REGISTERED NUMBER: 01378413 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH NOVEMBER 2025

FOR

CLWYD COMPOUNDERS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Income and Retained Earnings

9

Balance Sheet

10

Notes to the Financial Statements

11

DIRECTORS:

J G Haywood

S A Haywood

M Winrow

D G O'Hare

I G Haywood

SECRETARY:

S A Haywood

REGISTERED OFFICE:

1 Elm Point

Abbey Road North

Wrexham Industrial Estate

Wrexham

LL13 9UE

REGISTERED NUMBER:

01378413 (England and Wales)

AUDITORS:

M. D. Coxey and Co. Limited

Chartered Accountants

and Statutory Auditors

25 Grosvenor Road

Wrexham

LL11 1BT

BANKERS:

HSBC Bank plc

17-19 Regent Street

Wrexham

LL11 1RN

The directors present their strategic report for the year ended 30th November 2025.

REVIEW OF BUSINESS

Significant impacts of REACH compliance, discontinuation of supply of specialist ingredients, and supply chain consolidation continue to be ever-present forces. However, through extensive improvements in our supply chain and further investment in our Technologist team, our ability to source and reformulate with alternative ingredients has allowed us to maintain excellent service and availability levels for our customers.

Our work in stabilising our Fluorinated elastomer supply made excellent progress in 2025, and our programme of transitioning to Reach Compliant materials is nearing completion. This significant investment in product development will not only protect our current market position but will create market opportunities for expansion.

Progress continued at a pace during 2025 migrating our three ISO Standards 9001:2015, 14001:2015 & 45001:2018 to an integrated management system which will streamline our systems and provide significant efficiency gains in our administration.

Further investments in Laboratory Testing capabilities and software systems such as Customer Relationship Management have been made to strengthen our position with existing customers and allow us to attract new customers both on the domestic and international markets.

Whilst the general marketplace for elastomer compounds remained challenging in 2025, and our sales have continued to grow modestly. This has allowed us to continue investments in production facilities, and improvements in shop floor data capture systems to enhance the levels of product finish and technical data available to our customers.

Our people have been central to the continued success of Clwyd Compounders, and further investment in cultural growth, people development and leadership skills made during 2025, will continue creating a strong, well trained highly motivated team allowing the business to expand its customer and market base.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors will continue to identify, monitor, and manage potential risks and uncertainties to the company, at present the principal risks are the following: -

- Market conditions remain volatile and hard to predict, with supplier consolidation, high levels of raw materials disruption in response to regulatory changes. Shifting demand patterns in many market sectors whilst challenging, these changes also bring opportunities.

- Geopolitical instability, and international trade disputes have been continued to bring complications to our export trade.

- Compliance and regulatory costs and increased administration burden in a constantly evolving landscape are an ever-growing burden.

- Consolidation of material supplies with a concentration on volume production may put further pressure on supplies of higher specification grades.

- Exchange rate volatility risk.

- Development of new international customers in the energies and defence market sectors, will continue to be challenging in nature but when successful bring many long terms growth benefits.

ON BEHALF OF THE BOARD:

S A Haywood - Secretary

16th March 2026

The directors present their report with the financial statements of the company for the year ended 30th November 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of manufacture of rubber compounds.

DIVIDENDS

An interim dividend of £4.08 per share was paid on 30th November 2025. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30th November 2025 will be £ 2,000,000 .

FUTURE DEVELOPMENTS

The company is in a strong position to develop it's operations.

DIRECTORS

The directors set out in the table below have held office during the whole of the period from 1st December 2024 to the date of this report.

The directors shown below were in office at 30th November 2025 but did not hold any interest in the Ordinary shares of £0.10 each at 1st December 2024 or 30th November 2025.

J G Haywood

S A Haywood

M Winrow

D G O'Hare

I G Haywood

FINANCIAL INSTRUMENTS

The company's operations expose it to a variety of financial risks including price risk, credit risk, liquidity risk and cash flow risk.

The company's principal financial instruments comprise sterling, euro and dollar cash and bank deposit, together with trade debtors and trade creditors that arise directly from operations.

Credit risk

The company's credit risk is primarily attributable to its trade debtors. Credit risk is mitigated by monitoring and management of the credit limits given to its customers.

Price risk

The company is exposed to currency fluctuations as many raw materials need to be purchased in euros. Company policy is to internally hedge as much as possible, and to purchase the balance of euros required 3 months in advance. Formal hedging instruments are not used due to the difficulty in forecasting demand accurately

Liquidity risk/ cash flow risk

The company continues to experience fluctuating sales levels from month to month; as short lead time suppliers we are quickly affected by "market shocks" such as the war in Ukraine and oil price fluctuations. There is also a need for increased stockholding to cope with the ongoing difficulties in the raw materials supply chain. The directors consider that the company has the financial strength to cover the impact of such events.

POST BALANCE SHEET EVENTS

There have been no events since the year end which would materially affect the financial statements.

FINANCIAL RISK MANAGEMENT

To mitigate the effects of such risks the Directors have established procedures and methods which are reviewed on a regular basis, both on a monitoring basis and as a mechanism to identify new risks and uncertainties and to plan accordingly.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, M. D. Coxey and Co. Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S A Haywood - Secretary

16th March 2026

Opinion

We have audited the financial statements of Clwyd Compounders Limited (the 'company') for the year ended 30th November 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 30th November 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.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence,

capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other

management;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of

management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to

instances of non-compliance throughout the audit.

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

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of

actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining accounting estimates were indicative of

potential bias; and

- investigated the rationale behind significant or unusual transactions;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Joanne Evans (Senior Statutory Auditor)

for and on behalf of M. D. Coxey and Co. Limited

Chartered Accountants

and Statutory Auditors

25 Grosvenor Road

Wrexham

LL11 1BT

16th March 2026

TURNOVER

3

18,931,281

18,763,116

Cost of sales

10,071,651

10,464,868

GROSS PROFIT

8,859,630

8,298,248

Distribution costs

117,528

113,025

Administrative expenses

6,662,744

5,906,753

6,780,272

6,019,778

OPERATING PROFIT

6

2,079,358

2,278,470

Interest receivable and similar income

7

222,809

235,450

PROFIT BEFORE TAXATION

2,302,167

2,513,920

Tax on profit

8

569,929

619,631

PROFIT FOR THE FINANCIAL YEAR

1,732,238

1,894,289

Retained earnings at beginning of year

9,428,560

10,284,271

Dividends

9

(2,000,000

)

(2,750,000

)

RETAINED EARNINGS AT END OF YEAR

9,160,798

9,428,560

FIXED ASSETS

Tangible assets

10

2,579,343

2,595,292

CURRENT ASSETS

Stocks

11

1,990,372

2,738,427

Debtors

12

4,410,115

3,572,902

Cash at bank and in hand

5,329,909

6,158,586

11,730,396

12,469,915

CREDITORS

Amounts falling due within one year

13

4,665,334

5,186,230

NET CURRENT ASSETS

7,065,062

7,283,685

TOTAL ASSETS LESS CURRENT LIABILITIES

9,644,405

9,878,977

CREDITORS

Amounts falling due after more than one year

14

(19,792

)

(19,792

)

PROVISIONS FOR LIABILITIES

16

(413,815

)

(380,625

)

NET ASSETS

9,210,798

9,478,560

CAPITAL AND RESERVES

Called up share capital

17

49,000

49,000

Capital redemption reserve

18

1,000

1,000

Retained earnings

18

9,160,798

9,428,560

SHAREHOLDERS' FUNDS

9,210,798

9,478,560

The financial statements were approved by the Board of Directors and authorised for issue on 16th March 2026 and were signed on its behalf by:

J G Haywood - Director

S A Haywood - Director

1.	STATUTORY INFORMATION

Clwyd Compounders Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Status and principal activities

Clwyd Compounders Limited is a company limited by shares, incorporated in England and Wales. Its Registered Office is 1 Elm Point, Abbey Road North, Wrexham Industrial Estate, Wrexham, LL13 9UE.

The principal activity of the company is the manufacture of rubber compounds.

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);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirement of paragraph 33.7.

Related party exemption

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

Significant judgements and estimates

In the application of the Company’s accounting policies, management are required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily available from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

- Estimated useful lives and residual values of fixed assets:

Depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during current and prior accounting periods.

- Estimated write down of stock to net realisable value:

Stock valuation has been based on net realisable value deemed appropriate by the directors. The estimated write down of stock to net realisable value is reviewed annually and revised as appropriate by the directors.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of Value Added Tax.

Sales of goods

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when the risks and rewards of ownership have passed to the customer. This typically happens when goods are delivered and legal title has passed.

Tangible fixed assets

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

Short leasehold

-

The length of the lease

Plant and machinery

-

10% on cost

Fixtures, fittings & equipment

-

10% - 20% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

10% - 20% on cost

Stocks

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

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

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument.

Cash and cash equivalents:

These comprise cash at bank and other short-term highly liquid bank deposits with an original maturity of three months or less.

Debtors:

Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the profit and loss account when there is objective evidence that the asset is impaired.

Trade creditors:

Trade creditors are not interest bearing and are stated at their nominal value.

Intra-group balances (being repayable on demand) are measured at the undiscounted amount of cash or other consideration expected to be paid or received.

Taxation

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

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

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

Pension costs and other post-retirement benefits

Contributions are made to a group personal pension plan for the benefit of staff managed by an independent insurance company. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

30.11.25

30.11.24

£

£

Manufacture of rubber compound

18,931,281

18,763,116

18,931,281

18,763,116

An analysis of turnover by geographical market is given below:

30.11.25

30.11.24

£

£

United Kingdom

15,089,009

14,642,650

European Community

1,652,681

1,695,430

Non European Community

2,189,591

2,425,036

18,931,281

18,763,116

4.	EMPLOYEES AND DIRECTORS

30.11.25

30.11.24

£

£

Wages and salaries

4,180,762

3,675,529

Social security costs

452,882

418,823

Other pension costs

310,437

286,705

4,944,081

4,381,057

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

30.11.25

30.11.24

Production

31

30

Sales, technical and laboratory

37

36

Administration

16

14

84

80

5.	DIRECTORS' EMOLUMENTS

30.11.25

30.11.24

£

£

Directors' remuneration

576,811

502,754

Directors' pension contributions to money purchase schemes

49,737

41,973

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

Money purchase schemes

3

3

Information regarding the highest paid director is as follows:

30.11.25

30.11.24

£

£

Emoluments etc

236,274

201,956

Pension contributions to money purchase schemes

18,894

15,642

Key management are also the directors.

6.	OPERATING PROFIT

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

30.11.25

30.11.24

£

£

Depreciation - owned assets

579,432

513,351

Profit on disposal of fixed assets

(16,000

)

(9,642

)

Auditors' remuneration

16,395

14,300

Auditors' remuneration for non audit work

3,788

1,986

Foreign exchange differences

11,228

20,544

Operating lease rentals: other assets

415,500

318,000

7.

INTEREST RECEIVABLE AND SIMILAR INCOME

30.11.25

30.11.24

£

£

Deposit account interest

199,562

235,450

Corporation tax interest

23,247

-

222,809

235,450

8.

TAXATION

Analysis of the tax charge

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

30.11.25

30.11.24

£

£

Current tax:

UK corporation tax

536,739

617,940

Deferred tax

33,190

1,691

Tax on profit

569,929

619,631

UK corporation tax has been charged at 25% (2024 - 25%).

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:

30.11.25

30.11.24

£

£

Profit before tax

2,302,167

2,513,920

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

575,542

628,480

Effects of:

Permanent timing differences

3,444

4,928

Pension timing differences

2,048

2,107

Research & development (2 years)

(11,105

)

(15,884

)

allowance

Total tax charge

569,929

619,631

9.

DIVIDENDS

30.11.25

30.11.24

£

£

Interim

2,000,000

2,750,000

10.	TANGIBLE FIXED ASSETS

Fixtures,

Short

Plant and

fittings

leasehold

machinery

& equipment

£

£

£

COST

At 1st December 2024

2,114,164

3,436,617

576,015

Additions

92,556

213,249

174,333

Disposals

(963,063

)

(59,027

)

(153,027

)

At 30th November 2025

1,243,657

3,590,839

597,321

DEPRECIATION

At 1st December 2024

1,460,788

2,021,639

521,246

Charge for year

84,176

303,446

37,385

Eliminated on disposal

(963,063

)

(59,027

)

(153,027

)

At 30th November 2025

581,901

2,266,058

405,604

NET BOOK VALUE

At 30th November 2025

661,756

1,324,781

191,717

At 30th November 2024

653,376

1,414,978

54,769

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1st December 2024

153,949

1,160,605

7,441,350

Additions

-

83,345

563,483

Disposals

-

(122,399

)

(1,297,516

)

At 30th November 2025

153,949

1,121,551

6,707,317

DEPRECIATION

At 1st December 2024

50,560

791,825

4,846,058

Charge for year

30,790

123,635

579,432

Eliminated on disposal

-

(122,399

)

(1,297,516

)

At 30th November 2025

81,350

793,061

4,127,974

NET BOOK VALUE

At 30th November 2025

72,599

328,490

2,579,343

At 30th November 2024

103,389

368,780

2,595,292

11.

STOCKS

30.11.25

30.11.24

£

£

Raw materials and consumables

1,803,398

2,532,137

Work-in-progress

186,974

206,290

1,990,372

2,738,427

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.25

30.11.24

£

£

Trade debtors

4,176,349

3,295,480

Other debtors

15,967

20,606

Prepayments

217,799

256,816

4,410,115

3,572,902

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.25

30.11.24

£

£

Trade creditors

931,387

729,225

Amounts owed to group undertakings

2,000,000

2,904,350

Corporation tax

156,432

273,941

Social security and other taxes

114,518

89,579

VAT

554,159

387,758

Other creditors and accruals

908,838

801,377

4,665,334

5,186,230

14.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.25

30.11.24

£

£

Deferred government grants

19,792

19,792

15.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.11.25

30.11.24

£

£

Within one year

468,000

318,000

Between one and five years

1,872,000

1,272,000

In more than five years

1,170,000

1,113,000

3,510,000

2,703,000

16.	PROVISIONS FOR LIABILITIES

30.11.25

30.11.24

£

£

Deferred tax

Accelerated capital allowances

413,815

380,625