Company registration number 07052616 (England and Wales)
JAMES KENT CONSOLIDATED LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 4 JANUARY 2026
JAMES KENT CONSOLIDATED LIMITED
COMPANY INFORMATION
Directors
JMA Fendek
DH Mayer
A Fendek
M Jones
MK Jones
Secretary
JMA Fendek
Company number
07052616
Registered office
Fountain Street
Fenton
Stoke on Trent
Staffordshire
ST4 2HB
Auditor
BK Plus Audit Limited
Graphic House
124 City Road
Stoke on Trent
ST4 2PH
Bankers
HSBC Bank plc
2 Etruria
Office Village
Forge Lane
Stoke-on-Trent
ST1 5RQ
National Westminster Bank plc
1 Upper Market Square
Hanley
Stoke-on-Trent
ST1 1NS
Solicitors
FBC Manby Bowdler
6-10 George Street
Snow Hill
Wolverhampton
WV2 4DN
Pension adviser
AFH Wealth Management
AFH House, Buntsford Drive
Stoke Heath
Bromsgrove
Worcestershire
B60 4JE
JAMES KENT CONSOLIDATED LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 33
JAMES KENT CONSOLIDATED LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 4 JANUARY 2026
- 1 -

The directors present the strategic report for the period ended 4 January 2026.

REVIEW OF BUSINESS AND KEY PERFORMANCE INDICATORS

The principal activity of the group is the manufacture and supply of specialty technical glasses, refractory coatings and frits, the development and production of glass ceramics and the manufacture of colour and pigments.

During the year the Group saw a reduction in sales both at home and export. This resulted in a reduction in turnover £7,854,476 (2024: £8,193,348).

As a result of lower revenue, increases in labour and repair costs gross profit was adversely affected both in terms of value and percentage £2,376,820 ( 2024: £2,771,158), 30.2% (2024: 33.8%).

Administrative costs increased by £142,326, primarily due to increases in staff costs and advertising.

The Directors are pleased to report that the Group made a pre-tax profit for the year of £1,163,941.

Outside investment value has been reviewed resulting in an uplift of £308,252 reflecting a recent purchase of shares.

RISKS AND UNCERTAINTIES

The board and management of the group manage the risks and uncertainties facing the group on a continual basis. The principal risks and uncertainties are considered to be in areas affecting steel supply and demand in new, and traditional markets and the global economy generally which may have an effect on the products and services provided, together with fluctuations in raw material and energy prices, exchange rates and trading levels of certain key customers.

The Board is of the opinion that there are sufficient controls and procedures in place to monitor, control and react accordingly to the risks and challenges that are presented and monitor those risks at board meetings.

Financial risks

The board use management accounts and various financial reports to ensure that the following are reviewed, and they are made aware of any risk arising in any of the following areas:

Price – The board continually monitor the cost of raw materials, energy and consumables. This ensures that products continue to be competitive in the market.

Credit – Robust credit control procedures are in place to ensure that all amounts due are paid promptly. A dedicated team use systems and procedures to diligently chase all outstanding monies and ensure that no significant bad debts occur.

Liquidity – Due to the nature of the business in which it operates, and prudent history of management, funding has been secured and linked to both trade and asset-base of the Group. The stringent credit control procedures that are employed and the tight management of Group cash flows support this. Appropriate action is taken to minimise risk.

Future Developments

The group will continue to offer the wide range of products and services currently provided to customers. Ways will be looked at to further develop current product ranges so that they may evolve along with customer needs. Investment in research and development ensures new products and initiatives are developed for the different markets the group caters for.

JAMES KENT CONSOLIDATED LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 4 JANUARY 2026
- 2 -

On behalf of the board

JMA Fendek
Director
1 May 2026
JAMES KENT CONSOLIDATED LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 4 JANUARY 2026
- 3 -

The directors present their annual report and financial statements for the period ended 4 January 2026.

The "Review Of Business, Future Developments, Key Performance Indicators, Financial Instruments and Risk and Uncertainties" sections required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 have been included in the separate Strategic Report in accordance with section 414C(11) of the Companies Act 2006.

Principal activities

The principal activity and nature of operations of the company is to rent the property and provide management services to its subsidiaries. The principal activities and nature of operations of the group during the period were the manufacture and supply of specialty technical glasses, refractory coatings and frits; the development and production of glass ceramics and the manufacture of colour and pigments.

Results

The group's trading profit for the period after taxation, was £957,252 (29 December 2024: £1,471,089). The directors consider that the group continues to perform at a satisfactory level, given the slowdown in the steel industry.

During the period the group paid a dividend of £514,447 (29 December 2024: £663,219).

Research and development

Research and development is considered key to securing long term growth and the group continues to invest in this area enabling the development of innovative and excellent quality products. Research and development costs are recorded and expensed through the Statement of Comprehensive Income totalling £158,456 (29 December 2024: £162,026).

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

JMA Fendek
DH Mayer
A Fendek
M Jones
MK Jones
Auditor

BK Plus Audit Limited (formerly Geens Limited) have indicated their willingness to be reappointed for another term.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
JMA Fendek
Director
1 May 2026
JAMES KENT CONSOLIDATED LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 4 JANUARY 2026
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, and of the profit or loss of the group for that period.

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

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

JAMES KENT CONSOLIDATED LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JAMES KENT CONSOLIDATED LIMITED
- 5 -
Opinion

We have audited the financial statements of James Kent Consolidated Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 4 January 2026 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 4 January 2026 and of the group's profit for the period 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

JAMES KENT CONSOLIDATED LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JAMES KENT CONSOLIDATED LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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 financial statements.

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

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, and non-compliance with laws and regulations is detailed below.

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the group through discussions with directors and other management and from our knowledge and experience of the client and businesses in similar sectors;

- we assessed the extent of compliance with the laws and regulations identified through making enquiries of management and inspecting any available legal correspondence; and

- the audit team were in regular communication in relation to laws and regulations and potential instances of non-compliance throughout the audit

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

JAMES KENT CONSOLIDATED LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JAMES KENT CONSOLIDATED LIMITED
- 7 -

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias: and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigations and claims;

- reviewing legal and professional expenses for ongoing litigation work: and

- reviewing correspondence with HMRC.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Karen Staley BSc (Hons) FCA (Senior Statutory Auditor)
For and on behalf of BK Plus Audit Limited, Statutory Auditor
Chartered Certified Accountants
Graphic House
124 City Road
Stoke on Trent
ST4 2PH
1 May 2026
JAMES KENT CONSOLIDATED LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 4 JANUARY 2026
- 8 -
Period ended
Period ended
4 January
29 December
2026
2024
Notes
£
£
Turnover
3
7,854,479
8,193,348
Cost of sales
(5,477,659)
(5,422,190)
Gross profit
2,376,820
2,771,158
Distribution costs
(60,453)
(57,634)
Administrative expenses
(1,365,931)
(1,223,605)
Other operating income
97,810
86,308
Operating profit
4
1,048,246
1,576,227
Interest receivable and similar income
7
4,509
426
Interest payable and similar expenses
8
(197,066)
(171,030)
Fair value gains on fixed asset investments
308,252
-
0
Profit before taxation
1,163,941
1,405,623
Tax on profit
9
(206,689)
65,466
Profit for the financial period
957,252
1,471,089
Profit for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.
JAMES KENT CONSOLIDATED LIMITED
GROUP BALANCE SHEET
AS AT
4 JANUARY 2026
04 January 2026
- 9 -
4 January 2026
29 December 2024
Notes
£
£
£
£
Fixed assets
Intangible assets
10
18,152
25,619
Tangible assets
11
3,327,132
3,430,869
Investments
12
689,752
381,500
4,035,036
3,837,988
Current assets
Stocks
14
1,586,098
1,472,830
Debtors
15
1,074,289
1,457,395
Cash at bank and in hand
1,412,714
1,425,361
4,073,101
4,355,586
Creditors: amounts falling due within one year
16
(1,665,973)
(2,078,294)
Net current assets
2,407,128
2,277,292
Total assets less current liabilities
6,442,164
6,115,280
Creditors: amounts falling due after more than one year
17
(1,056,326)
(1,140,326)
Provisions for liabilities
Deferred tax liability
19
106,695
138,616
(106,695)
(138,616)
Net assets
5,279,143
4,836,338
Capital and reserves
Called up share capital
21
320,000
320,000
Revaluation reserve
686,043
750,526
Profit and loss reserves
4,273,100
3,765,812
Total equity
5,279,143
4,836,338

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 1 May 2026 and are signed on its behalf by:
01 May 2026
JMA Fendek
Mr M Jones
Director
Director
Company registration number 07052616 (England and Wales)
JAMES KENT CONSOLIDATED LIMITED
COMPANY BALANCE SHEET
AS AT 4 JANUARY 2026
04 January 2026
- 10 -
4 January 2026
29 December 2024
Notes
£
£
£
£
Fixed assets
Intangible assets
10
18,152
25,619
Tangible assets
11
3,258,775
3,352,577
Investments
12
2,026,174
1,998,340
5,303,101
5,376,536
Current assets
Debtors
15
270,540
259,030
Cash at bank and in hand
384,093
211,755
654,633
470,785
Creditors: amounts falling due within one year
16
(1,088,666)
(895,636)
Net current liabilities
(434,033)
(424,851)
Total assets less current liabilities
4,869,068
4,951,685
Creditors: amounts falling due after more than one year
17
(1,056,326)
(1,140,326)
Provisions for liabilities
Deferred tax liability
19
91,519
121,379
(91,519)
(121,379)
Net assets
3,721,223
3,689,980
Capital and reserves
Called up share capital
21
320,000
320,000
Profit and loss reserves
3,401,223
3,369,980
Total equity
3,721,223
3,689,980

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £545,690 (2024 - £1,246,567 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 1 May 2026 and are signed on its behalf by:
01 May 2026
JMA Fendek
Mr M Jones
Director
Director
Company registration number 07052616 (England and Wales)
JAMES KENT CONSOLIDATED LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 4 JANUARY 2026
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
320,000
1,049,985
2,658,483
4,028,468
Period ended 29 December 2024:
Profit and total comprehensive income
-
-
1,471,089
1,471,089
Dividends
-
-
(663,219)
(663,219)
Other movements
-
(299,459)
299,459
-
Balance at 29 December 2024
320,000
750,526
3,765,812
4,836,338
Period ended 4 January 2026:
Profit and total comprehensive income
-
-
957,252
957,252
Dividends
-
-
(514,447)
(514,447)
Other movements
-
(64,483)
64,483
-
Balance at 4 January 2026
320,000
686,043
4,273,100
5,279,143
JAMES KENT CONSOLIDATED LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 4 JANUARY 2026
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
320,000
2,786,632
3,106,632
Period ended 29 December 2024:
Profit and total comprehensive income for the period
-
1,246,567
1,246,567
Dividends
-
(663,219)
(663,219)
Balance at 29 December 2024
320,000
3,369,980
3,689,980
Period ended 4 January 2026:
Profit and total comprehensive income
-
545,690
545,690
Dividends
-
(514,447)
(514,447)
Balance at 4 January 2026
320,000
3,401,223
3,721,223
JAMES KENT CONSOLIDATED LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 4 JANUARY 2026
- 13 -
Period ended
Period ended
4 January 2026
29 December 2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,549,334
1,582,064
Interest paid
(197,066)
(171,030)
Income taxes paid
(395,840)
(142,001)
Net cash inflow from operating activities
956,428
1,269,033
Investing activities
Purchase of tangible fixed assets
(52,857)
(141,941)
Interest received
4,509
426
Net cash used in investing activities
(48,348)
(141,515)
Financing activities
Net movement on invoice discounting
(322,280)
3,847
Net movement on long term directors' loan accounts
-
20,000
Repayment of bank loans
(84,000)
(78,000)
Dividends paid to equity shareholders
(514,447)
(663,219)
Net cash used in financing activities
(920,727)
(717,372)
Net (decrease)/increase in cash and cash equivalents
(12,647)
410,146
Cash and cash equivalents at beginning of period
1,425,361
1,015,215
Cash and cash equivalents at end of period
1,412,714
1,425,361
JAMES KENT CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 4 JANUARY 2026
- 14 -
1
Accounting policies
Company information

James Kent Consolidated Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Fountain Street, Fenton, Stoke on Trent, Staffordshire, ST4 2HB.

The group consists of James Kent Consolidated Limited and all of its subsidiaries.

1.1
Reporting period

The financial statements have been prepared for a period of 370 days, from 30 December 2024 to 4 January 2026. The comparative figures relate to the preceding accounting period of 364 days, from 1 January 2024 to 29 December 2024.

1.2
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

JAMES KENT CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 JANUARY 2026
1
Accounting policies
(Continued)
- 15 -
1.3
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company James Kent Consolidated Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 4 January 2026. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.5
Going concern

The group meets its day-to-day working capital requirements through an invoice discounting facility together with its group cash reserves and bank facilities including the available overdraft which is renewed annually in July. Management do not foresee any reason the overdraft would not be renewed going forward.

Based on forecasts prepared, the directors expect the company and the group to continue to be profitable and to continue to generate positive cash flows for the foreseeable future. Forecasts are prepared to 31 July 2027 taking account of possible changes in trading performance, show that the company and the group is able to operate within the current level of the invoice discounting facility and bank facilities.

The directors, having assessed the forecasts and information available have determined it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Revenue

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

JAMES KENT CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 JANUARY 2026
1
Accounting policies
(Continued)
- 16 -

Sale of speciality technical glasses, refractory coatings and frits

Turnover is recognised when it and the associated costs can be measured reliably, future economic benefits are probable, and the risks and rewards of ownership have been transferred to the customer. Sales of speciality technical glasses, refractory coatings and frits are recognised when goods are delivered and legal title has passed and the Company has no continuing managerial involvement associated with ownership or effective control of the goods sold. This is generally when goods have been checked and accepted by the customer.

1.7
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.8
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5-10 years.

Negative goodwill arises when the cost of a business combination is less than that of the fair value of the interest in the identifiable assets, liabilities, and contingent liabilities. The amount up to the fair value of the non-monetary assets acquired is credited to profit or loss in the period in which those non-monetary assets are recovered. Negative goodwill in excess of the fair values of the non-monetary assets acquired is credited to profit or loss in the periods expected to benefit of 8 years.

1.9
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Licences
10% per annum straight line
1.10
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2.5% per annum on cost
Plant and equipment
10% per annum on cost
Fixtures and fittings
25% per annum on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

JAMES KENT CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 JANUARY 2026
1
Accounting policies
(Continued)
- 17 -
1.11
Fixed asset investments

I n the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Investments in equity instruments that are not subsidiaries, associates or jointly controlled entities are stated at fair value.

Fair value is determined by reference to the most recent arm’s length transaction, including recent third-party share subscriptions, where this is considered to provide a reliable estimate of value at the reporting date. Where appropriate, adjustments are made to reflect changes in circumstances between the date of the transaction and the reporting date.

Movements in fair value are recognised in the profit and loss account.

Where fair value cannot be measured reliably, investments are stated at cost less impairment.

1.12
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.13
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.14
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

JAMES KENT CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 JANUARY 2026
1
Accounting policies
(Continued)
- 18 -
1.15
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

JAMES KENT CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 JANUARY 2026
1
Accounting policies
(Continued)
- 19 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.16
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.17
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

JAMES KENT CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 JANUARY 2026
1
Accounting policies
(Continued)
- 20 -

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.18
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.19
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.20
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.21
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.22

Dividends

Dividends are recognised as liabilities once they are no longer at the discretion of the company.

JAMES KENT CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 JANUARY 2026
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors consider that accounting estimates and assumptions made do not have a significant risk or causing a material weakness to the carrying amounts of assets and liabilities within the next financial year.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Realisable value of stock

The realisable value of stock is calculated using long established and well tested methodologies that take in to account the changes in market dynamics, expected obsolescence, technical upgrades and disposal costs.

Land and buildings valuation

The land and buildings are valued at open market value of the freehold interest, free from encumbrance. The estimate is based on the market knowledge of the valuer at the date of valuation and may be impacted by local market conditions and demand for such properties.

Investments

The investments held are assessed for impairment where there is an indicator of impairment each year. The assessment of impairment takes in to consideration factors such as recent prices paid for shares in the investment by third parties and trading activity against performance.

3
Turnover and other revenue
2026
2024
£
£
Turnover analysed by class of business
Sale of goods
7,854,479
8,193,348
2026
2024
£
£
Turnover analysed by geographical market
United Kingdom
2,179,409
2,316,053
Rest of World
5,675,070
5,877,295
7,854,479
8,193,348
2026
2024
£
£
Other revenue
Interest income
4,509
426
JAMES KENT CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 JANUARY 2026
- 22 -
4
Operating profit
2026
2024
£
£
Operating profit for the period is stated after charging:
Research and development costs
158,456
162,026
Fees payable to the group's auditor for the audit of the group's financial statements
46,200
44,000
Depreciation of tangible fixed assets
156,594
177,821
(Profit)/loss on disposal of tangible fixed assets
-
5,506
Amortisation of intangible assets
7,467
7,326
Operating lease charges
69,405
53,724
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
2026
2024
2026
2024
Number
Number
Number
Number
Production
32
30
-
-
Administration
14
14
4
4
Directors
5
5
5
5
Total
51
49
9
9

Their aggregate remuneration comprised:

Group
Company
2026
2024
2026
2024
£
£
£
£
Wages and salaries
1,620,786
1,503,075
167,365
170,976
Social security costs
184,163
139,939
13,804
9,481
Pension costs
571,588
552,418
285,397
294,231
2,376,537
2,195,432
466,566
474,688
6
Directors' remuneration
2026
2024
£
£
Remuneration for qualifying services
71,976
72,955
Company pension contributions to defined contribution schemes
185,000
240,000
256,976
312,955
JAMES KENT CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 JANUARY 2026
6
Directors' remuneration
(Continued)
- 23 -

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024 - 4).

7
Interest receivable and similar income
2026
2024
£
£
Interest income
Interest on bank deposits
4,509
426
8
Interest payable and similar expenses
2026
2024
£
£
Interest on bank overdrafts and loans
45,172
52,944
Interest on invoice finance arrangements
16,589
12,328
Other interest on financial liabilities
22,566
7,729
Interest on directors' loan account
112,739
98,029
Total finance costs
197,066
171,030
9
Taxation
2026
2024
£
£
Current tax
UK corporation tax on profits for the current period
238,293
314,801
Adjustments in respect of prior periods
-
0
(25,473)
Total current tax
238,293
289,328
Deferred tax
Origination and reversal of timing differences
(31,604)
(354,794)
Total tax charge/(credit)
206,689
(65,466)
JAMES KENT CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 JANUARY 2026
9
Taxation
(Continued)
- 24 -

The actual charge/(credit) for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

2026
2024
£
£
Profit before taxation
1,163,941
1,405,623
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
290,985
351,406
Effects of:
Expenses that are not deductible in determining taxable profit
513
2,230
Gains not taxable
(74,459)
-
0
Adjustments in respect of prior years
-
0
9,818
Permanent capital allowances in excess of depreciation
-
0
9,810
Research and development tax credit
-
0
(139,584)
Other permanent differences
(9,781)
(19,800)
Deferred tax adjustments in respect of prior years
-
0
(279,346)
Tax at marginal rate
(569)
-
0
Taxation charge/(credit) in the financial statements
206,689
(65,466)
10
Intangible fixed assets
Group
Goodwill
Negative goodwill
Licences
Total
£
£
£
£
Cost
At 30 December 2024 and 4 January 2026
270,066
(107,427)
73,462
236,101
Amortisation and impairment
At 30 December 2024
270,066
(107,427)
47,843
210,482
Amortisation charged for the period
-
0
-
0
7,467
7,467
At 4 January 2026
270,066
(107,427)
55,310
217,949
Carrying amount
At 4 January 2026
-
0
-
0
18,152
18,152
At 29 December 2024
-
0
-
0
25,619
25,619
JAMES KENT CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 JANUARY 2026
10
Intangible fixed assets
(Continued)
- 25 -
Company
Goodwill
Licences
Total
£
£
£
Cost
At 30 December 2024 and 4 January 2026
76,630
73,462
150,092
Amortisation and impairment
At 30 December 2024
76,630
47,843
124,473
Amortisation charged for the period
-
0
7,467
7,467
At 4 January 2026
76,630
55,310
131,940
Carrying amount
At 4 January 2026
-
0
18,152
18,152
At 29 December 2024
-
0
25,619
25,619
11
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost or valuation
At 30 December 2024
3,106,869
2,021,525
153,156
5,281,550
Additions
27,158
2,036
23,663
52,857
Transfers
(116,904)
116,904
-
0
-
0
At 4 January 2026
3,017,123
2,140,465
176,819
5,334,407
Depreciation and impairment
At 30 December 2024
78,368
1,639,981
132,332
1,850,681
Depreciation charged in the period
69,581
76,028
10,985
156,594
Transfers
(11,658)
11,658
-
0
-
0
At 4 January 2026
136,291
1,727,667
143,317
2,007,275
Carrying amount
At 4 January 2026
2,880,832
412,798
33,502
3,327,132
At 29 December 2024
3,028,501
381,544
20,824
3,430,869
JAMES KENT CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 JANUARY 2026
11
Tangible fixed assets
(Continued)
- 26 -
Company
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost or valuation
At 30 December 2024
3,106,869
873,799
117,619
4,098,287
Additions
27,158
2,036
23,663
52,857
Transfers
(116,904)
116,904
-
0
-
0
At 4 January 2026
3,017,123
992,739
141,282
4,151,144
Depreciation and impairment
At 30 December 2024
78,368
570,547
96,795
745,710
Depreciation charged in the period
69,581
66,093
10,985
146,659
Transfers
(11,658)
11,658
-
0
-
0
At 4 January 2026
136,291
648,298
107,780
892,369
Carrying amount
At 4 January 2026
2,880,832
344,441
33,502
3,258,775
At 29 December 2024
3,028,501
303,252
20,824
3,352,577

As at 31 December 2023, the freehold land and buildings of James Kent Consolidated Limited Group were revalued to £3,100,000 by independent chartered surveyors, Louis Taylor. The valuation reflects the open market value of the freehold interest, assuming full vacant possession and free from any encumbrances. The valuation was undertaken in accordance with the RICS Valuation – Global Standards issued by the Royal Institution of Chartered Surveyors.

Freehold land and buildings are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2026
£
Group
Cost
2,698,598
Accumulated depreciation
(504,273)
Carrying value
2,194,325
JAMES KENT CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 JANUARY 2026
- 27 -
12
Fixed asset investments
Group
Company
2026
2024
2026
2024
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
1,336,422
1,616,840
Unlisted investments
689,752
381,500
689,752
381,500
689,752
381,500
2,026,174
1,998,340
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 30 December 2024
381,500
Valuation changes
308,252
At 4 January 2026
689,752
Carrying amount
At 4 January 2026
689,752
At 29 December 2024
381,500
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 30 December 2024
1,616,840
381,500
1,998,340
Valuation changes
(280,418)
308,252
27,834
At 4 January 2026
1,336,422
689,752
2,026,174
Carrying amount
At 4 January 2026
1,336,422
689,752
2,026,174
At 29 December 2024
1,616,840
381,500
1,998,340
13
Subsidiaries

Details of the company's subsidiaries at 4 January 2026 are as follows:

JAMES KENT CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 JANUARY 2026
13
Subsidiaries
(Continued)
- 28 -
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
James Kent (Ceramic Materials) Limited
UK
Manufacture and supply of speciality technical glasses, refractory coatings and frits.
Ordinary
100.00
Cera Dynamics Limited
UK
Development and production of glass ceramics and technical glasses.
Ordinary
100.00
KMCI Limited
UK
A general commercial Company and manufacturer of colours and pigments
Ordinary
100.00
Martin Colour COmpany Limited
UK
A supplier of cermic colours and colouring oxides
Ordinary
100.00
PE Hines Limited
UK
A supplier of raw materials for teh ceramics, paint and construction industries.
Ordinary
100.00
James Kent Group Limited
UK
Dormant
Ordinary
100.00

The registered office address of all entities is:

Fountain Street, Fenton, Stoke-on-Trent, Staffordshire, ST4 2HB.
14
Stocks
Group
Company
2026
2024
2026
2024
£
£
£
£
Raw materials and consumables
321,517
350,840
-
-
Work in progress
42,818
86,074
-
-
Finished goods and goods for resale
1,221,763
1,035,916
-
0
-
0
1,586,098
1,472,830
-
-
JAMES KENT CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 JANUARY 2026
- 29 -
15
Debtors
Group
Company
2026
2024
2026
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
853,880
1,219,460
5,700
5,700
Amounts owed by group undertakings
-
0
-
0
257,501
227,292
Other debtors
89,592
147,981
5,701
24,579
Prepayments and accrued income
129,388
88,208
1,638
1,459
1,072,860
1,455,649
270,540
259,030
Amounts falling due after more than one year:
Deferred tax asset (note 19)
1,429
1,746
-
0
-
0
Total debtors
1,074,289
1,457,395
270,540
259,030
16
Creditors: amounts falling due within one year
Group
Company
2026
2024
2026
2024
Notes
£
£
£
£
Bank loans
18
84,000
84,000
84,000
84,000
Other borrowings
18
166,415
488,695
-
0
-
0
Trade creditors
235,161
454,724
68,947
-
0
Amounts owed to group undertakings
-
0
-
0
-
0
88,954
Corporation tax payable
84,613
242,160
40,358
67,730
Other taxation and social security
133,625
52,244
11,560
11,629
Other creditors
704,139
320,207
651,088
277,670
Accruals and deferred income
258,020
436,264
232,713
365,653
1,665,973
2,078,294
1,088,666
895,636
17
Creditors: amounts falling due after more than one year
Group
Company
2026
2024
2026
2024
Notes
£
£
£
£
Bank loans and overdrafts
18
472,750
556,750
472,750
556,750
Other borrowings
18
583,576
583,576
583,576
583,576
1,056,326
1,140,326
1,056,326
1,140,326
JAMES KENT CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 JANUARY 2026
- 30 -
18
Loans and overdrafts
Group
Company
2026
2024
2026
2024
£
£
£
£
Bank loans
556,750
640,750
556,750
640,750
Amounts due to invoice discounter
166,415
488,695
-
0
-
0
Long term directors' loan accounts
583,576
583,576
583,576
583,576
1,306,741
1,713,021
1,140,326
1,224,326
Payable within one year
250,415
572,695
84,000
84,000
Payable after one year
1,056,326
1,140,326
1,056,326
1,140,326

Bank loans are repayable on a monthly basis and incur interest at 2.43% above base rate. The bank loans are repayable in July 2032.

National Westminster Bank Plc holds an unscheduled debenture incorporating a fixed charge by way of legal mortgage on all freehold and leasehold property owned by the Group and Company (including land); and a first legal charge on the freehold and leasehold properties of the Group and Company not effective mortgaged, and all fixtures and fitting sand all fixed plant and machinery.

HSBC Bank hold a debenture dated 18 August 2010 over the assets of the Group and Company.

HSBC Invoice Finance (UK) Limited hold a fixed and floating charge on all the assets of the Group dated 10 November 2010.

HSBC Bank plc also has a charge over contract monies.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company:

Liabilities
Liabilities
Assets
Assets
2026
2024
2026
2024
Group
£
£
£
£
Tming difference between depreciation and capital allowances
106,695
138,616
1,429
1,746
Liabilities
Liabilities
Assets
Assets
2026
2024
2026
2024
Company
£
£
£
£
Tming difference between depreciation and capital allowances
91,519
121,379
-
-
JAMES KENT CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 JANUARY 2026
19
Deferred taxation
(Continued)
- 31 -
Group
Company
2026
2026
Movements in the period:
£
£
Liability at 30 December 2024
136,870
121,379
Credit to profit or loss
(31,604)
(29,860)
Liability at 4 January 2026
105,266
91,519
20
Retirement benefit schemes
2026
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
571,588
552,418

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2026
2024
2026
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
128,000
128,000
128,000
128,000
Ordinary B shares of £1 each
112,000
112,000
112,000
112,000
Ordinary C shares of £1 each
80,000
80,000
80,000
80,000
320,000
320,000
320,000
320,000

The A, B and C ordinary shares have different rights attaching as detailed in the Articles of Association.

22
Related party transactions
Transactions with related parties

A company in the group purchased services from close family members of a director. The transactions totalled £4,000 (29 December 2024 - £745) and there was no outstanding balance at the year end (29 December 2024: £nil).

The group made sales to a company, which they are a corporate director of amounting to £67,648 (29 December 2024 - £788,743). The group made an admin recharge of £48,000 (29 December 2024 - £46,250). The total amount due to the group at 4 January 2026 was £35,867 (29 December 2024 - £68,765), of which £5,700 was owed to the company.

23
Directors' transactions

Directors and shareholders of the company have loaned money to the company and group during the period. The amount outstanding at 4 January 2026 was:

JAMES KENT CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 JANUARY 2026
23
Directors' transactions
(Continued)
- 32 -
Loans
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Amounts loaned by directors - long term loan
12.00
583,576
-
70,029
(70,029)
583,576
Amounts loaned by directors - short term loan
10.00
237,212
394,228
42,710
(42,710)
631,440
820,788
394,228
112,739
(112,739)
1,215,016
24
Controlling party

There is no ultimate controlling party.

25
Contingent liabilities

National Westminster Bank Plc holds an all unscheduled debenture incorporating a fixed charge by way of legal mortgage on all freehold and leasehold property owned by the company (including land); and a first legal charge on the freehold and leasehold properties of the Company not effectively mortgaged, all fixtures and fittings and all fixed plant and machinery.

The Company has a signed cross guarantee to secure the bank indebtedness with National Westminster Bank Plc to James Kent (Ceramic Materials) Limited, KMCI Limited, James Kent Consolidated Limited, Cera Dynamics Limited, Martin Colour Company Limited, P.E. Hines Limited and James Kent Group Limited.

HSBC Invoice Finance (UK) Limited holds a fixed and floating charge on all the assets of the company dated 10 November 2010.

HSBC Bank plc holds a debenture dated 18 August 2010 over the assets of the company and also has a charge over contract monies.

The company has a signed unlimited multilateral guarantee dated 22 June 2011 and a legal assignment over contract monies dated 14 November 2023. These are given by James Kent (Ceramic Materials) Limited, Martin Colour Company Limited, Cera Dynamics Limited, James Kent Consolidated Limited, James Kent Group Limited, P.E. Hines Limited and KMCI Limited with HSBC Bank plc.

JAMES KENT CONSOLIDATED LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 JANUARY 2026
- 33 -
26
Cash generated from group operations
2026
2024
£
£
Profit after taxation
957,252
1,471,089
Adjustments for:
Taxation charged/(credited)
206,689
(65,466)
Finance costs
197,066
171,030
Investment income
(4,509)
(426)
(Gain)/loss on disposal of tangible fixed assets
-
5,506
Fair value gain on investment properties
(308,252)
-
0
Amortisation and impairment of intangible assets
7,467
7,326
Depreciation and impairment of tangible fixed assets
156,594
177,821
Movements in working capital:
Increase in stocks
(113,268)
(256,256)
Decrease/(increase) in debtors
382,789
(61,189)
Increase in creditors
67,506
132,629
Cash generated from operations
1,549,334
1,582,064
27
Analysis of changes in net funds/(debt) - group
30 December 2024
Cash flows
4 January 2026
£
£
£
Cash at bank and in hand
1,425,361
(12,647)
1,412,714
Borrowings excluding overdrafts
(1,713,021)
406,280
(1,306,741)
(287,660)
393,633
105,973
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