REGISTERED NUMBER: 06245964 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 November 2025

for

Altripan UK Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

Directors:

A Simpson

M Walduck

K J De Witte

M L Giles

B Clarysse

Secretary:

W J Price

Registered office:

32 Monk Street

Abergavenny

Monmouthshire

NP7 5HW

Registered number:

06245964 (England and Wales)

Senior statutory auditor:

Robin Mason FCCA

Auditors:

Acre Accountancy Limited

Statutory Auditor

Certified Accountants

Unit 2 Foley Works

Foley Trading Estate

Hereford

Herefordshire

HR1 2SF

The directors present their strategic report for the year ended 30 November 2025.

Review of business

The principal activity of the company was that of sale of timber based products. The directors do not plan to change these activities in the foreseeable future.

Development and performance

The directors are happy with this year's figures. In this current financial period we continue to see an improvement.

The company uses the following Key Performance Indicators to measure its ongoing performance:-

- gross profit and contribution percentage - in total, by customer, by product group, by product

- distribution, wages, overheads costs as a percentage of sales.

Principal risks and uncertainties

The directors aim to ensure that financial and compliance risks to the business are minimised through good management. This includes:

- ensuring that the risk of exposure to foreign currency losses is minimised

- increasing cashflow by adopting invoice discounting

- employing sensible credit control procedures to minimise bad debts

- forward sales to ensure volume to gain lower margin

- ensuring all assets are secure and adequately insured

- ensuring products are up to adequate standard by conducting relevant testing

On behalf of the board:

M Walduck - Director

20 March 2026

The directors present their report with the financial statements of the company for the year ended 30 November 2025.

Dividends

Interim dividends were paid on a monthly basis during the year on W & S Ordinary shares totalling £205,427 (£4,280 per share (2024: £205,427 (£4,280 per share)).

Further interim dividends were paid in March 2025 as below:-

Ordinary shares £365,124 (£11,064.33 per share)

W Ordinary shares £81,823 (£3,409.29 per share)

S Ordinary shares £171,823 (£7,159.29 per share)

No final dividend has been declared this year (2024: £nil).

Directors

The directors shown below have held office during the whole of the period from 1 December 2024 to the date of this report.

A Simpson

M Walduck

K J De Witte

Other changes in directors holding office are as follows:

M L Giles - appointed 9 December 2024

B Clarysse - appointed 1 December 2024

Statement of directors' responsibilities

The directors are responsible for preparing the Strategic Report, 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

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, Acre Accountancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

M Walduck - Director

20 March 2026

Opinion

We have audited the financial statements of Altripan UK Limited (the 'company') for the year ended 30 November 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 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; 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 Strategic Report and 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 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.

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:

We enquired with management about the legal framework that the company operates in. We also enquired about the risk of fraud and whether they were aware of any instances of fraud.

We communicated the outcome of this risk assessment with the audit team and planned our audit work accordingly. Our work in these areas is limited to analytical procedures and inspection of relevant documentation. Where a breach of operational regulations is not disclosed to us, or it is not evident from documentation that we receive during the audit, an audit will not detect that breach.

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.

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.

Robin Mason FCCA (Senior Statutory Auditor)

for and on behalf of Acre Accountancy Limited

Statutory Auditor

Certified Accountants

Unit 2 Foley Works

Foley Trading Estate

Hereford

Herefordshire

HR1 2SF

20 March 2026

TURNOVER

23,053,650

21,863,913

Cost of sales

(20,817,787

)

(19,203,369

)

GROSS PROFIT

2,235,863

2,660,544

Administrative expenses

(856,290

)

(797,377

)

1,379,573

1,863,167

Other operating income

15,971

-

OPERATING PROFIT

4

1,395,544

1,863,167

Interest payable and similar expenses

5

(309,431

)

(301,226

)

PROFIT BEFORE TAXATION

1,086,113

1,561,941

Tax on profit

6

(285,464

)

(389,735

)

PROFIT FOR THE FINANCIAL YEAR

800,649

1,172,206

PROFIT FOR THE YEAR

800,649

1,172,206

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

800,649

1,172,206

FIXED ASSETS

Tangible assets

8

2,153

3,643

CURRENT ASSETS

Stocks

9

5,953,317

8,024,556

Debtors

10

3,263,252

3,910,816

9,216,569

11,935,372

CREDITORS

Amounts falling due within one year

11

(5,370,074

)

(8,066,820

)

NET CURRENT ASSETS

3,846,495

3,868,552

TOTAL ASSETS LESS CURRENT LIABILITIES

3,848,648

3,872,195

CAPITAL AND RESERVES

Called up share capital

15

99

99

Retained earnings

16

3,848,549

3,872,096

SHAREHOLDERS' FUNDS

3,848,648

3,872,195

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2026 and were signed on its behalf by:

M Walduck - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 December 2023

99

2,905,317

2,905,416

Changes in equity

Dividends

-

(205,427

)

(205,427

)

Total comprehensive income

-

1,172,206

1,172,206

Balance at 30 November 2024

99

3,872,096

3,872,195

Changes in equity

Dividends

-

(824,196

)

(824,196

)

Total comprehensive income

-

800,649

800,649

Balance at 30 November 2025

99

3,848,549

3,848,648

Cash flows from operating activities

Cash generated from operations

1

1,642,696

(345,053

)

Interest paid

(169,262

)

(110,302

)

Finance costs paid

(140,169

)

(190,924

)

Tax paid

(634,331

)

-

Net cash from operating activities

698,934

(646,279

)

Cash flows from investing activities

Purchase of tangible fixed assets

-

(4,491

)

Net cash from investing activities

-

(4,491

)

Cash flows from financing activities

Amount introduced by directors

22,118

25,140

Amount withdrawn by directors

(25,140

)

(18,312

)

Equity dividends paid

(824,196

)

(205,427

)

Net cash from financing activities

(827,218

)

(198,599

)

Decrease in cash and cash equivalents

(128,284

)

(849,369

)

Cash and cash equivalents at beginning of year

2

(1,440,367

)

(590,998

)

Cash and cash equivalents at end of year

2

(1,568,651

)

(1,440,367

)

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

1,086,113

1,561,941

Depreciation charges

1,490

1,490

Finance costs

309,431

301,226

1,397,034

1,864,657

Decrease/(increase) in stocks

2,071,239

(3,645,810

)

Decrease/(increase) in trade and other debtors

642,160

(148,520

)

(Decrease)/increase in trade and other creditors

(2,467,737

)

1,584,620

Cash generated from operations

1,642,696

(345,053

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2025

30.11.25

1.12.24

£

£

Bank overdrafts

(1,568,651

)

(1,440,367

)

Year ended 30 November 2024

30.11.24

1.12.23

£

£

Bank overdrafts

(1,440,367

)

(590,998

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.12.24

Cash flow

At 30.11.25

£

£

£

Net cash

Bank overdrafts

(1,440,367

)

(128,284

)

(1,568,651

)

(1,440,367

)

(128,284

)

(1,568,651

)

Total

(1,440,367

)

(128,284

)

(1,568,651

)

1.	STATUTORY INFORMATION

Altripan UK 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.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

Tangible fixed assets

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

Fixtures and fittings

-

25% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

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.

With regard to transactions with Altripan NV, these are either translated at the rate at the date of transaction or, where appropriate, exchanged at an agreed rate between the two parties which reflects exchange rate contracts held by Altripan NV.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The 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.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangement. They are classified as 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.

Invoice discounting

The company has entered into an invoice discounting agreement for certain trade debtors. Amounts due from the customer are shown in full in trade debtors, with amounts due to the finance company shown in creditors due within twelve months within other creditors.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

365,938

355,485

Social security costs

49,316

35,626

Other pension costs

132,307

6,674

547,561

397,785

The average number of employees during the year was as follows:

2025

2024

Directors

5

4

Sales and Administration

4

5

9

9

2025

2024

£

£

Directors' remuneration

170,222

30,070

Directors' pension contributions to money purchase schemes

121,761

-

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£

£

Other operating leases

24,107

13,835

Depreciation - owned assets

1,490

1,490

Auditors' remuneration

10,250

8,900

Auditors' remuneration for non audit work

9,100

9,100

Foreign exchange differences

(76,502

)

21,058

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

169,637

110,302

HMRC credit interest

(375

)

-

Interest on other loans

140,169

190,924

309,431

301,226

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

285,464

389,735

Tax on profit

285,464

389,735

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

1,086,113

1,561,941

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

271,528

390,485

Effects of:

Expenses not deductible for tax purposes

13,564

-

corporation tax rate

Deferred tax not provided 2025

(539

)

(911

)

Deferred tax not provided prior year

911

161

Total tax charge

285,464

389,735

7.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Interim

824,196

205,427

8.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

Cost

At 1 December 2024

and 30 November 2025

8,648

50,107

58,755

Depreciation

At 1 December 2024

7,461

47,651

55,112

Charge for year

905

585

1,490

At 30 November 2025

8,366

48,236

56,602

Net book value

At 30 November 2025

282

1,871

2,153

At 30 November 2024

1,187

2,456

3,643

9.

STOCKS

2025

2024

£

£

Stocks

5,953,317

8,024,556

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

3,154,098

3,905,412

Tax

-

5,404

VAT

109,154

-

3,263,252

3,910,816

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 12)

1,568,651

1,440,367

Trade creditors

975,713

2,847,794

Tax

35,464

389,735

Social security and other taxes

-

10,128

VAT

-

740,581

Other creditors

2,469,777

2,168,940

Directors' current accounts

22,118

25,140

Deferred income

-

176,230

Accrued expenses

298,351

267,905

5,370,074

8,066,820

12.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

1,568,651

1,440,367

13.	LEASING AGREEMENTS

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

2025

2024

£

£

Within one year

14,227

25,519

Between one and five years

30,581

47,422

In more than five years

44,598

50,477

89,406

123,418

14.	SECURED DEBTS

A Customs guarantee has been given to the ING bank N.V for the sum of £260,000.

15.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

99

Ordinary

£1

99

99

The company has three designations of shares within ordinary capital which are equal as regards voting, distribution and capital return matters.