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Registration number: 01856028

J. Fisher & Sons Limited
Annual Report and Financial Statements
for the Year Ended 31 August 2025

J. Fisher & Sons Limited

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4
Statement of Directors' Responsibilities | 5
Independent Auditor's Report | 6 to 9
Profit and Loss Account | 10
Balance Sheet | 11
Statement of Changes in Equity | 12
Notes to the Financial Statements | 13 to 24

J. Fisher & Sons Limited

Company Information

Directors | Mr Colin Martin Fisher Mr Barry Paul Hope Mr Gareth Edward Fisher Mr Peter James Fisher Mr Andrew Vaughan Swinnerton Mr Paul Robert Fox Mr John Joseph Flood

Registered office | Unit 10, Chanters Industrial Estate Arleyway Atherton Manchester M46 9BP

Auditors | Hill Eckersley & Co 1 Pavilion Square Cricketers Way Westhoughton Bolton BL5 3AJ

J. Fisher & Sons Limited

Strategic Report for the Year Ended 31 August 2025

The directors present their strategic report for the year ended 31 August 2025.

Principal activity

The principal activity of the company is road planing and heavy haulage services.

Fair review of the business

The company is a lead operator throughout the northwest of England having developed a reputation for providing consistently resilient, efficient and proactive services to companies of all levels in the construction sector.
The company is a key player in circular construction and manages over 200,000 tonnes of recycled asphalt planings (“RAP”) each year.
The Directors are satisfied with the performance of the company in the year; particularly given the challenging economic environment, with turnover increasing from £11.3m to £12.6m and profit before tax increasing from £0.9m to £1.9m. This improvement was aided by strong customer relationships and increased demand for its sustainable solutions.
The external commercial environment is expected to remain just as competitive in 2026 and beyond with domestic construction activity currently uncertain. However, the Directors are confident that their management of the company has put them in a strong financial position to maintain growth as market conditions recover.
In addition, on 24 June 2025, the company was acquired by Fox Brothers Holdings Limited which will enable the company to work with their expansive network and resources, providing significant opportunity to grow and meet the increasing demand for RAP. The support and partnership with the Fox Group will help further the company’s mission to further drive circularity and sustainability.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs | Unit | 2025 | 2024
Turnover | £'000 | 12,593 | 11,327
EBITDA | £'000 | 3,224 | 2,464
LTIFR |  | - | -

The key performance indicators monitored by the board are Turnover, Earnings before Interest, Taxes, Depreciation and Amortisation ("EBITDA"), and the safety measures of Long Term Injury Frequency Rate ("LTIFR").

Principal risks and uncertainties

The key business risks and uncertainties affecting the company are considered to relate to the increased competition in the market place, retention of key employees and rising costs due to inflationary pressures. The company has been impacted by fluctuating fuel and energy costs and these remain uncertain.

J. Fisher & Sons Limited

Strategic Report for the Year Ended 31 August 2025

Financial risk management

The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are conducted in sterling.
The price risk relates to fluctuations in diesel and energy prices which are closely monitored in order to ensure that these are taken into account when pricing work. The company may offer credit terms to its customers which allow payment of the debt after delivery of goods and services. The company is at risk to the extent that the customer may not be able to pay on the specified due date. Debtors are closely monitored and any issues arising are are dealt with on a timely basis.
The company manages its liquidity risk, to ensure it meets its financial obligations as and when they fall due. Cash at bank is closely monitored to ensure that sufficient funds are available. The company expects to meet its financial obligations through operating cash flows, but the company can also borrow from its parent entity, if required.

Approved and authorised by the Board on 21 May 2026 and signed on its behalf by:

......................................... Mr Colin Martin Fisher Director

J. Fisher & Sons Limited

Directors' Report for the Year Ended 31 August 2025

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

Directors of the company

The directors who held office during the year were as follows:

Mr Colin Martin Fisher

Mr Barry Paul Hope (appointed 24 June 2025)

Mr Gareth Edward Fisher

Mr Peter James Fisher

Mrs Philomena Fisher (ceased 24 June 2025)

Mr Andrew Vaughan Swinnerton (appointed 24 June 2025)

Mr Paul Robert Fox (appointed 24 June 2025)

Mr John Joseph Flood (appointed 24 June 2025)

Mr James Fisher (ceased 24 June 2025)

Dividends

Particulars of dividends paid are detailed in note 20 to the financial statements.

Information included in the Strategic Report

The company has chosen, in accordance with Companies Act 2026, s414C(11) to set out in the company's strategic report information required by Sch. 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/410) to be contained in the directors' report.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 21 May 2026 and signed on its behalf by:

......................................... Mr Colin Martin Fisher Director

J. Fisher & Sons Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

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

• | select suitable accounting policies and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

J. Fisher & Sons Limited

Independent Auditor's Report to the Members of J. Fisher & Sons Limited

Opinion

We have audited the financial statements of J. Fisher & Sons Limited (the 'company') for the year ended 31 August 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• | give a true and fair view of the state of the company's affairs as at 31 August 2025 and of its profit for the year then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

J. Fisher & Sons Limited

Independent Auditor's Report to the Members of J. Fisher & Sons Limited

Opinion on other matter prescribed by the Companies Act 2006

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

• | the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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

• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• | the financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of directors' remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

We design procedures in line with responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures include the following:

• | The responsible individual for the audit engagement ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
• | Enquiring of management whether they are aware of any non-compliance with applicable laws and regulations.
• | Enquiring of management whether they are aware of any actual, suspected or alleged fraud.

J. Fisher & Sons Limited

Independent Auditor's Report to the Members of J. Fisher & Sons Limited

• | Enquiring of management whether they have internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
• | Discussion amongst the engagement team on how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas; posting of unusual journals and fraudulent revenue recognition.
• | Obtaining an understanding of the regulatory framework the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations. The key laws and regulations that we considered in this context include; the financial framework that the company operates under (FRS102). the UK Companies Act, tax legislation, employment, environmental and health and safety legislation.
| To address the risk of fraud through management override of control, we:
• | Tested journal entries to identify unusual transactions.
• | Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.
| To address the risk of fraud arising from fraudulent revenue recognition, we:
• | Performed testing to confirm the completeness of income recognised in the accounts.
• | Performed cut off testing on sale transactions occurring around the reporting date.
| In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but are not limited to:
• | Agreeing the financial statement disclosures to underlying supporting documents.
• | Enquiring of management as to actual and potential litigation claims they are aware of.
• | Reviewing legal cost nominals for evidence of potential litigation claims.
• | Reviewing correspondence with regulators for evidence of non-compliance with laws and regulations.
| The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with the ISAs (UK). Furthermore, the more removed the laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance.
| Our audit should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for the detection and prevention of fraud, error and non-compliance with laws and regulations rests with the directors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

J. Fisher & Sons Limited

Independent Auditor's Report to the Members of J. Fisher & Sons 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 an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Anna Heyes FCA (Senior Statutory Auditor)
For and on behalf of Hill Eckersley & Co, Statutory Auditor
1 Pavilion Square
Cricketers Way
Westhoughton
Bolton
BL5 3AJ

21 May 2026

J. Fisher & Sons Limited

Profit and Loss Account for the Year Ended 31 August 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 12,593,389 | 11,326,972
Cost of sales |  | (8,000,607) | (7,965,360)
Gross profit |  | 4,592,782 | 3,361,612
Administrative expenses |  | (2,481,899) | (2,269,872)
Operating profit | 4 | 2,110,883 | 1,091,740
Interest payable and similar expenses | 5 | (248,356) | (187,235)
Profit before tax |  | 1,862,527 | 904,505
Tax on profit | 9 | (482,431) | (241,700)
Profit for the financial year |  | 1,380,096 | 662,805

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

J. Fisher & Sons Limited

(Registration number: 01856028)
Balance Sheet as at 31 August 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 10 | 3,600,666 | 5,947,967
Current assets |  |  |
Stocks | 11 | 814,018 | 696,862
Debtors | 12 | 9,378,804 | 3,079,473
Cash at bank and in hand |  | 188,782 | 437,144
|  | 10,381,604 | 4,213,479
Creditors: Amounts falling due within one year | 13 | (5,483,656) | (2,894,286)
Net current assets |  | 4,897,948 | 1,319,193
Total assets less current liabilities |  | 8,498,614 | 7,267,160
Creditors: Amounts falling due after more than one year | 13 | (3,222,928) | (2,176,174)
Provisions for liabilities | 14 | (785,094) | (880,696)
Net assets |  | 4,490,592 | 4,210,290
Capital and reserves |  |  |
Called up share capital | 16 | 200 | 200
Retained earnings | 17 | 4,490,392 | 4,210,090
Shareholders' funds |  | 4,490,592 | 4,210,290

Approved and authorised by the Board on 21 May 2026 and signed on its behalf by:

......................................... Mr Colin Martin Fisher Director

J. Fisher & Sons Limited

Statement of Changes in Equity for the Year Ended 31 August 2025

| Share capital £ | Retained earnings £ | Total £
At 1 September 2024 | 200 | 4,210,090 | 4,210,290
Profit for the year | - | 1,380,096 | 1,380,096
Dividends | - | (1,099,794) | (1,099,794)
At 31 August 2025 | 200 | 4,490,392 | 4,490,592

| Share capital £ | Retained earnings £ | Total £
At 1 September 2023 | 200 | 3,900,335 | 3,900,535
Profit for the year | - | 662,805 | 662,805
Dividends | - | (353,050) | (353,050)
At 31 August 2024 | 200 | 4,210,090 | 4,210,290

J. Fisher & Sons Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 10, Chanters Industrial Estate
Arleyway
Atherton
Manchester
M46 9BP

These financial statements were authorised for issue by the Board on 21 May 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
The financial statements are prepared in sterling, which is the functional currency of the entity.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Summary of disclosure exemptions

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has taken advantage of the following exemption from disclosure requirements;
- Section 7 "Statement of Cash Flows", presentation of a statement of cash flows and related notes and disclosures.
- Section 11 "Basic financial instruments".
- Section 33 "Related Party Disclosures"; Compensation for key management personnel..

Name of parent of group

These financial statements are consolidated in the financial statements of Fox Brothers Holdings Limited.

The financial statements of Fox Brothers Holdings Limited may be obtained from 11 Neptune Court, Hallam Way, Whitehalls Business Park, Blackpool, Lancashire, FY4 5LZ.

J. Fisher & Sons Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
The company recognises deferred income tax assets on carried forward tax losses to the extent there are sufficient estimated future taxable profits and/or taxable temporary differences against which the tax losses can be utilised.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
The company has a large fleet of vehicles, and therefore depreciation of these vehicles forms a significant component of costs charged to the income statement. The estimation of the useful lives involves significant judgement. Management determine the useful economic lives and related depreciation charges for the motor vehicle fleet. The useful economic lives are reviewed at each balance sheet date, in accordance with the company's accounting policy. Management will increase the depreciation charge where useful economic life is shorter than previously estimated. The carrying amount is £3,497,368 (2024 -£4,846,299).

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

J. Fisher & Sons Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Long leasehold property | 2% straight line
Plant and machinery | 15% reducing balance
Motor vehicles | 25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

J. Fisher & Sons Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a reducing balance basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

J. Fisher & Sons Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

3 | Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Sale of goods and rendering of services | 12,561,031 | 11,281,972
Rental income from investment property | 32,358 | 45,000
| 12,593,389 | 11,326,972

The analysis of the company's turnover for the year by market is as follows:

| 2025 £ | 2024 £
UK | 12,593,389 | 11,326,972

4 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 1,209,755 | 1,387,283
Profit on disposal of property, plant and equipment | (97,112) | (14,799)

5 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest on bank overdrafts and borrowings | 25,182 | 34,852
Interest on obligations under finance leases and hire purchase contracts | 190,459 | 152,383
Interest expense on other finance liabilities | 32,715 | -
| 248,356 | 187,235

6 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 3,818,997 | 3,412,019
Social security costs | 459,791 | 378,638
Pension costs, defined contribution scheme | 89,908 | 83,854
Other employee expense | 18,776 | 19,449
| 4,387,472 | 3,893,960

J. Fisher & Sons Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Production | 63 | 62
Administration and support | 13 | 13
| 76 | 75

7 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 134,475 | 61,540
Contributions paid to money purchase schemes | 8,910 | 9,900
| 143,385 | 71,440

During the year the number of directors who were receiving benefits and share incentives was as follows:

| 2025 No. | 2024 No.
Accruing benefits under money purchase pension scheme | 3 | 3

8 | Auditors' remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 11,000 | 10,000

J. Fisher & Sons Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

9 | Taxation

Tax charged/(credited) in the income statement

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 605,321 | -
UK corporation tax adjustment to prior periods | (27,288) | -
| 578,033 | -
Deferred taxation |  |
Arising from origination and reversal of timing differences | (95,602) | 241,700
Tax expense in the income statement | 482,431 | 241,700

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 1,862,527 | 904,505
Decrease in UK and foreign current tax from adjustment for prior periods | (27,288) | -
Tax increase/(decrease) from effect of capital allowances and depreciation | 144,846 | (14,209)
Effect of expense not deductible in determining taxable profit (tax loss) | 44,088 | 9,322
Effect of tax losses | (144,847) | 20,461
Tax decrease arising from group relief | (132,097) | -
Tax increase relating to payment for group relief. | 132,097 | -
Corporation tax at standard rate | 465,632 | 226,126
Total tax charge | 482,431 | 241,700

J. Fisher & Sons Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

10 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Other tangible assets £ | Total £
Cost or valuation
At 1 September 2024 | 1,248,664 | - | 12,948,453 | 259,018 | 14,456,135
Additions | - | 2,597 | 56,412 | 6,450 | 65,459
Disposals | (1,248,664) | - | (907,699) | - | (2,156,363)
At 31 August 2025 | - | 2,597 | 12,097,166 | 265,468 | 12,365,231
Depreciation
At 1 September 2024 | 257,996 | - | 8,102,154 | 148,018 | 8,508,168
Charge for the year | - | - | 1,193,006 | 16,749 | 1,209,755
Eliminated on disposal | (257,996) | - | (695,362) | - | (953,358)
At 31 August 2025 | - | - | 8,599,798 | 164,767 | 8,764,565
Carrying amount
At 31 August 2025 | - | 2,597 | 3,497,368 | 100,701 | 3,600,666
At 31 August 2024 | 990,668 | - | 4,846,299 | 111,000 | 5,947,967

Included within the carrying value of tangible assets are motor vehicles of £3,497,368 (2024: £3,296,462) which are held under finance leases or hire purchase agreements.

11 | Stocks

| 2025 £ | 2024 £
Work in progress | 7,500 | 13,280
Other inventories | 806,518 | 683,582
| 814,018 | 696,862

J. Fisher & Sons Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

12 | Debtors

Current | Note | 2025 £ | 2024 £
Trade debtors |  | 3,267,720 | 2,946,294
Amounts owed by group undertakings |  | 5,792,177 | -
Other debtors |  | 1 | 58,117
Prepayments |  | 318,906 | 75,062
|  | 9,378,804 | 3,079,473

13 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 18 | 3,167,561 | 1,218,924
Trade creditors |  | 1,480,640 | 1,110,205
Amounts due to related parties |  | - | 399,846
Social security and other taxes |  | 214,979 | 95,858
Outstanding defined contribution pension costs |  | 29,620 | 24,005
Other payables |  | 109,116 | 20,493
Accrued expenses |  | 35,804 | 24,955
Income tax liability | 9 | 445,936 | -
|  | 5,483,656 | 2,894,286
Due after one year |  |  |
Loans and borrowings | 18 | 3,222,928 | 2,176,174

14 | Provisions for liabilities

| Deferred tax £ | Total £
At 1 September 2024 | 880,696 | 880,696
Increase (decrease) relating to accelarated capital allowances | (95,602) | (95,602)
At 31 August 2025 | 785,094 | 785,094

The decrease in the deferred tax provision relates to the unwind of accelarated capital allowances.

J. Fisher & Sons Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

15 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £89,908 (2024 - £83,854).
Contributions totalling £29,620 (2024 - £24,005) were payable to the scheme at the end of the year and are included in creditors.

16 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary share of £1 each | 100 | 100 | 100 | 100
'A' Ordinary share of £1 each | 5 | 5 | 5 | 5
'B' Ordinary share of £1 each | 5 | 5 | 5 | 5
'C' Ordinary share of £1 each | 30 | 30 | 30 | 30
'D' Ordinary share of £1 each | 30 | 30 | 30 | 30
'E' Ordinary share of £1 each | 30 | 30 | 30 | 30
| 200 | 200 | 200 | 200

17 | Reserves

Retained earnings

Records retained earnings and accumulated losses.

18 | Loans and borrowings

| 2025 £ | 2024 £
Non-current loans and borrowings
Bank borrowings | - | 367,669
HP and finance lease liabilities | 3,222,928 | 1,808,505
| 3,222,928 | 2,176,174

J. Fisher & Sons Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

| 2025 £ | 2024 £
Current loans and borrowings
Bank borrowings | - | 20,965
HP and finance lease liabilities | 1,018,813 | 1,197,959
Other borrowings | 2,148,748 | -
| 3,167,561 | 1,218,924

Hire purchase and finance lease obligations totalling £4,241,741 (2024: £3,006,464) are secured on the assets concerned.
Other borrowings totalling £2,148,748 (2024: £nil) in respect of an invoice finance facility are secured by way of a fixed and floating charge in favour of Close Brothers Limited dated 24 June 2025.

19 | Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 1,018,813 | 1,197,959
Later than one year and not later than five years | 3,222,928 | 1,808,505
| 4,241,741 | 3,006,464

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 305,834 | 105,433
Later than one year and not later than five years | 930,826 | 55,833
| 1,236,660 | 161,266

The amount of non-cancellable operating lease payments recognised as an expense during the year was £232,411 (2024 - £85,851).

J. Fisher & Sons Limited

Notes to the Financial Statements for the Year Ended 31 August 2025

20 | Dividends

Interim dividends paid

|  | 2025 £ |  | 2024 £
Interim dividend of £9,906.69 (2024 - £Nil) per each Ordinary share |  | 990,669 |  | -
Interim dividend of £3,780.00 (2024 - £14,240.00) per each "A" Ordinary share |  | 18,900 |  | 71,200
Interim dividend of £2,145.00 (2024 - £4,290.00) per each "B" Ordinary share |  | 10,725 |  | 21,450
Interim dividend of £883.33 (2024 - £2,893.33) per each "C" Ordinary share |  | 26,500 |  | 86,800
Interim dividend of £883.33 (2024 - £2,893.33) per each "D" Ordinary share |  | 26,500 |  | 86,800
Interim dividend of £883.33 (2024 - £2,893.33) per each "E" Ordinary share |  | 26,500 |  | 86,800
|  | 1,099,794 |  | 353,050

Interim dividends include £990,669 (2024: £nil) dividend in specie in respect of the distribution of company owned land and buildings.

21 | Parent and ultimate parent undertaking

The company's immediate parent is JFS Holdco (2025) Limited, incorporated in England .

Fox Brothers Holdings Limited is the parent of the smallest and largest group for which consolidated accounts are drawn up, of which this company is a member.. Copies of the consolidated financial statements of the group headed by Fox Brothers Holdings Limited, can be obtained from 11 Neptune Court, Hallam Way, Whitehalls Business Park, Blackpool, Lancashire, FY4 5LZ.
From 24 June 2025, the ultimate parent company of the group became Stellex Capital Holdings II Luxembourg SARL, a company incorporated in Luxembourg..