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REGISTERED NUMBER: 07416305 (England and Wales)

| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |

| CONSOLIDATED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30TH NOVEMBER 2025 |

| FOR |

| CLWYDIAN GROUP LIMITED |

| CLWYDIAN GROUP LIMITED (REGISTERED NUMBER: 07416305) |

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH NOVEMBER 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 3 |

| Report of the Independent Auditors | 6 |

| Consolidated Statement of Comprehensive Income | 10 |

| Consolidated Balance Sheet | 11 |

| Company Balance Sheet | 12 |

| Consolidated Statement of Changes in Equity | 13 |

| Company Statement of Changes in Equity | 14 |

| Consolidated Cash Flow Statement | 15 |

| Notes to the Consolidated Cash Flow Statement | 16 |

| Notes to the Consolidated Financial Statements | 17 |

| CLWYDIAN GROUP LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 30TH NOVEMBER 2025

| DIRECTORS: | J G Haywood

| S A Haywood

| I G Haywood

| SECRETARY: | S A Haywood

| REGISTERED OFFICE: | 1 Elm Point

| Abbey Road North

| Wrexham Industrial Estate

| Wrexham

| LL13 9UE

| REGISTERED NUMBER: | 07416305 (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 1RY

| BANKERS: | Lloyds TSB Bank plc

| 28, Regent Street

| Wrexham

| LL11 1SE

| CLWYDIAN GROUP LIMITED (REGISTERED NUMBER: 07416305) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30TH NOVEMBER 2025

The directors present their strategic report of the company and the group 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 group, 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

| CLWYDIAN GROUP LIMITED (REGISTERED NUMBER: 07416305) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30TH NOVEMBER 2025

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

PRINCIPAL ACTIVITY

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

DIVIDENDS

Dividends paid on Bb and Bc shares amounted to £280,000 (2024: £280,000).

FUTURE DEVELOPMENTS

The group 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 beneficial interests of the directors holding office at 30th November 2025 in the shares of the company, according to the register of directors' interests, were as follows:

| 30.11.25 |  | 1.12.24

Ordinary shares of £1 each

J G Haywood | 15,000 |  | 15,000 |  |

S A Haywood | 15,000 |  | 15,000 |  |

I G Haywood | 12,500 |  | 12,500 |  |

Ba Ordinary shares of £1 each

J G Haywood | 35 |  | 35 |  |

S A Haywood | 35 |  | 35 |  |

I G Haywood | - |  | - |  |

G Ordinary shares of £1 each

J G Haywood | - |  | - |  |

S A Haywood | - |  | - |  |

I G Haywood | 80 |  | 80 |  |

These directors did not hold any beneficial interests in the following:

Bb Ordinary shares of £1 each

Bc ordinary shares of £1 each

These directors did not hold any non-beneficial interests in any of the shares of the company.

| CLWYDIAN GROUP LIMITED (REGISTERED NUMBER: 07416305) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30TH NOVEMBER 2025

FINANCIAL INSTRUMENTS

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

The group'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 group'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 group is exposed to currency fluctuations as many raw materials need to be purchased in euros. Group 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 group 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 ongoing difficulties in the raw materials supply chain. The directors consider that the group 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 Group 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 the group 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;

- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

| CLWYDIAN GROUP LIMITED (REGISTERED NUMBER: 07416305) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30TH NOVEMBER 2025

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CLWYDIAN GROUP LIMITED

Opinion

We have audited the financial statements of Clwydian Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th November 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- | give a true and fair view of the state of the group's and of the parent company affairs as at 30th November 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CLWYDIAN GROUP LIMITED

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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CLWYDIAN GROUP LIMITED

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

CLWYDIAN GROUP LIMITED

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

| CLWYDIAN GROUP LIMITED (REGISTERED NUMBER: 07416305) |

CONSOLIDATED

STATEMENT OF COMPREHENSIVE

INCOME

FOR THE YEAR ENDED 30TH NOVEMBER 2025

| 30.11.25 | 30.11.24 |

| Notes | £ | £ | £ | £ |

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 | 6,369,488 |  | 5,663,539 |  |

|  |  | 6,487,016 |  |  |  |  | 5,776,564 |  |

OPERATING PROFIT | 2,372,614 |  | 2,521,684 |  |

Interest receivable and similar income | 6 | 293,794 |  | 262,550 |  |

2,666,408 |  | 2,784,234 |  |

Interest payable and similar expenses | 7 | - |  | 94 |  |

PROFIT BEFORE TAXATION | 8 | 2,666,408 |  | 2,784,140 |  |

Tax on profit | 9 | 681,377 |  | 707,574 |  |

PROFIT FOR THE FINANCIAL YEAR | 1,985,031 |  | 2,076,566 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,985,031 |  | 2,076,566 |  |

Profit attributable to:

Owners of the parent | 1,985,031 |  | 2,076,566 |  |

Total comprehensive income attributable to:

Owners of the parent | 1,985,031 |  | 2,076,566 |  |

| CLWYDIAN GROUP LIMITED (REGISTERED NUMBER: 07416305) |

CONSOLIDATED BALANCE SHEET

30TH NOVEMBER 2025

| 30.11.25 | 30.11.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 12 | 7,710,633 |  | 7,834,325 |  |

Investments | 13 | - |  | - |  |

7,710,633 |  | 7,834,325 |  |

CURRENT ASSETS

Stocks | 14 | 1,990,372 |  | 2,738,427 |  |

Debtors | 15 | 4,453,865 |  | 3,603,083 |  |

Cash at bank and in hand | 9,928,292 |  | 7,871,869 |  |

16,372,529 |  | 14,213,379 |  |

CREDITORS

Amounts falling due within one year | 16 | 2,849,107 |  | 2,551,370 |  |

NET CURRENT ASSETS | 13,523,422 |  | 11,662,009 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 21,234,055 |  | 19,496,334 |  |

CREDITORS

Amounts falling due after more than one year | 17 | (19,792 | ) | (19,792 | ) |

PROVISIONS FOR LIABILITIES | 18 | (621,573 | ) | (588,883 | ) |

NET ASSETS | 20,592,690 |  | 18,887,659 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 50,200 |  | 50,200 |  |

Capital redemption reserve | 20 | 1,000 |  | 1,000 |  |

Retained earnings | 20 | 20,541,490 |  | 18,836,459 |  |

SHAREHOLDERS' FUNDS | 20,592,690 |  | 18,887,659 |  |

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

| CLWYDIAN GROUP LIMITED (REGISTERED NUMBER: 07416305) |

COMPANY BALANCE SHEET

30TH NOVEMBER 2025

| 30.11.25 | 30.11.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 12 | 5,131,290 |  | 5,239,033 |  |

Investments | 13 | 49,000 |  | 49,000 |  |

5,180,290 |  | 5,288,033 |  |

CURRENT ASSETS

Debtors | 15 | 2,043,750 |  | 2,934,531 |  |

Cash at bank and in hand | 4,598,383 |  | 1,713,284 |  |

6,642,133 |  | 4,647,815 |  |

CREDITORS

Amounts falling due within one year | 16 | 183,774 |  | 269,491 |  |

NET CURRENT ASSETS | 6,458,359 |  | 4,378,324 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 11,638,649 |  | 9,666,357 |  |

PROVISIONS FOR LIABILITIES | 18 | 207,758 |  | 208,258 |  |

NET ASSETS | 11,430,891 |  | 9,458,099 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 50,200 |  | 50,200 |  |

Retained earnings | 11,380,691 |  | 9,407,899 |  |

SHAREHOLDERS' FUNDS | 11,430,891 |  | 9,458,099 |  |

Company's profit for the financial year | 2,252,792 |  | 2,932,278 |  |

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:

S A Haywood - Director

J G Haywood - Director

| CLWYDIAN GROUP LIMITED (REGISTERED NUMBER: 07416305) |

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30TH NOVEMBER 2025

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1st December 2023 | 50,200 |  | 17,039,893 |  | 1,000 |  | 17,091,093 |  |

Changes in equity

Dividends | - |  | (280,000 | ) | - |  | (280,000 | ) |

Total comprehensive income | - |  | 2,076,566 |  | - |  | 2,076,566 |  |

Balance at 30th November 2024 | 50,200 |  | 18,836,459 |  | 1,000 |  | 18,887,659 |  |

Changes in equity

Dividends | - |  | (280,000 | ) | - |  | (280,000 | ) |

Total comprehensive income | - |  | 1,985,031 |  | - |  | 1,985,031 |  |

Balance at 30th November 2025 | 50,200 |  | 20,541,490 |  | 1,000 |  | 20,592,690 |  |

| CLWYDIAN GROUP LIMITED (REGISTERED NUMBER: 07416305) |

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30TH NOVEMBER 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1st December 2023 | 50,200 |  | 6,755,621 |  | 6,805,821 |  |

Changes in equity

Dividends | - |  | (280,000 | ) | (280,000 | ) |

Total comprehensive income | - |  | 2,932,278 |  | 2,932,278 |  |

Balance at 30th November 2024 | 50,200 |  | 9,407,899 |  | 9,458,099 |  |

Changes in equity

Dividends | - |  | (280,000 | ) | (280,000 | ) |

Total comprehensive income | - |  | 2,252,792 |  | 2,252,792 |  |

Balance at 30th November 2025 | 50,200 |  | 11,380,691 |  | 11,430,891 |  |

| CLWYDIAN GROUP LIMITED (REGISTERED NUMBER: 07416305) |

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30TH NOVEMBER 2025

| 30.11.25 |  | 30.11.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 3,310,763 |  | 4,015,769 |  |

Interest paid | - |  | (94 | ) |

Tax paid | (720,651 | ) | (703,756 | ) |

Net cash from operating activities | 2,590,112 |  | 3,311,919 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (563,483 | ) | (466,056 | ) |

Sale of tangible fixed assets | 16,000 |  | 9,642 |  |

Interest received | 293,794 |  | 262,550 |  |

Net cash from investing activities | (253,689 | ) | (193,864 | ) |

Cash flows from financing activities

Amount introduced by directors | - |  | 765 |  |

Amount withdrawn by directors | - |  | (788 | ) |

Equity dividends paid | (280,000 | ) | (280,000 | ) |

Net cash from financing activities | (280,000 | ) | (280,023 | ) |

Increase in cash and cash equivalents | 2,056,423 |  | 2,838,032 |  |

Cash and cash equivalents at beginning of year | 2 | 7,871,869 |  | 5,033,837 |  |

Cash and cash equivalents at end of year | 2 | 9,928,292 |  | 7,871,869 |  |

| CLWYDIAN GROUP LIMITED (REGISTERED NUMBER: 07416305) |

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30TH NOVEMBER 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 30.11.25 |  | 30.11.24

£ | £ |

| Profit before taxation | 2,666,408 |  | 2,784,140 |  |

| Depreciation charges | 687,175 |  | 621,095 |  |

| Profit on disposal of fixed assets | (16,000 | ) | (9,642 | ) |

| Finance costs | - |  | 94 |  |

| Finance income | (293,794 | ) | (262,550 | ) |

3,043,789 |  | 3,133,137 |  |

| Decrease in stocks | 748,055 |  | 145,642 |  |

| (Increase)/decrease in trade and other debtors | (850,782 | ) | 888,109 |  |

| Increase/(decrease) in trade and other creditors | 369,701 |  | (151,119 | ) |

| Cash generated from operations | 3,310,763 |  | 4,015,769 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 30th November 2025

| 30.11.25 |  | 1.12.24

£ | £ |

| Cash and cash equivalents | 9,928,292 |  | 7,871,869 |  |

| Year ended 30th November 2024

| 30.11.24 |  | 1.12.23

£ | £ |

| Cash and cash equivalents | 7,871,869 |  | 5,033,837 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.12.24 | Cash flow | At 30.11.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 7,871,869 |  | 2,056,423 |  | 9,928,292 |  |

7,871,869 |  | 2,056,423 |  | 9,928,292 |  |

| Total | 7,871,869 |  | 2,056,423 |  | 9,928,292 |  |

| CLWYDIAN GROUP LIMITED (REGISTERED NUMBER: 07416305) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH NOVEMBER 2025

1. | STATUTORY INFORMATION

| Clwydian Group 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 General 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

| Clwydian Group 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 group is the manufacture of rubber compounds.

| Financial Reporting Standard 102 - reduced disclosure exemptions

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

| • | the requirement of paragraph 3.17(d).

| As such, a statement of cash flows has not been prepared for the parent company.

| Basis of consolidation

| The group financial statements consolidate the financial statements of Clwydian Group Limited and its subsidiary undertaking. The results of subsidiary undertaking acquired are consolidated from the date of acquisition using the acquisition method of accounting. Uniform accounting policies are applied across the group. Intra-group transactions have been eliminated.

| 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.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| CLWYDIAN GROUP LIMITED (REGISTERED NUMBER: 07416305) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH NOVEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Significant judgements and estimates

| In the application of the Group’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 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:

| The carrying value of fixed assets are reviewed each year end for indicators of impairment triggers. If such triggers exist, management would be required to carry out a formal impairment review using a discounted cash flow model to determine their value in use on a cash-generating unit basis. The value in use calculation requires management to estimate the future cash flows expected to arise from the cash-generating unit and a sustainable discount rate in order to calculate the present value.

| - 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, excluding discounts, rebates, value added tax and other sales taxes.

| 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.

| Land & buildings | - | 2% on cost

| 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

| Land is not depreciated.

| 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.

| CLWYDIAN GROUP LIMITED (REGISTERED NUMBER: 07416305) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH NOVEMBER 2025

2. | ACCOUNTING POLICIES - continued

| 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 Consolidated 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.

| CLWYDIAN GROUP LIMITED (REGISTERED NUMBER: 07416305) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH NOVEMBER 2025

3. | TURNOVER

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

| 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 | 4,325,995 |  | 3,815,050 |  |

| Social security costs | 460,792 |  | 429,064 |  |

| Other pension costs | 310,735 |  | 286,950 |  |

5,097,522 |  | 4,531,064 |  |

| 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 | 19 |  | 17 |  |

87 |  | 83 |  |

| The average number of employees by undertakings that were proportionately consolidated during the year was 87 (2024 - 83 ) .

5. | DIRECTORS' EMOLUMENTS

| 30.11.25 |  | 30.11.24

£ | £ |

| Directors' remuneration | 290,209 |  | 267,909 |  |

| Directors' pension contributions to money purchase schemes | 11,587 |  | 9,477 |  |

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

| Money purchase schemes | 1 |  | 1 |  |

| CLWYDIAN GROUP LIMITED (REGISTERED NUMBER: 07416305) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH NOVEMBER 2025

5. | DIRECTORS' EMOLUMENTS - continued

| Information regarding the highest paid director is as follows:

| 30.11.25 |  | 30.11.24

£ | £ |

| Emoluments etc | 161,082 |  | 144,563 |  |

| Pension contributions to money purchase schemes | 11,587 |  | 9,477 |  |

| Salaries and Ers NIC for key management whom are not directors of the group amounted to £415,729 (2024: £359,854).

6. | INTEREST RECEIVABLE AND SIMILAR INCOME |

| 30.11.25 |  | 30.11.24

£ | £ |

| Deposit account interest | 270,547 |  | 262,550 |  |

| Corporation tax interest | 23,247 |  | - |  |

293,794 |  | 262,550 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 30.11.25 |  | 30.11.24

£ | £ |

| PAYE interest | - |  | 94 |  |

8. | PROFIT BEFORE TAXATION

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

| 30.11.25 |  | 30.11.24

£ | £ |

| Depreciation - owned assets | 687,175 |  | 621,094 |  |

| Profit on disposal of fixed assets | (16,000 | ) | (9,642 | ) |

| Auditors' remuneration | 19,395 |  | 17,275 |  |

| Auditors' remuneration for non audit work | 4,198 |  | 2,702 |  |

| Foreign exchange differences | 11,228 |  | 20,544 |  |

9. | 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 | 648,687 |  | 684,343 |  |

| Deferred tax | 32,690 |  | 23,231 |  |

| Tax on profit | 681,377 |  | 707,574 |  |

| UK corporation tax has been charged at 26 % (2024 - 25 %).

| CLWYDIAN GROUP LIMITED (REGISTERED NUMBER: 07416305) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH NOVEMBER 2025

9. | TAXATION - continued

| Reconciliation of total tax charge included in profit and loss

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

| 30.11.25 |  | 30.11.24

£ | £ |

| Profit before tax | 2,666,408 |  | 2,784,140 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 666,602 |  | 696,035 |  |

| Effects of:

| Permanent timing differences | 23,832 |  | 25,317 |  |

| Pension timing difference | 2,048 |  | 2,106 |  |

| allowance |

| Research & development (2 years) | (11,105 | ) | (15,884 | ) |

| Total tax charge | 681,377 |  | 707,574 |  |

10. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

11. | DIVIDENDS

| 30.11.25 |  | 30.11.24

£ | £ |

| Ba Ordinary shares of £1 each |

| Interim | 160,000 |  | 160,000 |  |

| Bb Ordinary shares of £1 each |

| Interim | 80,000 |  | 80,000 |  |

| Bc ordinary shares of £1 each |

| Interim | 40,000 |  | 40,000 |  |

280,000 |  | 280,000 |  |

| CLWYDIAN GROUP LIMITED (REGISTERED NUMBER: 07416305) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH NOVEMBER 2025

12. | TANGIBLE FIXED ASSETS

| Group

| Land & |  | Short |  | Plant and

| buildings |  | leasehold |  | machinery

£ | £ | £ |

| COST

| At 1st December 2024 | 5,951,487 |  | 2,114,164 |  | 3,436,617 |  |

| Additions | - |  | 92,556 |  | 213,249 |  |

| Disposals | - |  | (963,063 | ) | (59,027 | ) |

| At 30th November 2025 | 5,951,487 |  | 1,243,657 |  | 3,590,839 |  |

| DEPRECIATION

| At 1st December 2024 | 712,454 |  | 1,460,788 |  | 2,021,639 |  |

| Charge for year | 107,743 |  | 84,176 |  | 303,446 |  |

| Eliminated on disposal | - |  | (963,063 | ) | (59,027 | ) |

| At 30th November 2025 | 820,197 |  | 581,901 |  | 2,266,058 |  |

| NET BOOK VALUE

| At 30th November 2025 | 5,131,290 |  | 661,756 |  | 1,324,781 |  |

| At 30th November 2024 | 5,239,033 |  | 653,376 |  | 1,414,978 |  |

| Fixtures, |

| fittings |  | Motor |  | Computer |

| & equipment |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1st December 2024 | 576,015 |  | 153,949 |  | 1,160,605 |  | 13,392,837 |  |

| Additions | 174,333 |  | - |  | 83,345 |  | 563,483 |  |

| Disposals | (153,027 | ) | - |  | (122,399 | ) | (1,297,516 | ) |

| At 30th November 2025 | 597,321 |  | 153,949 |  | 1,121,551 |  | 12,658,804 |  |

| DEPRECIATION

| At 1st December 2024 | 521,246 |  | 50,560 |  | 791,825 |  | 5,558,512 |  |

| Charge for year | 37,385 |  | 30,790 |  | 123,635 |  | 687,175 |  |

| Eliminated on disposal | (153,027 | ) | - |  | (122,399 | ) | (1,297,516 | ) |

| At 30th November 2025 | 405,604 |  | 81,350 |  | 793,061 |  | 4,948,171 |  |

| NET BOOK VALUE

| At 30th November 2025 | 191,717 |  | 72,599 |  | 328,490 |  | 7,710,633 |  |

| At 30th November 2024 | 54,769 |  | 103,389 |  | 368,780 |  | 7,834,325 |  |

| Included in cost of land and buildings is freehold land of £559,057 (2024 - £559,057) which is not depreciated.

| CLWYDIAN GROUP LIMITED (REGISTERED NUMBER: 07416305) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH NOVEMBER 2025

12. | TANGIBLE FIXED ASSETS - continued

| Company

| Land &

| buildings

£ |

| COST

| At 1st December 2024

| and 30th November 2025 | 5,951,487 |  |

| DEPRECIATION

| At 1st December 2024 | 712,454 |  |

| Charge for year | 107,743 |  |

| At 30th November 2025 | 820,197 |  |

| NET BOOK VALUE

| At 30th November 2025 | 5,131,290 |  |

| At 30th November 2024 | 5,239,033 |  |

| Included in cost of land and buildings is freehold land of £ 559,057 (2024 - £ 559,057 ) which is not depreciated.

13. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1st December 2024

| and 30th November 2025 | 49,000 |  |

| NET BOOK VALUE

| At 30th November 2025 | 49,000 |  |

| At 30th November 2024 | 49,000 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiary

| Clwyd Compounders Limited

| Registered office: 1 Elm Point, Abbey Road North, Wrexham Industrial Estate, Wrexham, LL13 9UE.

| Nature of business: Manufacture of rubber compounds

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| 30.11.25 |  | 30.11.24

£ | £ |

| Aggregate capital and reserves | 9,210,798 |  | 9,478,560 |  |

| Profit for the year | 1,732,238 |  | 1,894,289 |  |

| CLWYDIAN GROUP LIMITED (REGISTERED NUMBER: 07416305) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH NOVEMBER 2025

14. | STOCKS

| Group |

| 30.11.25 |  | 30.11.24 |

£ | £ |

| Raw materials & consumables | 1,803,398 |  | 2,532,137 |  |

| Finished goods | 186,974 |  | 206,290 |  |

1,990,372 |  | 2,738,427 |  |

15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 30.11.25 |  | 30.11.24 |  | 30.11.25 |  | 30.11.24 |

£ | £ | £ | £ |

| Trade debtors | 4,176,349 |  | 3,295,480 |  | - |  | - |  |

| Amounts owed by group undertakings | - |  | - |  | 2,000,000 |  | 2,904,350 |  |

| Other debtors | 15,967 |  | 20,606 |  | - |  | - |  |

| Prepayments | 261,549 |  | 286,997 |  | 43,750 |  | 30,181 |  |

4,453,865 |  | 3,603,083 |  | 2,043,750 |  | 2,934,531 |  |

16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

| 30.11.25 |  | 30.11.24 |  | 30.11.25 |  | 30.11.24 |

£ | £ | £ | £ |

| Trade creditors | 931,387 |  | 733,263 |  | - |  | 4,038 |  |

| Corporation tax | 268,380 |  | 340,344 |  | 111,948 |  | 66,403 |  |

| Social security and other taxes | 129,071 |  | 96,452 |  | 14,553 |  | 6,874 |  |

| VAT | 577,538 |  | 431,689 |  | 23,380 |  | 43,931 |  |

| Other creditors and accruals | 941,940 |  | 948,831 |  | 33,102 |  | 147,454 |  |

| Directors' current accounts | 791 |  | 791 |  | 791 |  | 791 |  |

2,849,107 |  | 2,551,370 |  | 183,774 |  | 269,491 |  |

17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |

| 30.11.25 |  | 30.11.24 |

£ | £ |

| Deferred government grants | 19,792 |  | 19,792 |  |

18. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

| 30.11.25 |  | 30.11.24 |  | 30.11.25 |  | 30.11.24 |

£ | £ | £ | £ |

| Deferred tax

| Accelerated capital allowances | 621,573 |  | 588,883 |  | 207,758 |  | 208,258 |  |

| CLWYDIAN GROUP LIMITED (REGISTERED NUMBER: 07416305) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH NOVEMBER 2025

18. | PROVISIONS FOR LIABILITIES - continued

| Group

| Deferred |

| tax |

£ |

| Balance at 1st December 2024 | 588,883 |  |

| Movement in the year due to:- |

| Changes in tax allowances | 32,690 |  |

| Changes in tax rates |

| Changes in tax losses |

| Balance at 30th November 2025 | 621,573 |  |

| Company

| Deferred |

| tax |

£ |

| Balance at 1st December 2024 | 208,258 |  |

| Movement in the year due to: |

| Changes in tax allowances | (500 | ) |

| Changes in tax rates |

| Changes in tax losses |

| Balance at 30th November 2025 | 207,758 |  |

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 30.11.25 |  | 30.11.24

| value: | £ | £ |

| 50,000 | Ordinary | £1 | 50,000 |  | 50,000 |  |

| 70 | Ba Ordinary | £1 | 70 |  | 70 |  |

| 20 | Bb Ordinary | £1 | 20 |  | 20 |  |

| 10 | Bc ordinary | £1 | 10 |  | 10 |  |

| 100 | G Ordinary | £1 | 100 |  | 100 |  |

50,200 |  | 50,200 |  |

20. | RESERVES

| Group

| Capital |

| Retained |  | redemption |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1st December 2024 | 18,836,459 |  | 1,000 |  | 18,837,459 |  |

| Profit for the year | 1,985,031 |  | 1,985,031 |  |

| Dividends | (280,000 | ) | (280,000 | ) |

| At 30th November 2025 | 20,541,490 |  | 1,000 |  | 20,542,490 |  |

| CLWYDIAN GROUP LIMITED (REGISTERED NUMBER: 07416305) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30TH NOVEMBER 2025

20. | RESERVES - continued

| Company

| Retained

| earnings

£ |

| At 1st December 2024 | 9,407,899 |  |

| Profit for the year | 2,252,792 |  |

| Dividends | (280,000 | ) |

| At 30th November 2025 | 11,380,691 |  |

21. | PENSION COMMITMENTS

| Contributions totalling £8,193 (2024: £8,422) were payable to the funds at the year end and are included in creditors.

22. | CAPITAL COMMITMENTS

| 30.11.25 |  | 30.11.24

£ | £ |

| Contracted but not provided for in the

| financial statements | 37,293 |  | - |  |