Polarseal Holdings Limited
Annual Report and Financial Statements
For the year ended 31 December 2025
Company Registration No. 14147117 (England and Wales)
Polarseal Holdings Limited
Company Information
Directors
J Rich
M D Rich
S F Rich
T Rich
Secretary
M Rich
Company number
14147117
Registered office
Polarseal Tapes and Conversions
Guildford Road Trading Estate
Farnham
Surrey
GU9 9PZ
Auditor
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Business address
Guildford Road Trading Estate
Farnham
United Kingdom
GU9 9PZ
Polarseal Holdings Limited
Contents
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 10
Group statement of comprehensive income
11
Group balance sheet
12 - 13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 35
Polarseal Holdings Limited
Strategic Report
For the year ended 31 December 2025
Page 1

The directors have pleasure in presenting the strategic report for the year ended 31 December 2025, which can be read in conjunction with the Directors' Report.

The principal activity of the company and group in the year under review was the converting of flexible materials into medical products and packaging of ancillary products. This includes partnering with specialist sterilisation service providers driving value and simplicity for our customers.

Business Review

The group experienced strong growth during 2025 increasing its business levels whilst investing in people and operations to scale the business and deliver excellent service to existing and potential customers.

Financial Performance and Key Indicators

The business tracks several financial, operational, regulatory and quality metrics. Financial KPIs are revenue and adjusted EBITDA.

2025 revenue increased by 40.7% compared with 2024 to £18,218k.

2025 adjusted EBITDA increased by 10.6% compared with 2024 to £2,210k.

£'000s
2024
2025
Change
Revenue
12,944
18,218
5,274
Operating profit
1,103
239
(864)
Add:
Depreciation and similar expenses
193
255
62
Amortisation and similar expenses
378
385
7
Administrative costs relating to financing & foreign exchange
1
53
54
EBITDA
1,673
932
(741)
Adjusted for exceptional items:
Costs of business review and restructure
100
878
778
Non-capital investment in strategic projects
-
18
18
Charitable donations
155
163
8
Other exceptional items
70
219
149
Adjusted EBITDA
1,998
2,210
212
Adjusted EBTIDA %
15.44%
12.13%
Future Developments and Post Balance Sheet Events

The group has traded well into 2026 with an extremely buoyant order book and sales pipeline.

The group continues to invest in expansion. The UK subsidiary has completed its site expansion programme for its Carlton site, including a new staff welfare unit. The USA subsidiary has secured a new location and developing local production capabilities to service the USA market.

Polarseal Holdings Limited
Strategic Report (Continued)
For the year ended 31 December 2025
Page 2
Principle Risks and Uncertainties

The directors believe the group is well placed to manage its business risks.

The group manages its risk through strong internal controls, utilising competent third-party providers, and holding insurance where appropriate.

Liquidity Risk

The group carefully manages its cashflows and compiles a 13-week cash flow forecast. Budgets are produced annually and rolling forecasts are updated on a regular basis. The group works closely with banks to ensure available funding is sufficient to meet the group’s operating requirements.

Credit Risk

The group maintains robust credit control procedures including credit checks before agreeing to credit terms, and monitoring exposure on ongoing basis using credit reporting agencies.

Foreign currency risk

The group utilises foreign currencies for both sale and purchase transactions. The net impact of foreign currency purchases and sales is well balanced. The group also has access to currency management options through its banking provider.

Quality risk

The group provides products into the heavily regulated medical markets. The group operates a quality management system which has been certified to ISO 13485:2016, FDA, and EU MDR standards.

Legislative and regulatory risk

The group has in house Regulatory experts who are nominated to act as Person Responsible for Regulatory Compliance on behalf of the group in accordance with the regulatory and legal requirements. The group is audited by the relevant authorities to ensure compliance, and acts on audit recommendations promptly.

The group takes external legal advice from time to time to ensure compliance with legislation and minimise the risk of litigation.

The group has complied with all applicable legislation and regulations.

Information systems and cyber security risk

The group relies on its information systems in the normal course of business. As technology advances the risk of cyber-attacks on businesses becomes more prevalent. The group works with a third-party provider to ensure information systems are well maintained and regularly updated with the latest security patches as well as receiving training and assistance on prevention of, and response to, cyber security risks.

Environmental risk

The group is registered with EcoVadis who operate an evidence-based platform, providing the company with sustainability ratings and allowing the company to assess the ESG performance of its own environment from its activities, whilst continuing to address health, safety and economic issues.

Geopolitical risk

The group recognises that geopolitical events, particularly the current conflict on the Middle East may have impacts to the company including cost inflation and supply constraints. The group works with both customers and suppliers, to maintain appropriate stock levels to maintain supply, and to ensure cost pressures are mitigated as far as possible, reviewing selling prices on a regular basis to ensure sustainable margins are maintained.

Polarseal Holdings Limited
Strategic Report (Continued)
For the year ended 31 December 2025
Page 3

On behalf of the board

J Rich
Director
15 May 2026
Polarseal Holdings Limited
Directors' Report
For the year ended 31 December 2025
Page 4

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company and group continued to be that of converting flexible materials into medical products and packaging of ancillary products. This includes partnering with specialist sterilisation service providers driving value and simplicity for our customers.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £424,294. The directors do not recommend payment of a further dividend.

Directors

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

J Rich
M D Rich
S F Rich
T Rich
Auditor

In accordance with the company's articles, a resolution proposing that Moore Kingston Smith LLP be reappointed as auditor of the group will be put at a General Meeting.

Statement of directors' responsibilities

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

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

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

- select suitable accounting policies and then apply them consistently;

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

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

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

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

Polarseal Holdings Limited
Directors' Report
For the year ended 31 December 2025
Page 5
Statement of disclosure to auditor

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

On behalf of the board
J Rich
Director
15 May 2026
Polarseal Holdings Limited
Independent Auditor's Report
To the Members of Polarseal Holdings Limited
Page 6
Opinion

We have audited the financial statements of Polarseal Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Group Statement of Comprehensive Income, the Group Balance Sheet, the Company Balance Sheet, the Group Statement of Changes in Equity, the Company Statement of Changes in Equity, the Group Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Polarseal Holdings Limited
Independent Auditor's Report (Continued)
To the Members of Polarseal Holdings Limited
Page 7

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

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

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

Polarseal Holdings Limited
Independent Auditor's Report (Continued)
To the Members of Polarseal Holdings Limited
Page 8
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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

- Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

- Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Polarseal Holdings Limited
Independent Auditor's Report (Continued)
To the Members of Polarseal Holdings Limited
Page 9

Explanation as to what extent the audit was considered capable of detecting irregularities, including

fraud

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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

- We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

- We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.

- Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are 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. Also, 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 concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Polarseal Holdings Limited
Independent Auditor's Report (Continued)
To the Members of Polarseal Holdings Limited
Page 10

Use of our report

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

Steven Rushmer
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP
15 May 2026
Chartered Accountants
Statutory Auditor
Orbital House
20 Eastern Road
Romford
Essex
RM1 3PJ
Polarseal Holdings Limited
Group Statement of Comprehensive Income
For the year ended 31 December 2025
Page 11
2025
2024
Notes
£
£
Turnover
3
18,218,444
12,944,045
Cost of sales
(13,296,665)
(8,961,624)
Gross profit
4,921,779
3,982,421
Administrative expenses
(4,830,861)
(2,888,821)
Other operating income
148,249
9,848
Operating profit
4
239,167
1,103,448
Interest receivable and similar income
4,765
11,518
Interest payable and similar expenses
7
(20,172)
(2,452)
Profit before taxation
223,760
1,112,514
Tax on profit
8
(169,450)
(386,421)
Profit for the financial year
54,310
726,093
Other comprehensive income
Currency translation gain taken to retained earnings
-
0
1,601
Total comprehensive income for the year
54,310
727,694
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
Polarseal Holdings Limited
Group Balance Sheet
As at 31 December 2025
Page 12
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
10
145,822
495,822
Other intangible assets
10
82,654
68,274
Total intangible assets
228,476
564,096
Tangible assets
11
1,072,797
553,847
1,301,273
1,117,943
Current assets
Stocks
15
4,107,069
2,491,557
Debtors
16
5,368,460
1,913,969
Cash at bank and in hand
101,876
806,197
9,577,405
5,211,723
Creditors: amounts falling due within one year
17
(7,944,536)
(3,084,116)
Net current assets
1,632,869
2,127,607
Total assets less current liabilities
2,934,142
3,245,550
Creditors: amounts falling due after more than one year
18
(4,211)
(17,297)
Provisions for liabilities
Deferred tax liability
21
199,731
128,069
(199,731)
(128,069)
Net assets
2,730,200
3,100,184
Capital and reserves
Called up share capital
23
101
101
Profit and loss reserves
2,730,099
3,100,083
Total equity
2,730,200
3,100,184
Polarseal Holdings Limited
Group Balance Sheet
As at 31 December 2025
Page 13

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

The financial statements were approved by the board of directors and authorised for issue on 15 May 2026 and are signed on its behalf by:
15 May 2026
J Rich
Director
Company registration number 14147117 (England and Wales)
Polarseal Holdings Limited
Company Balance Sheet
As at 31 December 2025
31 December 2025
Page 14
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
12
896
896
Current assets
Debtors
16
24,856
97,365
Creditors: amounts falling due within one year
17
(25,596)
(96,349)
Net current (liabilities)/assets
(740)
1,016
Net assets
156
1,912
Capital and reserves
Called up share capital
23
101
101
Profit and loss reserves
55
1,811
Total equity
156
1,912

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £422,538 (2024 - £597,385 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 15 May 2026 and are signed on its behalf by:
15 May 2026
J Rich
Director
Company registration number 14147117 (England and Wales)
Polarseal Holdings Limited
Group Statement of Changes in Equity
For the year ended 31 December 2025
Page 15
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Period ended 31 December 2023
Profit for the year
-
726,093
726,093
Other comprehensive income:
Currency translation differences
-
1,601
1,601
Total comprehensive income for the year
-
727,694
727,694
Dividends
9
-
(595,574)
(595,574)
Balance at 31 December 2024
101
3,100,083
3,100,184
Year ended 31 December 2025:
Profit and total comprehensive income for the year
-
54,310
54,310
Dividends
9
-
(424,294)
(424,294)
Balance at 31 December 2025
101
2,730,099
2,730,200
Polarseal Holdings Limited
Company Statement of Changes in Equity
For the year ended 31 December 2025
Page 16
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Period ended 31 December 2023
Profit and total comprehensive income for the year
-
597,385
597,385
Dividends
9
-
(595,574)
(595,574)
Balance at 31 December 2024
101
1,811
1,912
Year ended 31 December 2025:
Profit and total comprehensive income for the year
-
422,538
422,538
Dividends
9
-
(424,294)
(424,294)
Balance at 31 December 2025
101
55
156
Polarseal Holdings Limited
Group Statement of Cash Flows
For the year ended 31 December 2025
Page 17
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
663,212
2,169,620
Interest paid
(20,172)
(2,452)
Income taxes paid
(282,957)
(295,096)
Net cash inflow from operating activities
360,083
1,872,072
Investing activities
Purchase of intangible assets
(49,373)
(47,490)
Purchase of tangible fixed assets
(774,901)
(116,742)
Proceeds from disposal of tangible fixed assets
1,252
141
Interest received
4,765
11,518
Net cash used in investing activities
(818,257)
(152,573)
Financing activities
(Repayment)/ Issue of bank loans
-
(559,008)
Payment of finance leases obligations
(13,086)
(289,168)
Dividends paid to equity shareholders
(424,294)
(595,574)
Net cash used in financing activities
(437,380)
(1,443,750)
Net (decrease)/increase in cash and cash equivalents
(895,554)
275,749
Cash and cash equivalents at beginning of year
806,197
528,848
Effect of foreign exchange rates
-
1,600
Cash and cash equivalents at end of year
(89,357)
806,197
Relating to:
Cash at bank and in hand
101,876
806,197
Bank overdrafts included in creditors payable within one year
(191,233)
-
Polarseal Holdings Limited
Notes to the Group Financial Statements
For the year ended 31 December 2025
Page 18
1
Accounting policies
Company information

Polarseal Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Polarseal Tapes and Conversions, Guildford Road Trading Estate, Farnham, Surrey, GU9 9PZ.

The group consists of Polarseal Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination, liabilities and contingent liabilities acquired is recognised as goodwill.

Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following acquisition date.

1.3
Basis of consolidation

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

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

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

1.4
Going concern

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

Polarseal Holdings Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 19
1.5
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

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.

1.6
Research and development expenditure

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

1.7
Intangible fixed assets - goodwill

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

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Intangible fixed assets other than goodwill

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

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

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

Software
20% straight line
1.9
Tangible fixed assets

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

Polarseal Holdings Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 20

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

Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance
Office Equipment
33% reducing balance
Other fixed assets
20% straight line
Property Improvements
20% straight line

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

1.10
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

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

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials only.

Polarseal Holdings Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 21

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

1.12
Cash and cash equivalents

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

1.13
Financial instruments

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

1.14
Taxation

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

Current tax

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

Deferred tax

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

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

1.15
Employee benefits

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

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

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

Polarseal Holdings Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
1
Accounting policies
(Continued)
Page 22
1.16
Retirement benefits

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

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

Polarseal Holdings Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
Page 23
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 intangible assets

The annual amortisation charge for intangible assets is sensitive to changes in the estimated lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. Goodwill impairment reviews are also performed annually. These reviews require an estimation of the value in use of the cash generating units to which goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows expected to arise for the cash generating unit and a suitable discount rate to calculate present value. See note 10 for the carrying amount of the intangible assets and notes 1.7 and 1.8 for the useful economic lives for each class of asset.

Useful economic lives of property, plant and equipment

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic 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. See note 11 for the carrying amount of the property, plant and equipment and note 1.9 for the useful economic lives for each class of asset.

Stock

The level of stocks and the stock provision are set out in note 15. For each line of stock, a provision is made against the cost of the stock, where the Net Realisable Value is less than cost. Net Realisable Value is the estimated selling price for stocks less all estimated costs of completion and costs necessary to make the sale. The estimated selling price for each stock line is a judgement based mainly on recent selling patterns for that product.

Polarseal Holdings Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
Page 24
3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Sales
18,218,444
12,944,045
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
12,861,425
8,695,695
Rest of the World
5,357,019
4,248,350
18,218,444
12,944,045
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging:
Exchange losses/(gains)
17,579
(14,352)
Research and development costs
17,923
96
Government grants
-
(2,933)
Depreciation of owned tangible fixed assets
255,581
193,439
Defined contribution pension cost
71,681
58,574
(Profit)/loss on disposal of tangible fixed assets
(882)
149
Amortisation of intangible assets
384,993
378,263
Operating lease charges
362,148
235,131
5
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Office staff
28
31
-
-
Production staff
68
58
-
-
Total
96
89
0
0
Polarseal Holdings Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
5
Employees
(Continued)
Page 25

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
3,987,344
3,098,158
-
0
-
0
Social security costs
482,444
302,322
-
-
Pension costs
71,681
58,574
-
0
-
0
4,541,469
3,459,054
-
0
-
0
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
297,632
150,825
Company pension contributions to defined contribution schemes
3,142
2,151
300,774
152,976
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
135,337
73,652

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

7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
20,172
2,452
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
97,788
406,942
Polarseal Holdings Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
8
Taxation
2025
2024
£
£
(Continued)
Page 26
Deferred tax
Origination and reversal of timing differences
71,662
(20,521)
Total tax charge
169,450
386,421

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

2025
2024
£
£
Profit before taxation
223,760
1,112,514
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
55,940
278,129
Effects of:
Expenses that are not deductible in determining taxable profit
113,510
21,396
Deferred tax adjustments in respect of prior years
-
0
86,896
Taxation charge in the financial statements
169,450
386,421
9
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
424,294
595,574
Polarseal Holdings Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
Page 27
10
Intangible fixed assets
Group
Goodwill
Software
Total
£
£
£
Cost
At 1 January 2025
3,500,000
280,313
3,780,313
Additions
-
0
49,373
49,373
At 31 December 2025
3,500,000
329,686
3,829,686
Amortisation and impairment
At 1 January 2025
3,004,178
212,039
3,216,217
Amortisation charged for the year
350,000
34,993
384,993
At 31 December 2025
3,354,178
247,032
3,601,210
Carrying amount
At 31 December 2025
145,822
82,654
228,476
At 31 December 2024
495,822
68,274
564,096
The company had no intangible fixed assets at 31 December 2025 or 31 December 2024.

The carrying amount of the goodwill above is £145,822 (2024: £495,822). The remaining amortisation period is just under one year.

Polarseal Holdings Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
Page 28
11
Tangible fixed assets
Group
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Office Equipment
Other fixed assets
Total
£
£
£
£
£
£
£
Cost
At 1 January 2025
-
0
1,386,776
236,795
15,000
111,436
161,542
1,911,549
Additions
309,835
254,678
137,978
-
0
13,614
58,796
774,901
Disposals
-
0
-
0
-
0
-
0
(4,736)
-
0
(4,736)
At 31 December 2025
309,835
1,641,454
374,773
15,000
120,314
220,338
2,681,714
Depreciation and impairment
At 1 January 2025
-
0
932,018
167,057
9,768
88,583
160,276
1,357,702
Depreciation charged in the year
-
0
177,361
51,905
1,309
11,981
13,025
255,581
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(4,366)
-
0
(4,366)
At 31 December 2025
-
0
1,109,379
218,962
11,077
96,198
173,301
1,608,917
Carrying amount
At 31 December 2025
309,835
532,075
155,811
3,923
24,116
47,037
1,072,797
At 31 December 2024
-
0
454,758
69,738
5,232
22,853
1,266
553,847
The company had no tangible fixed assets at 31 December 2025 or 31 December 2024.
Polarseal Holdings Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
11
Tangible fixed assets
(Continued)
Page 29

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Plant and equipment
22,376
29,834
-
0
-
0
12
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
896
896
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025 and 31 December 2025
896
Carrying amount
At 31 December 2025
896
At 31 December 2024
896
13
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Polarseal Tapes and Conversions Limited
Guildford Road Trading Estate, Farnham, Surrey, GU9 9PZ
Ordinary
100.00
Polarseal Tapes and Conversions US Inc
100 Challenger Road, Ridgefield Park, New Jersey, 076600
Ordinary
100.00
Polarseal Holdings Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
Page 30
14
Financial instruments
Group
Company
2025
2024
2025
2024
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
4,929,669
1,794,656
24,856
97,365
Carrying amount of financial liabilities
Measured at amortised cost
7,360,833
2,582,075
23,105
95,745
15
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
3,282,449
1,924,221
-
-
Work in progress
614,683
355,199
-
-
Finished goods and goods for resale
209,937
212,137
-
0
-
0
4,107,069
2,491,557
-
-

A stock impairment provision has been applied totalling £858,383 (2024: £285,426).

16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,795,428
1,758,050
-
0
-
0
Unpaid share capital
1
1
1
1
Amounts owed by group undertakings
-
0
-
0
24,855
97,364
Other debtors
134,240
36,605
-
0
-
0
Prepayments and accrued income
438,791
119,313
-
0
-
0
5,368,460
1,913,969
24,856
97,365
Polarseal Holdings Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
Page 31
17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
19
1,479,730
-
0
-
0
-
0
Obligations under finance leases
20
14,070
14,070
-
0
-
0
Trade creditors
1,901,366
601,359
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
-
0
54,364
Corporation tax payable
97,404
282,573
2,491
604
Other taxation and social security
490,510
236,765
-
0
-
0
Other creditors
1,028,410
797,333
23,105
41,381
Accruals and deferred income
2,933,046
1,152,016
-
0
-
0
7,944,536
3,084,116
25,596
96,349
18
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
20
4,211
17,297
-
0
-
0
19
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
1,288,497
-
0
-
0
-
0
Bank overdrafts
191,233
-
0
-
0
-
0
1,479,730
-
-
-
Payable within one year
1,479,730
-
0
-
0
-
0
20
Finance lease obligations
Group
Company
2025
2024
2025
2024
Amounts due:
£
£
£
£
Current liabilities
14,070
14,070
-
0
-
0
Non-current liabilities
4,211
17,297
-
0
-
0
18,281
31,367
-
-
Polarseal Holdings Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
20
Finance lease obligations
(Continued)
Page 32
Group
Company
2025
2024
2025
2024
Future minimum lease payments due:
£
£
£
£
Within one year
14,070
14,090
-
0
-
0
In two to five years
4,211
17,277
-
0
-
0
18,281
31,367
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
201,712
139,345
Short term timing differences
(1,981)
(11,276)
199,731
128,069
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 January 2025
128,069
-
Charge to profit or loss
71,662
-
Liability at 31 December 2025
199,731
-

T he deferred tax liability set out above is expected to reverse and relates to accelerated capital allowances that are expected to mature.

Polarseal Holdings Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
Page 33
22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
71,681
58,574

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

23
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
20 Ordinary A shares of £1 each
20
20
20
20
20 Ordinary B shares of £1 each
20
20
20
20
5 Ordinary C shares of £1 each
5
5
5
5
5 Ordinary D shares of £1 each
5
5
5
5
10 Ordinary E shares of £1 each
10
10
10
10
10 Ordinary F shares of £1 each
10
10
10
10
5 Ordinary G shares of £1 each
5
5
5
5
5 Ordinary H shares of £1 each
5
5
5
5
5 Ordinary I shares of £1 each
5
5
5
5
5 Ordinary J shares of £1 each
5
5
5
5
5 Ordinary K shares of £1 each
5
5
5
5
5 Ordinary L shares of £1 each
5
5
5
5
100
100
100
100
Issued and unpaid
1 Redeemable share of £1 each
1
1
1
1
Polarseal Holdings Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
Page 34
24
Financial commitments, guarantees and contingent liabilities

A debenture in favour of HSBC bank plc has been given by the Company in respect of a trade finance agreement incorporating full title guarantee over a pledge over the goods and absolute assignment over present and future rights as unpaid seller of the goods.

25
Events after the reporting date

On 25 February 2026, Polarseal Tapes and Conversions Limited company entered into an invoice discounting facility with HSBC Invoice Finance (UK) Limited. The facility is secured by fixed charges over purchased debts and includes a negative pledge.

26
Related party transactions
Transactions with related parties

During the year the directors incurred expenses on behalf of the group and the total balance owed by the group at the year end was £298,897 (2024: £696,299).

The group operates from two premises, both of which are owned by the directors of the group. During the period, rent of £270,910 (2024: £229,182) was paid by the Company to directors and additional expenses of £36,762 (2024: £25,885). As at the year end, included in trade creditors was a balance of £8,400 (2024: £nil) due to the directors in respect of these charges.

During the year, the group made sales of £190,749 (2024: £167,739) to IST Scientific LLP holding a close relationship with the directors. As at the year end, included in trade debtors was a balance of £2,959 (2024: £55,859) due from IST Scientific LLP in respect of these sales.

In addition, during the year the group incurred charges of £243,146 (2024: £87,998) from IST Scientific LLP. As at the year end, included in trade creditors was a balance of £6,176 (2024: £nil) due to IST Scientific LLP in respect of these charges.

The company has taken exemption under FRS 102 section 33.1A from disclosing transactions with group companies, on the grounds that each company party to the transactions is wholly owned within the group.

Polarseal Holdings Limited
Notes to the Group Financial Statements (Continued)
For the year ended 31 December 2025
Page 35
27
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
54,310
726,093
Adjustments for:
Taxation charged
169,450
395,058
Finance costs
20,172
2,452
Investment income
(4,765)
(11,518)
(Gain)/loss on disposal of tangible fixed assets
(882)
149
Amortisation and impairment of intangible assets
384,993
378,263
Depreciation and impairment of tangible fixed assets
255,581
193,439
Movements in working capital:
(Increase)/decrease in stocks
(1,615,512)
23,619
(Increase)/decrease in debtors
(3,454,491)
1,939,363
Increase/(decrease) in creditors
4,854,356
(1,477,298)
Cash generated from operations
663,212
2,169,620
28
Analysis of changes in net funds/(debt) - group
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
806,197
(704,321)
101,876
Bank overdrafts
-
0
(191,233)
(191,233)
806,197
(895,554)
(89,357)
Borrowings excluding overdrafts
-
(1,288,497)
(1,288,497)
Payment of finance leases obligations
(31,367)
13,086
(18,281)
774,830
(2,170,965)
(1,396,135)
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