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Brookridge Timber Limited
Annual Report and Consolidated Financial Statements
Year Ended 31 August 2025

Registration number: 01548757

Brookridge Timber Limited

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4 to 5
Statement of Directors' Responsibilities | 6
Independent Auditor's Report | 7 to 10
Consolidated Profit and Loss Account | 11
Consolidated Statement of Comprehensive Income | 12
Consolidated Balance Sheet | 13
Balance Sheet | 14
Consolidated Statement of Changes in Equity | 15
Statement of Changes in Equity | 16
Consolidated Statement of Cash Flows | 17
Notes to the Financial Statements | 18 to 38

Brookridge Timber Limited

Company Information

Directors | R D Brooke K Kingdon J Jackson

Registered office | Hemyock Cullompton Devon EX15 3PF

Auditors | PKF Francis Clark Statutory AuditorGround Floor Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA1 2PX

Bankers | National Westminster Bank Plc Taunton 49 North Street Taunton Somerset TA1 1NB

Brookridge Timber Limited

Strategic Report

Year Ended 31 August 2025

The directors present their strategic report for the year ended 31 August 2025.

Principal activity

The principal activity of the group is The principal activity of the Group is the purchase and sale of timber, supply of cladding and the sale of timber buildings.
The principal activity of the Company is the purchase, processing and merchanting of timber and timber-related products.

Review of the business

The results for the year as set out in these financial statements, confirm the Board’s decision to focus on structured business planning and the implementation of strengthened senior management teams. These actions were undertaken not only to stem the losses incurred in previous years, but also to ensure the delivery of a robust strategy capable of supporting the Company as it enters, and progresses beyond, its 45th year of trading.
Against a backdrop of continuing uncertainty in the wider economic environment, the group experienced a challenging trading period. Gross profit margin decreased by one percentage point; however, this was more than offset by a 16% increase in revenue.
During the year, one of the two long-serving directors, who had moved to part-time working arrangements in 2020, exited the Company. The second director resigned subsequent to the year end. While the loss of experience is acknowledged, their planned departures have enabled the adoption of a younger and more dynamic approach to sales and marketing.
The Board is pleased to report that the Group’s banking partner has remained supportive and that all financial covenants were met subsequent to the year end.

The group's key financial and other performance indicators during the year were as follows:

| Unit | 2025 | 2024
Turnover | £ | 10,871,621 | 9,341,081
Gross profit | £ | 2,417,364 | 2,163,623
Gross profit margin | % | 22 | 23
EBITDA | £ | 426,697 | 95,848
Net cash flow | £ | 176,270 | (330,931)
Net current assets | £ | 3,241,373 | 3,082,137
Net assets | £ | 4,962,632 | 4,798,191

Brookridge Timber Limited

Strategic Report

Year Ended 31 August 2025

Principal risks and uncertainties

The management of the companies and group as whole and the execution of their strategy is subject to a number of risks. As all business involves risk the board reviews these and puts in place policies and plans to mitigate them.
The key business and financial risks are:-
Market conditions: The political and economic conditions have a considerable effect on our business sector. Whilst there continues to be uncertainty the Group has to work harder to achieve budgeted growth figures.
People: The Group has an extremely low turnover of staff, however attracting new talent to support growth is challenging. Major construction sites (Hinkley Power Station & the Gravity project ) have significantly raised employee salary expectations whilst being a major pull on available skills.
Competition: The business operates in a highly competitive market arena with a large number of businesses of various scale operating in the region. The market is progressively competitive, these dynamics cause sustained pressure on margins. In an effort to mitigate risk, the group has endeavoured to compete harder, identify new product development opportunities and value-added services.
IT: Cyber attack and loss of data is an ever increasing risk to the Group. Steps have and continue to be taken to mitigate vulnerability.

Approved by the Board on 11 May 2026 and signed on its behalf by:

......................................... R D Brooke Director |  |

Brookridge Timber Limited

Directors' Report

Year Ended 31 August 2025

The directors present their report and the for the year ended 31 August 2025.

Directors of the group

The directors who held office during the year were as follows:

R D Brooke

K Kingdon

The following director was appointed after the year end:

J Jackson (appointed 1 September 2025)

Financial instruments

Objectives and policies

The group's activities expose it to a number of financial risks including credit risk, cashflow risk and liquidity risk. The use, and nature, of financial instruments are determined by the directors, in the context of trading terms made available by the group to the customers and by suppliers, and with the use of loans and finance lease funding as required, with the objective of securing the liquidity and profitability of the group.

Price risk, credit risk, liquidity risk and cash flow risk

The group's principal financial instruments comprise bank balances, trade creditors and trade debtors.
The group monitors credit risk and considers that its current policy of credit checks and credit terms meets its objectives of managing its exposure.
The directors are satisfied that the economic impacts of the coronavirus pandemic have not materially increased the credit risk exposure of the company or group.
The directors regularly monitor the financial information to ensure that any risks in respect of liquidity are considered on a timely basis.

Brookridge Timber Limited

Directors' Report

Year Ended 31 August 2025

Future developments

The principal activity of the Group continues to be the manufacture and supply of machined and associated timber products to our established customer base.
The Directors are placing focus on improving performance through careful optimisation of product mix and enhanced operational efficiency across the business. The recent financial year delivered a positive result, providing a stable and encouraging platform from which the business is now transitioning into its next phase of structured growth.
A significant focus during the year is driving a fundamental shift from a reactive to a proactive, forward-looking approach. This cultural transformation supports broader repositioning of the Group and its brand to present as a more disciplined, commercially focused and professionally operated timber business. The intention in not only to improve internal performance but also to differentiate the business more clearly within a competitive marketplace.
The Directors are actively reviewing and refining the Group’s product portfolio to incorporate carefully selected niche areas that complement existing capabilities. This approach is intended to strengthen the sales mix, and open new areas of commercial opportunity.
To support this ambition, the sales function has been comprehensively restructured. There has also been the introduction of an additional tier of senior leadership which is being developed to ensure resilience, maintain operational momentum, and uphold the higher professional standards, now being embedded across the business. This strengthening of leadership capability is designed to support scalability and ensure that growth is both controlled and sustainable.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved by the Board on 11 May 2026 and signed on its behalf by:

......................................... R D Brooke Director |  |

Brookridge Timber Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 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 group and the 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 apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable UK 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 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 the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the 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 the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Brookridge Timber Limited

Independent Auditor's Report to the Members of Brookridge Timber Limited

Opinion

We have audited the financial statements of Brookridge Timber Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 the parent company's affairs as at 31 August 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Brookridge Timber Limited

Independent Auditor's Report to the Members of Brookridge Timber Limited

We have nothing to report in this regard.

Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Brookridge Timber Limited

Independent Auditor's Report to the Members of Brookridge Timber Limited

As part of our audit planning, we obtained an understanding of the legal and regulatory framework that is applicable to the company. We gained an understanding of the company and the industry in which the company operates as part of this assessment to identify the key laws and regulations affecting the company, such as General Data Protection Regulations (GDPR) and Health & Safety at Work. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as The Companies Act 2006 and relevant tax legislation.
We discussed with management how the compliance with these laws and regulations is monitored and obtained copies of the key policies and procedures in place. We also identified the individuals who have responsibility for ensuring that the company complies with laws and regulations and deals with reporting any issues if they arise. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the company’s ability to continue trading and the risk of material misstatement to the accounts.
We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks were related to the overstatement of profit, either through overstating revenue, understating expenditure or management bias in accounting estimates. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
Based on this understanding we designed our audit procedures to identify irregularities. Our procedures involved the following:
• Enquiries to management, regarding their knowledge of any non-compliance or potential non-compliance with laws and regulations that could affect the financial statements;
• Review of board minutes;
• Enquiries to management to understand company’s GDPR policy, as well as the occurrence and outcome of occurrence and outcome of any reportable breaches;
• Review of ICO website for any notifications;
• Review of legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance;
• Enquiries to management to understand the occurence and outcome of health & safety incidents;
• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business;
• Testing the recognition of revenue and costs, in particular around the year end date;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
• Reviewing draft tax computations and involving the use of our specialists.

Brookridge Timber Limited

Independent Auditor's Report to the Members of Brookridge Timber Limited

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. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

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

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Robert Deare (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor
Ground Floor
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset
TA1 2PX

11 May 2026

Brookridge Timber Limited

Consolidated Profit and Loss Account

Year Ended 31 August 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 10,872,621 | 9,341,081
Cost of sales |  | (8,455,257) | (7,177,458)
Gross profit |  | 2,417,364 | 2,163,623
Distribution costs |  | (95,343) | (153,526)
Administrative expenses |  | (2,138,696) | (2,215,425)
Other operating income | 4 | 54,355 | 32,437
Operating profit/(loss) | 5 | 237,680 | (172,891)
Fixed assets investment property revaluation |  | 7,206 | -
Other interest receivable and similar income | 9 | 18,760 | 30,351
Interest payable and similar charges | 10 | (160,194) | (186,974)
|  | (134,228) | (156,623)
Profit/(loss) before tax |  | 103,452 | (329,514)
Tax on profit/(loss) | 11 | (43,695) | 91,500
Profit/(loss) for the financial year |  | 59,757 | (238,014)

Brookridge Timber Limited

Consolidated Statement of Comprehensive Income

Year Ended 31 August 2025

| 2025 £ | 2024 £
Profit/(loss) for the year | 59,757 | (238,014)
Surplus/deficit on property, plant and equipment revaluation (gross) | 194,245 | -
Movement on deferred tax relating to property, plant and equipment revaluation | (48,561) | -
Total comprehensive income for the year | 205,441 | (238,014)
Total comprehensive income attributable to: |  |
Owners of the company | 205,441 | (238,014)

Brookridge Timber Limited

Consolidated Balance Sheet

31 August 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 12 | 17,188 | 20,692
Tangible assets | 13 | 4,167,192 | 4,344,794
Investment property | 14 | 599,420 | 352,450
Other financial assets | 16 | 1,450 | 1,450
|  | 4,785,250 | 4,719,386
Current assets |  |  |
Stocks | 17 | 1,941,505 | 1,844,145
Debtors | 18 | 1,672,955 | 1,319,232
Cash at bank and in hand |  | 1,570,723 | 1,394,453
|  | 5,185,183 | 4,557,830
Creditors: Amounts falling due within one year | 21 | (1,943,810) | (1,475,693)
Net current assets |  | 3,241,373 | 3,082,137
Total assets less current liabilities |  | 8,026,623 | 7,801,523
Creditors: Amounts falling due after more than one year | 21 | (2,420,426) | (2,578,254)
Deferred income |  | (203,889) | (77,658)
Provisions for liabilities | 24 | (439,676) | (347,420)
Net assets |  | 4,962,632 | 4,798,191
Capital and reserves |  |  |
Called up share capital | 26 | 35,880 | 37,768
Capital redemption reserve |  | 69,168 | 67,280
Revaluation reserve |  | 1,560,114 | 1,435,014
Profit and loss account |  | 3,297,470 | 3,258,129
Total equity |  | 4,962,632 | 4,798,191

Approved and authorised by the Board on 11 May 2026 and signed on its behalf by:

...................................
R D Brooke

Director

Company Registration Number: 01548757

Brookridge Timber Limited

Balance Sheet

31 August 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 12 | 17,188 | 20,692
Tangible assets | 13 | 4,130,384 | 4,344,794
Investment property | 14 | 599,420 | 352,450
Investments | 15 | 300 | 300
Other financial assets | 16 | 1,450 | 1,450
|  | 4,748,742 | 4,719,686
Current assets |  |  |
Stocks | 17 | 1,941,505 | 1,844,145
Debtors | 18 | 1,498,092 | 1,160,991
Cash at bank and in hand |  | 1,193,799 | 1,144,446
|  | 4,633,396 | 4,149,582
Creditors: Amounts falling due within one year | 21 | (1,891,095) | (1,412,933)
Net current assets |  | 2,742,301 | 2,736,649
Total assets less current liabilities |  | 7,491,043 | 7,456,335
Creditors: Amounts falling due after more than one year | 21 | (2,401,112) | (2,578,254)
Provisions for liabilities | 24 | (430,472) | (347,420)
Net assets |  | 4,659,459 | 4,530,661
Capital and reserves |  |  |
Called up share capital | 26 | 35,880 | 37,768
Capital redemption reserve |  | 69,168 | 67,280
Revaluation reserve |  | 1,560,114 | 1,435,014
Profit and loss account |  | 2,994,297 | 2,990,599
Total equity |  | 4,659,459 | 4,530,661

The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a profit after tax for the financial year of £24,114 (2024 - profit of £65,861).

Approved and authorised by the Board on 11 May 2026 and signed on its behalf by:

...................................
R D Brooke

Director

Company Registration Number: 01548757

Brookridge Timber Limited

Consolidated Statement of Changes in Equity

Year Ended 31 August 2025

| Share capital £ | Capital redemption reserve £ | Revaluation reserve £ | Profit and loss account £ | Total equity £
At 1 September 2024 | 37,768 | 67,280 | 1,435,014 | 3,258,129 | 4,798,191
Profit for the year | - | - | - | 59,757 | 59,757
Other comprehensive income | - | - | 145,684 | - | 145,684
Total comprehensive income | - | - | 145,684 | 59,757 | 205,441
Purchase of own share capital | (1,888) | 1,888 | - | (41,000) | (41,000)
Transfers | - | - | (20,584) | 20,584 | -
At 31 August 2025 | 35,880 | 69,168 | 1,560,114 | 3,297,470 | 4,962,632

| Share capital £ | Capital redemption reserve £ | Revaluation reserve £ | Profit and loss account £ | Total equity £
At 1 September 2023 | 37,768 | 67,280 | 1,455,117 | 3,476,040 | 5,036,205
Loss for the year | - | - | - | (238,014) | (238,014)
Transfers | - | - | (20,103) | 20,103 | -
At 31 August 2024 | 37,768 | 67,280 | 1,435,014 | 3,258,129 | 4,798,191

Brookridge Timber Limited

Statement of Changes in Equity

Year Ended 31 August 2025

| Share capital £ | Capital redemption reserve £ | Revaluation reserve £ | Profit and loss account £ | Total £
At 1 September 2024 | 37,768 | 67,280 | 1,435,014 | 2,990,599 | 4,530,661
Profit for the year | - | - | - | 24,114 | 24,114
Other comprehensive income | - | - | 145,684 | - | 145,684
Total comprehensive income | - | - | 145,684 | 24,114 | 169,798
Purchase of own share capital | (1,888) | 1,888 | - | (41,000) | (41,000)
Transfers | - | - | (20,584) | 20,584 | -
At 31 August 2025 | 35,880 | 69,168 | 1,560,114 | 2,994,297 | 4,659,459

| Share capital £ | Capital redemption reserve £ | Revaluation reserve £ | Profit and loss account £ | Total £
At 1 September 2023 | 37,768 | 67,280 | 1,455,117 | 2,904,635 | 4,464,800
Profit for the year | - | - | - | 65,861 | 65,861
Transfers | - | - | (20,103) | 20,103 | -
At 31 August 2024 | 37,768 | 67,280 | 1,435,014 | 2,990,599 | 4,530,661

Brookridge Timber Limited

Consolidated Statement of Cash Flows

Year Ended 31 August 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
Profit/(loss) for the year |  | 59,757 | (238,014)
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 5 | 189,017 | 272,592
Changes in fair value of investment property | 14 | (7,206) | -
Profit on disposal of tangible assets |  | (45,122) | (7,091)
Finance income | 9 | (18,760) | (30,351)
Finance costs | 10 | 160,194 | 186,974
Tax expense | 11 | 43,695 | (91,500)
|  | 381,575 | 92,610
Working capital adjustments |  |  |
(Increase)/decrease in stocks | 17 | (97,360) | 228,038
(Increase)/decrease in trade debtors | 18 | (353,723) | 14,289
Increase/(decrease) in trade creditors | 21 | 599,303 | (229,146)
Increase/(decrease) in deferred income |  | 126,231 | (74,321)
Cash generated from operations |  | 656,026 | 31,470
Taxes received | 11 | - | 68,972
Net cash flow from operating activities |  | 656,026 | 100,442
Cash flows from investing activities |  |  |
Interest received |  | 18,760 | 30,351
Acquisitions of tangible assets |  | (69,808) | (39,850)
Proceeds from sale of tangible assets |  | 61,500 | 7,091
Net cash flows from investing activities |  | 10,452 | (2,408)
Cash flows from financing activities |  |  |
Interest paid | 10 | (147,037) | (164,342)
Payments for purchase of own shares |  | (41,000) | -
Repayment of bank borrowing |  | (66,742) | (60,360)
Redemption of shares classified as liabilities |  | (113,998) | -
Net receipts/(payments) to finance lease creditors |  | (108,274) | (181,631)
Dividends on preference shares | 10 | (13,157) | (22,632)
Net cash flows from financing activities |  | (490,208) | (428,965)
Net increase/(decrease) in cash and cash equivalents |  | 176,270 | (330,931)
Cash and cash equivalents at 1 September |  | 1,394,453 | 1,725,384
Cash and cash equivalents at 31 August | 19 | 1,570,723 | 1,394,453

Brookridge Timber Limited

Notes to the Financial Statements

Year Ended 31 August 2025

1 | General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Hemyock
Cullompton
Devon
EX15 3PF

These financial statements were authorised for issue by the Board on 11 May 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The company's financial statements have been prepared in accordance with FRS 102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention, as modified by the revaluation of land and buildings, and except as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the group is considered to be pounds sterling because this is the currency of the primary economic environment in which the group operates, and the financial statements are presented to the nearest round pound.

Summary of disclosure exemptions

The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its individual financial statements. Exemptions have been taken in relation to financial instruments, presentation of a cash flow statement and remuneration of key management personnel. Equivalent information is presented in relation to these group accounts.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 August 2025.
As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

Brookridge Timber Limited

Notes to the Financial Statements

Year Ended 31 August 2025

Subsidiary undertakings are included using the acquisition method of accounting. Under this method the group profit and loss account includes the results of subsidiaries from the date of acquisition and to the date of sale outside the group in the case of disposals of subsidiaries. The purchase consideration has been allocated to the assets and liabilities on the basis of fair value at the date of acquisition. Goodwill on consolidation is capitalised and written off over ten years from the year of acquisition.

Going concern

Having considered the group's cash flow forecasts to August 2027 and positive relationship with the bank, the directors are satisfied that the group has adequate resources available to discharge its obligations as they fall due for a period of at least 12 months from the date of approval of these financial statements. The group therefore continues to adopt the going concern basis in preparing its financial statements.

Key judgements and sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those 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 if the revision affects only that period, or in the period of revision and future periods in the revision affects both current and future periods.
The key estimates that have a significant effect on the amounts recognised in the financial statements are as follows:
Investment property: the fair value of the investment property is derived from the current market prices for comparable real estate using observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. The carrying amount is £599,420 (2024 - £352,450).

Valuation of land and buildings: freehold and long leasehold land and buildings are carried at fair value based on the valuation carried out by a professional independent valuer or by the directors. The valuations used observable market prices adjusted as necessary for any difference in the nature, location or condition of the specific asset. The carrying amount is £3,343,669 (2024 - £3,445,845).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of timber products and timber buildings. Revenue is recognised on the despatch of goods to the customer. In respect of building services, revenue is recognised on the completion of the build or delivery of goods (if supply only), except in the case of larger projects where revenue is recognised in instalment by reference to the stage of completion of the project.

Deferred income

Deferred income represents deposits taken in advance for projects where the revenue has not been recognised at the year end.

Brookridge Timber Limited

Notes to the Financial Statements

Year Ended 31 August 2025

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets, except for land and buildings, are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Land and buildings held and used in the group's own activities are stated in the balance sheet at their revalued amounts. The revalued amounts equate to fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from the fair value at the balance sheet date.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Freehold buildings | 2.5% straight line
Long leasehold buildings | 2.5% straight line
Furniture, fittings and equipment | 10% to 33.3% straight line
Plant and equipment | 4% to 20% straight line
Motor vehicles | 10% to 20% straight line

Investment property

Investment properties are measured at fair value. Fair value is derived from the current market prices for comparable real estate using observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Brookridge Timber Limited

Notes to the Financial Statements

Year Ended 31 August 2025

Goodwill

Goodwill arising on consolidation is capitalised, classified as an asset on the Balance Sheet and amortised over its estimated useful life up to a maximum of ten years. This length of time is presumed to be the maximum useful life of purchased goodwill because it is difficult to make projections beyond this period. Goodwill is reviewed for impairment at the end of the first full financial year following acquisition and subsequently as and when necessary if circumstances emerge that indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 10 years straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Stock

Stock is valued at the lower of cost and expected selling price less costs to complete and sell, after due regard for obsolete and slow moving items.

Provisions

Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. The treatment of finance leases is as set out in the accounting policy for financial instruments detailed below.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Redeemable preference shares are classified as financial liabilities.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme. The assets of the scheme are held separately to those of the company.

Brookridge Timber Limited

Notes to the Financial Statements

Year Ended 31 August 2025

Financial instruments

Classification
The group holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Short term intercompany debtors and creditors;
• Hire purchase agreements;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Basic financial assets comprise short term trade and other debtors, short term intercompany debtors and cash and bank balances. Basic financial liabilities comprise short term trade and other creditors, short term intercompany creditors, finance leases and bank loans.
Except for bank loans and hire purchase agreements, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans and hire purchase agreements are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

Brookridge Timber Limited

Notes to the Financial Statements

Year Ended 31 August 2025

3 | Revenue

The analysis of the group's Turnover for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Sale of goods | 10,872,621 | 9,341,081

The analysis of the group's turnover for the year by class of business is as follows:

| 2025 £ | 2024 £
Timber products | 10,872,621 | 9,341,081

The analysis of the group's Turnover for the year by market is as follows:

| 2025 £ | 2024 £
UK | 10,872,621 | 9,341,081

4 | Other operating income

The analysis of the group's other operating income for the year is as follows:

| 2025 £ | 2024 £
Rental income | 54,355 | 32,437

5 | Operating profit/(loss)

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 185,513 | 269,088
Amortisation expense | 3,504 | 3,504
Foreign exchange gains | (2,100) | (3,437)
Profit on disposal of property, plant and equipment | (45,122) | (7,091)

Brookridge Timber Limited

Notes to the Financial Statements

Year Ended 31 August 2025

6 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 1,779,334 | 1,797,537
Social security costs | 180,502 | 169,537
Pension costs, defined contribution scheme | 42,255 | 41,673
| 2,002,091 | 2,008,747

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Production | 33 | 35
Administration and support | 14 | 15
Sales | 8 | 11
Distribution | 6 | 6
| 61 | 67

7 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 183,311 | 237,671
Contributions paid to money purchase schemes | 2,914 | 4,117
| 186,225 | 241,788

During the year the number of directors who were receiving benefits and share incentives was as follows:

| 2025 No. | 2024 No.
Accruing benefits under money purchase pension scheme | 2 | 4

Brookridge Timber Limited

Notes to the Financial Statements

Year Ended 31 August 2025

In respect of the highest paid director:

| 2024 £
Remuneration | 71,333
Company contributions to money purchase pension schemes | 1,321

There is no requirement to disclose the highest paid directors for the year to 31 August 2025 as the total directors remuneration for the year was less than £200,000.

8 | Auditor's remuneration

| 2025 £ | 2024 £
Audit of these financial statements | 13,500 | 11,600

9 | Other interest receivable and similar income

| 2025 £ | 2024 £
Interest income on bank deposits | 17,644 | 27,477
Other finance income | 1,116 | 2,874
| 18,760 | 30,351

10 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest on bank overdrafts and borrowings | 135,369 | 146,437
Dividends on preference shares | 13,157 | 22,632
Interest on obligations under hire purchase contracts | 11,668 | 17,905
| 160,194 | 186,974

11 | Taxation

Tax charged/(credited) in the consolidated profit and loss account

| 2025 £ | 2024 £
Deferred taxation |  |
Arising from origination and reversal of timing differences | 43,695 | (91,500)

Brookridge Timber Limited

Notes to the Financial Statements

Year Ended 31 August 2025

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit/(loss) before tax | 103,452 | (329,514)
Corporation tax at standard rate | 25,863 | (82,379)
Expenses not deductible for tax purposes | 5,494 | 21,833
Deferred tax expense relating to changes in tax rates | - | 449
Tax increase due to permanent fixed asset differences | 12,417 | 876
Tax increase/(decrease) from other short-term timing differences | 25 | (279)
Effect of revenues exempt from taxation | (1,804) | -
Deferred tax increase/(decrease) from movement in capital gains | 1,700 | (32,000)
Total tax charge/(credit) | 43,695 | (91,500)

Deferred tax

Group

Deferred tax assets and liabilities

2025 | Asset £ | Liability £
Fixed asset timing differences | - | 303,949
Short term timing differences | 32,397 | -
Capital gains | - | 234,121
Lossed and other deductions | 221,917 | -
| 254,314 | 538,070

2024 | Asset £ | Liability £
Fixed asset timing differences | - | 307,000
Short term timing differences | 39,500 | -
Capital gains | - | 181,000
Lossed and other deductions | 254,000 | -
| 293,500 | 488,000

Brookridge Timber Limited

Notes to the Financial Statements

Year Ended 31 August 2025

Company

Deferred tax assets and liabilities

2025 | Asset £ | Liability £
Fixed asset timing differences | - | 294,747
Short term timing differences | 32,387 | -
Capital gains | - | 237,121
Losses and other deductions | 221,917 | -
| 254,304 | 531,868

2024 | Asset £ | Liability £
Fixed asset timing differences | - | 307,000
Short term timing differences | 39,500 | -
Capital gains | - | 181,000
Losses and other deductions | 254,000 | -
| 293,500 | 488,000

12 | Intangible assets

Group and company

| Goodwill £ | Total £
Cost or valuation
At 1 September 2024 | 35,000 | 35,000
At 31 August 2025 | 35,000 | 35,000
Amortisation
At 1 September 2024 | 14,308 | 14,308
Amortisation charge | 3,504 | 3,504
At 31 August 2025 | 17,812 | 17,812
Carrying amount
At 31 August 2025 | 17,188 | 17,188
At 31 August 2024 | 20,692 | 20,692

Amortisation of intangible assets is included within Administrative expenses in the profit and loss account.

Brookridge Timber Limited

Notes to the Financial Statements

Year Ended 31 August 2025

13 | Tangible assets

Group

| Land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Plant and equipment £ | Total £
Cost or valuation
At 1 September 2024 | 3,809,208 | 2,031,577 | 951,417 | 501,501 | 7,293,703
Revaluations | (151,238) | - | - | - | (151,238)
Additions | - | 28,908 | - | 40,900 | 69,808
Disposals | (4,715) | (328,648) | (84,016) | (58,887) | (476,266)
Transfers to/from investment property | (296,084) | - | - | - | (296,084)
At 31 August 2025 | 3,357,171 | 1,731,837 | 867,401 | 483,514 | 6,439,923
Depreciation
At 1 September 2024 | 363,363 | 1,420,227 | 663,818 | 501,501 | 2,948,909
Charge for the year | 53,380 | 67,937 | 60,104 | 4,092 | 185,513
Eliminated on disposal | (1,438) | (324,287) | (75,276) | (58,887) | (459,888)
Transfers to investment property | (56,320) | - | - | - | (56,320)
Revaluations | (345,483) | - | - | - | (345,483)
At 31 August 2025 | 13,502 | 1,163,877 | 648,646 | 446,706 | 2,272,731
Carrying amount
At 31 August 2025 | 3,343,669 | 567,960 | 218,755 | 36,808 | 4,167,192
At 31 August 2024 | 3,445,845 | 611,350 | 287,599 | - | 4,344,794

Included within the net book value of land and buildings above is £2,974,632 (2024 - £3,066,670) in respect of freehold land and buildings and £369,037 (2024 - £379,175) in respect of long leasehold land and buildings.

Revaluation

The fair value of the company's Land and Buildings was revalued by the directors on 31 August 2025. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,826,607 (2024 - £1,997,333).

Brookridge Timber Limited

Notes to the Financial Statements

Year Ended 31 August 2025

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

| 2025 £ | 2024 £
Plant and equipment | 190,123 | 177,453
Motor vehicles | 138,058 | 195,514
| 328,181 | 372,967

Company

| Land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Plant and equipment £ | Total £
Cost or valuation
At 1 September 2024 | 3,809,208 | 2,031,577 | 925,417 | 497,472 | 7,263,674
Revaluations | (151,238) | - | - | - | (151,238)
Additions | - | 28,908 | - | - | 28,908
Disposals | (4,715) | (328,648) | (58,016) | (57,395) | (448,774)
Transfers to/from investment property | (296,084) | - | - | - | (296,084)
At 31 August 2025 | 3,357,171 | 1,731,837 | 867,401 | 440,077 | 6,396,486
Depreciation
At 1 September 2024 | 363,363 | 1,420,227 | 637,818 | 497,472 | 2,918,880
Charge for the year | 53,380 | 67,937 | 60,104 | - | 181,421
Eliminated on disposal | (1,438) | (324,287) | (49,276) | (57,395) | (432,396)
Transfers to investment property | (56,320) | - | - | - | (56,320)
Revaluations | (345,483) | - | - | - | (345,483)
At 31 August 2025 | 13,502 | 1,163,877 | 648,646 | 440,077 | 2,266,102
Carrying amount
At 31 August 2025 | 3,343,669 | 567,960 | 218,755 | - | 4,130,384
At 31 August 2024 | 3,445,845 | 611,350 | 287,599 | - | 4,344,794

Included within the net book value of land and buildings above is £2,974,632 (2024 - £3,066,670) in respect of freehold land and buildings and £369,037 (2024 - £379,175) in respect of long leasehold land and buildings.

Brookridge Timber Limited

Notes to the Financial Statements

Year Ended 31 August 2025

Revaluation

The fair value of the company's Land and Buildings was revalued by the directors on 31 August 2025. An independent valuer was not involved.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,826,607 (2024 - £1,997,333).

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

| 2025 £ | 2024 £
Plant and equipment | 153,315 | 177,453
Motor vehicles | 138,058 | 195,514
| 291,373 | 372,967

14 | Investment properties

Group and company

| 2025 £
At 1 September | 352,450
Transfer from tangible assets | 239,764
Fair value adjustments | 7,206
At 31 August | 599,420

Investment properties are included in the balance sheet at directors valuation as at 31 August 2025, derived from market data, including rental yields and observable market prices for comparable property.

Brookridge Timber Limited

Notes to the Financial Statements

Year Ended 31 August 2025

15 | Investments

Company

| 2025 £ | 2024 £
Investments in subsidiaries | 300 | 300

Subsidiaries | £
Cost or valuation
At 1 September 2024 | 300
Carrying amount
At 31 August 2025 | 300
At 31 August 2024 | 300

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
Brookridge (Timber Products) Limited | Fourways Cross, Hemyock, Cullompton, Devon, EX15 3PF | Ordinary shares | 100% | 100%
Blackdown Buildings Limited | Fourways Cross, Hemyock, Cullompton, Devon, EX15 3PF | Ordinary shares | 100% | 100%
Ecowood Pellets Limited | Fourways Cross, Hemyock, Cullompton, Devon, EX15 3PF | Ordinary shares | 100% | 100%

Brookridge Timber Limited

Notes to the Financial Statements

Year Ended 31 August 2025

Subsidiary undertakings
Brookridge (Timber Products) Limited The principal activity of Brookridge (Timber Products) Limited is the supply of timber cladding.
Blackdown Buildings Limited The principal activity of Blackdown Buildings Limited is the sale of timber buildings.
Ecowood Pellets Limited The principal activity of Ecowood Pellets Limited is that of a dormant company. The company ceased to trade in March 2017 and has remained inactive since that time.

16 | Other financial assets

Group and company

| Financial assets at cost less impairment £ | Total £
Non-current financial assets
Cost or valuation
At 1 September 2024 | 1,450 | 1,450
At 31 August 2025 | 1,450 | 1,450
Carrying amount
At 31 August 2025 | 1,450 | 1,450

17 | Stocks

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Raw materials and consumables | 1,941,505 | 1,844,145 | 1,941,505 | 1,844,145

Brookridge Timber Limited

Notes to the Financial Statements

Year Ended 31 August 2025

18 | Debtors

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Trade debtors | 1,170,967 | 1,016,679 | 1,127,785 | 896,537
Amounts due from group undertakings | - | - | 77,154 | 173,262
Other debtors | 306,489 | 207,810 | 99,116 | -
Prepayments | 195,499 | 94,743 | 194,037 | 91,192
| 1,672,955 | 1,319,232 | 1,498,092 | 1,160,991

19 | Cash and cash equivalents

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Cash on hand | 26,230 | 16,777 | 26,230 | 16,777
Cash at bank | 1,544,493 | 1,377,676 | 1,167,569 | 1,127,669
| 1,570,723 | 1,394,453 | 1,193,799 | 1,144,446

20 | Analysis of net debt

| At 1 September 2024 | Cash flow | At 31 August 2025
| £ | £ | £
Cash at bank and on hand | 1,394,453 | 176,270 | 1,570,723
Cash and cash equivalents | 1,394,453 | 176,270 | 1,570,723
Bank loans | (2,178,760) | 66,742 | (2,112,018)
Finance lease obligations | (314,801) | 108,274 | (206,527)
Redeemable preference shares | (288,998) | 113,998 | (175,000)
Net debt | (1,388,106) | 465,284 | (922,822)

Brookridge Timber Limited

Notes to the Financial Statements

Year Ended 31 August 2025

21 | Creditors

|  | Group | Company
| Note | 2025 £ | 2024 £ | 2025 £ | 2024 £
Due within one year |  |  |  |  |
Loans and borrowings | 22 | 188,834 | 204,305 | 175,200 | 204,305
Trade creditors |  | 1,245,625 | 572,715 | 1,212,040 | 569,842
Amounts due to group undertakings |  | - | - | 112,718 | 100
Social security and other taxes |  | 329,810 | 298,968 | 294,273 | 278,698
Other creditors |  | 5,744 | 4,094 | 5,744 | 4,094
Accrued expenses |  | 124,586 | 374,584 | 91,120 | 355,894
Payments on account |  | 49,211 | 21,027 | - | -
|  | 1,943,810 | 1,475,693 | 1,891,095 | 1,412,933
Due after one year |  |  |  |  |
Loans and borrowings | 22 | 2,304,711 | 2,578,254 | 2,285,397 | 2,578,254
Other creditors |  | 115,715 | - | 115,715 | -
|  | 2,420,426 | 2,578,254 | 2,401,112 | 2,578,254

22 | Loans and borrowings

Current loans and borrowings

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Bank borrowings | 74,800 | 67,206 | 74,800 | 67,206
Hire purchase contracts | 114,034 | 137,099 | 100,400 | 137,099
| 188,834 | 204,305 | 175,200 | 204,305

Non-current loans and borrowings

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Bank borrowings | 2,037,218 | 2,111,554 | 2,037,218 | 2,111,554
Hire purchase contracts | 92,493 | 177,702 | 73,179 | 177,702
Redeemable preference shares | 175,000 | 288,998 | 175,000 | 288,998
| 2,304,711 | 2,578,254 | 2,285,397 | 2,578,254

Brookridge Timber Limited

Notes to the Financial Statements

Year Ended 31 August 2025

Group and company

Bank borrowings

Bank loans are denominated in sterling with a nominal interest rate of 5.6% - 6.3%, and the final instalment of the loans in existence at the balance sheet date is due on 13 May 2029. The carrying amount at year end is £2,112,018 (2024 - £2,178,760). The bank loans are secured by way of a first legal charge over all freehold and long leasehold property owned by the group, in addition to a cross guarantee (limited to £2,300,000) between the group companies.

Other borrowings

Hire purchase liabilities are denominated in sterling with a nominal interest rate of 9%, and the final instalment of the liabilities in existence at the balance sheet date is due on 11 March 2029. The carrying amount at year end is £206,527 (2024 - £314,801).

The hire purchase liabilities are secured on the assets to which they relate.

The redeemable preference shares classified as financial liabilities are divided into different classes and attract cumulative dividends as disclosed in note 26 to the accounts.

Included in the loans and borrowings are the following amounts due after more than five years:

| 2025 £ | 2024 £
After more than five years by instalments | 1,718,027 | 1,814,722

23 | Obligations under leases and hire purchase contracts

Group and company

Finance leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 100,400 | 137,099
Later than one year and not later than five years | 73,179 | 177,702
| 173,579 | 314,801

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 22,409 | 20,988
Later than one year and not later than five years | 33,307 | -
| 55,716 | 20,988

Brookridge Timber Limited

Notes to the Financial Statements

Year Ended 31 August 2025

The amount of non-cancellable operating lease payments recognised as an expense during the year was £32,470 (2024 - £29,857).

Operating leases - lessor

The total of future minimum lease income is as follows:

| 2025 £ | 2024 £
Not later than one year | 50,500 | 20,000
Later than one year and not later than five years | 202,000 | 80,000
Later than five years | 252,500 | 18,872
| 505,000 | 118,872

Total contingent rents recognised as income in the period are £50,335 (2024 - £28,437).

24 | Provisions

Group

| Warranties £ | Deferred tax £ | Total £
At 1 September 2024 | 152,920 | 194,500 | 347,420
Increase in existing provisions | - | 92,256 | 92,256
At 31 August 2025 | 152,920 | 286,756 | 439,676

Company

| Warranties £ | Deferred tax £ | Total £
At 1 September 2024 | 152,920 | 194,500 | 347,420
Increase in existing provisions | - | 83,052 | 83,052
At 31 August 2025 | 152,920 | 277,552 | 430,472

25 | Pension scheme

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme, and personal plans, and amounted to £42,255 (2024 - £41,673).

Brookridge Timber Limited

Notes to the Financial Statements

Year Ended 31 August 2025

26 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 33,992 | 33,992 | 33,992 | 33,992
A Ordinary shares of £1 each | 1,888 | 1,888 | 3,776 | 3,776
A Preference shares of £1 each | - | - | 58,278 | 58,278
B Preference shares of £1 each | 50,000 | 50,000 | 50,000 | 50,000
C Preference shares of £1 each | - | - | 55,720 | 55,720
D Preference shares of £1 each | 125,000 | 125,000 | 125,000 | 125,000
| 210,880 | 210,880 | 326,766 | 326,766

The ordinary shares are shown as equity and the preference shares are included within creditors.

Redeemable preference shares

The A Preference shares are redeemable at the option of the company. They are redeemable at £1.10 per share and carry no voting rights. On a winding up of the company the holders of the shares have a right to receive repayment of the capital paid up on those shares and any arrears on the fixed dividends. The redeemable preference shares have a right to a fixed cumulative preference dividend at the rate of 8%. Winding up value for redeemable preference share is £1.
The B Preference shares are redeemable at the option of the company. They are redeemable at £1.00 per share and carry no voting rights. On a winding up of the company the holders of the shares have a right to receive repayment of the capital paid up on those shares and any arrears on the fixed dividends. The redeemable preference shares have a right to a fixed cumulative preference dividend at the rate of 2.5% above the bank base rate. Winding up value for redeemable preference share is £1.
The C Preference shares are redeemable at the option of the company. They are redeemable at £1.10 per share and carry no voting rights. On a winding up of the company the holders of the shares have a right to receive repayment of the capital paid up on those shares and any arrears on the fixed dividends. The redeemable preference shares have a right to a fixed cumulative preference dividend at the rate of 8%. Winding up value for redeemable preference share is £1.
The D Preference shares are redeemable at the option of the company. They are redeemable at £1.00 per share and carry no voting rights. On a winding up of the company the holders of the shares have a right to receive repayment of the capital paid up on those shares and any arrears on the fixed dividends. The redeemable preference shares have a right to a fixed cumulative preference dividend at the rate of 2.5% above the bank base rate. Winding up value for redeemable preference share is £1.

On the 14 November 2024 the company redeemed 58,278 £1 A redeemable preference shares at par and 55,720 £1 C redeemable preference shares at par.

Brookridge Timber Limited

Notes to the Financial Statements

Year Ended 31 August 2025

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions: The ordinary shares are non-redeemable and attract full voting, equity and dividend rights.
Ordinary A shares have the following rights, preferences and restrictions: The ordinary A Shares are not entitled to receive notice of or attend or speak or vote at general meetings. Any dividends declared in favour of Ordinary A Shares shall be distributed amongst the holders of Ordinary A Shares according to the amount paid up or credited as paid up on each such Share. On a return of capital on liquidation or otherwise (except on a redemption or purchase by the Company of and Shares), the surplus assets of the Company remaining after the payment of its liabilities shall be distributed amongst the holders of the Ordinary Shares and the Ordinary A Shares according to the amount paid up on each such Share.

Company purchase of own shares

On 9 June 2025 the company undertook a purchase of own shares in respect of 1,888 £1 A ordinary shares in issue for total consideration of £41,000. The shares were immediately cancelled upon their repurchase.

27 | Related party transactions

Group

Summary of transactions with key management

The company has taken the exemption from disclosing key management compensation as key management are considered to be the directors. See note 7.

Other transactions with directors

During the year the group advanced a director a total of £148,500 (2024 - £nil) and the director made repayments of £50,500 (2024 - £nil) before the year end. The advance was repayable on demand and interest was charged at the rate of 3.75%. The total balance due to the group at the year end, including interest, was £99,116 (2024 - £nil).

Summary of transactions with other related parties

A company over which a director has significant influence
In previous years, the group advanced a loan totalling £207,293 to a company over which one of the directors has significant influence. The loan was made interest free and is repayable on demand. The balance outstanding at the year end was £207,293 (2024 - £207,293).
A partnership over which a director has significant influence.
During the year purchases of £3,765 (2024 - £12,261) were made from the partnership over which a director has significant influence. The outstanding balance due to the partnership at the year end was £25 (2024 - £nil).

28 | Parent and ultimate parent undertaking

The ultimate controlling party is R D Brooke, by virtue of his 100% ordinary shareholding, being the only voting shares of the company.