REGISTERED NUMBER: 02872433 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 September 2025

for

Trafalgar Scientific Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

M Bramley

C Bramley

REGISTERED OFFICE:

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

REGISTERED NUMBER:

02872433 (England and Wales)

AUDITORS:

Duncan & Toplis Audit Limited

Statutory Auditor

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

The directors present their strategic report of the company and the group for the year ended 30 September 2025.

REVIEW OF BUSINESS

The business has enjoyed another positive year, growing the core business sales from £24,784,196 to £28,754,335. Over the course of this year, the business has again experienced some closures and acquisitions to some of our large customers, out of our control, which we have managed to mitigate and replace. Sales have therefore increased by 16%.

Sales growth has been assisted by the 2024 acquisition of OCON Chemicals Limited, based in Ireland.

The business continues its growth trajectory and is ensuring it maintains a focus on overheads through careful planning and strategic operational decisions by the directors.

Moving into the new financial year, our business continues to strengthen its online presence and platform, investing accordingly to ensure we differentiate ourselves from the competition. We continue to expand our profile in Ireland from our Ocon Chemicals base in Cork.

The focus will continue to keep pushing our core product lines into our core markets, as well as exploring and investing in new markets, products and industries to continue our growth, whilst ensuring we continue to source the markets for sustainable, cost-effective products to help combat the ever-rising raw material costs that our suppliers are pushing onto ourselves.

PRINCIPAL RISKS AND UNCERTAINTIES

The group's operations expose it to a variety of financial risks, outlined in more detail below. The group has several risk management strategies in place that aim to reduce the adverse effects on the financial performance of the company by monitoring levels of a number of financial costs.

Currency Risk

Foreign Exchange risk has continued to be stable, however this will continue to be closely monitored. This risk continues to be managed by the monitoring of the ratio between goods sold and goods purchased into the Euro zone. Fluctuating pricing strategies are also in place to ensure the risk is minimised. The US Dollar is also now a currency that is used largely throughout the business. Again, the exchange rate is monitored closely with a strict business plan to ensure that currencies are bought at the right time. Exposure to Euro currency fluctuations is reduced by our presence in Ireland.

Price Risk

The group is exposed indirectly to raw material price fluctuations as a result of the products distributed. These however are only realised annually, and the majority are either passed over to the existing customer base, and / or absorbed by suppliers directly. These are forecast to be roughly the same as the previous 12 months, despite the increased uncertainty following the European Exit.

Credit Risk

The group continues to monitor and review policies surrounding strict credit checks, on both new and existing customers, when looking at offering credit limits and reviewing payment terms. The group has seen further success in reducing its average days to pay, as well as continuing to reduce its financial exposure by closely monitoring credit terms. This is a core strategy that will continue to be in place for the foreseeable future.

FINANCIAL KEY PERFORMANCE INDICATORS

The directors use a number of performance indicators, both financial and non-financial, to evaluate the

group’s performance. Operating profit and credit control are of primary importance in ensuring the

successful management of the group.

FUTURE DEVELOPMENTS

The future prospects of the group remain healthy, with increases in both turnover and operating profit

expected for the forthcoming year. However, overheads are being carefully monitored and reviewed in the current year in order to maintain and increase profitability. It is the directors' intention to develop the existing activities of the company, as opportunities arise.

ON BEHALF OF THE BOARD:

M Bramley - Director

8 April 2026

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

DIVIDENDS

The total distribution of dividends for the year ended 30 September 2025 will be £170,000.

DIRECTORS

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

M Bramley

C Bramley

Other changes in directors holding office are as follows:

A J Smith ceased to be a director after 30 September 2025 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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). 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 group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

M Bramley - Director

8 April 2026

Opinion

We have audited the financial statements of Trafalgar Scientific Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 30 September 2025 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 four, 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 group's and the parent 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 group or the parent 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:

Extent to which the audit was considered capable of detecting irregularities, including fraud

The capability to detect irregularities is based on the auditor identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, and then designing and performing audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

a) Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, the following approach was taken:

-

Understanding the nature of the industry and sector, control environment and business performance;

-

Consideration of the results of our enquiries of management and those charged with governance about their own identification and assessment of the risks of irregularities;

-

Understanding the company's policies and procedures on compliance with laws and regulations and management of fraud risk, including documentation of instances of non-compliance of laws and regulations and instances of actual, suspected or alleged fraud;

-

Consideration of matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;

-

Understanding the legal and regulatory frameworks that the company operates in through enquiry of management and those charged with governance and understanding the company's industry and sector. The key laws and regulations that were considered to have an effect on material amounts and disclosures in the financial statements included the Companies Act and tax legislation.

b) Audit response to risks identified

Based on this understanding, the following audit procedures were designed and performed to respond to the risks identified:

-

Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations described as having a direct effect on the financial statement;

-

Enquiring of management, those charged with governance and, where applicable, the company's solicitors concerning actual and potential litigation and claims;

-

Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-

Reviewing minutes of meetings of those charged with governance and, where applicable, correspondence with regulators;

-

Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business;

-

Communication of potential fraud risks to all engagements team members and remaining alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

Matthew Mark Smith (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited

Statutory Auditor

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

14 April 2026

TURNOVER

3

28,754,335

24,784,196

Cost of sales

(21,534,225

)

(18,406,205

)

GROSS PROFIT

7,220,110

6,377,991

Administrative expenses

(7,056,226

)

(5,266,571

)

OPERATING PROFIT

5

163,884

1,111,420

Interest receivable and similar income

306,485

345,005

470,369

1,456,425

Interest payable and similar expenses

6

(283

)

(476

)

PROFIT BEFORE TAXATION

470,086

1,455,949

Tax on profit

7

(276,873

)

(414,826

)

PROFIT FOR THE FINANCIAL YEAR

193,213

1,041,123

Profit attributable to:

Owners of the parent

193,213

1,041,123

PROFIT FOR THE YEAR

193,213

1,041,123

OTHER COMPREHENSIVE INCOME

Revaluation of freehold property

-

329,737

Income tax relating to other comprehensive income

14,310

(68,966

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

14,310

260,771

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

207,523

Prior year adjustment

442,190

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

1,744,084

Total comprehensive income attributable to:

Owners of the parent

207,523

1,744,084

FIXED ASSETS

Intangible assets

10

826,149

969,158

Tangible assets

11

4,049,970

3,882,765

Investments

12

-

-

4,876,119

4,851,923

CURRENT ASSETS

Stocks

13

3,100,101

3,465,975

Debtors

14

5,852,228

5,537,229

Cash at bank

9,451,477

9,357,957

18,403,806

18,361,161

CREDITORS

Amounts falling due within one year

15

(5,058,902

)

(4,999,913

)

NET CURRENT ASSETS

13,344,904

13,361,248

TOTAL ASSETS LESS CURRENT LIABILITIES

18,221,023

18,213,171

CREDITORS

Amounts falling due after more than one year

16

-

(3,197

)

PROVISIONS FOR LIABILITIES

19

(379,831

)

(387,315

)

NET ASSETS

17,841,192

17,822,659

CAPITAL AND RESERVES

Called up share capital

20

5,001

5,001

Share premium

4,999

4,999

Revaluation reserve

725,068

723,201

Capital redemption reserve

5,000

5,000

Foreign exchange reserve

(18,990

)

-

Retained earnings

17,120,114

17,084,458

SHAREHOLDERS' FUNDS

17,841,192

17,822,659

The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2026 and were signed on its behalf by:

M Bramley - Director

FIXED ASSETS

Intangible assets

10

172,058

150,177

Tangible assets

11

3,677,790

3,732,418

Investments

12

630,938

630,938

4,480,786

4,513,533

CURRENT ASSETS

Stocks

13

1,961,664

2,824,383

Debtors

14

6,795,973

5,783,313

Cash at bank

9,379,671

9,300,104

18,137,308

17,907,800

CREDITORS

Amounts falling due within one year

15

(3,771,071

)

(4,157,924

)

NET CURRENT ASSETS

14,366,237

13,749,876

TOTAL ASSETS LESS CURRENT LIABILITIES

18,847,023

18,263,409

CREDITORS

Amounts falling due after more than one year

16

-

(3,197

)

PROVISIONS FOR LIABILITIES

19

(373,300

)

(387,315

)

NET ASSETS

18,473,723

17,872,897

CAPITAL AND RESERVES

Called up share capital

20

5,001

5,001

Share premium

4,999

4,999

Revaluation reserve

725,068

723,201

Capital redemption reserve

5,000

5,000

Retained earnings

17,733,655

17,134,696

SHAREHOLDERS' FUNDS

18,473,723

17,872,897

Company's profit for the financial year

756,516

1,091,361

The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2026 and were signed on its behalf by:

M Bramley - Director

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 October 2023

5,001

15,905,314

4,999

Prior year adjustment

-

442,190

-

As restated

5,001

16,347,504

4,999

Changes in equity

Dividends

-

(314,124

)

-

Total comprehensive income

-

1,051,078

-

Balance at 30 September 2024

5,001

17,084,458

4,999

Changes in equity

Dividends

-

(170,000

)

-

Total comprehensive income

-

205,656

-

Balance at 30 September 2025

5,001

17,120,114

4,999

Capital

Foreign

Revaluation

redemption

exchange

Total

reserve

reserve

reserve

equity

£

£

£

£

Balance at 1 October 2023

472,385

5,000

-

16,392,699

Prior year adjustment

-

-

-

442,190

As restated

472,385

5,000

-

16,834,889

Changes in equity

Dividends

-

-

-

(314,124

)

Total comprehensive income

250,816

-

-

1,301,894

Balance at 30 September 2024

723,201

5,000

-

17,822,659

Changes in equity

Foreign exchange differences on translation of foreign subsidiary

-

-

(18,990

)

(18,990

)

Dividends

-

-

-

(170,000

)

Total comprehensive income

1,867

-

-

207,523

Balance at 30 September 2025

725,068

5,000

(18,990

)

17,841,192

Called up

share

Retained

Share

capital

earnings

premium

£

£

£

Balance at 1 October 2023

5,001

15,905,314

4,999

Prior year adjustment

-

442,190

-

As restated

5,001

16,347,504

4,999

Changes in equity

Dividends

-

(314,124

)

-

Total comprehensive income

-

1,101,316

-

Balance at 30 September 2024

5,001

17,134,696

4,999

Changes in equity

Dividends

-

(170,000

)

-

Total comprehensive income

-

768,959

-

Balance at 30 September 2025

5,001

17,733,655

4,999

Capital

Revaluation

redemption

Total

reserve

reserve

equity

£

£

£

Balance at 1 October 2023

472,385

5,000

16,392,699

Prior year adjustment

-

-

442,190

As restated

472,385

5,000

16,834,889

Changes in equity

Dividends

-

-

(314,124

)

Total comprehensive income

250,816

-

1,352,132

Balance at 30 September 2024

723,201

5,000

17,872,897

Changes in equity

Dividends

-

-

(170,000

)

Total comprehensive income

1,867

-

770,826

Balance at 30 September 2025

725,068

5,000

18,473,723

Cash flows from operating activities

Cash generated from operations

1

868,286

1,242,996

Interest element of hire purchase payments paid

(283

)

(476

)

Tax paid

(390,947

)

(277,119

)

Net cash from operating activities

477,056

965,401

Cash flows from investing activities

Purchase of intangible fixed assets

(92,659

)

(762,758

)

Purchase of tangible fixed assets

(427,493

)

(173,796

)

Sale of tangible fixed assets

3,452

-

Cash on acquisition of subsidiary

-

101,823

Interest received

306,485

345,005

Net cash from investing activities

(210,215

)

(489,726

)

Cash flows from financing activities

Capital repayments in year

(3,649

)

(3,455

)

Amount introduced by directors

328

8,403

Amount withdrawn by directors

-

(96

)

Equity dividends paid

(170,000

)

(314,124

)

Net cash from financing activities

(173,321

)

(309,272

)

Increase in cash and cash equivalents

93,520

166,403

Cash and cash equivalents at beginning of year

2

9,357,957

9,191,554

Cash and cash equivalents at end of year

2

9,451,477

9,357,957