REGISTERED NUMBER: SC328499 (Scotland)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 October 2025

for

North Offshore Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

Mr J A Campbell

Mr L A Garden

Mr A S Hayes

Mr K Lewis

SECRETARY:

Mr J A Campbell

REGISTERED OFFICE:

Saltire House

Blackness Avenue

Altens

Aberdeen

AB12 3PG

REGISTERED NUMBER:

SC328499 (Scotland)

AUDITORS:

SBP

Accountants and

Registered Auditors

27 Finlayson Street

Fraserburgh

Aberdeenshire

AB43 9JQ

SOLICITORS:

Raeburn Christie Clark & Wallace

399 Union Street

Aberdeen

AB10 1XL

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

REVIEW OF BUSINESS

The company key performance indicators are turnover, gross profit, net profit, cash in hand and net asset position.

The company has seen turnover decrease by 16% on the previous year to £15.2m.

The company generated a gross profit of £4.7m (2024 - £4.6m), with an increased gross margin of 31% (2024 -

25%).

Management have continued to closely monitor costs. This has helped the company to record an operating profit for

the year of £2.6m (2024 - £2.7m) and a profit before tax of £2.6m (2024 - £2.8m).

At the balance sheet date the company had net assets of £4.7m (2024 - £2.6m) and net current assets of £4.7m

(2024 - £2.5m), with a healthy cash position allowing the business to react quickly to any market opportunities or

changes.

In addition to the above financial KPI's the company monitor the development, performance and position of the

business using other key performance indicators.

The company are committed to health and safety and ensuring that all works are carried out with due care and

vigilance to both staff and third parties.

Emphasis is placed on providing high quality products and services for its customers. Through the operation of a

Quality Management System in accordance with ISO 9001 the company has maintained this quality during the year.

To complement this system the company operates an Environmental Management System in accordance with ISO

14001 and together such standards have improved the overall management of the business. Efficiencies have been

found, waste has been minimised and the company is more environmentally conscious.

The company continually strives to meet and improve health and safety, quality, environmental and energy policies.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk facing the company is the unpredictability of the local economy caused by the changes in oil

prices. The directors have given due consideration to the impact on the company of such oil & gas sector downturns

and consequently have sought to extend and diversify its client base. Over the past few years considerable work

has been undertaken on government backed projects and this has served to alleviate pressures from local economy

downturns. As a result, the adverse effect of competition has been de risked and the company’s profit margins have

been maintained.

The directors are confident that the company is well placed to meet any challenges, with a strong management

team in place and an excellent reserve base. The company has factored risk into their worst-case forecasts and

believe that they have adequate funds to trade successfully and meet their liabilities as they fall due. The financial

position of the company will continue to be monitored very closely by the directors.

FINANCIAL INSTRUMENTS

Financial management policies are set at a group level for the North Group Holdings Limited group of companies.

The group strategy is to provide a complete refurbishment service both onshore, and offshore, together with the

manufacture of specialist joinery and the supply of construction trades people, materials and equipment. The group

therefore looks to secure the resources required for the future development of the business and to expand its

capabilities, and as a result, the company's activities expose it to a number of financial risks including liquidity risk,

interest rate risk, price risk and credit risk.

Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise

interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the

business.

Interest rate risk

The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk

on floating rate deposits, bank overdrafts and loans. The company uses interest rate derivatives to manage the mix

of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.

Price risk

Contracts are subject to competitive tendering and the directors are confident that the company operates efficiently

enough to meet the requirements of the market, and price their products and services appropriately.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments 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.

FUTURE DEVELOPMENTS

The company will continue to provide high quality products and services to its client base and to seek new

opportunities in the market place in order to continually improve its key performance indicators.

ON BEHALF OF THE BOARD:

Mr J A Campbell - Director

12 May 2026

The directors present their report with the financial statements of the company for the year ended 31 October 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of refurbishment of onshore and offshore property.

DIVIDENDS

No dividends will be distributed for the year ended 31 October 2025.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2024 to the date of this report.

Mr J A Campbell

Mr L A Garden

Mr A S Hayes

Mr K Lewis

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, SBP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr J A Campbell - Director

12 May 2026

Opinion

We have audited the financial statements of North Offshore Limited (the 'company') for the year ended 31 October 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 company's affairs as at 31 October 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

We assessed the risks of material misstatement of the financial statements, whether due to fraud or error, and then

designed and performed the audit procedures responsive to those risks, including obtaining audit evidence that is

sufficient and appropriate to provide the basis for our opinion. We planned and conducted our audit so as to obtain

reasonable assurance of detecting any material misstatements in the financial statements resulting from irregularities or fraud. All engagement team members were briefed on relevant laws and regulations and potential fraud risks at the planning stage of the audit. However, the primary responsibility for prevention and detection of fraud rests with the directors.

We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud

might occur, by meeting with management to understand where it was considered there was susceptibility to fraud. This evaluation also considered how management were remunerated and whether this provided an incentive for fraudulent activity. We considered the overall control environment and how management oversee the implementation and operation of controls. In areas of the financial statements where the risks were considered to be higher, we performed procedures to address each identified risk.

The following procedures were performed to provide reasonable assurance that the financial statements were free of

material fraud or error:

Obtained an understanding of the entity’s risk assessment process, including the risk of fraud, by observation and

walkthrough.

Performed a disclosure checklist on the financial statements to ensure the Companies Act 2006 requirements are

satisfied.

Enquired of management around actual and potential fraud or fraud attempts, actual and potential litigation, claims and non-compliance with laws and regulations, including the Companies Act 2006 plus applicable health and safety

standards.

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

Use of our report

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

Ronnie Birnie, FCCA (Senior Statutory Auditor)

for and on behalf of SBP

Accountants and

Registered Auditors

27 Finlayson Street

Fraserburgh

Aberdeenshire

AB43 9JQ

12 May 2026

Statutory Auditors

TURNOVER

3

15,184,820

18,000,036

Cost of sales

10,500,030

13,425,191

GROSS PROFIT

4,684,790

4,574,845

Administrative expenses

2,114,008

1,912,559

2,570,782

2,662,286

Other operating income

32,973

30,320

OPERATING PROFIT

5

2,603,755

2,692,606

Interest receivable and similar income

41,006

86,658

2,644,761

2,779,264

Interest payable and similar expenses

6

9,237

4,261

PROFIT BEFORE TAXATION

2,635,524

2,775,003

Tax on profit

7

478,256

521,970

PROFIT FOR THE FINANCIAL YEAR

2,157,268

2,253,033

PROFIT FOR THE YEAR

2,157,268

2,253,033

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,157,268

2,253,033

FIXED ASSETS

Tangible assets

9

103,019

132,106

CURRENT ASSETS

Stocks

10

18,557

17,521

Debtors

11

5,260,254

5,096,029

Cash at bank and in hand

2,698,328

3,051,350

7,977,139

8,164,900

CREDITORS

Amounts falling due within one year

12

3,322,482

5,689,897

NET CURRENT ASSETS

4,654,657

2,475,003

TOTAL ASSETS LESS CURRENT LIABILITIES

4,757,676

2,607,109

PROVISIONS FOR LIABILITIES

14

19,854

26,555

NET ASSETS

4,737,822

2,580,554

CAPITAL AND RESERVES

Called up share capital

15

1

1

Retained earnings

16

4,737,821

2,580,553

SHAREHOLDERS' FUNDS

4,737,822

2,580,554

The financial statements were approved by the Board of Directors and authorised for issue on 12 May 2026 and were signed on its behalf by:

Mr J A Campbell - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 November 2023

1

6,120,221

6,120,222

Changes in equity

Dividends

-

(5,792,701

)

(5,792,701

)

Total comprehensive income

-

2,253,033

2,253,033

Balance at 31 October 2024

1

2,580,553

2,580,554

Changes in equity

Total comprehensive income

-

2,157,268

2,157,268

Balance at 31 October 2025

1

4,737,821

4,737,822

1.	STATUTORY INFORMATION

North Offshore Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary

amounts in these financial statements are rounded to the nearest £.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d).

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the

company has adequate resources to continue in operational existence for at least twelve months from the

date of signing the financial statements. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates

In the application of the company’s accounting policies, the directors are required to make judgements,

estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent

from other sources. The estimates and associated assumptions are based on historical experience and other

factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised where the revision affects only that

period, or in the period of the revision and future periods where the revision affects both current and future

periods.

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:

Useful economic lives of tangible fixed assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and

residual values of the assets. The useful economic lives and residual values are re-assessed annually. They

are amended when necessary to reflect current estimates, based on technological advancement, future

investments, economic utilisation and the physical condition of the assets.

Revenue recognition

In recognising revenue with reference to the stage of completion at the year end date, there has to be reliable estimates made of the outcome of each contract, the stage of completion, future costs and collectability of billings. This results in key judgements and estimates which impact upon the results for the year.

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 and settlement discounts.

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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of

completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on cost

Plant and machinery

-

33% on cost and 10% on cost

Fixtures and fittings

-

33% on cost and 25% on cost

Motor vehicles

-

25% on cost

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

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 credited or charged to profit or loss.

Government grants

Government grants are recognised at the fair value of the asset received 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.

Stocks

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

Work in progress

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are

recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract

are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

Financial instruments

The company 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 company's balance sheet when the company becomes party to

the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when

there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or

joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are

subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that

investments in equity instruments that are not publicly traded and whose fair values cannot be measured

reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of

impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that

occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was

recognised, the impairment is reversed. The reversal is such that the current carrying amount does not

exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or

are settled, or when the company 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference

shares that are classified as debt, 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

payments 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.

Equity instruments

Equity instruments issued by the company 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 company.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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.

3.

TURNOVER

The directors are of the opinion that disclosure of the different classes of turnover would be seriously

prejudicial to the company's interest. Such disclosure has therefore not been made.

4.	EMPLOYEES AND DIRECTORS

31.10.25

31.10.24

£

£

Wages and salaries

3,138,366

2,822,060

Social security costs

354,830

284,771

Other pension costs

89,419

87,403

3,582,615

3,194,234

The average number of employees during the year was as follows:

31.10.25

31.10.24

Management and administration

22

21

Production

55

54

77

75

31.10.25

31.10.24

£

£

Directors' remuneration

243,280

161,250

Directors' pension contributions to money purchase schemes

30,000

19,233

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

3

1

Information regarding the highest paid director for the year ended 31 October 2025 is as follows:

31.10.25

£

Emoluments etc

80,000

Pension contributions to money purchase schemes

12,000

In addition to the basic remuneration stated above, combined benefits to the value of £11,938 (2024: £3,489) accrued to the directors.

In addition to the basic remuneration stated above, combined benefits to the value of £3,763 were accrued to the highest paid director. No equivalent disclosure was required in the 2024 financial statements.

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.10.25

31.10.24

£

£

Hire of plant and machinery

5,343

5,616

Depreciation - owned assets

30,452

26,978

Loss/(profit) on disposal of fixed assets

8,902

(2,700

)

Property rental income

-

(6,816

)

Government grants

(32,973

)

(23,504

)

Operating lease charges

140,000

140,000

Auditor's remuneration - audit of the company's financial statements

24,320

15,559

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.10.25

31.10.24

£

£

Other interest

9,237

4,261

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.10.25

31.10.24

£

£

Current tax:

UK corporation tax

484,957

504,731

Deferred tax

(6,701

)

17,239

Tax on profit

478,256

521,970

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.10.25

31.10.24

£

£

Profit before tax

2,635,524

2,775,003

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

658,881

693,751

Effects of:

Expenses not deductible for tax purposes

7,950

12,731

Income not taxable for tax purposes

-

(230

)

Depreciation in excess of capital allowances

4,863

-

Adjustments to tax charge in respect of previous periods

(186,737

)

(160,047

)

Group relief

-

(24,235

)

Deferred taxation

(6,701

)

-

Total tax charge

478,256

521,970

8.

DIVIDENDS

31.10.25

31.10.24

£

£

Ordinary Share Capital share of £1

Final

-

5,792,701

9.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 November 2024

38,000

306,353

155,338

119,614

619,305

Additions

-

3,067

14,899

-

17,966

Disposals

-

-

-

(78,417

)

(78,417

)

At 31 October 2025

38,000

309,420

170,237

41,197

558,854

DEPRECIATION

At 1 November 2024

14,293

234,938

143,885

94,083

487,199

Charge for year

2,452

16,970

6,454

4,576

30,452

Eliminated on disposal

-

-

-

(61,816

)

(61,816

)

At 31 October 2025

16,745

251,908

150,339

36,843

455,835

NET BOOK VALUE

At 31 October 2025

21,255

57,512

19,898

4,354

103,019

At 31 October 2024

23,707

71,415

11,453

25,531

132,106

10.

STOCKS

31.10.25

31.10.24

£

£

Stock

18,557

17,521

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.25

31.10.24

£

£

Trade debtors

1,270,403

2,783,631

Amounts owed by group undertakings

3,710,000

1,952,000

Amounts recoverable on contract

104,592

184,760

Other debtors

137,410

136,674

Prepayments

37,849

38,964

5,260,254

5,096,029

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.25

31.10.24

£

£

Trade creditors

1,150,407

2,186,711

Tax

421,694

664,778

Social security and other taxes

114,857

188,082

VAT

319,872

1,002,686

Accrued expenses

1,315,652

1,647,640

3,322,482

5,689,897