REGISTERED NUMBER: 16022262 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Period 16 October 2024 to 30 November 2025

for

Hanson Plywood Group Ltd

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

7

Report of the Independent Auditors

9

Consolidated Income Statement

13

Consolidated Other Comprehensive Income

14

Consolidated Balance Sheet

15

Company Balance Sheet

16

Consolidated Statement of Changes in Equity

17

Company Statement of Changes in Equity

18

Consolidated Cash Flow Statement

19

Notes to the Consolidated Cash Flow Statement

20

Notes to the Consolidated Financial Statements

21

DIRECTORS:

G M Scott

J W Scott

T G Scott

SECRETARY:

M Scott

REGISTERED OFFICE:

Drakes Industrial Est

Shay Lane, Ovenden

Halifax

HX3 6RL

REGISTERED NUMBER:

16022262 (England and Wales)

AUDITORS:

KJA Kilner Johnson Ltd (Statutory Auditors)

Woodland House

Woodland Park

Bradford Road

Cleckheaton

BD19 6BW

The directors present their strategic report of the company and the group for the period 16 October 2024 to 30 November 2025.

The directors present their strategic report of the company and the group for the year ended 30 November 2025.

The business operates as one of the UK's principal importers and distributors of timber-based panel products. The business provides a nationwide service to a wide ranging and diverse customer base, including merchants and specialist manufacturers.

There is a specific focus on technical training and environmental and ethical awareness with the business engaging closely with suppliers from around the world to ensure relationships are supportive, progressive, and mutually beneficial. The company has a program of ongoing staff training and recruitment to ensure the business can operate at high levels of service within industry.

Products and services are presented directly to architects and specifiers to promote awareness of a wide range of fit-for-purpose products. This continues to be supported by the company's constantly updated virtual showroom which provides the opportunity to welcome visitors without the need to travel or have physical interaction.

The business has a very carefully considered approach to all matters of environmental, ethical, and technical concern which is managed through the company's resolute HEAT Team (Hanson Environmental And Technical Team). The purpose of HEAT is to ensure that the company provides trusted and valuable resources to our clients in matters and principles which the company regards as at the core of our trading ethos.

REVIEW OF BUSINESS

With global demand still quite static at the low levels we have been experiencing recently and the prevailing global political and economic uncertainties, the trading year has again been one of consolidation protection. Despite this, profit revenue for the year is considered positive, albeit not as strong as we would hope for in more settled times. On a positive note, trading margins are stronger than 2024, with nett profit being pinned back by the larger level of bad debt.

The final profit is again in line with the budget projections set out for the year and further reflects the core strengths of the business.

Credit control systems continue to ensure a high level of operational awareness. All sales staff are credit control trained to ensure they support the dedicated accounts credit control team with good knowledge and due diligence. Having said this, the more challenging economic conditions have dictated that we have a marked increase in the level of bad debt provision for the year totalling £332,368 (2024 - £72,406).

Revenue for the financial year was £59,367,568 (2024 - £56,831,646) an increase on last year of 4.46%.

Operating profit was £4,142,254 (2024 - £4,168,138) a decrease of 0.6%.

Profit after tax was £3,203,138 compared to £3,221,989 last year.

Net assets (total equity) were £32,618,068 (2024 - £29,414,930).

The business continues to operate with healthy working capital and adequate cash reserves that support progressive and unrestricted trading opportunities.

PRINCIPAL RISKS AND UNCERTAINTIES

Procedures for identifying, quantifying, and managing the risks faced by the company are in place and undergo constant review and enhancement across all operations.

The business mitigates trading risks by ensuring products are distributed over a very wide range of industries covering various economic sectors. Stocks are carefully monitored to ensure volumes are in line with current and future demands, and there is minimal risk from reduced values or market demand.

Computers and IT risks are covered by storing and managing data offsite. Cyber security is a primary focus, and the company has measures in place to ensure protective antivirus systems are fully always maintained. Back-up systems are regularly reviewed to ensure the business remains operational in the event of any power failures affecting the company.

The company operating software system is being further optimised to ensure every aspect of company performance can be effectively monitored.

The system provides detailed reporting information to assist the principal managers of the business in quickly identifying any areas of risk or concern.

The company maintains a disaster recovery plan which can be immediately implemented should the business experience any catastrophic event.

The directors continue to monitor specific business sectors to ensure stocks are managed in accordance with any significant factors which may adversely influence industry trading patterns. Staff actively manage and report on performance against budgets, performance targets and capital expenditure.

Global matters and concerns have an increasing influence on our business and our ability to trade within a defined and settled strategy. The business must therefore retain a high level of agility within the business to mitigate the prevailing risks and continue to trade successfully.

The business operates using a Quality Management System that is certified to ISO 9001:2015 standard. This provides a framework of continuous improvement for the group and its processes. Specifically tailored stock management systems enable the business to carefully control all product groups and to also reduce non-conformity to absolute minimum levels.

All aspects of the business are analysed and managed using key performance indicators (KPI's) as principal management tools. The directors actively manage and report on UK and global markets and economies to ensure the business can react accordingly.

SECTION 172(1) STATEMENT

The directors have due consideration of their responsibilities and duties and work according to this section of the Companies Act.

All decisions taken by the directors are done so with due consideration of the long-term effects of those decisions and to endeavour to ensure the interests of the business and its stakeholders are considered and supported in the optimum manner. Staff consultations and comprehensive appraisal systems underpin these practices.

Employee welfare, training and development is a primary focus for the directors. Human resource management systems are in place which provide personal support and opportunities for career development. In addition to this the business's staff welfare facilities are being constantly reviewed and upgraded as we endeavour to provide a comfortable and enjoyable working environment.

The directors monitor the impact of the business on its neighbours and the local community. Measures are in place to make sure our business operations are conducted in a manner which is considerate and respectful to our neighbours. Local residents and businesses are openly invited to visit the premises to help ensure the group is fully integrated and supportive to the local community.

The business works closely with The Community Foundation for Calderdale to provide support to community projects and services. The company is closely associated with numerous sporting organisations and social clubs and provides support for their activities.

The company strives to be regarded as a respectful and considerate business which considers the needs of its stakeholders, trading partners, and the local community.

All operations are conducted with a fair and equitable approach to all staff, and anyone associated with the business.

ENVIRONMENT

Reduction and mitigation of environmental impacts is a key focus, and the group operates an Environmental Management System (certified to ISO 14001:2015) to monitor these matters.

As an importer of timber-based products, procurement presents the most pressing concern for the company and careful consideration is given to the sustainability and legality of wood-based panel products sourced from high-risk countries. Since the enactment of the European Union Timber Regulation (EUTR), there were legal ramifications for not carrying out sufficient due diligence on the supply chains of products sourced from outside of the EU. Following the UK's departure from the European Union in January 2021, the company must now comply with the UK Timber Regulation (UKTR). The regulation now includes products purchased from the EU (as opposed to just non-EU purchases). To comply with UKTR, the group has a developed Due Diligence Systems that are certified and externally audited under the Timber Trade Federation's Responsible Purchasing Policy. This has been modified for tighter controls to give more transparency over the supply chain.

Within a strong focus on the legality of supply chains, the company has certified Chain of Custody management schemes. This ensures that all goods certified under these schemes have been sourced from certified forest management units who operate with sustainable forest management plans. The group monitors the purchase of certified goods annually and in 2023/24 86% of all purchases of timber-based products were Chain of Custody certified. In 2023/24, the group purchased 98% under these schemes.

The business retains strong ties with trade in Indonesia, and this has allowed it to benefit from the Forest Law Enforcement, Governance and Trade Voluntary Partnership Agreement between the UK and Indonesia. The Indonesian government operate a nation-wide timber legality assurance system ensuring that all exported timber products legally comply with UKTR and do not require due diligence as a result. In 2024/25 the group purchased 12% (2023/24 - 17%) FLEGT products.

Other important environmental considerations are those of fuel consumption and waste management. These are monitored monthly through the help of a telematics solution that diagnoses vehicle performance. The business has an online platform which allows its transport manager to monitor trends of both the driver and the vehicle. This allows for changes to be put in place allowing for better fuel efficiency if needed. Towards the end of 2023 the company began leasing an all-electric HGV for local delivery routes. The benefits of this have been significant, giving zero emissions and a dramatic drop in noise pollution. The electric HGV is now widely accepted as a tangible benefit for customers as it supports their efforts to reduce emissions on inward deliveries to their business's. We will continue to monitor progress on all automotive options to strive to meet our personal commitments to supporting the natural environment.

For recycling, the supplier which supports the business in recycling, has vehicles that can obtain accurate weight figures for waste collections. The group directly recycled around 90% of waste produced on site. The remaining 10% (General Waste) is diverted from land fill to a material recovery facility where it is further segregated and potentially recycled. All of the company's wood waste is sent for re-use in joinery and rehabilitation programmes. Alongside a zero-waste-to-landfill policy, the company has implemented management-led strategies on the reduction of single use plastics with set targets to reduce packaging purchased and used.

The company has signed up to a Packaging Regulations Compliance Scheme monitored by Waste Pack. This not only ensures compliance with packaging obligations but also presents a financial incentive to reduce packaging. The group appreciates that many of its suppliers are focusing on reducing their plastic packaging and opting for a more sustainable alterative such as paper/cardboard, which contributes to the business reaching its recycling targets.

As a member of Planet Mark's Business Certification programme, the company monitors operational carbon emissions and is incentivized to reduce environmental impacts. To retain certification, evidence must be obtained to demonstrate that emissions have been reduced by at least 5% annually. The group's ongoing environmental achievements have consistently met this requirement.

SOCIAL RESPONSIBILITY

The business has strong ethics on social responsibility which continually reviewed and enhanced. It now employs 83 people both part time and full time from a single site in Halifax, West Yorkshire and places a lot of emphasis on the way employees are cared for, ensuring that they always feel valued and secure in their employment. To support of this, the company has the following internal policies in place:

o Equal Opportunities Policy

o Anti-Corruption & Bribery Policy

o Staff Privacy Policy

o Health & Safety Policy

With the above in mind, the business has the greatest confidence that no employees are exploited or forced into compulsory labour in line with the Modern Slavery Act 2015.

This confidence also extends to the group's supply chain, where a robust Due Diligence System and recognised Third party certification schemes work to eliminate modern slavery and human trafficking from our supply chains.

A system is in place to ensure that relevant staff within the business can recognise signs of forced labour and human trafficking and employ appropriate prevention measures.

To further demonstrate a strong commitment to corporate social responsibility, the group subscribes to EcoVadis (a CSR ratings platform) and has been awarded a bronze medal with a scoring of 66/100 and ranking in the 76th percentile of all EcoVadis companies. This platform assesses the group's commitment to 4 modules: environment, labour & human rights, ethics, and sustainable procurement.

HEALTH AND SAFETY

A Health & Safety Management System is in operation. Aspects of this system are integrated into the Quality and Environmental Management Systems with weekly checks of high-risk areas and considerable investment into the latest safety equipment and PPE. Staff are fully aware of requirements under HSE, and the business monitors any noted hazards against the number of near misses and accidents to locate areas of notable risk to the health and safety of employees, customers, visitors, and other persons affected by the operations of the group.

ON BEHALF OF THE BOARD:

G M Scott - Director

1 May 2026

The directors present their report with the financial statements of the company and the group for the period 16 October 2024 to 30 November 2025.

INCORPORATION

The group was incorporated on 16 October 2024 .

PRINCIPAL ACTIVITY

The principal activity of the group in the period under review was that of timber merchants.

DIVIDENDS

No dividends will be distributed for the period ended 30 November 2025.

DIRECTORS

The directors who have held office during the period from 16 October 2024 to the date of this report are as follows:

G M Scott - appointed 16 October 2024

J W Scott - appointed 29 October 2024

T G Scott - appointed 29 October 2024

All the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting.

POLITICAL DONATIONS AND EXPENDITURE

All donations during the year are charitable and not political.

FUTURE DEVELOPMENTS

The business has invested heavily in warehousing facilities which are bespoke and underpin the current and future needs of the business. The business has reduced its dependency on port of arrival warehousing and significantly reduced external storage costs.

Extra staff resources have been added to the Environmental and Technical Team (HEAT) as the business further steps up its capacity to provide the highest standards of assurance in all environmental, ethical, and technical considerations. The board will maintain a flexible, optimistic, and initiative-taking approach to all matters of sustainability and environmental care within the business and operations and will continue to encourage others to engage and assist them in these processes.

The Marketing & Media department has also further expanded its resources as it continues to support the sales department, with a particular focus on promoting the group's reputation for strong advisory support to industry. The group website provides a detailed presentation of its services and capabilities.

There are plans to further develop the Hanson Plywood Virtual Showroom to provide visitors with industry leading resources that are available 24/7.

The business operates with a high degree of working flexibility to allow both remote and hybrid working capacity within the business which provides both social and environmental benefits as group journeys are kept to a minimum and more social time is created.

Operating systems are always under constant review and are being further enhanced to ensure the business can function to optimum levels of efficiency. The ERP system is now providing the group with the more advanced operational and logistical benefits identified when initially evaluating the system.

The directors continue to work on strategies which will promote further opportunities and growth. The core strength of the business is providing specialist products and technical advice which is of strong value in the marketplace. A highly flexible and adaptable approach will be maintained to ensure the business is well equipped to adjust to the prevailing market conditions, whatever they may be.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The company has a clear policy to foster support and goodwill towards all parties that are in any way linked with the business. It is recognised that within all trading relationships there is an interdependency which needs to be respected and understood to enable all parties to flourish.

The business continues to endeavour to create an environment where there is an appreciation of the need for equitable profit returns which underpin long-term prosperity within trading chains.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 and then apply them consistently;

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

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, KJA Kilner Johnson Ltd (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

G M Scott - Director

1 May 2026

Opinion

We have audited the financial statements of Hanson Plywood Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 November 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 30 November 2025 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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

-	adequate accounting records have not been kept 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 Statement of Directors' Responsibilities set out on page eight, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Auditors' responsibilities for the audit of the financial statements

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

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

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. This 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.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations; this responsibility lies with management.

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 company through discussions with the directors and the compliance officer and from our commercial knowledge and experience of other regulated entities.

We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or operation of the company.

These included the Companies Act 2006 and legislation for taxation, data protection, anti-bribery, employment and health & safety. The company is also subject to the Construction Products Regulation with particular reference to EN13986 for wood-based panel products. This means that all of its products which are intended for permanent use in construction have to have a CE mark. The company operates a fleet of wagons for delivering its products and therefore has to have a valid Goods Vehicle Operating Licence.

We assessed the extent of compliance with these laws and regulations through making enquiries of the managing director and the company's compliance officer. We also reviewed minutes of board meetings.

Considerations relating to the Construction Products Regulation are as follows. The company is a distributor not a manufacturer so it has no responsibility for obtaining a CE mark; rather its obligation is to check that products bought and sold have a CE mark. The company does this by having procedures in place to ensure that no products are bought without a CE mark which could possibly be used for construction. This refers to a number of different product types that the company distributes. We checked that certificates were in force, issued by an independent company, to certify that the company had appropriate procedures in place to ensure compliance under the Construction Products Regulation.

We checked that the Goods Vehicle Operating Licence was valid during the year and at the year end.

Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We enquired of the directors if there was any actual or potential litigation or claims involving the company.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by the following procedures.

We asked the finance director as to where she considered there was susceptibility to fraud and whether she had knowledge of actual, suspected or alleged fraud.

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

We used an online audit package to guide our audit work so that we maximised the likelihood of detection of irregularities, including fraud.

We addressed the fraud risk relating to management override of controls by the following procedures:

- We carried out journal testing and analytical procedures to identify any unusual matters.

- We assessed whether there was any potential management bias evident in making judgements and assumptions underlying accounting estimates.

- We investigated the rationale behind significant or unusual transactions.

- We addressed the fraud risk relating to revenue recognition by carrying out substantive testing of sales and accrued income

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Raza Effendi MBA FCA (Senior Statutory Auditor)

for and on behalf of KJA Kilner Johnson Ltd (Statutory Auditors)

Woodland House

Woodland Park

Bradford Road

Cleckheaton

BD19 6BW

1 May 2026

TURNOVER

3

64,127,289

Cost of sales

50,624,769

GROSS PROFIT

13,502,520

Distribution costs

3,623,668

Administrative expenses

6,222,340

9,846,008

3,656,512

Other operating income

224,919

OPERATING PROFIT

5

3,881,431

Income from fixed asset investments

286

Interest receivable and similar income

238,362

238,648

4,120,079

Interest payable and similar expenses

6

33,900

PROFIT BEFORE TAXATION

4,086,179

Tax on profit

7

1,231,286

PROFIT FOR THE FINANCIAL PERIOD

2,854,893

Profit attributable to:

Owners of the parent

2,854,893

PROFIT FOR THE PERIOD

2,854,893

OTHER COMPREHENSIVE INCOME

Creation of merger reserve

12,263,634

Income tax relating to other comprehensive income

-

OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX

12,263,634

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

15,118,527

Total comprehensive income attributable to:

Owners of the parent

15,118,527

FIXED ASSETS

Intangible assets

9

4,675,545

Tangible assets

10

10,449,443

Investments

11

-

15,124,988

CURRENT ASSETS

Stocks

12

7,838,345

Debtors

13

12,654,946

Cash at bank and in hand

10,695,129

31,188,420

CREDITORS

Amounts falling due within one year

14

30,314,145

NET CURRENT ASSETS

874,275

TOTAL ASSETS LESS CURRENT LIABILITIES

15,999,263

CREDITORS

Amounts falling due after more than one year

15

(156,314

)

PROVISIONS FOR LIABILITIES

19

(724,161

)

NET ASSETS

15,118,788

CAPITAL AND RESERVES

Called up share capital

20

261

Other reserves

21

12,263,634

Retained earnings

21

2,854,893

SHAREHOLDERS' FUNDS

15,118,788

The financial statements were approved by the Board of Directors and authorised for issue on 1 May 2026 and were signed on its behalf by:

G M Scott - Director

FIXED ASSETS

Intangible assets

9

-

Tangible assets

10

-

Investments

11

37,185,005

37,185,005

CREDITORS

Amounts falling due within one year

14

22,465,358

NET CURRENT LIABILITIES

(22,465,358

)

TOTAL ASSETS LESS CURRENT LIABILITIES

14,719,647

CAPITAL AND RESERVES

Called up share capital

20

261

Other reserves

21

12,263,634

Retained earnings

21

2,455,752

SHAREHOLDERS' FUNDS

14,719,647

Company's profit for the financial year

2,455,752

The financial statements were approved by the Board of Directors and authorised for issue on 6 May 2026 and were signed on its behalf by:

G M Scott - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Changes in equity

Issue of share capital

261

-

-

261

Total comprehensive income

-

2,854,893

12,263,634

15,118,527

Balance at 30 November 2025

261

2,854,893

12,263,634

15,118,788

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Changes in equity

Issue of share capital

261

-

-

261

Total comprehensive income

-

2,455,752

12,263,634

14,719,386

Balance at 30 November 2025

261

2,455,752

12,263,634

14,719,647

Cash flows from operating activities

Cash generated from operations

1

6,803,638

Interest paid

(10,768

)

Interest element of hire purchase payments paid

(22,548

)

Finance costs paid

(584

)

Tax paid

(804,366

)

Net cash from operating activities

5,965,372

Cash flows from investing activities

Purchase of tangible fixed assets

(296,515

)

Sale of tangible fixed assets

48,043

Sale of fixed asset investments

669,402

Purchase of subsidiary

(37,738,860

)

Bank balances acquired with subsidiary

6,039,332

Interest received

194,462

Net cash from investing activities

(31,084,136

)

Cash flows from financing activities

Debentures issued

5,900,000

Loans from related parties

1,000,137

Customer deposits repaid

(3,746

)

Capital repayments in year

(104,768

)

Amount introduced by directors

10,922,230

Share issue - ordinary

12,263,895

Share issue - preference

5,836,145

Net cash from financing activities

35,813,893

Increase in cash and cash equivalents

10,695,129

Cash and cash equivalents at beginning of period

2

-

Cash and cash equivalents at end of period

2

10,695,129

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

£

Profit before taxation

4,086,179

Depreciation charges

1,174,791

Loss on disposal of fixed assets

4,513

Government grants

(6,750

)

Finance costs

33,900

Finance income

(238,648

)

5,053,985

Decrease in stocks

1,079,253

Increase in trade and other debtors

(128,515

)

Increase in trade and other creditors

798,915

Cash generated from operations

6,803,638

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 30 November 2025

30.11.25

16.10.24

£

£

Cash and cash equivalents

10,695,129

-

3.	ANALYSIS OF CHANGES IN NET DEBT

At 16.10.24

Cash flow

At 30.11.25

£

£

£

Net cash

Cash at bank and in hand

-

10,695,129

10,695,129

-

10,695,129

10,695,129

Debt

Finance leases

-

(229,570

)

(229,570

)

Debts falling due within 1 year

-

(11,736,145

)

(11,736,145

)

-

(11,965,715

)

(11,965,715

)

Total

-

(1,270,586

)

(1,270,586

)

1.	STATUTORY INFORMATION

Hanson Plywood Group Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Sales rebate provision

The company offers volume rebate to some customers based on sales in a calendar year. The provision relating to the accounting year is estimated based on sales. The amount included in other creditors this year is £358,000 with estimation uncertainty range of £270,000 to £360,000 (2024: £323,582 with estimation uncertainty range of £270,000 to £350,000).

Purchase rebate provision

The company is entitled to a volume rebate based on purchases in a calendar year. The provision relating to the accounting year is estimated based on purchases. The amount included in other debtors this year is £912,000 with estimation uncertainty range of £650,000 to £770,000 (2024: £729,312 with estimation uncertainty range of £650,000 to £770,000).

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when the risks and rewards are transferred to the customer, which is usually upon delivery to the customer.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

4% straight line

Short leasehold

-

10% straight line

Plant and machinery

-

10% straight line

Fixtures and fittings

-

10% straight line

Motor vehicles

-

25% reducing balance

Computer equipment

-

20% straight line

Fixed assets are initially recognised when costs are incurred and depreciated from when they are brought into use. Fixed assets are written down in value if there is any indication of impairment.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

The cost of stock is computed using the weighted average cost formula.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.