IRIS Accounts Production v26.1.0.640 10520077 Board of Directors 31.10.25 1.11.24 31.10.25 31.10.25 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. a holding company for a trading group. true true false true true false false false true false Ordinary Share 0 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 10520077 2024-10-31 10520077 2025-10-31 10520077 2024-11-01 2025-10-31 10520077 2023-10-31 10520077 2023-11-01 2024-10-31 10520077 2024-10-31 10520077 ns15:EnglandWales 2024-11-01 2025-10-31 10520077 ns14:PoundSterling 2024-11-01 2025-10-31 10520077 ns10:Director1 2024-11-01 2025-10-31 10520077 ns10:Consolidated 2025-10-31 10520077 ns10:ConsolidatedGroupCompanyAccounts 2024-11-01 2025-10-31 10520077 ns10:PrivateLimitedCompanyLtd 2024-11-01 2025-10-31 10520077 ns10:Consolidated ns10:MediumEntities 2024-11-01 2025-10-31 10520077 ns10:Consolidated ns10:Audited 2024-11-01 2025-10-31 10520077 ns10:SmallCompaniesRegimeForDirectorsReport 2024-11-01 2025-10-31 10520077 ns10:SmallCompaniesRegimeForAccounts 2024-11-01 2025-10-31 10520077 ns10:Consolidated 2024-11-01 2025-10-31 10520077 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-11-01 2025-10-31 10520077 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForAccounts 2024-11-01 2025-10-31 10520077 ns10:FullAccounts 2024-11-01 2025-10-31 10520077 1 2024-11-01 2025-10-31 10520077 ns10:OrdinaryShareClass1 2024-11-01 2025-10-31 10520077 ns10:Director2 2024-11-01 2025-10-31 10520077 ns10:RegisteredOffice 2024-11-01 2025-10-31 10520077 ns10:Consolidated 2023-11-01 2024-10-31 10520077 ns5:CurrentFinancialInstruments 2025-10-31 10520077 ns5:CurrentFinancialInstruments 2024-10-31 10520077 ns5:Non-currentFinancialInstruments 2025-10-31 10520077 ns5:Non-currentFinancialInstruments 2024-10-31 10520077 ns5:ShareCapital 2025-10-31 10520077 ns5:ShareCapital 2024-10-31 10520077 ns5:RetainedEarningsAccumulatedLosses 2025-10-31 10520077 ns5:RetainedEarningsAccumulatedLosses 2024-10-31 10520077 ns5:ShareCapital 2023-10-31 10520077 ns5:RetainedEarningsAccumulatedLosses 2023-10-31 10520077 ns5:RetainedEarningsAccumulatedLosses 2023-11-01 2024-10-31 10520077 ns5:RetainedEarningsAccumulatedLosses 2024-11-01 2025-10-31 10520077 ns5:NetGoodwill 2024-11-01 2025-10-31 10520077 ns5:LandBuildings ns5:OwnedOrFreeholdAssets 2024-11-01 2025-10-31 10520077 ns5:LandBuildings ns5:ShortLeaseholdAssets 2024-11-01 2025-10-31 10520077 ns5:LongLeaseholdAssets ns5:LandBuildings 2024-11-01 2025-10-31 10520077 ns5:PlantMachinery 2024-11-01 2025-10-31 10520077 ns5:FurnitureFittings 2024-11-01 2025-10-31 10520077 ns5:MotorVehicles 2024-11-01 2025-10-31 10520077 ns5:ComputerEquipment 2024-11-01 2025-10-31 10520077 ns5:PlantMachinery 2024-10-31 10520077 ns5:PlantMachinery 2025-10-31 10520077 ns5:PlantMachinery 2024-10-31 10520077 ns5:CostValuation 2024-10-31 10520077 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-10-31 10520077 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-10-31 10520077 ns5:BetweenOneTwoYears ns5:Non-currentFinancialInstruments 2024-10-31 10520077 ns10:OrdinaryShareClass1 2025-10-31 10520077 ns5:RetainedEarningsAccumulatedLosses 2024-10-31

REGISTERED NUMBER: 10520077 (England and Wales)

| GROUP STRATEGIC REPORT, |

| REPORT OF THE DIRECTORS AND |

| CONSOLIDATED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31ST OCTOBER 2025 |

| FOR |

| NOAR, LIMITED |

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST OCTOBER 2025

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 5 |

Consolidated Income Statement | 9 |

Consolidated Other 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 | 18 |

NOAR, LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31ST OCTOBER 2025

| DIRECTORS: | S E Deverell

| A J T Scott

| REGISTERED OFFICE: | Estate Office Rotherfield Park Estate

| East Tisted

| Alton

| GU34 3QN

| REGISTERED NUMBER: | 10520077 (England and Wales)

| AUDITORS: | Shaw Gibbs (Audit) Limited

| Chartered Certified Accountants

| Statutory Auditor

| 25 St Thomas Street

| Winchester

| Hampshire

| SO23 9HJ

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31ST OCTOBER 2025

The directors present their strategic report of the company and the group for the year ended 31st October 2025.

Noar, Limited (the "Company") serves as the majority shareholder in several diversified trading companies across various sectors (the "Group", "subsidiaries"). The Company adopts a long-term investment approach, exercising patience with its capital, supporting management teams focused on building sustainable, growing businesses over the long run. The Company is agile in its decision-making, ensuring it can provide timely strategic guidance where necessary.

The Company has built a diversified portfolio of companies across a variety of sectors, which currently includes manufacturing, bereavement care and mortuary products and fasteners. Its intention is to acquire further portfolio companies in the future.

The Company benefits from the collective expertise of its experienced team, which brings decades of knowledge in strategic, financial, investment, and property matters. This team actively supports the management teams of each subsidiary, providing valuable insights and guidance to help overcome challenges and ensure the long-term sustainability of the businesses.

The Board of each Group company is comprised of the managers of the business and members of the Noar team. The management teams within each subsidiary are fully empowered to recommend strategic objectives for approval by their respective Boards, with full responsibility for the execution of their companies' strategies.

REVIEW OF BUSINESS

The consolidated income statement on page 9 shows an increase in turnover for the year of £0.76m to £14.76m in 2025 as a result of organic growth within the portfolio.

Profit before tax before the impairment of goodwill has decreased by 24% from £1.2m to £0.9m.

Key performance indicators

The subsidiary companies prepare a weekly sales report against budget and prior year. The open order book and cash balances are also reported. Monthly management accounts allow gross margin and overheads to be regularly reviewed.

Non-financial indicators

The Directors review multiple non-financial KPI's to ensure the success of the portfolio. These include customer enquiries, conversion rates and order book size; website and social media activity and quality incidents and their resolution.

Each subsidiary Board meeting commences with a focus on health & safety as a priority before any other topics are discussed. All traditional data points are tracked, including leading indicators such as accident and near-miss reporting, reportable accidents under RIDDOR, and staff training. Additionally, the health and safety culture is assessed within each business to ensure that safety measures are genuinely embraced, supporting a safe environment and the wellbeing of all employees.

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31ST OCTOBER 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The Company believes that the primary risks and uncertainties are mitigated through the diversity of activities of the group subsidiaries and their respective customer bases.

The principal financial risks to the Group are a decline in sales due to changes in each market sector, restrictions on capacity due to building constraints to meet budgeted sales, and foreign exchange risk where purchases or sales are made in foreign currency.

A review of the group-wide risk register is conducted as part of the Company quarterly board meetings. While the Directors hold ultimate responsibility for the Group's risk management process, each subsidiary develops a business plan that addresses strategic direction, customer engagement, resources, IT and processes. The Directors collaborate closely with the board of each subsidiary to understand and monitor the risk identified. The key non-financial risks identified relate to Health & Safety, leadership & US tariffs.

FUTURE DEVELOPMENTS

The Directors continue to assess development opportunities in each of the subsidiary companies and will sanction appropriate investment opportunities. The Company will also continue to consider investments in new companies.

RESEARCH AND DEVELOPMENT

In each subsidiary company, ongoing investment in research and development is crucial for preserving the market position and ensuring future growth.

ON BEHALF OF THE BOARD:

A J T Scott - Director

9th March 2026

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31ST OCTOBER 2025

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

DIVIDENDS

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

DIRECTORS

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

S E Deverell

A J T Scott

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.

AUDITORS

The auditors, Shaw Gibbs (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A J T Scott - Director

9th March 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF

NOAR, LIMITED

Opinion

We have audited the financial statements of Noar, Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st October 2025 which comprise the Consolidated Income Statement, Consolidated Other 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 31st October 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

NOAR, 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

NOAR, 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:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

We obtained an understanding of the legal and regulatory framework applicable to the group via discussions with the directors. This identified that the most significant laws and regulations relate to the form and content of the financial statements such as the UK Companies Act 2006 and Financial Reporting Standard 102. The group complies with these laws and regulations by using appropriately qualified professionals to prepare the financial statements.

As part of our planning process we assessed susceptibility of the group's financial statements to material misstatements, including how fraud might occur by making an assessment of the key risks. The key risks identified in respect of Noar, Ltd group are revenue recognition and management override. The directors confirmed no actual, suspected or alleged cases of fraud.

Based on this assessment we designed our audit procedures to address these key risk areas with an emphasis on testing sales and those areas susceptible to management override including testing manual journals and making enquiries of management.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

- Enquiry of management and those charges with governance around actual and potential litigation and claims.

- Reviewing minutes of meetings of those charged with governance.

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

NOAR, 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.

Harriet Sergeant BA (Hons) FCA (Senior Statutory Auditor)

for and on behalf of Shaw Gibbs (Audit) Limited

Chartered Certified Accountants

Statutory Auditor

25 St Thomas Street

Winchester

Hampshire

SO23 9HJ

16th March 2026

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31ST OCTOBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 14,755,023 |  | 13,999,265 |  |

Cost of sales | 6,669,227 |  | 6,458,889 |  |

GROSS PROFIT | 8,085,796 |  | 7,540,376 |  |

Administrative expenses | 6,410,676 |  | 5,653,625 |  |

OPERATING PROFIT | 5 | 1,675,120 |  | 1,886,751 |  |

Interest receivable and similar income | 36,998 |  | 43,540 |  |

1,712,118 |  | 1,930,291 |  |

Provision for impairment on investments | 6 | - |  | 1,355,235 |  |

1,712,118 |  | 575,056 |  |

Interest payable and similar expenses | 7 | 817,993 |  | 749,157 |  |

PROFIT/(LOSS) BEFORE TAXATION | 894,125 |  | (174,101 | ) |

Tax on profit/(loss) | 8 | 443,385 |  | 731,499 |  |

PROFIT/(LOSS) FOR THE FINANCIAL YEAR | 450,740 |  | (905,600 | ) |

Profit/(loss) attributable to:

Owners of the parent | (250,938 | ) | (1,503,398 | ) |

Non-controlling interests | 701,678 |  | 597,798 |  |

450,740 |  | (905,600 | ) |

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

CONSOLIDATED OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31ST OCTOBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

PROFIT/(LOSS) FOR THE YEAR | 450,740 |  | (905,600 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 450,740 |  |

Prior year adjustment | (29,618 | ) |

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT | (935,218 | ) |

Total comprehensive income attributable to:

Owners of the parent | (250,938 | ) | (1,533,016 | ) |

Non-controlling interests | 701,678 |  | 597,798 |  |

450,740 |  | (935,218 | ) |

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

CONSOLIDATED BALANCE SHEET

31ST OCTOBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | 4,557,500 |  | 5,970,538 |  |

Tangible assets | 11 | 4,440,143 |  | 4,392,670 |  |

Investments | 12 | - |  | - |  |

8,997,643 |  | 10,363,208 |  |

CURRENT ASSETS

Stocks | 13 | 2,750,504 |  | 2,859,415 |  |

Debtors | 14 | 2,073,359 |  | 2,375,938 |  |

Cash at bank and in hand | 2,272,169 |  | 1,747,632 |  |

7,096,032 |  | 6,982,985 |  |

CREDITORS

Amounts falling due within one year | 15 | 2,281,422 |  | 2,475,237 |  |

NET CURRENT ASSETS | 4,814,610 |  | 4,507,748 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 13,812,253 |  | 14,870,956 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (12,028,183 | ) | (13,006,944 | ) |

PROVISIONS FOR LIABILITIES | 20 | (197,245 | ) | (209,351 | ) |

NET ASSETS | 1,586,825 |  | 1,654,661 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 1,000 |  | 1,000 |  |

Retained earnings | 22 | (1,074,402 | ) | (823,464 | ) |

SHAREHOLDERS' FUNDS | (1,073,402 | ) | (822,464 | ) |

NON-CONTROLLING INTERESTS | 2,660,227 |  | 2,477,125 |  |

TOTAL EQUITY | 1,586,825 |  | 1,654,661 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 9th March 2026 and were signed on its behalf by:

A J T Scott - Director

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

COMPANY BALANCE SHEET

31ST OCTOBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 10 | - |  | - |  |

Tangible assets | 11 | 3,329 |  | 711 |  |

Investments | 12 | 324,351 |  | 324,351 |  |

327,680 |  | 325,062 |  |

CURRENT ASSETS

Debtors | 14 | 11,149,525 |  | 10,822,690 |  |

Cash at bank | 121,287 |  | 75,367 |  |

11,270,812 |  | 10,898,057 |  |

CREDITORS

Amounts falling due within one year | 15 | 50,951 |  | 331,184 |  |

NET CURRENT ASSETS | 11,219,861 |  | 10,566,873 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 11,547,541 |  | 10,891,935 |  |

CREDITORS

Amounts falling due after more than one year | 16 | 9,201,703 |  | 9,853,443 |  |

NET ASSETS | 2,345,838 |  | 1,038,492 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 1,000 |  | 1,000 |  |

Retained earnings | 22 | 2,344,838 |  | 1,037,492 |  |

SHAREHOLDERS' FUNDS | 2,345,838 |  | 1,038,492 |  |

Company's profit for the financial year | 1,307,346 |  | 918,159 |  |

The 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 9th March 2026 and were signed on its behalf by:

A J T Scott - Director

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31ST OCTOBER 2025

| Called up |

| share |  | Retained |  | Non-controlling |  | Total

| capital |  | earnings |  | Total |  | interests |  | equity

£ | £ | £ | £ | £ |

Balance at 1st November 2023 | 1,000 |  | 709,552 |  | 710,552 |  | 2,216,521 |  | 2,927,073 |  |

Prior year adjustment | - |  | (29,618 | ) | (29,618 | ) | - |  | (29,618 | ) |

As restated | 1,000 |  | 679,934 |  | 680,934 |  | 2,216,521 |  | 2,897,455 |  |

Changes in equity

Dividends | - |  | - |  | - |  | (362,193 | ) | (362,193 | ) |

Total comprehensive income | - |  | (1,503,398 | ) | (1,503,398 | ) | 597,798 |  | (905,600 | ) |

1,000 |  | (823,464 | ) | (822,464 | ) | 2,452,126 |  | 1,629,662 |  |

Non-controlling interest arising on business combination | - |  | - |  | - |  | 24,999 |  | 24,999 |  |

Balance at 31st October 2024 | 1,000 |  | (823,464 | ) | (822,464 | ) | 2,477,125 |  | 1,654,661 |  |

Changes in equity

Dividends | - |  | - |  | - |  | (518,576 | ) | (518,576 | ) |

Total comprehensive income | - |  | (250,938 | ) | (250,938 | ) | 701,678 |  | 450,740 |  |

Balance at 31st October 2025 | 1,000 |  | (1,074,402 | ) | (1,073,402 | ) | 2,660,227 |  | 1,586,825 |  |

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31ST OCTOBER 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1st November 2023 | 1,000 |  | 119,333 |  | 120,333 |  |

Changes in equity

Total comprehensive income | - |  | 918,159 |  | 918,159 |  |

Balance at 31st October 2024 | 1,000 |  | 1,037,492 |  | 1,038,492 |  |

Changes in equity

Total comprehensive income | - |  | 1,307,346 |  | 1,307,346 |  |

Balance at 31st October 2025 | 1,000 |  | 2,344,838 |  | 2,345,838 |  |

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST OCTOBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 3,436,354 |  | 3,679,348 |  |

Interest paid | (817,188 | ) | (749,157 | ) |

Interest element of hire purchase payments paid | (805 | ) | - |  |

Tax paid | (730,866 | ) | (1,026,032 | ) |

Net cash from operating activities | 1,887,495 |  | 1,904,159 |  |

Cash flows from investing activities

Purchase of intangible fixed assets | (80,000 | ) | - |  |

Purchase of tangible fixed assets | (233,635 | ) | (3,359,207 | ) |

Sale of tangible fixed assets | 5,515 |  | (8 | ) |

Purchase of subsidiary | - |  | (2,099,975 | ) |

Interest received | 36,998 |  | 43,540 |  |

Net cash from investing activities | (271,122 | ) | (5,415,650 | ) |

Cash flows from financing activities

New loans in year | 948,259 |  | 5,168,883 |  |

Loan repayments in year | (1,846,630 | ) | (1,484,842 | ) |

Capital repayments in year | (5,172 | ) | - |  |

Amount introduced by directors | - |  | 3,065 |  |

Amount withdrawn by directors | (9 | ) | - |  |

NCI dividends | (518,576 | ) | (362,193 | ) |

Adjustment to subsidiary purchase price | 330,292 |  | 352,282 |  |

Net cash from financing activities | (1,091,836 | ) | 3,677,195 |  |

Increase in cash and cash equivalents | 524,537 |  | 165,704 |  |

Cash and cash equivalents at beginning of year | 2 | 1,747,632 |  | 1,581,928 |  |

Cash and cash equivalents at end of year | 2 | 2,272,169 |  | 1,747,632 |  |

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST OCTOBER 2025

1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit/(loss) before taxation | 894,125 |  | (174,101 | ) |

| Depreciation charges | 258,273 |  | 237,042 |  |

| Loss on disposal of fixed assets | 2,041 |  | 503 |  |

| Amortisation charges | 1,149,413 |  | 1,140,694 |  |

| Goodwill impairment | - |  | 1,355,235 |  |

| Finance costs | 817,993 |  | 749,157 |  |

| Finance income | (36,998 | ) | (43,540 | ) |

3,084,847 |  | 3,264,990 |  |

| Decrease in stocks | 108,911 |  | 231,807 |  |

| Decrease in trade and other debtors | 389,669 |  | 141,625 |  |

| (Decrease)/increase in trade and other creditors | (147,073 | ) | 40,926 |  |

| Cash generated from operations | 3,436,354 |  | 3,679,348 |  |

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 31st October 2025

| 31.10.25 |  | 1.11.24

£ | £ |

| Cash and cash equivalents | 2,272,169 |  | 1,747,632 |  |

| Year ended 31st October 2024

| 31.10.24 |  | 1.11.23

£ | £ |

| Cash and cash equivalents | 1,747,632 |  | 1,581,928 |  |

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31ST OCTOBER 2025

3. | ANALYSIS OF CHANGES IN NET DEBT

| Other |

| non-cash |

| At 1.11.24 | Cash flow | changes | At 31.10.25

£ | £ | £ | £ |

| Net cash |

| Cash at bank

| and in hand | 1,747,632 |  | 524,537 |  | 2,272,169 |  |

1,747,632 |  | 524,537 |  | 2,272,169 |  |

| Debt

| Finance leases | - |  | 5,172 |  | - |  | (61,163 | ) |

| Debts falling due

| within 1 year | (360,000 | ) | (120,394 | ) | - |  | (480,394 | ) |

| Debts falling due

| after 1 year | (13,006,944 | ) | 1,018,765 |  | - |  | (11,988,179 | ) |

(13,366,944 | ) | 903,543 |  | - |  | (12,529,736 | ) |

| Total | (11,619,312 | ) | 1,428,080 |  | - |  | (10,257,567 | ) |

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST OCTOBER 2025

1. | STATEMENT OF COMPLIANCE

| Noar, Limited is a private company, limited by shares and incorporated in England and Wales. The address of the registered office is Estate Office Rotherfield Park Estate, East Tisted, Alton, England, GU34 3QN. The registration number is 10520077.

| The financial statements are presented in sterling, which is the functional currency of the group, and rounded to the nearest pound.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared in accordance with the 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.

| Basis of consolidation

| The consolidated financial statements incorporate the results of Noar, Limited and all its subsidiary undertakings as at 31st October 2025 using the acquisition method of accounting. The parent company has taken advantage of section 408 of the Companies Act 2006 and has not included its own Profit and Loss Account in these financial statements.

| Roftek Holdings Limited and Roftek Limited's year end was previously 29th February and therefore interim financial statements were used for the balances included in the consolidation of comparative data (2024). Both companies changed their year-ends in the prior period to the 31st October.

| 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.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| On the sale of goods income is recognised at the point that the goods are dispatched to the customer.

| Management fee and interest income is recognised in the period to which the income relates.

| Goodwill

| Goodwill is the amount arising on consolidation and is amortised over its useful life of 10 years. As the group is unable to reliably estimate the useful life of goodwill, in accordance with FRS 102 Section 19.23 amortisation is to not exceed 10 years.

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST OCTOBER 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

| Freehold property | - | 5% on cost, 2% on cost and not provided

| Short leasehold | - | 20% on cost

| Long leasehold | - | 20% on cost

| Plant and machinery | - | 33% on cost, 25% on cost, 20% on cost and 15% on cost

| Fixtures and fittings | - | 20% on cost and Straight line over 15 years

| Motor vehicles | - | 25% on reducing balance, 25% on cost and 20% on cost

| Computer equipment | - | 33% on cost

| Stocks

| Raw materials are valued at the lower of cost and estimated selling price less costs to complete and sell. Some of the members of the group use different cost formulas due to the stock being of a different nature and therefore a different cost formula is more appropriate.

| The cost formula used by three of the group members is on the FIFO basis and the other two group members with stock use the weighted average cost.

| Finished goods that are manufactured in house include labour and attributable overheads.

| At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is

| reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss.

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST OCTOBER 2025

2. | ACCOUNTING POLICIES - continued

| Financial instruments

| The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

| Financial instruments are recognised in the group's Balance sheet when the group becomes party to the contractual provisions of the instrument.

| Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Basic financial assets

| Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

| Discounting is omitted where the effect of discounting is immaterial. The group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

| Impairment of financial assets

| At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the profit or loss.

| Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

| If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

| Financial liabilities

| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the group after the deduction of all its liabilities.

| Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

| Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

| Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST OCTOBER 2025

2. | ACCOUNTING POLICIES - continued

| Derecognition of financial instruments

| Derecognition of financial assets

| Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the group will continue to recognise the value of the portion of the risks and rewards retained.

| Derecognition of financial liabilities

| Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

| Taxation

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

| Current or deferred taxation assets and liabilities are not discounted.

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

| Deferred tax

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

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

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

| 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.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

| Pension costs and other post-retirement benefits

| The individual companies within the group operate their own defined contribution pension schemes. Contributions payable to the pension schemes are charged to the profit or loss in the period to which they relate.

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST OCTOBER 2025

2. | ACCOUNTING POLICIES - continued

| Land and buildings

| The group took advantage of the arrangements under Financial Reporting Standard 35.10(d) on transition to FRS 102, where the freehold property's valuation becomes the deemed cost on transition. The freehold property is then depreciated over its revised useful life of 50 years.

3. | TURNOVER

| The turnover and profit (2024 - loss) before taxation are attributable to the one principal activity of the group.

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

| 2025 |  | 2024

£ | £ |

| Sale of goods | 13,327,820 |  | 12,969,880 |  |

| Sale of services | 348,202 |  | 329,685 |  |

| Hire of equipment | 996,491 |  | 699,700 |  |

| Farming income | 73,637 |  | - |  |

| Grant income | 8,873 |  | - |  |

14,755,023 |  | 13,999,265 |  |

| An analysis of turnover by geographical market is given below:

| 2025 |  | 2024

£ | £ |

| United Kingdom | 8,045,613 |  | 8,051,353 |  |

| Europe | 2,911,045 |  | 2,133,897 |  |

| United States of America | 2,580,963 |  | 2,894,691 |  |

| Rest of world | 1,217,402 |  | 919,324 |  |

14,755,023 |  | 13,999,265 |  |

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 3,661,538 |  | 3,406,424 |  |

| Social security costs | 422,928 |  | 358,085 |  |

| Other pension costs | 116,114 |  | 83,940 |  |

4,200,580 |  | 3,848,449 |  |

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

| 2025 |  | 2024

| Production | 49 |  | 51 |  |

| Administration | 44 |  | 44 |  |

| Directors | 2 |  | 2 |  |

95 |  | 97 |  |

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST OCTOBER 2025

4. | EMPLOYEES AND DIRECTORS - continued

| The average number of employees by undertakings that were proportionately consolidated during the year was 94 (2024 - 95 ) .

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 189,662 |  | 311,788 |  |

| Directors' pension contributions to money purchase schemes | 7,502 |  | 7,585 |  |

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

| Money purchase schemes | 1 |  | 1 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 10,981 |  | 10,633 |  |

| Other operating leases | 263,729 |  | 237,929 |  |

| Depreciation - owned assets | 240,785 |  | 237,042 |  |

| Depreciation - assets on hire purchase contracts | 4,156 |  | - |  |

| Loss on disposal of fixed assets | 2,041 |  | 503 |  |

| Goodwill amortisation | 1,149,413 |  | 1,140,694 |  |

| Patents and licences amortisation | 13,333 |  | - |  |

| Auditors' remuneration | 13,100 |  | 13,750 |  |

| Other audit and accountancy

| services | 54,725 |  | 49,900 |  |

| Foreign exchange differences | 6,317 |  | 4,280 |  |

6. | PROVISION FOR IMPAIRMENT ON INVESTMENTS |

| 2025 |  | 2024

£ | £ |

| Provision for impairment | - |  | 1,355,235 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank interest | 784 |  | 12 |  |

| Loan | 816,404 |  | 749,145 |  |

| Hire purchase | 805 |  | - |  |

817,993 |  | 749,157 |  |

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST OCTOBER 2025

8. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 465,111 |  | 764,584 |  |

| Prior year tax adj | (9,620 | ) | (17,724 | ) |

| Total current tax | 455,491 |  | 746,860 |  |

| Deferred tax | (12,106 | ) | (15,361 | ) |

| Tax on profit/(loss) | 443,385 |  | 731,499 |  |

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

| 2025 |  | 2024

£ | £ |

| Profit/(loss) before tax | 894,125 |  | (174,101 | ) |

| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 223,531 |  | (43,525 | ) |

| Effects of:

| Expenses not deductible for tax purposes | 2,847 |  | 19,424 |  |

| Depreciation in excess of capital allowances | 278,959 |  | 639,964 |  |

| Utilisation of tax losses | (25,538 | ) | - |  |

| Adjustments to tax charge in respect of previous periods | (9,620 | ) | (17,724 | ) |

| Deferred tax movement | (12,106 | ) | (15,361 | ) |

| losses at a charge |

| Consolidation adjustments to make year ends coterminous - no impact on tax | (14,683 | ) | 104,553 |  |

| Losses carried forward | - |  | 44,168 |  |

| Different tax rates | (5 | ) | - |  |

| Total tax charge | 443,385 |  | 731,499 |  |

| The corporation tax rate for the current period is 25% for all of the entities within the group except one where the rate was 19% due to small profits.

9. | INDIVIDUAL INCOME STATEMENT

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

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST OCTOBER 2025

10. | INTANGIBLE FIXED ASSETS

| Group

| Patents |

| and |

| Goodwill |  | licences |  | Totals

£ | £ | £ |

| COST

| At 1st November 2024 | 11,824,427 |  | - |  | 11,824,427 |  |

| Additions | - |  | 80,000 |  | 80,000 |  |

| Disposals | (330,292 | ) | - |  | (330,292 | ) |

| At 31st October 2025 | 11,494,135 |  | 80,000 |  | 11,574,135 |  |

| AMORTISATION

| At 1st November 2024 | 5,853,889 |  | - |  | 5,853,889 |  |

| Amortisation for year | 1,149,413 |  | 13,333 |  | 1,162,746 |  |

| At 31st October 2025 | 7,003,302 |  | 13,333 |  | 7,016,635 |  |

| NET BOOK VALUE

| At 31st October 2025 | 4,490,833 |  | 66,667 |  | 4,557,500 |  |

| At 31st October 2024 | 5,970,538 |  | - |  | 5,970,538 |  |

| The goodwill disposals relate to changes in the acquisition price from a warrenty claim and stamp duty refund.

11. | TANGIBLE FIXED ASSETS

| Group

| Freehold |  | Short |  | Long |  | Plant and

| property |  | leasehold |  | leasehold |  | machinery

£ | £ | £ | £ |

| COST

| At 1st November 2024 | 3,524,582 |  | 115,096 |  | 1,534 |  | 1,615,441 |  |

| Additions | 38,002 |  | 16,861 |  | - |  | 158,877 |  |

| Disposals | - |  | - |  | - |  | (9,758 | ) |

| At 31st October 2025 | 3,562,584 |  | 131,957 |  | 1,534 |  | 1,764,560 |  |

| DEPRECIATION

| At 1st November 2024 | 36,716 |  | 51,742 |  | - |  | 997,651 |  |

| Charge for year | 8,165 |  | 20,589 |  | - |  | 136,249 |  |

| Eliminated on disposal | - |  | - |  | - |  | (7,897 | ) |

| At 31st October 2025 | 44,881 |  | 72,331 |  | - |  | 1,126,003 |  |

| NET BOOK VALUE

| At 31st October 2025 | 3,517,703 |  | 59,626 |  | 1,534 |  | 638,557 |  |

| At 31st October 2024 | 3,487,866 |  | 63,354 |  | 1,534 |  | 617,790 |  |

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST OCTOBER 2025

11. | TANGIBLE FIXED ASSETS - continued

| Group

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1st November 2024 | 327,317 |  | 167,552 |  | 154,823 |  | 5,906,345 |  |

| Additions | 41,854 |  | 33,395 |  | 10,981 |  | 299,970 |  |

| Disposals | - |  | (26,834 | ) | - |  | (36,592 | ) |

| At 31st October 2025 | 369,171 |  | 174,113 |  | 165,804 |  | 6,169,723 |  |

| DEPRECIATION

| At 1st November 2024 | 228,762 |  | 81,807 |  | 116,997 |  | 1,513,675 |  |

| Charge for year | 25,705 |  | 33,275 |  | 20,958 |  | 244,941 |  |

| Eliminated on disposal | - |  | (21,139 | ) | - |  | (29,036 | ) |

| At 31st October 2025 | 254,467 |  | 93,943 |  | 137,955 |  | 1,729,580 |  |

| NET BOOK VALUE

| At 31st October 2025 | 114,704 |  | 80,170 |  | 27,849 |  | 4,440,143 |  |

| At 31st October 2024 | 98,555 |  | 85,745 |  | 37,826 |  | 4,392,670 |  |

| Included in cost of land and buildings is freehold land of £3,177,961 (2024 - £3,177,961) which is not depreciated.

| The freehold property in Adtech Polymer Engineering Limited (APEL) was valued in August 2013 by David Alberry and Company, a qualified quantity surveyor.

| The company elected to apply the transitional provisions in section 35.10(d) of FRS 102 to use the current valuation as the deemed cost of the freehold property at the transition date.

| If the freehold property had not been revalued it would have been included at the following historical cost:

|  | 2025 |  |  | 2024 |  |

| £ |  |  | £ |  |

| Cost - relating to APEL |  | 240,479 |  |  | 202,477 |  |

| Cost - Other group entities |  | 3,152,961 |  |  | 3,152,961 |  |

| Accumulated depreciation |  | (34,435 | ) |  | (29,65 | ) |

|  | 3,359,005 |  |  | 3,325,785 |  |

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST OCTOBER 2025

11. | TANGIBLE FIXED ASSETS - continued

| Group

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

| Plant and |  | Motor |

| machinery |  | vehicles |  | Totals

£ | £ | £ |

| COST

| Additions | 36,600 |  | 33,395 |  | 69,995 |  |

| At 31st October 2025 | 36,600 |  | 33,395 |  | 69,995 |  |

| DEPRECIATION

| Charge for year | 1,373 |  | 2,783 |  | 4,156 |  |

| At 31st October 2025 | 1,373 |  | 2,783 |  | 4,156 |  |

| NET BOOK VALUE

| At 31st October 2025 | 35,227 |  | 30,612 |  | 65,839 |  |

| Company

| Plant and

| machinery

£ |

| COST

| At 1st November 2024 | 5,800 |  |

| Additions | 3,807 |  |

| At 31st October 2025 | 9,607 |  |

| DEPRECIATION

| At 1st November 2024 | 5,089 |  |

| Charge for year | 1,189 |  |

| At 31st October 2025 | 6,278 |  |

| NET BOOK VALUE

| At 31st October 2025 | 3,329 |  |

| At 31st October 2024 | 711 |  |

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST OCTOBER 2025

12. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1st November 2024

| and 31st October 2025 | 324,351 |  |

| NET BOOK VALUE

| At 31st October 2025 | 324,351 |  |

| At 31st October 2024 | 324,351 |  |

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST OCTOBER 2025

12. | FIXED ASSET INVESTMENTS - continued

| Name |  | Registered office |  | Principle activity |  | Class of shares |  | Holding |  |

| Adtech Holdings Limited |  | Unit 40 Aston Down East, Frampton Mansell, Stroud, Gloucestershire, GL6 8HX |  | Holding company |  | Ordinary |  | 75% |  |

| Adtech Polymer Engineering Limited |  | Unit 40 Aston Down East, Frampton Mansell, Stroud, Gloucestershire, GL6 8HX |  | Fluoropolymer manufacturer |  | Ordinary |  | 75% |  |

| Roftek Holdings Limited |  | The Estate Office Rotherfield Park, East Tisted, Alton, Hampshire, England,GU34 3QN |  | Holding company |  | Ordinary 2 |  | 59% |  |

| Roftek Limited |  | Unit 1c Cotswold Buildings Barnwood Point, Corinium Avenue, Gloucester, Gloucestershire, GL4 3HX |  | Designing and manufacturing portable mortuary cooling equipment and storage systems. |  | Ordinary |  | 59% |  |

| VF Holdings (2023) Limited |  | The Estate Office Rotherfield Park, East Tisted, Alton, Hampshire, England,GU34 3QN |  | Holding company |  | Ordinary |  | 75% |  |

| Victory Fasteners Limited |  | 3rd Floor, Regent House Bath Avenue, Wolverhampton, West Midlands, WV1 4EG |  | Stockholders and manufacturers of high grade alloy and stainless steel fasteners |  | Ordinary |  | 75% |  |

| Buckleys International Limited |  | The Estate Office Rotherfield Park, East Tisted, Alton, Hampshire, England,GU34 3QN |  | Holding company |  | Ordinary |  | 75% |  |

| Buckleys (UVRAL) Limited |  | Buckleys House Unit G, Concept Court, Shearway Road, Folkestone, Kent, CT19 4RG |  | Manufacturing state-of-the-art test equipment |  | Ordinary |  | 75% |  |

| UB Farm Limited |  | The Estate Office Rotherfield Park, East Tisted, Alton, Hampshire, England,GU34 3QN |  | Farming |  | Ordinary |  | 100% |  |

| Noar IP Limited |  | The Estate Office Rotherfield Park, East Tisted, Alton, Hampshire, England,GU34 3QN |  | Leasing Intellectual property |  | Ordinary |  | 100% |  |

| All the above subsidiaries are included in the consolidated financial statements. The following investments are held indirectly: Adtech Polymer Engineering Limited, Roftek Limited, Victory Fasteners Limited and Buckleys (UVRAL) Limited.

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST OCTOBER 2025

13. | STOCKS

| Group |

2025 | 2024 |

£ | £ |

| Raw materials | 401,154 |  | 398,351 |  |

| Work-in-progress | 28,683 |  | 42,578 |  |

| Finished goods | 2,320,667 |  | 2,418,486 |  |

2,750,504 |  | 2,859,415 |  |

| Included within finished goods is £656,322 (2024: £756,893) that could be classified as raw materials or finished goods as the parts can be used within manufacturing or sold to third parties.

14. | DEBTORS

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Amounts falling due within one year: |

| Trade debtors | 1,702,771 |  | 2,080,369 |  | - |  | - |  |

| Amounts owed by group undertakings | - |  | - |  | 118,782 |  | 38,332 |  |

| Other debtors | 29,006 |  | 44,259 |  | 10 |  | 5,000 |  |

| Directors' current accounts | 9 |  | - |  | - |  | - |  |

| Tax | 87,081 |  | - |  | - |  | - |  |

| Prepayments and accrued income | 254,492 |  | 251,310 |  | 68,394 |  | 121,414 |  |

2,073,359 |  | 2,375,938 |  | 187,186 |  | 164,746 |  |

| Amounts falling due after more than one | year: |

| Amounts owed by group undertakings | - |  | - |  | 10,962,339 |  | 10,657,944 |  |

| Aggregate amounts | 2,073,359 |  | 2,375,938 |  | 11,149,525 |  | 10,822,690 |  |

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Other loans (see note 17) | 480,394 |  | 360,000 |  | - |  | - |  |

| Hire purchase contracts (see note 18) | 21,159 |  | - |  | - |  | - |  |

| Trade creditors | 829,951 |  | 857,461 |  | 5,428 |  | 1,277 |  |

| Tax | 24,507 |  | 212,801 |  | - |  | - |  |

| Social security and other taxes | 70,660 |  | 63,240 |  | 558 |  | 4,403 |  |

| VAT | 228,959 |  | 105,356 |  | 9,484 |  | 3,409 |  |

| Other creditors | 28,064 |  | 19,886 |  | - |  | 2,200 |  |

| Accruals and deferred income | 597,728 |  | 856,493 |  | 35,481 |  | 319,895 |  |

2,281,422 |  | 2,475,237 |  | 50,951 |  | 331,184 |  |

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST OCTOBER 2025

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Other loans (see note 17) | 11,988,179 |  | 13,006,944 |  | 9,201,703 |  | 9,453,443 |  |

| Hire purchase contracts (see note 18) | 40,004 |  | - |  | - |  | - |  |

| Amounts owed to group undertakings | - |  | - |  | - |  | 400,000 |  |

12,028,183 |  | 13,006,944 |  | 9,201,703 |  | 9,853,443 |  |

17. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Amounts falling due within one year or on | demand: |

| Other loans | 480,394 |  | 360,000 |  | - |  | - |  |

| Amounts falling due between one and two | years: |

| Other loans - 1-2 years | 11,988,179 |  | 13,006,944 |  | 9,201,703 |  | 9,453,443 |  |

18. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 21,159 |  | - |  |

| Between one and five years | 40,004 |  | - |  |

61,163 |  | - |  |

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST OCTOBER 2025

18. | LEASING AGREEMENTS - continued

| Group

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 264,865 |  | 280,751 |  |

| Between one and five years | 484,405 |  | 481,332 |  |

| In more than five years | 71,344 |  | 173,202 |  |

820,614 |  | 935,285 |  |

19. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Other loans | 11,824,019 |  | 12,361,273 |  | 9,201,703 |  | 9,453,443 |  |

| The creditor totalling £9,201,703 (2024: £9,453,433) has a floating charge over all the assets of Noar, Limited.

| The creditor totalling £2,286,044 (2024: £2,387,008) has a fixed and floating charge over all the assets of Roftek Holdings Limited.

| The creditor totalling £96,335 (2024: £220,950) has a fixed and floating charge over all the assets of Buckleys International Limited and Buckleys (UVRAL) Limited.

| The creditor totalling £239,937 (2024: £299,872) has a fixed and floating charge over all the assets of Victory Fasteners Limited and VF Holdings (2023) Limited.

20. | PROVISIONS FOR LIABILITIES

| Group |

2025 | 2024 |

£ | £ |

| Deferred tax | 197,245 |  | 209,351 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1st November 2024 | 209,351 |  |

| Provided during year | (12,106 | ) |

| Balance at 31st October 2025 | 197,245 |  |

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST OCTOBER 2025

21. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 1,000 | Ordinary Share | 1 | 1,000 |  | 1,000 |  |

| Each share has full rights in the company with respect to voting, dividends and distributions.

22. | RESERVES

| Group

| Retained

| earnings

£ |

| At 1st November 2024 | (823,464 | ) |

| Deficit for the year | (250,938 | ) |

| At 31st October 2025 | (1,074,402 | ) |

| Company

| Retained

| earnings

£ |

| At 1st November 2024 | 1,037,492 |  |

| Profit for the year | 1,307,346 |  |

| At 31st October 2025 | 2,344,838 |  |

23. | CAPITAL COMMITMENTS

2025 | 2024 |

£ | £ |

| Contracted but not provided for in the

| financial statements | 14,320 |  | - |  |

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST OCTOBER 2025

24. | RELATED PARTY DISCLOSURES

| Purchases totalling £101,779 (2024: £20,921) and sales totalling £23,743 (2024: £3,981) were made with an entity who is controlled by the ultimate shareholder of the group. At the year end £49,290 (2024: £22,208) was outstanding and included in trade creditors and £21,160 (2024: nil) was receivable and included in trade debtors.

| Purchases totalling nil (2024: £76,405) were made from a company who is controlled by a director of one of the subsidiary companies.

| Purchases totalling £3,247 (2024: nil) were made from a company who is a director of one of the subsidiary companies.

| Purchases totalling £19,200 (2024: nil) were made from a company who is controlled by a director of one of the subsidiary companies.

| Purchases totalling £4,800 (2024: nil) were made from an individual who is a director of one of the subsidiary companies.

| Purchases totalling £74,572 (2024: £78,964) were made from a company who is controlled by a minority shareholder of some of the subsidiary companies. At the year end £3,777 (2024: £2,400) was outstanding and included in trade creditors.

| Purchases totalling £3,800 (2024: £16,800) were made from a company who is controlled by a director of one of the subsidiary companies. At the year end nil (2024: £1,400) was outstanding and included in trade creditors.

| Purchases totalling £100,000 (2024: £106,500) were made from a company who is controlled by a minority shareholder and director of some of the subsidiary companies. At the year end £6,000 (2024: £6,000) was outstanding and included in trade creditors.

| Loans have been made to the group by a company under common control totalling £9,201,703 (2024: £9,453,443). Interest is payable on this loan at 6% and total interest charged during the period was £603,216 (2024: £474,391).

| Loans have been made to the group by individuals that are either directors and/or minority shareholders of some of the group members totalling £2,978,582 (2024: £3,565,146). Interest is payable on these loans at varying rates between 5% and 10% and total interest charged during the period was £196,926 (2024: £247,579). At the year end £555 (2024: £2,052) was outstanding and included in trade creditors.

| Loans have been made to individuals that are either directors and/or minority shareholders by some of the group members totalling £8,487 (2024: £18,752). Interest is receivable on these loans and total interest d received during the period was £699 (2024: £732).

| There is an outstanding loan balance due to the group with a minority shareholder of one of the subsidiary companies of £13,235 (2024: £13,235), this balance is interest free.

| There is an outstanding loan balance due to the group with a minority shareholder and director of some of the group members of £6,617 (2024: £6,617), this balance is interest free.

| Transactions between group companies, which are related parties, have been eliminated on consolidation and are not disclosed in this note.

| During the year, a total of key management personnel compensation of £ 1,202,975 (2024 - £ 1,201,327 ) was paid.

NOAR, LIMITED (REGISTERED NUMBER: 10520077)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST OCTOBER 2025

25. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is A J T Scott.