Company Registration No. 03747333 (England and Wales)
ALLIANCE DISPOSABLES LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
ALLIANCE DISPOSABLES LIMITED
COMPANY INFORMATION
Directors
D Elder
P Bonson
A Walker
S Tew
S Yates
Secretary
S Tew
Company number
03747333
Registered office
Alliance House
Marshfield Bank
Crewe
Cheshire
CW2 8UY
Auditor
Royce Peeling Green Limited
The Copper Room
Deva City Office Park
Trinity Way
Manchester
M3 7BG
Bankers
National Westminster Bank Plc
Warrington Branch
23 Sankey Street
Warrington
WA1 1XH
ALLIANCE DISPOSABLES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group and company balance sheets
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 28
ALLIANCE DISPOSABLES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 1 -

The directors present the strategic report for the year ended 30 September 2025.

Fair review of the business

The group continues to trade in the distribution of non-food products.

Alliance continues to be widely recognised as one of the leading suppliers of non-food products and catering equipment in the UK.

The group is head quartered in Crewe and provides coverage of both the UK and Ireland from a network of 12 depots. Alliance boasts an impressive product offering, with over 36,000 products.

The group has continued to enjoy a strong trading position, with our Regional and National platforms trading well against previous years.

With continued uncertainty in the Hospitality Sector due to rising taxes and increased costs, the Directors have been focussing on supporting our customers by delivering an outstanding service and value proposition.

Public Sector has seen strong growth in 2025.

Alliance National Ireland is continuing to outperform ahead of expectations.

Business review

In the year ended 30 September 2025 turnover increased to £174.5m from £168.8m last year and margins sustained between 32% and 33%.

Operating profits were in line with the previous year at £13.4m.

Principal risks and uncertainties

Responsibility for the identification and monitoring of risks affecting the company lies with the Directors.

The Senior Management Team and the finance department follow the procedures laid down by the Directors to manage those risks. The risks associated with financial instruments are set out in the Directors' Report.

We are seeing Customer confidence impacted negatively by higher NI and NMW costs.

Alliance will continue to support its customers with a value and service proposition in response to tougher market conditions.

We continue to operate in a competitive environment, and our core offering is based on the ability to provide the best service to our customer base.

We continue to be focused on the risk of cyber security attacks and the potential of threats to our core data. We will continue to invest significantly in systems and processes to protect our data and customer information.

Position at the end of the period

The group maintains a very strong balance sheet at 30 September 2025.

The Directors continue to focus on our key measure of margin management to protect the profitability of the business.

Alliance Employee Ownership Trust

The EOT continues to have a positive impact on the motivation and retention of staff.

The Directors have been pleased to have continued to announce twice yearly Dividends to eligible Members which has further strengthened the ethos of the business.

This is measured in increased staff and talent retention and higher productivity.

ALLIANCE DISPOSABLES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 2 -
Key performance indicators

Monthly management information reviewed by the Directors and the management team focuses on sales, margins, costs and most importantly, cash flow.

These continue to be our imperatives for maintaining a strong balance sheet.

| FY25 | FY24
Sales £000 | 174,540 | 168,787
Gross profit margin % | 32.40% | 32.70%
Operating profit £000 | 13,357 | 14,800
Cash at year end £000 | 1,685 | 1,753
Net assets at year end £000 | 17,079 | 15,667

Non-financial KPIs

The Directors continue to believe that staff retention and development are measures which ultimately support our objective of providing excellent customer service.

In addition, ensuring that our business is entirely deployed in being a safe and socially responsible employer is a material factor.

These will continue to be our primary non-financial KPIs through 2026.

Section 172 Companies Act: Promoting the success of the company

Our approach to business is entirely driven by our core aims of Customer Satisfaction, Staff Satisfaction and Cash Flow. In addition, the business is environmentally aware and this in turn drives our actions in terms of purchasing, recycling and fleet.

The Directors believe that the approach of considerate governance and employee access to all senior management are key to success.

On behalf of the board

D Elder
Director
12 May 2026
ALLIANCE DISPOSABLES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 3 -

The directors present their annual report and consolidated financial statements for the year ended 30 September 2025.

Principal activities

The principal activity of the company and group continued to be the distribution of non-food products.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

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

D Elder
P Bonson
A Walker
S Tew
S Yates
Financial instruments

The group holds financial instruments for one of three reasons:

- to finance its operations;

- to manage its exposure to currency or interest rate risk arising from its operations or financing; or

- for trading purposes.

In addition, trade debtors, trade creditors and bank balances are financial instruments which arise directly from the operations of the company.

Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring it has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The group can be exposed to interest rate risk on any borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans.

Currency risk

The group’s principal foreign currency exposures arise from purchasing from overseas companies. Group policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity could involve the use of foreign exchange forward contracts. Our Irish business trades in euros.

Credit risk

Investment of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the Board. All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

ALLIANCE DISPOSABLES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 4 -
Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Auditor

In accordance with the company's articles, a resolution proposing that Royce Peeling Green Limited be reappointed as auditor of the group will be put at a General Meeting.

Energy and carbon report

As a leading supplier of catering equipment and disposables, Alliance recognises our obligation to manage the environmental impact of our business operations and comply with all relevant environmental legislation, including the Streamlined Energy and Carbon Reporting (SECR) scheme. SECR was implemented in April 2019 and requires qualifying businesses to comply for financial years starting on or after 1 April 2019. This is the sixth SECR report we have compiled and responds to our financial year ending September 2025.

The Greenhouse Gas (GHG) emissions associated with our core business operations have been measured and verified in accordance with SECR category guidance; Scope 1 (direct resource use), scope 2 (bought resources for use in our direct operations) and specific scope 3 emissions (indirect emissions due to business activities). We have also identified appropriate intensity ratios to normalise and monitor our carbon emissions and energy efficiency measures which support our drive to minimise costs and improve productivity whilst reducing carbon emissions in line with the UK’s target to bring all GHG emissions to net zero by 2050.

The data set out below does not include the Group's Irish operations which account for less than 5% of the Group's total activity.

2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
271,110
241,400
- Electricity purchased
799,062
779,616
- Fuel consumed for transport
13,198,789
12,572,892
14,268,961
13,593,908
ALLIANCE DISPOSABLES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 5 -
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
138.00
44.00
- Fuel consumed for owned transport
3,906.00
2,974.00
- Other
-
-
4,044.00
3,018.00
Scope 2 - indirect emissions
- Electricity purchased
151.00
161.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the
-
-
- Other
-
-
Total gross emissions
4,195.00
3,179.00
Intensity ratio
Tonnes CO2e
6.71
4.93
Quantification and reporting methodology

The above table shows that our Gross Scope 1 & 2 GHG emissions associated without our combined business operations during the sixth SECR Period were 4,195 tonnes of carbon dioxide equivalents (teCO2e). This showed an increase of 32% against the previous year, the change in carbon emissions can therefore be described as moderately increased. Of these emissions the vast majority (3,906 tonnes) was emitted by our in-house fleet of vehicles.

The carbon emissions from our buildings were 289 tonnes, an increase of 38% over the previous period.

Intensity measurement

We have identified intensity ratios which divide our energy and carbon emissions by appropriate normalising factors to enable performance tracking over time and comparison against organisations operating in equivalent sectors, namely;

• Carbon emissions per £1m of revenue for the reporting period: 24.68 tCO 2 e /£1m, an increase of 0.51tCO 2 e per £1m of revenue or 2%, largely due to a significant increase in revenue.

• Carbon emissions per Employee for the reporting period: 6.71tCO 2 e an increase of 1.14tCO 2 e per employee or 36%, because carbon emissions have increased while employees have also increased slightly.

Energy data has been collected from invoiced consumption, and half hourly data given by the energy suppliers for electricity and gas. Vehicle fuel has been gathered from fuel card details.

The conversion factor for kWh of energy to kgCO2e has been taken from the government published data for ‘Greenhouse gas reporting: conversion factors 2025’ at the Internet web address

https://assets.publishing.service.gov.uk/media/6846b0870392ed9b784c0187/2025-GHG-CF-methodology-paper.pdf

Measures taken to improve energy efficiency

We have continued to invest in electric vehicles which we find to be more energy efficient. We now have a fleet of 59 EV’s. We have also replaced the inverters in two of our sites to increase the efficiency of our solar PV systems.

We have installed a voltage optimiser to reduce energy consumption.

ALLIANCE DISPOSABLES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 6 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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 prepared 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.

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
D Elder
12 May 2026
Director
ALLIANCE DISPOSABLES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALLIANCE DISPOSABLES LIMITED
- 7 -
Opinion

We have audited the financial statements of Alliance Disposables Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 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 30 September 2025 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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

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 it 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 year 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.

ALLIANCE DISPOSABLES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALLIANCE DISPOSABLES LIMITED
- 8 -
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.

- At the planning stage of the audit we gain an understanding of the laws and regulations which apply to the company and how management seek to comply with them. This helps us to make appropriate risk assessments.

- During the audit we focus on relevant risk areas and review compliance with laws and regulations through making relevant enquiries and corroboration by, for example, reviewing Board Minutes and other documentation.

- We assess the risk of material misstatement in the financial statements including as a result of fraud and undertake procedures including:

1. Review of controls set in place by management

2. Enquiry of management as to whether they consider fraud or other irregularities may have occurred or where such opportunity might exist

3. Challenge of management assumptions with regard to accounting estimates

4. Identification and testing of journal entries, particularly those which may appear to be unusual by size or nature.

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 are 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 located on the FRC’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

ALLIANCE DISPOSABLES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALLIANCE DISPOSABLES LIMITED
- 9 -

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Martin Chatten (Senior Statutory Auditor)
For and on behalf of Royce Peeling Green Limited
12 May 2026
Chartered Accountants
The Copper Room
Statutory Auditor
Deva City Office Park
Trinity Way
Manchester M3 7BG
ALLIANCE DISPOSABLES LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
174,539,574
168,786,843
Cost of sales
(117,874,749)
(113,656,557)
Gross profit
56,664,825
55,130,286
Administrative expenses
(43,309,089)
(40,339,622)
Other operating income
1,000
9,545
Operating profit
4
13,356,736
14,800,209
Interest receivable and similar income
67,990
67,043
Gift to Employee Ownership Trust
(9,000,000)
(11,000,000)
Profit before taxation
4,424,726
3,867,252
Tax on profit
9
(3,517,557)
(3,759,878)
Profit for the financial year
19
907,169
107,374
Other comprehensive income
Revaluation of tangible fixed assets
522,983
-
0
Currency translation differences
(18,312)
7,657
Total comprehensive income for the year
1,411,840
115,031
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
ALLIANCE DISPOSABLES LIMITED
GROUP AND COMPANY BALANCE SHEETS
AS AT
30 SEPTEMBER 2025
30 September 2025
30 September 2025
- 11 -
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
8,736,354
8,656,258
8,520,343
8,571,313
Investments
12
-
0
-
0
911
911
8,736,354
8,656,258
8,521,254
8,572,224
Current assets
Stocks
14
17,617,165
17,870,025
16,763,731
17,071,332
Debtors
15
23,156,484
22,179,329
23,831,802
23,199,002
Cash at bank and in hand
1,685,558
1,752,960
1,345,096
1,503,023
42,459,207
41,802,314
41,940,629
41,773,357
Creditors: amounts falling due within one year
16
(33,165,131)
(33,911,794)
(32,028,097)
(33,394,749)
Net current assets
9,294,076
7,890,520
9,912,532
8,378,608
Total assets less current liabilities
18,030,430
16,546,778
18,433,786
16,950,832
Provisions for liabilities
Deferred tax liability
17
(951,098)
(879,286)
(951,098)
(879,286)
Net assets
17,079,332
15,667,492
17,482,688
16,071,546
Capital and reserves
Called up share capital
18
90
90
90
90
Revaluation reserve
19
1,603,739
1,093,882
1,603,739
1,093,882
Capital redemption reserve
19
10
10
10
10
Profit and loss reserves
19
15,475,493
14,573,510
15,878,849
14,977,564
Total equity
17,079,332
15,667,492
17,482,688
16,071,546

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 £888,159 (2024 £291,377 loss).

The financial statements were approved by the board of directors and authorised for issue on 12 May 2026 and are signed on its behalf by:
12 May 2026
D Elder
Director
Company registration number 03747333 (England and Wales)
ALLIANCE DISPOSABLES LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 12 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 October 2023
90
1,097,254
10
14,455,107
15,552,461
Year ended 30 September 2024:
Profit for the year
-
-
-
107,374
107,374
Other comprehensive income:
Currency translation differences
-
-
-
7,657
7,657
Total comprehensive income
-
-
-
115,031
115,031
Transfers
-
-
-
3,372
3,372
Other movements
-
(3,372)
-
-
(3,372)
Balance at 30 September 2024
90
1,093,882
10
14,573,510
15,667,492
Year ended 30 September 2025:
Profit for the year
-
-
-
907,169
907,169
Other comprehensive income:
Revaluation of tangible fixed assets
-
522,983
-
-
522,983
Currency translation differences
-
-
-
(18,312)
(18,312)
Total comprehensive income
-
522,983
-
888,857
1,411,840
Transfers
-
(13,126)
-
13,126
-
Balance at 30 September 2025
90
1,603,739
10
15,475,493
17,079,332
ALLIANCE DISPOSABLES LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 13 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 October 2023
90
1,097,254
10
15,265,569
16,362,923
Year ended 30 September 2024:
Loss and total comprehensive income for the year
-
-
-
(291,377)
(291,377)
Transfers
-
-
-
3,372
3,372
Other movements
-
(3,372)
-
-
(3,372)
Balance at 30 September 2024
90
1,093,882
10
14,977,564
16,071,546
Year ended 30 September 2025:
Profit for the year
-
-
-
888,159
888,159
Other comprehensive income:
Revaluation of tangible fixed assets
-
522,983
-
-
522,983
Total comprehensive income
-
522,983
-
888,159
1,411,142
Transfers
-
(13,126)
-
13,126
-
Balance at 30 September 2025
90
1,603,739
10
15,878,849
17,482,688
ALLIANCE DISPOSABLES LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
13,416,316
18,166,060
Income taxes paid
(2,495,362)
(4,200,000)
Net cash inflow from operating activities
10,920,954
13,966,060
Investing activities
Gift to Employee Ownership Trust
(9,000,000)
(11,000,000)
Purchase of tangible fixed assets
(2,486,899)
(2,894,844)
Proceeds on disposal of tangible fixed assets
448,865
318,926
Interest received
67,990
67,043
Net cash used in investing activities
(10,970,044)
(13,508,875)
Net (decrease)/increase in cash and cash equivalents
(49,090)
457,185
Cash and cash equivalents at beginning of year
1,752,960
1,288,118
Effect of foreign exchange rates
(18,312)
7,657
Cash and cash equivalents at end of year
1,685,558
1,752,960
ALLIANCE DISPOSABLES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 15 -
1
Accounting policies
Company information

Alliance Disposables Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Alliance House, Marshfield Bank,Crewe, Cheshire, CW2 8UY.

The group consists of Alliance Disposables Limited and all of its subsidiaries.

1.1
Accounting convention

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 on the historical cost convention, modified to include freehold properties at latest valuation. The principal accounting policies adopted are set out below.

1.2
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. I nvestments in subsidiaries are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Alliance Disposables Limited together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 30 September 2025. 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.

1.4
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

ALLIANCE DISPOSABLES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.6
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 ten years.

1.7
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
Straight line over 50 years (land not depreciated)
Fixtures, fittings & office equipment
Straight line over 4 years
Warehouse equipment
Straight line over 10 years
Motor vehicles
Straight line over 3 to 4 years

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.

1.8
Fixed asset investments

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities 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.

1.9
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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

ALLIANCE DISPOSABLES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.10
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.

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.

1.11
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.

1.12
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.

ALLIANCE DISPOSABLES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 18 -
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.

Basic financial liabilities

Basic financial liabilities, including creditors and loans 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.

1.13
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.

1.14
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.

ALLIANCE DISPOSABLES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 19 -

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.

1.15
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. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

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

1.17
Leases

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.

1.18
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.19
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.

1.20

Auditors' liability limitation agreement

The company has entered into a liability limitation agreement with Royce Peeling Green Limited, the statutory auditor, in respect of the statutory audit for the year ended 30 September 202 5. The proportionate liability agreement follows the standard terms in Appendix B to the FRC's June 2008 Guidance on Auditor Liability Agreements, and has been approved by the shareholders.

ALLIANCE DISPOSABLES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 20 -
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 periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation and amortisation

The depreciation and amortisation expense is the recognition of the decline in the value of the asset and allocation of the cost of the asset over the periods in which the asset will be used. Judgments are made as to the estimated useful life of the assets; these are regularly reviewed to reflect the changing environment.

Stock provision

The provision is based on a review of old/ slow moving stock lines and the estimated realisation of that stock. The estimated realisation is based on past experience and subsequent recovery after the year end. These judgements are regularly reviewed to reflect the changing environment.

Bad debt provision

The bad debt provision is based on a review of old/ slow paying customer balances and the estimated recoverability of those balances. Estimated recoverability is based on past experience and subsequent recovery after the year end. These judgements are regularly reviewed to reflect the changing environment.

Purchases rebates

Provision for purchase rebates and overiders are based on estimated amounts due based on quantities purchased during the year. The estimated recoverability is based on past experience and amounts subsequently recovered after the year end. These judgements are regularly reviewed to reflect the changing environment.

3
Turnover

All turnover derives from the distribution of non-food products.

2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
168,268,116
163,396,251
Europe
6,271,458
5,390,592
174,539,574
168,786,843
ALLIANCE DISPOSABLES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 21 -
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange differences
67,911
6,236
Government grants
(1,000)
(9,545)
Depreciation of owned tangible fixed assets
2,672,226
2,032,577
Profit on disposal of tangible fixed assets
(191,305)
(219,774)
Operating lease charges
3,611,330
3,197,739
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
26,500
26,000
Audit of the financial statements of the company's subsidiaries
8,577
10,500
35,077
36,500
For other services
Taxation compliance services
3,500
2,500
Services relating to corporate finance transactions
30,000
-
All other non-audit services
820
817
34,320
3,317
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Distribution
447
445
428
430
Sales
177
165
169
162
Administration
54
55
53
53
Total
678
665
650
645
ALLIANCE DISPOSABLES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
6
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
25,530,662
23,937,431
24,757,968
23,362,573
Social security costs
2,907,407
2,356,916
2,829,399
2,294,262
Pension costs
989,126
1,016,056
986,681
1,012,919
29,427,195
27,310,403
28,574,048
26,669,754
7
Retirement benefit schemes
2025
2024
£
£
Charge to profit or loss in respect of defined contribution schemes
989,126
1,016,056

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.

8
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
1,283,233
1,140,751
Company pension contributions to defined contribution schemes
332,185
188,832
1,615,418
1,329,583

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 5 (2024 - 5).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
276,824
318,888
Company pension contributions to defined contribution schemes
93,400
-
ALLIANCE DISPOSABLES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 23 -
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
3,445,745
3,566,087
Adjustments in respect of prior periods
-
0
(230,687)
Total current tax
3,445,745
3,335,400
Deferred tax
Origination and reversal of timing differences
71,812
164,834
Adjustment in respect of prior periods
-
0
259,644
Total deferred tax
71,812
424,478
Total tax charge
3,517,557
3,759,878

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
4,424,726
3,867,252
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
1,106,182
966,813
Tax effect of expenses that are not deductible in determining taxable profit
67,285
82,100
Tax effect of utilisation of tax losses not previously recognised
(4,753)
(99,688)
Under/(over) provided in prior years
-
0
28,957
Other
98,843
31,696
EOT gift not tax deductible
2,250,000
2,750,000
Taxation charge
3,517,557
3,759,878
ALLIANCE DISPOSABLES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 24 -
10
Tangible fixed assets
Group
Freehold land and buildings
Fixtures, fittings & office equipment
Warehouse equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 October 2024
3,275,695
624,245
3,247,153
9,365,146
16,512,239
Additions
-
0
16,958
2,706
2,467,235
2,486,899
Disposals
-
0
-
0
-
0
(2,052,096)
(2,052,096)
Revaluation
352,457
-
0
-
0
-
0
352,457
At 30 September 2025
3,628,152
641,203
3,249,859
9,780,285
17,299,499
Depreciation and impairment
At 1 October 2024
131,559
574,166
2,351,138
4,799,118
7,855,981
Depreciation charged in the year
42,934
27,657
170,388
2,431,247
2,672,226
Eliminated in respect of disposals
-
0
-
0
-
0
(1,794,536)
(1,794,536)
Revaluation
(170,526)
-
0
-
0
-
0
(170,526)
At 30 September 2025
3,967
601,823
2,521,526
5,435,829
8,563,145
Carrying amount
At 30 September 2025
3,624,185
39,380
728,333
4,344,456
8,736,354
At 30 September 2024
3,144,136
50,079
896,015
4,566,028
8,656,258
ALLIANCE DISPOSABLES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
10
Tangible fixed assets
(Continued)
- 25 -
Company
Freehold land and buildings
Fixtures, fittings & office equipment
Warehouse equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 October 2024
3,275,695
624,245
3,161,164
9,163,101
16,224,205
Additions
-
0
16,958
-
0
2,263,991
2,280,949
Disposals
-
0
-
0
-
0
(1,931,294)
(1,931,294)
Revaluation
352,457
-
0
-
0
-
0
352,457
At 30 September 2025
3,628,152
641,203
3,161,164
9,495,798
16,926,317
Depreciation and impairment
At 1 October 2024
131,559
574,166
2,300,582
4,646,585
7,652,892
Depreciation charged in the year
42,934
27,657
161,650
2,383,854
2,616,095
Eliminated in respect of disposals
-
0
-
0
-
0
(1,692,487)
(1,692,487)
Revaluation
(170,526)
-
0
-
0
-
0
(170,526)
At 30 September 2025
3,967
601,823
2,462,232
5,337,952
8,405,974
Carrying amount
At 30 September 2025
3,624,185
39,380
698,932
4,157,846
8,520,343
At 30 September 2024
3,144,136
50,079
860,582
4,516,516
8,571,313

Revaluation

The company's freehold premises were valued in 2025 by W T Gunson, Chartered Surveyors, on an Existing Use Value basis (in accordance with the RICS Appraisal and Valuation Manual - Appendix A). The directors consider this valuation to be appropriate at the balance sheet date.

If revalued la nd and buildings were measured using the cost model, the carrying amounts would have been approximately £1,932,543, being cost £2,262,543 and depreciation £330,000.

11
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2025
2024
2025
2024
£
£
£
£
Acquisition of tangible fixed assets
267,520
1,627,684
267,520
1,627,684
ALLIANCE DISPOSABLES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 26 -
12
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
911
911
13
Subsidiaries

Details of the company's subsidiaries at 30 September 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Alliance Disposables Ireland Ltd
Ireland
Ordinary
100.00
14
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
17,617,165
17,870,025
16,763,731
17,071,332
15
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
18,601,123
17,302,851
17,776,382
16,713,530
Corporation tax recoverable
394,510
1,344,893
394,510
1,344,893
Amounts owed by group undertakings
-
0
-
0
1,648,468
1,663,850
Other debtors
110,232
34,735
1,452
4,471
Prepayments and accrued income
4,050,619
3,496,850
4,010,990
3,472,258
23,156,484
22,179,329
23,831,802
23,199,002
16
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Other borrowings
35,000
35,000
35,000
35,000
Trade creditors
26,306,943
27,586,998
25,387,921
27,130,504
Other taxation and social security
1,472,713
1,451,068
1,434,535
1,381,596
Other creditors
167,169
343,629
128,917
297,686
Accruals and deferred income
5,183,306
4,495,099
5,041,724
4,549,963
33,165,131
33,911,794
32,028,097
33,394,749
ALLIANCE DISPOSABLES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 27 -
17
Deferred taxation

The deferred tax liabilities/ (assets) recognised by the group and company, and movements thereon are:

2025
2024
Group & company
£
£
Accelerated capital allowances
813,215
871,498
Revaluations
167,488
79,374
Retirement benefit obligations
(29,605)
(71,586)
951,098
879,286
2025
Movements in the year:
£
Liability at 1 October 2024
879,286
Charge to profit or loss
71,812
Liability at 30 September 2025
951,098
18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
90
90
90
90
19
Reserves

The revaluation reserve is the difference between the net book value of properties based on latest valuation of freehold properties and historical cost which in this case was the deemed cost on transition to FRS 102. The reserve is not distributable.

20
Operating lease commitments: lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
1,902,133
2,092,306
1,902,133
1,908,855
Between two and five years
4,024,774
5,644,499
4,024,774
5,094,145
In over five years
2,626,030
3,432,083
2,626,030
3,432,083
8,552,937
11,168,888
8,552,937
10,435,083
ALLIANCE DISPOSABLES LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 28 -
21
Related party transactions

Transactions with other entities

On 8 June 2021 the entire issued ordinary share capital of the company was acquired by Alliance Disposables EOT Trustees Limited as the Trustee of the Alliance Disposables Employee Ownership Trust. During the year the company made gifts totalling £9,000,000 (2024: £11,000,000) to the Employee Ownership Trust. D H Elder, P Bonson, S Tew and S Yates are among the directors of Alliance Disposables EOT Trustees Limited.

Rent of £1,338,368 (2024: £1,169,350) was paid to Alliance Commercial Ltd in respect of leased depot premises. D H Elder and P Bonson are directors and shareholders of that company. At 30 September 2025 an amount of £Nil (2024: £Nil) was owed by the company to Alliance Commercial Ltd.

22
Controlling party

The ultimate controlling party is the Alliance Disposables Employee Ownership Trust.

23
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
907,169
107,374
Adjustments for:
Taxation charged
3,517,557
3,759,878
Investment income
(67,990)
(67,043)
Gain on disposal of tangible fixed assets
(191,305)
(219,774)
Gift to Employee Ownership Trust
9,000,000
11,000,000
Depreciation and impairment of tangible fixed assets
2,672,226
2,032,577
Movements in working capital:
Decrease in stocks
252,860
905,237
(Increase)/decrease in debtors
(1,927,538)
814,330
Decrease in creditors
(746,663)
(166,519)
Cash generated from operations
13,416,316
18,166,060
24
Analysis of changes in net funds - group
1 October 2024
Cash flows
30 September 2025
£
£
£
Cash at bank and in hand
1,752,960
(67,402)
1,685,558
Borrowings excluding overdrafts
(35,000)
-
(35,000)
1,717,960
(67,402)
1,650,558
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