REGISTERED NUMBER: 03630810 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 31 December 2025

for

TS (UK) Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Profit & Loss Account

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

16

DIRECTORS:

S Tontarelli

C Tontarelli

D Castronuovo

A M Germano

L J Finn

SECRETARY:

A M Germano

REGISTERED OFFICE:

Unit 107 Stakehill Industrial Estate

Middleton

Greater Manchester

M24 2SJ

REGISTERED NUMBER:

03630810 (England and Wales)

AUDITORS:

SKS Audit LLP

3 Sheen Road

Richmond

TW9 1AD

SOLICITORS:

Milners Solicitors

Crown House

85-89 Great George Street

Leeds

Yorkshire

LS1 3BR

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

PRINCIPAL ACTIVITY

The principal activity of the company is the production of plastic goods for domestic use.

FAIR REVIEW OF BUSINESS

The directors of TS (UK) are satisfied about the course of 2025. TS (UK) continued to maintain its primacy as one of the leading plastic household manufacturers in the UK.

Although the general UK market has been stagnating, we have expanded our turnover and customer base. Total 2025 turnover reached £21.7 million (£20.9 million in 2024). This progress was possible thanks to continued trust and partnership with our existing customers and working on new sales opportunities.

Throughout 2025 we advanced thoughtfully designed products for households and professionals, from kitchen, food storage, cleaning, pet, laundry, to smart storage boxes. We launched new successful storage ranges, for one of which, we obtained an international patent.

The directors decided to distribute an interim dividend in 2025, in the total amount of £3.1million, as TS (UK) maintained a strong cash position.

TS (UK)'s accounts for the year ended 31/12/25 had a satisfactory result, a profit of £705k (before tax).

We continue with our commitment to the planet, reducing our environmental impact and decarbonising the business. The Group currently uses over 130,000 square meters of PV system to self-produce energy. We contribute to a better future producing also with recycled material and from renewable feedstock. The Group has implemented the operational control approach to create its greenhouse gas inventory, in line with the GHG Protocol.

Throughout 2025 TS (UK) completed energy assessments of the UK production in collaboration with Greater Manchester Business Growth Hub. This helped us to target unproductive energy use and to reduce energy consumption. We invested into more energy efficient equipment.

The directors look forward to progressing on its solid company foundation in the 2026. The relationships with our customers are strong and positive. We foresee new opportunities arising in the future.

PRINCIPAL RISKS AND UNCERTAINTIES

The business' activities expose it primarily to the financial risks of changes in foreign currency exchange rates.

The business' principal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors and loans to the business. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. Loans comprise loans from financial institutions. The interest rates and monthly repayments are fixed. The business manages the liquidity risk by ensuring that there are sufficient funds to meet the payments.

KEY PERFORMANCE INDICATORS

Key performance indicators are used to measure and evaluate company performance against targets and monitor various activities throughout the company. The main key performance indicators employed in the company are:

2025

2024

2023

Turnover levels

£21,715,021

£20,996,138

£28,724,272

Gross Profit/(loss) levels

£13,763,482

£12,948,904

£18,034,714

Net Profit/(loss) before tax levels

£705,079

£832,476

(£517,638)

Shareholder's fund

£11,574,603

£14,145,798

£13,430,389

The board monitor these on a monthly basis against internally produced budgets.

ON BEHALF OF THE BOARD:

A M Germano - Director

22 April 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

DIVIDENDS

An interim dividend of 77.5 per share was paid on 19th November,2025. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2025 will be £3,100,000.

FUTURE DEVELOPMENTS

The directors remain optimistic for the future, order book activities are reviewed to ensure that future planned performance will continue. The directors aim to maintain strategy to continue to improve performance and drive the business through targeted growth opportunities.

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 Tontarelli

C Tontarelli

D Castronuovo

A M Germano

L J Finn

REVIEW OF BUSINESS

There was a increase in sales revenue in the year 2025 as compared to the prior year, 2024 (i.e. £21.72

million in 2025) (£21 million in 2024). Also, there is a decline in cost of sales i.e. £7.95 million in 2025

(£8.05 million in 2024) In 2025 the whole Tontarelli- (TS) group very much focused on strategic purchasing

to limit the impact of volatile raw material prices. Targeted acquisitions played key role in the business to

remain competitive in the market and to maintain its commitment of the highest level of customer service.

TS (UK) Limited has been actively working on innovations to become a more sustainable business, regularly reviewing its plastic footprint, ensuring compliance with industry standards.

In 2025 TS (UK) Ltd will continue to focus on the complex needs of the market.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of financial instruments.

DIRECTORS' RESPONSIBILITIES STATEMENT

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.

-state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.

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 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 company's auditors are aware of that information.

AUDITORS

The auditors, SKS Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A M Germano - Director

22 April 2026

Opinion

We have audited the financial statements of TS (UK) Limited (the 'company') for the year ended 31 December 2025 which comprise the Profit & Loss Account, 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 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 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 Directors' Responsibilities Statement set out on pages four and five, 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions were held with, and enquiries made of, management and those charged with governance 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 Pensions legislation, and distributable profits legislation.

- It is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business.

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.

Moganarden Chelvanaigum FCCA (Senior Statutory Auditor)

for and on behalf of SKS Audit LLP

3 Sheen Road

Richmond

TW9 1AD

22 April 2026

TURNOVER

5

21,715,021

20,996,138

Cost of sales

(7,951,539

)

(8,047,234

)

GROSS PROFIT

13,763,482

12,948,904

Distribution costs

(3,050,175

)

(3,092,192

)

Administrative expenses

(10,284,983

)

(9,155,370

)

428,324

701,342

Other operating income

6

132,725

-

OPERATING PROFIT

9

561,049

701,342

Interest receivable and similar income

145,175

135,926

706,224

837,268

Interest payable and similar expenses

11

(1,145

)

(4,792

)

PROFIT BEFORE TAXATION

705,079

832,476

Tax on profit

12

(176,274

)

(117,067

)

PROFIT FOR THE FINANCIAL YEAR

528,805

715,409

PROFIT FOR THE YEAR

528,805

715,409

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

528,805

715,409

FIXED ASSETS

Tangible assets

14

3,703,599

4,057,428

CURRENT ASSETS

Stocks

15

2,618,630

3,136,103

Debtors

16

8,829,746

7,912,704

Cash at bank and in hand

2,004,012

4,205,619

13,452,388

15,254,426

CREDITORS

Amounts falling due within one year

17

(4,816,648

)

(4,354,424

)

NET CURRENT ASSETS

8,635,740

10,900,002

TOTAL ASSETS LESS CURRENT LIABILITIES

12,339,339

14,957,430

PROVISIONS FOR LIABILITIES

20

(764,736

)

(811,632

)

NET ASSETS

11,574,603

14,145,798

CAPITAL AND RESERVES

Called up share capital

21

40,000

40,000

Retained earnings

22

11,534,603

14,105,798

SHAREHOLDERS' FUNDS

11,574,603

14,145,798

The financial statements were approved by the Board of Directors and authorised for issue on 22 April 2026 and were signed on its behalf by:

S Tontarelli - Director

A M Germano - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

40,000

13,390,389

13,430,389

Changes in equity

Profit for the year

-

715,409

715,409

Total comprehensive income

-

715,409

715,409

Balance at 31 December 2024

40,000

14,105,798

14,145,798

Changes in equity

Profit for the year

-

528,805

528,805

Total comprehensive income

-

528,805

528,805

Dividends

-

(3,100,000

)

(3,100,000

)

Balance at 31 December 2025

40,000

11,534,603

11,574,603

Cash flows from operating activities

Cash generated from operations

1

1,335,337

3,043,166

Interest paid

(1,145

)

(4,792

)

Tax receipts/(payments)

36

(72,087

)

Net cash from operating activities

1,334,228

2,966,287

Cash flows from investing activities

Purchase of tangible fixed assets

(482,508

)

(479,251

)

Sale of tangible fixed assets

25,878

103,095

Interest received

145,175

135,926

Net cash from investing activities

(311,455

)

(240,230

)

Cash flows from financing activities

Loan repayments in year

(124,380

)

(179,784

)

Equity dividends paid

(3,100,000

)

-

Net cash from financing activities

(3,224,380

)

(179,784

)

(Decrease)/increase in cash and cash equivalents

(2,201,607

)

2,546,273

Cash and cash equivalents at beginning of year

2

4,205,619

1,659,346

Cash and cash equivalents at end of year

2

2,004,012

4,205,619

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

2025

2024

£

£

Profit before taxation

705,079

832,476

Depreciation charges

792,343

783,627

Loss/(profit) on disposal of fixed assets

18,118

(59,048

)

Finance costs

1,145

4,792

Finance income

(145,175

)

(135,926

)

1,371,510

1,425,921

Decrease/(increase) in stocks

517,473

(30,450

)

(Increase)/decrease in trade and other debtors

(1,661,425

)

2,527,209

Increase/(decrease) in trade and other creditors

1,107,779

(879,514

)

Cash generated from operations

1,335,337

3,043,166

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 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

2,004,012

4,205,619

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

4,205,619

1,659,346

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

4,205,619

(2,201,607

)

2,004,012

4,205,619

(2,201,607

)

2,004,012

Debt

Debts falling due within 1 year

(124,378

)

124,378

-

(124,378

)

124,378

-

Total

4,081,241

(2,077,229

)

2,004,012

1.	STATUTORY INFORMATION

TS (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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention.

The presentational and functional currency of these financial statements is GBP. Values are rounded to the nearest pound.

REVENUE RECOGNITION

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

i) the company has transferred the significant risks and rewards of ownership to the buyer;

ii) the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

iii) the amount of turnover can be measured reliably;

iv) it is probable that the company will receive the consideration due under the transaction; and

v) the costs incurred or to be incurred in respect of the transaction can be measured reliably.s.

TANGIBLE FIXED ASSETS

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property improvements

over the length of the lease

Plant and Machinery

10 - 33% on cost

Fixtures and Fittings

10 - 33% on cost

Motor Vehicles

20% on cost

Computer Equipment

20% - 33% on cost

STOCKS

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. lf stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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 CURRENCY TRANSACTION & BALANCES

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

LEASES

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

TRADE DEBTORS

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

GOVERNMENT GRANTS

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

TRADE CREDITORS

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. lf there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

BORROWINGS

lnterest-bearing borrowings are initially recorded at fair value, net of transaction costs. lnterest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

PROVISION FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of income and Other Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

SHARE CAPITAL

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. lf payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

DEFINED CONTRIBUTION PENSION OBLIGATION

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. lf contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

4.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are

addressed below.

(i) Impairment of Trade and Intercompany Receivables

The company makes an estimate of the recoverable value of Trade and intercompany receivables. When assessing impairment of trade and Intercompany receivables, management considers factors including the current credit rating of the trade and intercompany debtor and historical experience.

5.

TURNOVER

The analysis of the company's revenue for the year from continuing operations is as follows:

2025

2024

£

£

UK Sales

21,009,387

20,156,606

EU Sales

705,634

839,531

Total

21,715,021

20,996,137

The turnover is derived from the principal activity of the business.

6.	OTHER OPERATING INCOME

2025

2024

£

£

Sundry receipts

40,852

-

Government grants received

91,873

-

132,725

-

7.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

3,639,849

3,428,289

Social security costs

390,491

295,243

4,030,340

3,723,532

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

2025

2024

Production

88

94

Administration and Management

21

21

Warehouse & Logistics

23

23

132

138

8.	DIRECTORS' EMOLUMENTS

2025

2024

£

£

Directors' remuneration

134,126

138,406

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

Defined contribution scheme

2

2

9.	OPERATING PROFIT

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

2025

2024

£

£

Hire of plant and machinery

689,875

730,221

Other operating leases

43,000

44,907

Depreciation - owned assets

792,341

783,628

Loss/(profit) on disposal of fixed assets

18,118

(59,048

)

10.	AUDITORS' REMUNERATION

2025

2024

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

16,250

15,500

11.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

1,145

4,792