REGISTERED NUMBER: 09673306 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

THORPE INTERIOR GROUP LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

19

DIRECTORS:

Mr SH Simpson

Mr JC Thorpe

SECRETARY:

Mr JC Thorpe

REGISTERED OFFICE:

Unit D

Harrison Road

Airfield Business Park

Market Harborough

Leicestershire

LE16 7UL

REGISTERED NUMBER:

09673306 (England and Wales)

SENIOR STATUTORY AUDITOR:

Mark Harrison FCA BA (Hons)

AUDITORS:

Mark J Rees LLP Chartered Accountants

and Statutory Auditors

Granville Hall

Granville Road

Leicester

LE1 7RU

BANKERS:

Lloyds Bank Plc

7 High Street

Leicester

LE1 9FS

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

The Group's principal activities are the manufacture and fitting of bespoke joinery together with ceiling and flooring solutions within the commercial fit-out industry.

REVIEW OF BUSINESS

The trading year to October 2025 was challenging for the Group and overall financial performance fell below expectations. However, we believe this period has been an important one in laying the foundations for sustainable growth and improved profitability across the Group in 2026 and beyond.

Market conditions remain highly competitive across our operating companies, but we continue to see significant opportunities within our sectors. We are confident that, through collaboration across the Group and a disciplined approach to execution, we can develop these opportunities to support our long-term ambitions.

Client expectations continue to increase and, as a Group, we must remain agile in adapting our businesses, resources and capabilities to meet these evolving requirements. This remains a key focus for management across all companies.

Looking ahead to 2026, the Group’s order book is stronger than at the same point last year, providing improved visibility and confidence. Our challenge remains to manage workloads effectively across the businesses to ensure delivery remains controlled and consistent. Our overarching objective is to achieve controlled growth, deliver high-quality installations, and strengthen long-standing client relationships while building new ones across the Group.

FINANCIAL KEY PERFORMANCE INDICATORS

We continue to place heavy reliance upon a variety of financial performance indicators which include the monitoring of the sales order book, a revised production planning look ahead schedule, gross margin, cash and overall profitability within the Group.

The Group's turnover for the year ending 31st October 2025 was £21,293,770 (2024: £15,924,084) being an increase of 33%. We are confident in the order book looking forward which currently shows future sales to 2026.

The profit for the year before taxation was £244,918 (2024: £498,184).

The target for the next financial year is to build on the improvement that has happened during 2025 and continue to improve profitability.

Group KPI's £'000

2025

2024

Turnover

£21,294

£15,924

Gross Profit

£4,714

£5,145

Gross Profit %

22.1%

32.3%

Profit/(Loss) for financial year

£380

£380

Net Assets

£7,194

£6,880

PRINCIPAL RISKS AND UNCERTAINTIES

During 2025, the risks and uncertainties facing the Group remained significant and reflect challenges experienced across our wider industry. These risks are not unique to the Group and are expected to continue into 2026. The principal areas of risk identified across the Group’s operating companies, in no particular order, include:

- Material price inflation, impacting project margins and costing accuracy.

- Labour wage inflation, particularly within specialist and skilled roles.

- Availability of skilled factory labour, despite the Group’s continued investment in apprenticeships and training programmes.

- Ongoing pressures on site labour, affecting delivery programmes and resource planning.

- Increased government taxation and regulatory costs, placing additional financial pressure on operating businesses.

The Group continues to actively monitor these risks and, where possible, implement mitigating actions through procurement strategies, workforce planning and operational efficiencies.

FUTURE ACTIVITIES

To support the Group’s ambitions and capitalise on future opportunities, we will continue to review and strengthen internal procedures and processes across all operating companies. A key focus will remain on improving efficiency, consistency and control, with the objective of driving sustainable profitability across the Group.

During the year, the Group successfully achieved re-certification for ISO 45001, ISO 9001 and ISO 14001, alongside maintaining FSC, Constructionline and FORS accreditations. These accreditations demonstrate the Group’s ongoing commitment to quality, health and safety, environmental management and operational best practice.

The Group recognises the importance of ongoing investment to support future growth and resilience. We continue to assess where investment is required, whether in our people, plant and machinery, or facilities, to ensure the Group remains well positioned to meet future demand. We remain confident in the Group’s long-term prospects and believe the foundations are in place for a positive and sustainable future.

ON BEHALF OF THE BOARD:

Mr JC Thorpe - Director

15 May 2026

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

DIVIDENDS

The total distribution of dividends for the year ended 31 October 2025 will be £283,038 (2024: £nil).

DIRECTORS

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

Mr SH Simpson

Mr JC Thorpe

DONATIONS

The group paid donations of £42,863 (2024: £26,770) during the year.

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

AUDITORS

The auditors, Mark J Rees LLP Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr JC Thorpe - Director

15 May 2026

Opinion

We have audited the financial statements of Thorpe Interior Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 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 31 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.

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.

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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities outlined above, to detect material misstatements in respect of irregularities, including fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISA's (UK).

We obtained an understanding of the legal and regulatory frameworks applicable to the group and industry in which it operates through our general commercial experience. We determined that the following laws and regulations were most significant: FRS 102, Companies Act 2006 and the relevant tax compliance regulations in the UK. In addition, we concluded that there are certain laws and regulations that may have an effect in the determination of the amounts and disclosures in the financial statements such as health and safety and employee related matters.

We enquired of management concerning the group's policies and procedures relating to:

- the identification and compliance with laws and regulations

- the detection and response to the risks of fraud

- the internal controls inherent within the group to mitigate fraud risk and non-compliance to laws and regulations

We enquired of management, whether they were aware of any instance of non-compliance with laws and regulations or whether they had any knowledge of actual, suspected or alleged fraud.

We communicated relevant laws and regulations and potential areas of fraud to all audit team members including the potential for fraud in revenue recognition. We remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We have determined that the principal risk areas where material irregularities could occur were related to posting manual journal entries to manipulate financial performance, revenue recognition and significant one-off or unusual transactions.

Our audit procedures were designed to respond in particular to these identified risks (including non compliance with laws and regulations and fraud).

Our audit procedures included but were not limited to:

- A review of laws and regulations the group is subject to, followed by compliance checks and discussion with management to ensure no instances of non compliance.

- Identifying and testing journal entries, on a sample basis, to review for potential management bias or manipulation of revenue recognition.

- A review of a sample of sales orders in the year and detailed cut off testing around the year end to ensure revenue is recorded accurately and recognised in the correct period.

We did not identify any matters during the course of our work that indicated non-compliance with laws and regulations or relating to fraud.

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

Use of our report

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

Mark Harrison FCA BA (Hons) (Senior Statutory Auditor)

for and on behalf of Mark J Rees LLP Chartered Accountants

and Statutory Auditors

Granville Hall

Granville Road

Leicester

LE1 7RU

18 May 2026

TURNOVER

4

21,293,770

15,924,084

Cost of sales

16,580,213

10,779,544

GROSS PROFIT

4,713,557

5,144,540

Administrative expenses

4,479,621

4,585,357

OPERATING PROFIT

6

233,936

559,183

Income from fixed asset investments

63,039

-

Interest receivable and similar income

407

1,017

63,446

1,017

297,382

560,200

Interest payable and similar expenses

7

52,464

62,015

PROFIT BEFORE TAXATION

244,918

498,185

Tax on profit

8

(135,640

)

117,885

PROFIT FOR THE FINANCIAL YEAR

380,558

380,300

Profit attributable to:

Owners of the parent

374,400

460,960

Non-controlling interests

6,158

(80,660

)

380,558

380,300

PROFIT FOR THE YEAR

380,558

380,300

OTHER COMPREHENSIVE INCOME

Revaluation reserve

50,000

-

Income tax relating to other comprehensive income

(12,500

)

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

37,500

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

418,058

380,300

Total comprehensive income attributable to:

Owners of the parent

411,900

460,960

Non-controlling interests

6,158

(80,660

)

418,058

380,300

FIXED ASSETS

Intangible assets

11

93,190

109,889

Tangible assets

12

4,624,101

4,469,176

Investments

13

861,000

861,000

5,578,291

5,440,065

CURRENT ASSETS

Stocks

14

168,615

94,759

Debtors

15

4,374,273

4,457,105

Cash in hand

13,545

11,928

4,556,433

4,563,792

CREDITORS

Amounts falling due within one year

16

2,551,349

2,584,857

NET CURRENT ASSETS

2,005,084

1,978,935

TOTAL ASSETS LESS CURRENT LIABILITIES

7,583,375

7,419,000

CREDITORS

Amounts falling due after more than one year

17

(152,798

)

(304,676

)

PROVISIONS FOR LIABILITIES

21

(236,175

)

(233,934

)

NET ASSETS

7,194,402

6,880,390

CAPITAL AND RESERVES

Called up share capital

22

4,210

4,210

Revaluation reserve

23

881,582

678,307

Merger reserve

23

895

895

Retained earnings

23

6,326,533

6,221,954

SHAREHOLDERS' FUNDS

7,213,220

6,905,366

NON-CONTROLLING INTERESTS

24

(18,818

)

(24,976

)

TOTAL EQUITY

7,194,402

6,880,390

The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2026 and were signed on its behalf by:

Mr JC Thorpe - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

4,040,648

3,871,934

Investments

13

1,566,423

1,566,423

5,607,071

5,438,357

CURRENT ASSETS

Debtors

15

68,116

33,373

Cash at bank

23,961

7,451

92,077

40,824

CREDITORS

Amounts falling due within one year

16

902,932

691,035

NET CURRENT LIABILITIES

(810,855

)

(650,211

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,796,216

4,788,146

PROVISIONS FOR LIABILITIES

21

132,549

163,134

NET ASSETS

4,663,667

4,625,012

CAPITAL AND RESERVES

Called up share capital

22

4,210

4,210

Revaluation reserve

23

881,582

678,307

Retained earnings

23

3,777,875

3,942,495

SHAREHOLDERS' FUNDS

4,663,667

4,625,012

Company's profit for the financial year

105,201

256,683

The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2026 and were signed on its behalf by:

Mr JC Thorpe - Director

Mr SH Simpson - Director

Called up

share

Retained

Revaluation

capital

earnings

reserve

£

£

£

Balance at 1 November 2023

4,210

5,747,944

691,357

Changes in equity

Total comprehensive income

-

474,010

(13,050

)

Balance at 31 October 2024

4,210

6,221,954

678,307

Changes in equity

Dividends

-

(283,038

)

-

Total comprehensive income

-

387,617

24,283

Revaluation adjustment

-

-

178,992

Balance at 31 October 2025

4,210

6,326,533

881,582

Merger

Non-controlling

Total

reserve

Total

interests

equity

£

£

£

£

Balance at 1 November 2023

895

6,444,406

55,684

6,500,090

Changes in equity

Total comprehensive income

-

460,960

(80,660

)

380,300

Balance at 31 October 2024

895

6,905,366

(24,976

)

6,880,390

Changes in equity

Dividends

-

(283,038

)

-

(283,038

)

Total comprehensive income

-

411,900

6,158

418,058

Revaluation adjustment

-

178,992

-

178,992

Balance at 31 October 2025

895

7,213,220

(18,818

)

7,194,402

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 November 2023

4,210

3,672,762

691,357

4,368,329

Changes in equity

Total comprehensive income

-

269,733

(13,050

)

256,683

Balance at 31 October 2024

4,210

3,942,495

678,307

4,625,012

Changes in equity

Dividends

-

(283,038

)

-

(283,038

)

Total comprehensive income

-

118,418

24,283

142,701

Revaluation adjustment

-

-

178,992

178,992

Balance at 31 October 2025

4,210

3,777,875

881,582

4,663,667

Cash flows from operating activities

Cash generated from operations

1

350,303

267,565

Interest paid

(41,846

)

(54,310

)

Interest element of hire purchase payments paid

(10,618

)

(7,705

)

Tax paid

(116,974

)

(11,372

)

Taxation refund

177,263

-

Net cash from operating activities

358,128

194,178

Cash flows from investing activities

Purchase of tangible fixed assets

(153,377

)

(158,344

)

Sale of tangible fixed assets

-

2,498

Interest received

407

1,017

Dividends received

63,039

-

Net cash from investing activities

(89,931

)

(154,829

)

Cash flows from financing activities

New hire purchase agreements in year

69,105

147,568

Loan repayments in year

(205,008

)

(305,845

)

Capital repayments in year

(57,717

)

(59,788

)

Amount withdrawn by directors

-

(260,000

)

Equity dividends paid

(283,038

)

-

Net cash from financing activities

(476,658

)

(478,065

)

Decrease in cash and cash equivalents

(208,461

)

(438,716

)

Cash and cash equivalents at beginning of year

2

(10,798

)

427,918

Cash and cash equivalents at end of year

2

(219,259

)

(10,798

)

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

2025

2024

£

£

Profit before taxation

244,918

498,185

Depreciation charges

243,606

230,998

Loss on disposal of fixed assets

537

783

Finance costs

52,464

62,015

Finance income

(63,446

)

(1,017

)

478,079

790,964

(Increase)/decrease in stocks

(73,856

)

64,912

Decrease/(increase) in trade and other debtors

82,835

(755,320

)

(Decrease)/increase in trade and other creditors

(136,755

)

167,009

Cash generated from operations

350,303

267,565

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 31 October 2025

31.10.25

1.11.24

£

£

Cash and cash equivalents

13,545

11,928

Bank overdrafts

(232,804

)

(22,726

)

(219,259

)

(10,798

)

Year ended 31 October 2024

31.10.24

1.11.23

£

£

Cash and cash equivalents

11,928

427,918

Bank overdrafts

(22,726

)

-

(10,798

)

427,918