REGISTERED NUMBER: 05728414 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

FOR

PORCELITE VITRIFIED HOTELWARE LIMITED

Page

Company information

1

Group strategic report

2

to

4

Report of the director

5

Report of the independent auditors

6

to

9

Consolidated statement of comprehensive income

10

Consolidated statement of financial position

11

Company statement of financial position

12

Consolidated statement of changes in equity

13

Company statement of changes in equity

14

Consolidated statement of cash flows

15

Notes to the consolidated statement of cash flows

16

Notes to the consolidated financial statements

17

to

31

DIRECTOR:

A L M Bate

SECRETARIES:

C Samways

H Marson

REGISTERED OFFICE:

Opal Way

Stone Business Park

Stone

Staffordshire

ST15 0SS

REGISTERED NUMBER:

05728414 (England and Wales)

AUDITORS:

Sumer Auditco Limited

Chartered Accountants & Statutory Auditors

Stone House

Stone Road Business Park

Stoke-on-Trent

ST4 6SR

BANKERS:

HSBC UK Bank plc

1 Centenary Square

Birmingham

B1 1HQ

The director presents his strategic report of the company and the group for the year ended 30 September 2025.

The company holds an investment in its trading subsidiary, DPS Tableware Limited, a wholesaler of tableware.

REVIEW OF BUSINESS

The Directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and non-complex nature of the business and is written in the context of the risks and uncertainties faced.

The company's turnover is generated by the importation and supply of tableware, cutlery, glassware and associated tabletop products throughout the UK, Europe and Rest of the World. The company has an established network of customers and continues to retain high levels of repeat business.

The company's turnover for the 12 month period was £15,728,902, which is an increase of £24,752 (0.16%) in comparison to the 12 month prior period.

Gross profit has decreased from 22.81% in the prior period, to 22.80% in the current period.

Administrative expenses have increased from £2,062,847 in the prior period to £2,437,022 in the current period.

Operating profit has decreased from £1,518,808 in the prior period to £1,149,008 in the current period.

At the balance sheet date, group net assets have increased from £8,284,764 to £8,957,424.

Cash at bank and in hand balances increased from £131,177 at the prior year end to £240,352 at the current period end.

PRINCIPAL RISKS AND UNCERTAINTIES

There are a range of risks facing the group and the group seeks to manage its exposure to all forms of risk.

Financial instrument risk

The group is exposed to the risk that the financial instruments held by the group impact on its ability to operate effectively and profitably. The risks which are relevant to the group's operations are:

Credit risks

The group has policies in place that require appropriate credit checks on new customers before sales are made. Policies are in place to ensure that provisions for bad debts are made when considered necessary.

Foreign currency risk

The group's transactions are predominantly in Sterling, US Dollar and Euros. The group's existing relationship with HSBC global markets provides continued guided information on movements, along with the access to the use of forward contracts. This, along with quarterly comparisons across the exchange market, provides confidence that the most beneficial rates are secured.

Cashflow risks

The group carefully manages its stock holding and debtor book to ensure that sufficient cash is available to meet operational needs.

Liquidity risks

The group funds working capital needs through the generation and retention of profits.

FUTURE DEVELOPMENTS

Despite tough market conditions in our industry, we remain confident that the group will continue to grow by introducing further associated product categories and innovative tabletop ranges into our existing portfolio throughout 2025/6.

1: Software Investment

We have invested heavily in the bespoke development of an OCR/AI program to speed up order entry and improve order accuracy. Delivery is expected Q1 2026. Once implemented this would enable us to extend our current order 'cut off' time and improve customer service levels.

2: Warehouse Development

Warehouse optimisation is key to growth and efficiency. We continue to review and restructure picking areas to speed up our fulfilment and despatch processes.

Plans to create a mezzanine area over the packing room have been approved and this will create in the region of one thousand more pick locations to house further ranges as part of the expansion plans.

3: New Website

We have commissioned a completely new website, due to launch in March 2026. It is being designed to give much greater information on stock levels, expected delivery dates and has much improved information, functionality and flexibility to the user.

The Directors are placing considerable emphasis on investing in various way to improve efficiency within the business. We continue to identify and explore automation to maximise efficiency in all aspects of our operations.

KEY PERFORMANCE INDICATORS

The group has several KPIs which are used to analyse current performance and assist with business development. Monthly KPIs are used to monitor financial and operational performance and are used to inform of progress and improvements.

The Directors consider that the key financial performance indicators are those that communicate the financial performance of the group as a whole, these being turnover, turnover growth, gross profit margin, operating profit margin and cash management (cash at bank and in hand).

2025

2024

2023

Turnover

£15,728,902

£15,704,150

£15,116,787

Increase/(Decrease) in turnover

0.16%

3.89%

5.36%

Gross profit margin

22.8%

22.8%

23.6%

Operating profit margin

7.3%

9.7%

8.7%

Cash at bank and in hand

£240,352

£131,177

£41,647

An explanation of the key performance indicators detailed above can be found in the review of business section of this report.

ON BEHALF OF THE BOARD:

A L M Bate - Director

20 April 2026

The director presents his report with the financial statements of the company and the group for the year ended 30 September 2025.

DIVIDENDS

An interim dividend of £1,732.82 per share was paid on 3 April 2025. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 30 September 2025 will be £173,282.

DIRECTOR

A L M Bate held office during the whole of the period from 1 October 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group strategic report, the Report of the director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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 group's auditors are aware of that information.

AUDITORS

The auditors are deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

A L M Bate - Director

20 April 2026

Opinion

We have audited the financial statements of Porcelite Vitrified Hotelware Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the Consolidated statement of comprehensive income, Consolidated statement of financial position, Company statement of financial position, Consolidated statement of changes in equity, Company statement of changes in equity, Consolidated statement of cash flows and Notes to the consolidated 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 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group strategic report and the Report of the director, 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 director 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 director 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 director.

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 director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of director's responsibilities set out on page five, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

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, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to;

- Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

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

Based on this approach, we were able to assess the company risks and ensure the risks were considered throughout all areas of audit testing. The audit team was professionally sceptical throughout the audit and remained alert for inaccurate or misleading information.

Audit response to risks identified

As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud or irregularities. Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management 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;

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Audit testing was completed on a targeted sample basis based on our assessment of risk and materiality.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

-

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

-	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control.

-	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director.

-

Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the auditors. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.

-	Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

-	Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express and opinion on the consolidated financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

Helen Tidyman (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Chartered Accountants & Statutory Auditors

Stone House

Stone Road Business Park

Stoke-on-Trent

ST4 6SR

27 April 2026

TURNOVER

3

15,728,902

15,704,150

Cost of sales

(12,142,872

)

(12,122,494

)

GROSS PROFIT

3,586,030

3,581,656

Administrative expenses

(2,437,022

)

(2,062,848

)

OPERATING PROFIT

6

1,149,008

1,518,808

Interest payable and similar expenses

8

(21,161

)

(41,588

)

PROFIT BEFORE TAXATION

1,127,847

1,477,220

Tax on profit

9

(281,905

)

(372,072

)

PROFIT FOR THE FINANCIAL YEAR

845,942

1,105,148

OTHER COMPREHENSIVE INCOME

Revaluation of freehold property

-

850,000

Income tax relating to other comprehensive income

-

(212,500

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

637,500

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

845,942

1,742,648

Profit attributable to:

Owners of the parent

845,942

1,105,148

Total comprehensive income attributable to:

Owners of the parent

845,942

1,742,648

FIXED ASSETS

Intangible assets

12

-

-

Tangible assets

13

4,004,928

3,763,026

Investments

14

-

-

Investment property

15

-

-

4,004,928

3,763,026

CURRENT ASSETS

Stocks

16

5,333,312

5,395,771

Debtors

17

2,867,927

2,739,342

Cash at bank and in hand

240,352

131,177

8,441,591

8,266,290

CREDITORS

Amounts falling due within one year

18

(2,776,105

)

(3,264,760

)

NET CURRENT ASSETS

5,665,486

5,001,530

TOTAL ASSETS LESS CURRENT LIABILITIES

9,670,414

8,764,556

CREDITORS

Amounts falling due after more than one year

19

(211,439

)

-

PROVISIONS FOR LIABILITIES

23

(501,551

)

(479,792

)

NET ASSETS

8,957,424

8,284,764

CAPITAL AND RESERVES

Called up share capital

24

100

100

Share premium

25

124,900

124,900

Fair value reserve

25

1,473,845

1,473,845

Retained earnings

25

7,358,579

6,685,919

SHAREHOLDERS' FUNDS

8,957,424

8,284,764

The financial statements were approved by the director and authorised for issue on 20 April 2026 and were signed by:

A L M Bate - Director

FIXED ASSETS

Intangible assets

12

-

-

Tangible assets

13

-

-

Investments

14

250,000

250,000

Investment property

15

3,791,701

3,636,682

4,041,701

3,886,682

CURRENT ASSETS

Debtors

17

1,911,338

1,997,219

Cash at bank

30,470

30,340

1,941,808

2,027,559

CREDITORS

Amounts falling due within one year

18

(202,576

)

(445,799

)

NET CURRENT ASSETS

1,739,232

1,581,760

TOTAL ASSETS LESS CURRENT LIABILITIES

5,780,933

5,468,442

CREDITORS

Amounts falling due after more than one year

19

(211,439

)

-

PROVISIONS FOR LIABILITIES

23

(448,244

)

(448,244

)

NET ASSETS

5,121,250

5,020,198

CAPITAL AND RESERVES

Called up share capital

24

100

100

Share premium

25

124,900

124,900

Fair value reserve

25

1,473,845

1,473,845

Retained earnings

25

3,522,405

3,421,353

SHAREHOLDERS' FUNDS

5,121,250

5,020,198

Company's profit for the financial year

274,334

1,217,214

The financial statements were approved by the director and authorised for issue on 20 April 2026 and were signed by:

A L M Bate - Director

Called up

Fair

share

Retained

Share

value

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 October 2023

100

5,770,771

124,900

836,345

6,732,116

Changes in equity

Dividends

-

(190,000

)

-

-

(190,000

)

Total comprehensive income

-

1,105,148

-

637,500

1,742,648

Balance at 30 September 2024

100

6,685,919

124,900

1,473,845

8,284,764

Changes in equity

Dividends

-

(173,282

)

-

-

(173,282

)

Total comprehensive income

-

845,942

-

-

845,942

Balance at 30 September 2025

100

7,358,579

124,900

1,473,845

8,957,424

Called up

Fair

share

Retained

Share

value

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 October 2023

100

3,031,639

124,900

836,345

3,992,984

Changes in equity

Profit for the year

-

1,217,214

-

-

1,217,214

Other comprehensive income

-

(637,500

)

-

637,500

-

Total comprehensive income

-

579,714

-

637,500

1,217,214

Dividends

-

(190,000

)

-

-

(190,000

)

Balance at 30 September 2024

100

3,421,353

124,900

1,473,845

5,020,198

Changes in equity

Profit for the year

-

274,334

-

-

274,334

Total comprehensive income

-

274,334

-

-

274,334

Dividends

-

(173,282

)

-

-

(173,282

)

Balance at 30 September 2025

100

3,522,405

124,900

1,473,845

5,121,250

Cash flows from operating activities

Cash generated from operations

1

710,291

857,714

Interest paid

(21,161

)

(41,588

)

Tax paid

(379,031

)

(278,176

)

Net cash from operating activities

310,099

537,950

Cash flows from investing activities

Purchase of tangible fixed assets

(282,612

)

(145,225

)

Net cash from investing activities

(282,612

)

(145,225

)

Cash flows from financing activities

New loans in year

320,000

-

Loan repayments in year

(85,254

)

(136,110

)

Amount introduced by directors

228,519

475,085

Amount withdrawn by directors

(208,295

)

(452,170

)

Equity dividends paid

(173,282

)

(190,000

)

Net cash from financing activities

81,688

(303,195

)

Increase in cash and cash equivalents

109,175

89,530

Cash and cash equivalents at beginning of year

2

131,177

41,647

Cash and cash equivalents at end of year

2

240,352

131,177

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

30.9.25

30.9.24

£

£

Profit before taxation

1,127,847

1,477,220

Depreciation charges

40,710

36,608

Finance costs

21,161

41,588

1,189,718

1,555,416

Decrease/(increase) in stocks

62,459

(103,379

)

(Increase)/decrease in trade and other debtors

(148,809

)

365,858

Decrease in trade and other creditors

(393,077

)

(960,181

)

Cash generated from operations

710,291

857,714

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 30 September 2025

30.9.25

1.10.24

£

£

Cash and cash equivalents

240,352

131,177

Year ended 30 September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

131,177

41,647

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.10.24

Cash flow

At 30.9.25

£

£

£

Net cash

Cash at bank and in hand

131,177

109,175

240,352

131,177

109,175

240,352

Debt

Debts falling due within 1 year

(35,302

)

(23,307

)

(58,609

)

Debts falling due after 1 year

-

(211,439

)

(211,439

)

(35,302

)

(234,746

)

(270,048

)

Total

95,875

(125,571

)

(29,696

)