REGISTERED NUMBER: 07993185 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2025

for

Ginho Europe Precision Manufacturing Co

Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Statement of Directors' Responsibilities

6

Report of the Independent Auditors

7

Income statement

10

Statement of Financial Position

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Statement of Cash Flows

14

Notes to the Financial Statements

15

DIRECTORS:

S Zhang

T N Barrett

REGISTERED OFFICE:

Unit B Tame Park Vanguard

Wilnecote

Tamworth

England

B77 5DY

REGISTERED NUMBER:

07993185 (England and Wales)

AUDITORS:

Shinewing Wilson Accountancy Limited

Chartered Certified Accountants

and Statutory Auditors

9 St Clare Street

London

EC3N 1LQ

The directors present their strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

The profit for the period, after taxation, amounted to £395,664 (2024 - £214,400).

FINANCIAL KEY PERFORMANCE INDICATORS

2025 £

2024 £

Turnover

20,057,591

20,777,571

-3.47%

Gross profit

1,743,463

1,898,716

-8.18%

Profit before Tax

502,471

303,937

60.07%

Net assets

1,736,487

1,340,823

33.19%

Ginho Europe Precision Manufacturing (GHE) has continued to perform well in 2025, achieving a comparable sales profile as last year.

2025 has been a good year for the GHE team, with the change and improvements to roles, cost reduction, and higher performance. The team visited over nineteen countries on thirty-two visits to support our growing customer base. The visits inspired 135 RFQs (Request for Quotataions) for 2025 of which 9 were won, contributing an extra 1.29 million sales per year. 59 RFQ's are still live and ongoing. The RFQs outstanding amount to another 18-million-pound sales a year if they can be won.

Many key customers were awarded green scorecards, a top-tier supplier rating reflecting 100% delivery and quality performance. GINHO also achieved an annual PPM (parts per million defect rate) of 2.209, underscoring its strong quality performance and rigorous standards.

The move to the new facility was completed in April and 887 crates of castings were transferred with no disruption to the supply chain. The move took five working days and with no stock loss. This year GINHO have enjoyed a reduction of stock holding with stock reducing in the UK from £5.9million to £3.5million. This has been achieved by a better understanding of the planning process and stock reduction initiatives with the customers.

There were no accidents reported in 2025 and GINHO health & safety audit continue to be exemplary.

Overall, a good year with consistency a key for 2025.

PRINCIPAL RISKS AND UNCERTAINTIES

Business management and strategy execution consistently involve various risks. This year, the business planning process has been especially careful with forecasts and spending decisions. Cost control will be a key focus as GHE aims to achieve steady growth in the coming years.

Recent developments in the Middle East have presented challenges for some of our customers. We managed our way through the combination of wars and tariffs in 2025.The business has a long-term agreement with DSV with a fixed price for six months.The management reviews this every month and remain competitive.

Price risk

Customer pressure is rising in 2025, focusing on material movement and tighter margins. Some customers discuss new projects in India, Mexico, and China, while others compare the Asian metals market to the London Metal Exchange. GHE remains competitive amid growing rivalry. Material movements are prearranged with customers-none will commit.to six-month terms, while others prefer three-month agreements.

Tariffs have also raised issues with different customers and international freighting has been nervous of changing costs at different ports.

Credit risk

The company faces price, credit, liquidity, and interest rate cash flow risks, which are monitored through effective risk management policies.

All customers and suppliers are credit checked so we can assess the financial stability of them and reduce our risk to any bad debts.

Liquidity risk

The liquidity risk remains low as we have robust budgeting, cashflow and balance sheet forecasting that is monitored and review each month within our management accounts.

HEALTH AND SAFETY

GHE had no claims and no accidents in 2025.

The company invested in training for all warehouse personal in 2025. All who passed their Forklift driving test plus supervisory operational training. We continue to measure accidents and close misses.

LEGAL AND ETHICAL

The company supports a legal and ethical framework across regions and continuously improves its practices. It stays informed about relevant laws, including packaging and transportation regulations.

FUTURE DEVELOPMENTS

GHE prepare to enter a new industry in 2026, with a plan to transfer its world class automotive knowledge and capability into the aerospace industry. We believe we can offer manufacturers in the aerospace an expertise proven by the Ginho Group over the past 15 years. Many of the capabilities GHE represent will be marketed with an improved web page and social media campaign and enrolment into several manufacturing bodies with access to new suppliers and customers.

GHE will work towards the aerospace standard of AS19001 in 2026.

Some targeted customers require the AS19001, GHE are in the process of a GAP analysis which will identify the path of improvement and resource required. Ginho are using a third party to assess the cost and timeline.

The current accreditation will remain with GHE hold the accreditation of AS9000 and AS14001. The AS919001 doesn't replace the quality management system AS9000, it simply allows us to gain Aerospace qualification to quote.

ON BEHALF OF THE BOARD:

T N Barrett - Director

24 April 2026

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 distributor of metal components from the Chinese parent company to European customers.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025. (2024: Nil)

DIRECTORS

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

S Zhang

T N Barrett

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen to disclose information regarding the future development opportunities for the company and financial instrument risk management policies in the strategic report rather than the directors' report.

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

ON BEHALF OF THE BOARD:

T N Barrett - Director

24 April 2026

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). 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.

Opinion

We have audited the financial statements of Ginho Europe Precision Manufacturing Co Ltd (the 'company') for the year ended 31 December 2025 which comprise the Income statement, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, 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 six, 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:

Discussions with and enquiries of management and those charged with governance were held 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 Pension legislation.

- It is considered that there are laws and regulations for which non-compliance may be fundamental to the operating aspects of the business include ISO9001 and health and safety.

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.

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.

Nijendra Dhungana FCCA (Senior Statutory Auditor)

for and on behalf of Shinewing Wilson Accountancy Limited

Chartered Certified Accountants

and Statutory Auditors

9 St Clare Street

London

EC3N 1LQ

24 April 2026

TURNOVER

4

20,057,591

20,777,571

Cost of sales

18,314,128

18,878,855

GROSS PROFIT

1,743,463

1,898,716

Administrative expenses

1,240,992

1,584,811

OPERATING PROFIT

6

502,471

313,905

Loss on Disposal of Tangible

Assets

7

-

9,968

PROFIT BEFORE TAXATION

502,471

303,937

Tax on profit

8

106,807

89,537

PROFIT FOR THE FINANCIAL YEAR

395,664

214,400

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

395,664

214,400

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

160,993

76,806

160,993

76,806

CURRENT ASSETS

Stocks

11

3,477,984

5,931,063

Debtors

12

4,044,297

4,252,690

Cash at bank and in hand

111,730

90,655

7,634,011

10,274,408

CREDITORS

Amounts falling due within one year

13

6,009,100

9,010,391

NET CURRENT ASSETS

1,624,911

1,264,017

TOTAL ASSETS LESS CURRENT LIABILITIES

1,785,904

1,340,823

PROVISIONS FOR LIABILITIES

15

49,417

-

NET ASSETS

1,736,487

1,340,823

CAPITAL AND RESERVES

Called up share capital

16

472,270

472,270

Retained earnings

1,264,217

868,553

SHAREHOLDERS' FUNDS

1,736,487

1,340,823

The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2026 and were signed on its behalf by:

T N Barrett - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

472,270

654,153

1,126,423

Changes in equity

Total comprehensive income

-

214,400

214,400

Balance at 31 December 2024

472,270

868,553

1,340,823

Changes in equity

Total comprehensive income

-

395,664

395,664

Balance at 31 December 2025

472,270

1,264,217

1,736,487

Cash flows from operating activities

Cash generated from operations

1

230,991

(51,374

)

Tax paid

(89,537

)

(82,676

)

Net cash from operating activities

141,454

(134,050

)

Cash flows from investing activities

Purchase of tangible fixed assets

(120,379

)

(50,768

)

Loss on disposal

-

9,968

Net cash from investing activities

(120,379

)

(40,800

)

Increase/(decrease) in cash and cash equivalents

21,075

(174,850

)

Cash and cash equivalents at beginning of year

2

90,655

265,505

Cash and cash equivalents at end of year

2

111,730

90,655

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

31.12.25

31.12.24

£

£

Profit before taxation

502,471

303,937

Depreciation charges

36,192

19,018

Stock provision

(26,920

)

(39,564

)

Old lease refurbishment provision

49,417

-

561,160

283,391

Decrease/(increase) in stocks

2,479,999

(1,582,653

)

Decrease in trade and other debtors

208,393

344,212

(Decrease)/increase in trade and other creditors

(3,018,561

)

903,676

Cash generated from operations

230,991

(51,374

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

111,730

90,655

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

90,655

265,505

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

90,655

21,075

111,730

90,655

21,075

111,730

Total

90,655

21,075

111,730

1.	STATUTORY INFORMATION

Ginho Europe Precision Manufacturing Co Ltd 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The company meets its day-to-day working capital requirements through its cash reserves. The current economic conditions continue to create uncertainty, particularly over the level of demand for the company’s products. The company’s forecasts and projections, taking account of reasonably possible changes in trading performance, show that the company should be able to operate within the level of its current cash reserves. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts and settlement discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life. The Directors have assessed the economic benefit of goodwill to be five years.

Tangible fixed assets

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings for short term leasehold property

Over the period of the lease

Plant and machinery

-15% on cost

Fixtures and fittings

- 20% on cost

Computer equipment

- 20-33% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks are recognised as an expense in the period in which the related revenue is recognised. Cost is based on the cost of purchase on a first in and first out basis.

At the end of each reporting period stocks 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 recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the Statement of Comprehensive Income.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, and loans from group undertakings, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest method.

Share capital

Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.

The company's ordinary shares are classified as equity instruments.

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 statement of financial position date.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Leasing commitments - company as lessee

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.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The directors consider that the following estimate and judgement is likely to have the most significant effect on the amounts recognized in the financial statements:

Stock provision

It is essential that the company makes a consideration of recoverable value of stock held and the associated provision that is required. When calculating the stock provision, management will consider the sales of relevant products lines and also their ultimate obsolescence to the market. The condition of stock and the recoverable scrap value will also be considered, as well as the condition and saleability of stock held for long periods or returned from customers. The net carry value of the finished goods arrived at £1,449,831 (2024: £2,951,318) after provision of £20,356 (2024:£47,277), see Note 11.

The directors do not believe that there are any significant uncertainties in the estimates made.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.12.25

31.12.24

£

£

Sales of goods

20,037,183

20,746,521

Freight charge income

20,408

31,050

20,057,591

20,777,571

An analysis of turnover by geographical market is given below:

31.12.25

31.12.24

£

£

United Kingdom

1,628,706

2,610,402

Europe

18,428,885

18,167,169

20,057,591

20,777,571

5.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

683,832

806,729

Social security costs

86,070

94,938

Other pension costs

34,661

44,238

804,563

945,905

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

31.12.25

31.12.24

Sales & Marketing

4

4

Administration

9

13

13

17

31.12.25

31.12.24

£

£

Directors' remuneration

157,733

188,735

Directors' pension contributions to money purchase schemes

12,700

17,736

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

2

6.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.25

31.12.24

£

£

Hire of plant and machinery

22,110

15,102

Other operating leases

116,526

82,007

Depreciation - owned assets

36,192

19,017

Auditors' remuneration

15,000

15,000

Auditors' remuneration for non audit work

1,500

1,500

7.	EXCEPTIONAL ITEMS

31.12.25

31.12.24

£

£

Loss on Disposal of Tangible

Assets

-

(9,968

)

8.

TAXATION

Analysis of the tax charge

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

31.12.25

31.12.24

£

£

Current tax:

UK corporation tax

106,807

89,537

Tax on profit

106,807

89,537

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge included in profit and loss

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

31.12.25

31.12.24

£

£

Profit before tax

502,471

303,937

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

125,618

75,984

Effects of:

Expenses not deductible for tax purposes

2,236

21,490

Capital allowances in excess of depreciation

(21,047

)

(7,937

)

Total tax charge

106,807

89,537

9.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2025

and 31 December 2025

558,769

AMORTISATION

At 1 January 2025

and 31 December 2025

558,769

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

-