | 272,568 |  | 189,935 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2025 | 189,935 |  |

| Provided during year | 82,633 |  |

| Balance at 31 December 2025 | 272,568 |  |

Haystack Dryers Limited (Registered number: 04064293)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

10. | AUDITORS' INFORMATION

| The audit report provided to the members of Haystack Dryers Limited on the financial statements for the year ended 31st December 2023 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.

11. | 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.

12. | 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.