ACCOUNTS - Final Accounts preparation

An analysis of turnover by class of business is as follows:

Registered number: SC114289

ARDMEL GROUP LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

ARDMEL GROUP LIMITED

COMPANY INFORMATION

Directors	Mr S R Fernando
	Mr S Ruwan Fernando


Registered number	SC114289


Registered office	52 - 53 Nasmyth Road
	Southfield Industrial Estate
	Glenrothes
	Fife
	KY6 2SD


Independent auditors	Sumer Auditco Limited (Statutory Auditor)
	Chartered Accountants
	Pentland House
	Saltire Centre
	Glenrothes
	Fife
	KY6 2AH

ARDMEL GROUP LIMITED

CONTENTS

	Page
Group strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 7
Consolidated statement of comprehensive income	8
Consolidated statement of financial position	9
Company statement of financial position	10
Consolidated statement of changes in equity	11 - 12
Company statement of changes in equity	13
Consolidated statement of cash flows	14 - 15
Consolidated analysis of net debt	15
Notes to the financial statements	16 - 34

ARDMEL GROUP LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 JUNE 2025

Introduction

The directors have pleasure in presenting their strategic report for the year ended 30 June 2025.

Business review

The principal activities of the Group during the year was the manufacture, marketing and selling of seam sealing tape materials and the design, manufacture and selling of specialised textile machinery including Ultrasonic 'Sewing Machine' and cutters and the design, manufacture and sales of specialised outdoor clothing.
The directors are content to report steady trading and profitability during the period under review and a further enhancement of the Group's overall financial position.
Despite the global challenges experienced during the period under review demand for the Group's products has remained strong and this together with careful strategic and cost management has allowed the Group to continue to trade successfully.
The directors are aware of the ongoing risk from external factors on the UK and global economy but remain confident that the Group will continue to be profitable in the forthcoming accounting period.

Principal risks and uncertainties

Although results are positive the ongoing war in Ukraine and Israel has impacted upon Ardmel Group Limited at certain levels, including inflationary pressures. The directors are mindful that the ongoing war in Ukraine/Israel may have an uncertain impact for an indeterminate period but believe that the Group will be able to meet these challenges due to a policy of strong financial management.
The directors consider the main risks which the Group is exposed to concern trading conditions with foreign customers, including currency fluctuations and the changing conditions in foreign markets. The directors monitor exchange rates and endeavour to undertake transactions when the rates are favourable to the Group. The directors have good relationships with contacts in countries where exports are made and this helps to mitigate the risks in this area.
The Group's principal financial instruments comprise bank balances and Group company loans. The main purpose of these instruments is to finance company operations. Due to the nature of the financial instruments used by the Group there is no exposure to price risk. The Group's approach to managing other risks applicable to the financial instruments concerned is detailed below.
Loans to the Group consist of Group company balances. There are no fixed repayment terms on these loans and no interest is charged.

Page 1

ARDMEL GROUP LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

Financial key performance indicators

Key performance indicators are monitored over key areas including control over all aspects of working capital and cash flow and the monitoring of actual results against prior periods. The Group's key performance indicators include turnover which decreased by 6.6% to £13,887,412, gross margin which increased from 34.1% to 37.5% and profit before tax which decreased from £2,224,230 to £2,078,478 during the year to 30 June 2025.

This report was approved by the board on 28 April 2026 and signed on its behalf.

Mr S Ruwan Fernando

Director

Page 2

ARDMEL GROUP LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 JUNE 2025

The directors present their report and the financial statements for the year ended 30 June 2025.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £1,552,050 (2024 - £1,682,933).

Directors

The directors who served during the year were:

Mr S R Fernando

Mr S Ruwan Fernando

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Page 3

ARDMEL GROUP LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

Auditors

The auditors, Sumer Auditco Limited (Statutory Auditor), will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 28 April 2026 and signed on its behalf.

Mr S Ruwan Fernando

Director

Page 4

ARDMEL GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARDMEL GROUP LIMITED

Opinion

We have audited the financial statements of Ardmel Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, 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's affairs as at 30 June 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 5

ARDMEL GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARDMEL GROUP LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.

Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group strategic report and the Directors' report 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 Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the parent Company financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 6

ARDMEL GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ARDMEL GROUP LIMITED (CONTINUED)

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 an Auditors' report 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 Group 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:

We gained an understanding of the legal and regulatory framework applicable to the group and the industry in which it operates, and considered the risk of acts by the group that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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 Auditors' report.

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 an Auditors' report 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.

Mark Gibson (Senior statutory auditor)

for and on behalf of

Sumer Auditco Limited (Statutory Auditor)

Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH

28 April 2026

Page 7

ARDMEL GROUP LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 JUNE 2025

	2025	2024
	£	£


Turnover	4	13,887,412	14,866,820
Cost of sales		(8,680,163)	(9,795,955)
Gross profit		5,207,249	5,070,865
Distribution costs		(304,965)	(313,264)
Administrative expenses		(3,141,496)	(2,635,252)
Other operating income	5	152,034	29,017
Operating profit	6	1,912,822	2,151,366
Amounts written off investments		-	(11,267)
Interest receivable and similar income	9	167,606	84,131
Interest payable and similar expenses		(1,950)	-
Profit before taxation		2,078,478	2,224,230
Tax on profit	11	(505,579)	(541,297)
Profit for the financial year		1,572,899	1,682,933


Unrealised surplus on revaluation of tangible fixed assets	47,400	-
Exchange difference on acquisition of subsidiary	(14,975)	-
Total comprehensive income for the year	1,605,324	1,682,933

Profit for the year attributable to:
Non-controlling interests	20,849	-
Owners of the parent Company	1,552,050	1,682,933
	1,572,899	1,682,933

Total comprehensive income for the year attributable to:
Non-controlling interest	20,849	-
Owners of the parent Company	1,584,475	1,682,933
	1,605,324	1,682,933

There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.

The notes on pages 16 to 34 form part of these financial statements.

Page 8

ARDMEL GROUP LIMITED

REGISTERED NUMBER: SC114289

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2025

		2025		2024
		£		£

Fixed assets
Intangible assets	14		(2,685,727)		-
Tangible assets	15		2,153,972		1,432,701
Investments	16		-		17,480
			(531,755)		1,450,181
Current assets
Stocks	17	5,093,935		3,978,093
Debtors: amounts falling due within one year	18	4,269,255		3,953,439
Cash at bank and in hand	19	9,370,227		5,397,719
		18,733,417		13,329,251
Creditors: amounts falling due within one year	20	(3,495,083)		(2,266,105)
Net current assets			15,238,334		11,063,146
Total assets less current liabilities			14,706,579		12,513,327
Creditors: amounts falling due after more than one year	21		(361,243)		-
Provisions for liabilities
Deferred taxation	23	-		(143,881)
Foreign retirement benefit obligation	24	(45,791)		-
			(45,791)		(143,881)
Net assets			14,299,545		12,369,446

Capital and reserves
Called up share capital	25	13,339	13,339
Revaluation reserve		388,810	341,410
Capital redemption reserve		26,668	26,668
Profit and loss account		13,524,604	11,988,029
Non-controlling interests		346,124	-
		14,299,545	12,369,446

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 April 2026.

Mr S Ruwan Fernando

Director

The notes on pages 16 to 34 form part of these financial statements.

Page 9

ARDMEL GROUP LIMITED

REGISTERED NUMBER: SC114289

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2025

		2025		2024
		£		£

Fixed assets
Tangible assets	15		1,182,376		-
Investments	16		13,538		13,335
			1,195,914		13,335
Current assets
Debtors: amounts falling due within one year	18	547,001		4
Cash at bank and in hand	19	5,576,428		-
		6,123,429		4
Creditors: amounts falling due within one year	20	(42,373)		-
Net current assets			6,081,056		4
Total assets less current liabilities			7,276,970		13,339

Provisions for liabilities
Deferred taxation	23	(107,343)		-
			(107,343)		-
Net assets			7,169,627		13,339

Capital and reserves
Called up share capital	25	13,339	13,339
Profit and loss account carried forward		7,156,288	-
		7,169,627	13,339

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 April 2026.

Mr S Ruwan Fernando

Director

The notes on pages 16 to 34 form part of these financial statements.

Page 10


		ARDMEL GROUP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2025

	Called up share capital	Capital redemption reserve	Revaluation reserve	Profit and loss account	Equity attributable to owners of parent Company	Non-controlling interests	Total equity
	£	£	£	£	£	£	£
At 1 July 2024	13,339	26,668	341,410	11,988,029	12,369,446	-	12,369,446
Comprehensive income for the year
Profit for the year	-	-	-	1,552,050	1,552,050	20,849	1,572,899
Currency consolidation translation	-	-	-	(14,975)	(14,975)	-	(14,975)
Surplus on revaluation of freehold property	-	-	47,400	-	47,400	-	47,400
Dividends: Equity capital	-	-	-	(500)	(500)	-	(500)
Minority interest on acquisition of subsidiary	-	-	-	-	-	325,275	325,275
At 30 June 2025	13,339	26,668	388,810	13,524,604	13,953,421	346,124	14,299,545

The notes on pages 16 to 34 form part of these financial statements.

Page 11


		ARDMEL GROUP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2024

	Called up share capital	Capital redemption reserve	Revaluation reserve	Profit and loss account	Equity attributable to owners of parent Company	Total equity
	£	£	£	£	£	£
At 1 July 2023	13,339	26,668	344,728	10,301,778	10,686,513	10,686,513
Comprehensive income for the year
Profit for the year	-	-	-	1,682,933	1,682,933	1,682,933
Transfer to/from profit and loss account	-	-	(3,318)	3,318	-	-
At 30 June 2024	13,339	26,668	341,410	11,988,029	12,369,446	12,369,446

The notes on pages 16 to 34 form part of these financial statements.

Page 12

ARDMEL GROUP LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 July 2024	13,339	-	13,339
Comprehensive income for the year
Profit for the year	-	7,156,788	7,156,788
Dividends: Equity capital	-	(500)	(500)
At 30 June 2025	13,339	7,156,288	7,169,627

The notes on pages 16 to 34 form part of these financial statements.

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 JUNE 2024

	Called up share capital	Total equity
	£	£
At 1 July 2023	4	4
Contributions by and distributions to owners
Shares issued during the year	13,335	13,335
At 30 June 2024	13,339	13,339

The notes on pages 16 to 34 form part of these financial statements.

Page 13

ARDMEL GROUP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 30 JUNE 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	1,572,899	1,682,933
Adjustments for:
Amortisation of intangible assets	(166,373)	-
Depreciation of tangible assets	219,956	145,648
Loss on disposal of tangible assets	(2,708)	(12,500)
Interest paid	1,950	-
Interest received	(167,606)	(84,131)
Taxation charge	505,579	541,297
Decrease/(increase) in stocks	69,852	(377,878)
Decrease in debtors	1,201,249	345,712
(Decrease) in creditors	(1,528,611)	(304,927)
Currency consolidation translation	(14,975)	-
Corporation tax (paid)	(424,823)	(702,786)
Net cash generated from operating activities	1,266,389	1,233,368

Cash flows from investing activities
Purchase of tangible fixed assets	(277,310)	(34,068)
Sale of tangible fixed assets	5,167	16,035
Purchase of fixed asset investments	(126,965)	-
Sale of fixed asset investments	-	11,267
Interest received	167,606	84,131
Cash on acquisition of subsidiary	2,940,071	-
Net cash from investing activities	2,708,569	77,365

Page 14

ARDMEL GROUP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2025

		2025	2024
		£	£


Cash flows from financing activities
Dividends paid	(500)	-
Interest paid	(1,950)	-
Net cash used in financing activities	(2,450)	-
Net increase in cash and cash equivalents	3,972,508	1,310,733
Cash and cash equivalents at beginning of year	5,397,719	4,086,986
Cash and cash equivalents at the end of year	9,370,227	5,397,719

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	9,370,227	5,397,719
	9,370,227	5,397,719

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 30 JUNE 2025


At 1 July 2024	Cash flows	Acquisition of subsidiary	At 30 June 2025
£	£	£	£

Cash at bank and in hand	5,397,719	1,032,437	2,940,071	9,370,227
	5,397,719	1,032,437	2,940,071	9,370,227

The notes on pages 16 to 34 form part of these financial statements.

Page 15

ARDMEL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

1.	General information

Ardmel Group Limited is a company limited by shares, incorporated in Scotland. Its registered office address is 52 - 53 Nasmyth Road, Southfield Industrial Estate, Glenrothes, Fife, KY6 2SD.
The principal activity of the group was that of the manufacture and sales of specialised textile machinery including Ultrasonic 'sewing machine' and cutters, and the design, manufacture, distributor, wholesaler and sales of specialist outdoor clothing.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using merger accounting and the purchase method.
Under merger accounting, the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their carrying values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the beginning of the financial year in which the combination occurred. The comparative results are also restated to include the total comprehensive income for all combining entities for the previous reporting period and their statement of financial position for the previous reporting date. They are deconsolidated from the date control ceases.
Under the purchase method, the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 16

ARDMEL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

2.Accounting policies (continued)

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of turnover can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 17

ARDMEL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

2.Accounting policies (continued)

2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 18

ARDMEL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

2.Accounting policies (continued)

2.9

Intangible assets

Negative goodwill

Negative goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, negative goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Negative goodwill is amortised on a straight-line basis over 10 years to the Consolidated statement of comprehensive income.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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

Depreciation is provided on the following basis:

Freehold property	-	2 & 10% straight line
Plant and machinery	-	10, 15 & 20% straight line & reducing balance
Motor vehicles	-	25% straight line
Fixtures and fittings	-	15 & 20% straight line & reducing balance
Computer equipment	-	20 & 33% straight line

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 profit or loss.

Page 19

ARDMEL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

2.Accounting policies (continued)

2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 20

ARDMEL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

2.Accounting policies (continued)

2.17

Financial instruments

The Group 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 in the Group's Statement of financial position when the Group 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.

2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

The most significant estimation within the group’s financial statements relates to depreciation, particularly plant and machinery depreciation. The directors review depreciation rates on a regular basis to ensure that the policy rates remain appropriate and fairly charge the cost of fixed assets over their predicted useful lives for each specific category of fixed asset.
The directors also require to exercise judgement in assessing recoverability of trade debtors and make appropriate provision where their credit control procedures indicate that trade debtor balances may not be fully recoverable.
Other areas of significant estimation within the group's financial statements relate to the valuation of stock. The directors review the valuation methodology on a regular basis to ensure the carrying value of stock remains appropriate. Due consideration is given to amounts realised following the year end in relation to stock included in the financial statements at the year end.

Page 21

ARDMEL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

Tape sales	1,994,356	1,570,980
Other sales	631,147	859,293
Machine sales	292,286	291,464
Spare sales	576,418	539,998
Garment sales	10,393,205	11,605,085
	13,887,412	14,866,820

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	11,603,862	12,652,929
Rest of the world	2,283,550	2,213,891
	13,887,412	14,866,820

5.	Other operating income
		2025	2024
		£	£

Other operating income	143,005	3,457
Net rents receivable	9,029	25,560
	152,034	29,017

Depreciation of tangible fixed assets	219,956	145,648
Foreign currency (gains)/losses	(20,207)	(39,649)
Fees payable to the Group's auditor and it's associates for the audit of the Companies annual financial statements	50,100	38,000
Non audit fees	34,217	29,376

Page 22

ARDMEL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

7.	Employees
	Staff costs, including directors' remuneration, were as follows:

		Group	Group
		2025	2024
		£	£


Wages and salaries	2,943,404	1,808,083
Social security costs	101,771	131,078
Cost of defined contribution scheme	401,424	162,476
	3,446,599	2,101,637

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Number of production staff	259	52
Number of administrative staff	49	18
Number of management staff	23	5

	331	75

8.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	211,098	167,399
Group contributions to defined contribution pension schemes	25,823	117,101
	236,921	284,500

	During the year retirement benefits were accruing to 4 directors (2024 - 4) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £49,825 (2024 - £NIL).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £3,435 (2024 - £NIL).

9.	Interest receivable
		2025	2024
		£	£

Other interest receivable

167,606

84,131

Page 23

ARDMEL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

10.	Interest payable and similar expenses
		2025	2024
		£	£

Other loan interest payable

1,950

Corporation tax
Current tax on profits for the year	455,165	621,480
Adjustments in respect of previous periods	-	(1,353)
	455,165	620,127

Total current tax	455,165	620,127

Deferred tax
Origination and reversal of timing differences	50,414	(78,830)
Total deferred tax	50,414	(78,830)


	Tax on profit	505,579	541,297

Profit on ordinary activities before tax

2,078,478

2,224,230

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	519,620	556,058
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	23,832	6,925
Goodwill amortisation charge	(41,594)	-
Adjustments to tax charge in respect of prior periods	-	(28,011)
Depreciation on non qualifying assets	3,950	3,950
Other differences leading to an increase (decrease) in the tax charge	(229)	2,375
Total tax charge for the year	505,579	541,297

Page 24

ARDMEL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

11.Taxation (continued)

Factors that may affect future tax charges

There were no factors introduced in the year that may materially affect future tax charges

12.	Dividends
		2025	2024
		£	£

Equity dividends on ordinary shares

500

13.	Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £7,156,788 (2024 - £NIL).

14.	Intangible assets
	Group and Company

		Negative goodwill
		£
	Cost
	Additions	(2,852,100)
	At 30 June 2025	(2,852,100)
	Amortisation
	Charge for the period on owned assets	(166,373)
	At 30 June 2025	(166,373)
	Net book value
	At 30 June 2025	(2,685,727)
	At 30 June 2024	-

The Company has no intangible assets.

Page 25

ARDMEL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

15.	Tangible fixed assets
	Group

	Freehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Computer equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 1 July 2024	790,000	1,123,056	95,052	20,830	71,461	2,100,399
Additions	7,500	139,998	129,444	168	200	277,310
Subsidiary acquisition	437,270	667,692	114,706	32,038	155,537	1,407,243
Disposals	-	(5,389)	(16,179)	-	-	(21,568)
At 30 June 2025	1,234,770	1,925,357	323,023	53,036	227,198	3,763,384
Depreciation
At 1 July 2024	47,400	500,003	49,624	7,468	63,203	667,698
Charge for the year on owned assets	35,788	134,488	36,642	3,883	9,155	219,956
Subsidiary acquisition	189,493	373,229	100,202	16,386	108,957	788,267
Disposals	-	(4,229)	(14,880)	-	-	(19,109)
Revaluation	(47,400)	-	-	-	-	(47,400)
At 30 June 2025	225,281	1,003,491	171,588	27,737	181,315	1,609,412
Net book value
At 30 June 2025	1,009,489	921,866	151,435	25,299	45,883	2,153,972
At 30 June 2024	742,600	623,053	45,428	13,362	8,258	1,432,701

The Group's properties at 52/53 Nasmyth Road, 58 Nasmyth Road and 44 Ramsden Road, Glenrothes were revalued in June 2021 on an open market value basis at amounts of £345,000, £230,000 and £215,000 respectively by Falconer Consultants. On 6 November 2024 the Company's freehold property and plant and machinery were transferred to parent company Ardmel Group Limited. The directors are of the opinion that the fair values remain unchanged as at the year end date.

Page 26

ARDMEL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

15.Tangible fixed assets (continued)

	Company

	Freehold property	Plant and machinery	Total
	£	£	£
Cost or valuation
Additions	-	30,521	30,521
Transfers intra group	790,000	850,332	1,640,332
At 30 June 2025	790,000	880,853	1,670,853
Depreciation
Charge for the year on owned assets	15,800	68,510	84,310
Transfers intra group	-	404,167	404,167
At 30 June 2025	15,800	472,677	488,477
Net book value
At 30 June 2025	774,200	408,176	1,182,376

The Company's properties at 52/53 Nasmyth Road, 58 Nasmyth Road and 44 Ramsden Road, Glenrothes were revalued in June 2021 on an open market value basis at amounts of £345,000, £230,000 and £215,000 respectively by Falconer Consultants. On 6 November 2024 the Company's freehold property and plant and machinery were transferred to parent company Ardmel Group Limited. The directors are of the opinion that the fair values remain unchanged as at the year end date.

Page 27

ARDMEL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

16.	Fixed asset investments
	Group

		Investments in subsidiary companies
		£

	At 1 July 2024	17,480
	Eliminated on introduction to the group	(17,480)
	At 30 June 2025	-

Ardmel Automation Limited acquired an additional 71.21% of Rainwear's share capital on 30 November 2024 bringing their total shareholding to 90.21% and were consolidated into the group.

	Company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 July 2024	13,335
	Transfers intra group	203
	At 30 June 2025	13,538

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

Ardmel Automation Limited		Ordinary	100%
Keela International Limited		Ordinary	100%
Ilasco Limited		Ordinary	100%
Ilasco (Medical) Limited		Ordinary	100%
Ardmel Precision Engineering Limited		Ordinary	100%
Rainwear (PVT) Ltd	No. 03, Shrubbery Garden, Colombo - 04	Ordinary	90.21%

The registered office address of Ardmel Automation Limited, Keela International Limited, Ilasco Limited and Ilasco (Medical) Limited is 52 - 53 Nasmyth Road, Southfield Industrial Estate, Glenrothes, Fife, KY6 2SD.

Page 28

ARDMEL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

17.	Stocks
		Group	Group
		2025	2024
		£	£

Raw materials and consumables	524,170	610,049
Finished goods and goods for resale	4,569,765	3,368,044
	5,093,935	3,978,093

18.

Debtors

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Trade debtors	2,347,265	3,606,513	-	-
Amounts owed by group undertakings	-	-	546,997	-
Other debtors	1,502,813	155,766	4	4
Prepayments and accrued income	415,950	191,160	-	-
Deferred taxation	3,227	-	-	-
	4,269,255	3,953,439	547,001	4

19.	Cash and cash equivalents
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

	Cash at bank and in hand	9,370,227	5,397,719	5,576,428	-

20.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Trade creditors	2,206,773	989,567	6,000	-
Other taxation and social security	389,105	657,052	22,473	-
Other creditors	286,416	16,213	-	-
Accruals and deferred income	612,789	603,273	13,900	-
	3,495,083	2,266,105	42,373	-

Page 29

ARDMEL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

21.	Creditors: Amounts falling due after more than one year
		Group	Group
		2025	2024
		£	£

	Other creditors	361,243	-

The Company has no creditors falling due after more than one year.

22.	Financial instruments
		Group	Group	Company	Company
		2025	2024	2025	2024
		£	£	£	£

Financial assets
Financial assets measured at fair value through profit or loss	9,370,227	5,397,719	5,576,428	-
Financial assets that are debt instruments measured at amortised cost	3,850,078	3,762,279	4	4
	13,220,305	9,159,998	5,576,432	4

	Financial liabilities
	Financial liabilities measured at amortised cost	(3,856,326)	(2,266,107)	(42,373)	-

	Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.
	Financial assets that are debt instruments measured at amortised cost comprise trade debtors and other debtors.
	Financial liabilities measured at amortised cost comprise trade creditors, accruals, other creditors, tax and social security and loans.

Page 30

ARDMEL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

23.	Deferred taxation
	Group

		2025
		£

	At beginning of year	(143,881)
	Charged to profit or loss	(50,414)
	Subsidiary acquisition	197,522
	At end of year	3,227

Company

		2025
		£

	Charged to profit or loss	(107,343)
	At end of year	(107,343)

Group	Group	Company
2025	2024	2025
£	£	£

Accelerated capital allowances	(501,067)	(166,321)	(102,044)
Tax losses carried forward	509,363	3,593	-
Short term timing difference	230	24,146	-
Chargeable gains	(5,299)	(5,299)	(5,299)
	3,227	(143,881)	(107,343)

Page 31

ARDMEL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

24.	Provisions
	Group

		Foreign retirement benefit obligation
		£

	Arising on business combinations	57,961
	Provision reversal for the year	(4,874)
	Benefit paid	(7,296)
	At 30 June 2025	45,791

25.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

13,339 (2024 - 13,339) Ordinary shares of £1.00 each	13,339	13,339

Page 32

ARDMEL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

26.	Business combinations

Ardmel Automation Limited acquired 90.21% shareholding in Rainwear (PVT) Ltd for a consideration of £144,445.

Acquisition of Rainwear (PVT) Ltd
Recognised amounts of identifiable assets acquired and liabilities assumed
	Book value	Fair value adjustments	Fair value
	£	£	£

Fixed Assets
Tangible	618,978	-	618,978
	618,978	-	618,978
Current Assets
Stocks	1,185,694	-	1,185,694
Debtors	1,708,860	-	1,708,860
Cash at bank and in hand	2,940,071	-	2,940,071
Total Assets	6,453,603	-	6,453,603
Creditors
Due within one year	(2,654,618)	-	(2,654,618)
Due after more than one year	(419,204)	-	(419,204)
Foreign retirement benefit obligation	(57,961)	-	(57,961)
Total Identifiable net assets	3,321,820	-	3,321,820


	Non-controlling interests	(325,275)
	Negative goodwill	(2,852,100)
	Total purchase consideration	144,445

	Consideration
					£


	Cash	144,445
	Total purchase consideration	144,445

	Cash outflow on acquisition
					£


	Purchase consideration settled in cash, as above	144,445
	Net cash outflow on acquisition	144,445

Page 33

ARDMEL GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

26.Business combinations (continued)

	The goodwill arising on acquisition is attributable to the trade of the company.
	The results of Rainwear (PVT) Ltd since acquisition are as follows:
				Current period since acquisition
				£

	Turnover	2,389,946
	Profit for the period since acquisition	212,919

27.	Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the fund and amounted to £401,424 (2024 - £162,476). Contributions totalling £27,086 (2024 - £105,173) were payable to the fund at the reporting date and are included in creditors.

28.Security and guarantees

The Group has granted security to its bankers over its assets by way of a bond and floating charge and standard securities over certain properties held. No bank borrowings were in place at the balance sheet date.

29.	Related party transactions
	The Company has taken the exemption available under s33.1A of FRS 102 not to disclose transactions with other wholly owned members of the group. During the year the Company entered into the following transactions with other related parties:

		2025	2024
		£	£

Sales to other related parties other than group companies	1,107,578	436,649
Purchases from other related parties other than group companies	486,968	485,218
Net trading balances due from/(to) other related parties other than group companies	801,648	782,609
	2,396,194	1,704,476

30.	Controlling party

The company was under the control of Mr S R Fernando throughout the current and previous year.

Page 34