REGISTERED NUMBER: 13497052 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the year ended

30 September 2025

for

DLS Holdings (Grantham) Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

G W L Brewis

I A Partridge

REGISTERED OFFICE:

Occupation Lane

Gonerby Moor

Grantham

NG32 2BP

REGISTERED NUMBER:

13497052 (England and Wales)

AUDITORS:

Just Audit Limited

Chartered Accountants and Statutory Auditors

Strelley Hall

Main Street

Strelley

Nottingham

NG8 6PE

The directors present their strategic report of the company and the group for the year ended 30 September 2025.

The directors recognise their duties under the Companies Act 2006 (Strategic Report and Directors' Report Regulations 2013). Having undertaken a review of the requirements of this legislation and on the basis that DLS Holdings (Grantham) Limited is an unquoted company with 3 shareholders a limited report is provided. This is to reduce the risk of a detailed report on group activity being seriously prejudicial to the interests of the group.

REVIEW OF BUSINESS

The principal activities of the group during the year were design, manufacture and supply of injection moulded products along with supplementary sales of products sourced from suppliers. The principal markets served are the leisure vehicle market and medical supplies. These activities have not changed materially during the year. The group's activities remain organised into three distinct areas;

Direct Leisure Supplies Ltd - DLS Plastics: The design, manufacture and supply of products to serve the leisure vehicle market. The design, manufacture and supply of products to serve an increasingly diverse customer base.

Direct Leisure Supplies Ltd - DLS Medical: The manufacture and supply of products for the single use medical supplies market.

Daneplast Limited - The supply of trade moulding services to a variety of customers many involved in the supply of shop fittings and retail although increasingly diverse due to ongoing sales effort.

The group has continued to maintain a wide range of activities to support customers. The sales of the group have decreased due to a significant downturn in the leisure industry.

Trading during the year resulted in an operating profit for the year of £1,859,897 (2024: £2,198,736). This is seen as a reasonable result. Total comprehensive income for the year (profit after tax) was £1,565,028 (2024: £1,820,165).

The consolidated balance sheet on page 10 of the financial statements shows the net assets of the group at £9,010,172 (2024: £9,005,144).

A small number of key performance indicators are maintained to measure business performance. In addition to the usual ones such as sales and margins, as reported in the consolidated income statement, the group also monitors customers' orders on time. This year the key performance indicators reflect the social and economic challenges we are facing in the current times. Overall the business has performed well maintaining a good level of service to customers.

During the year work has continued to develop the internal administration systems and other improvements aimed at increasing productivity and efficiency.

PRINCIPAL RISKS AND UNCERTAINTIES

The risks to the business are managed through the extensive use of ISO registered procedures and management thereof. The subsidiaries have a history of generating profit and business development is funded from cashflow. Debtor default is a concern but careful attention and constant customer communication help to ameliorate this. The subsidiaries have a wide customer base although historic consolidation in the leisure vehicle market has eroded this over time. During the year there was little evidence that this trend is continuing although the threat remains. One of the subsidiaries has a small market share in the medical supplies area. Significant effort has been applied to improve trading margins rather than simply chase sales turnover. The group has sufficient reserves to shield it from the effects of adverse trading conditions. The group has a strong unencumbered asset base and a consequent opportunity to fund operations through borrowing should that be necessary.

Uncertainty over the UK domestic economy is a concern with a disruptive government adding regulation and a higher tax burden to the business. In particular measures relating to employment of staff could lead to higher administration and further erosion of business competitiveness when compared with foreign competition. The folly of the UK's pursuit of "Net Zero" is a concern as ill thought out and illogical policies risk adding significant cost burdens to UK businesses when compared to foreign competitors.

Global unrest and political strife, the cost of living crisis, inflation are all concerns and risks to the business. The business is unable to directly affect any of these global phenomena. Consistent effort is put into evaluating external factors and managing the business accordingly.

Social media driven virtue signalling and ignorant political edicts are a threat to a business using high levels of energy and with the word "plastic" on its website. It is hoped that despite this some sense will prevail and the need for responsible, well managed UK manufacturing will remain. With the apparently feckless Labour Government now in power one is left wondering, "what's the point?"

DEVELOPMENT AND PERFORMANCE

Overall group performance demonstrates strong business resilience in adverse trading conditions. The management and staff continue to work hard to meet customer expectations, and ensure the business remains in a strong position and able to take advantage of new opportunities that emerge in the future.

Activity has taken place to consolidate the group onto two sites (from three). During the year, Daneplast Limited moved its operations from its former premises into the premises of its parent company Direct Leisure Supplies Limited.

This change has improved productivity and management effectiveness. The reduction in employee headcount across the group, along with savings of other costs relating to Daneplast (eg. business rates) will assist in ameliorating some of the punitive taxation and energy policies facing small businesses in the UK.

AFTER DATE MATTERS

Otherwise, there are no material events to report.

Further information relating to future plans for the business is confidential.

ON BEHALF OF THE BOARD:

G W L Brewis - Director

28 April 2026

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

DIVIDENDS

The total distribution of dividends for the year ended 30 September 2025 was £1,560,000 (2024: £1,800,000).

Dividends paid after the consolidated balance sheet date, but before these financial statements were authorised for issue, totalled £660,000.

DIRECTORS

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

G W L Brewis

I A Partridge

STRATEGIC REPORT

The group has chosen in accordance with the Companies Act 2006, section 414C(11) to set out in the Group Strategic Report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) regulations 2008, Sch 7 to be contained in the Report of the Directors.

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.

ON BEHALF OF THE BOARD:

G W L Brewis - Director

28 April 2026

Opinion

We have audited the financial statements of DLS Holdings (Grantham) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 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's affairs as at 30 September 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.

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

We gained an understanding of the legal and regulatory framework applicable to the parent company and the group and the industry in which it operates and considered the risk of acts by the parent company and the group that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due 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.

David Fletcher BA BFP FCA (Senior Statutory Auditor)

for and on behalf of Just Audit Limited

Chartered Accountants and Statutory Auditors

Strelley Hall

Main Street

Strelley

Nottingham

NG8 6PE

28 April 2026

TURNOVER

3

9,469,250

10,559,241

Cost of sales

5,175,065

5,696,894

GROSS PROFIT

4,294,185

4,862,347

Administrative expenses

2,434,288

2,663,611

OPERATING PROFIT

5

1,859,897

2,198,736

Interest receivable and similar income

115,283

127,859

PROFIT BEFORE TAXATION

1,975,180

2,326,595

Tax on profit

6

410,152

506,430

PROFIT FOR THE FINANCIAL YEAR

1,565,028

1,820,165

Profit attributable to:

Owners of the parent

1,565,028

1,820,165

PROFIT FOR THE YEAR

1,565,028

1,820,165

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,565,028

1,820,165

Total comprehensive income attributable to:

Owners of the parent

1,565,028

1,820,165

FIXED ASSETS

Intangible assets

9

(760,646

)

(1,140,968

)

Tangible assets

10

5,402,489

5,501,965

Investments

11

20

20

4,641,863

4,361,017

CURRENT ASSETS

Stocks

12

934,427

1,191,856

Debtors

13

1,463,035

1,735,219

Investments

14

1,315,451

1,135,009

Cash at bank and in hand

2,740,692

3,036,460

6,453,605

7,098,544

CREDITORS

Amounts falling due within one year

15

1,547,901

1,890,836

NET CURRENT ASSETS

4,905,704

5,207,708

TOTAL ASSETS LESS CURRENT LIABILITIES

9,547,567

9,568,725

PROVISIONS FOR LIABILITIES

17

537,395

563,581

NET ASSETS

9,010,172

9,005,144

CAPITAL AND RESERVES

Called up share capital

18

1,602

1,602

Merger relief reserve

19

6,200,000

6,200,000

Retained earnings

19

2,808,570

2,803,542

SHAREHOLDERS' FUNDS

9,010,172

9,005,144

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2026 and were signed on its behalf by:

G W L Brewis - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

8,643,000

8,643,000

8,643,000

8,643,000

CURRENT ASSETS

Investments

14

1,308,579

1,120,880

Cash at bank

7,268

41,472

1,315,847

1,162,352

CREDITORS

Amounts falling due within one year

15

2,875,267

3,164,987

NET CURRENT LIABILITIES

(1,559,420

)

(2,002,635

)

TOTAL ASSETS LESS CURRENT LIABILITIES

7,083,580

6,640,365

CAPITAL AND RESERVES

Called up share capital

18

1,602

1,602

Merger relief reserve

19

6,200,000

6,200,000

Retained earnings

19

881,978

438,763

SHAREHOLDERS' FUNDS

7,083,580

6,640,365

Company's profit for the financial year

2,003,215

2,215,036

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2026 and were signed on its behalf by:

G W L Brewis - Director

Called up

Merger

share

Retained

relief

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 October 2023

1,602

2,783,377

6,200,000

8,984,979

Changes in equity

Dividends

-

(1,800,000

)

-

(1,800,000

)

Total comprehensive income

-

1,820,165

-

1,820,165

Balance at 30 September 2024

1,602

2,803,542

6,200,000

9,005,144

Changes in equity

Dividends

-

(1,560,000

)

-

(1,560,000

)

Total comprehensive income

-

1,565,028

-

1,565,028

Balance at 30 September 2025

1,602

2,808,570

6,200,000

9,010,172

Called up

Merger

share

Retained

relief

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 October 2023

1,602

23,727

6,200,000

6,225,329

Changes in equity

Dividends

-

(1,800,000

)

-

(1,800,000

)

Total comprehensive income

-

2,215,036

-

2,215,036

Balance at 30 September 2024

1,602

438,763

6,200,000

6,640,365

Changes in equity

Dividends

-

(1,560,000

)

-

(1,560,000

)

Total comprehensive income

-

2,003,215

-

2,003,215

Balance at 30 September 2025

1,602

881,978

6,200,000

7,083,580

Cash flows from operating activities

Cash generated from operations

1

2,058,052

2,415,032

Tax paid

(310,368

)

(611,192

)

Net cash from operating activities

1,747,684

1,803,840

Cash flows from investing activities

Purchase of tangible fixed assets

(283,251

)

(829,544

)

Purchase of current asset investments

(141,822

)

(555,917

)

Sale of tangible fixed assets

11,000

11,892

Interest received

115,283

127,859

Net cash from investing activities

(298,790

)

(1,245,710

)

Cash flows from financing activities

Amount withdrawn by directors

(184,662

)

(12,357

)

Equity dividends paid

(1,560,000

)

(1,800,000

)

Net cash from financing activities

(1,744,662

)

(1,812,357

)

Decrease in cash and cash equivalents

(295,768

)

(1,254,227

)

Cash and cash equivalents at beginning of year

2

3,036,460

4,290,687

Cash and cash equivalents at end of year

2

2,740,692

3,036,460

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

2025

2024

£

£

Profit before taxation

1,975,180

2,326,595

Depreciation charges

(27,452

)

(1,408

)

Loss on disposal of fixed assets

18,858

3,009

(Gain)/Loss on fair value of investment

(38,621

)

(46,399

)

Finance income

(115,283

)

(127,859

)

1,812,682

2,153,938

Decrease/(increase) in stocks

257,429

(20,502

)

Decrease in trade and other debtors

272,184

318,813

Decrease in trade and other creditors

(284,243

)

(37,217

)

Cash generated from operations

2,058,052

2,415,032

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 30 September 2025

30/9/25

1/10/24

£

£

Cash and cash equivalents

2,740,692

3,036,460

Year ended 30 September 2024

30/9/24

1/10/23

£

£

Cash and cash equivalents

3,036,460

4,290,687

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/10/24

Cash flow

At 30/9/25

£

£

£

Net cash

Cash at bank and in hand

3,036,460

(295,768

)

2,740,692

3,036,460

(295,768

)

2,740,692

Liquid resources

Current asset investments

1,135,009

180,442

1,315,451

1,135,009

180,442

1,315,451

Total

4,171,469

(115,326

)

4,056,143

1.	STATUTORY INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Occupation Lane, Gonerby Moor, Grantham, NG32 2BP.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements are prepared in Pound Sterling, which is the functional currency of the group.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the company and all group undertakings.

These are adjusted, where appropriate, to conform to group accounting policies. Profits or losses on intra-group transactions are eliminated in full. Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over five years from the year of acquisition. On acquisition of a subsidiary, all of the subsidiary's assets and liabilities which exist at the date of acquisition are recorded at their fair values reflecting their condition at the time. The results of companies acquired or disposed of are included in the consolidated income statement after or up to the date that control passes respectively.

Parent company disclosure exemption

In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemption, available in FRS 102:

- no cash flow statement has been presented for the company

Significant judgements and estimates

In preparing these financial statements, the directors have made the following judgements:

-

Estimated in respect of the freehold property the cost of the land element of the properties as at the date of purchase, estimated the useful economic life of the buildings, and estimated the residual value of the buildings (excluding land).

-

Estimated the cost of the labour and overheads which have been incurred in manufactured stock in order to correctly reflect the value of stock as at the year end.

-

Determined whether there are indicators of impairment of the group's tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic conditions and estimated market value of the assets.

Going concern

At the time of approving the financial statements the directors have a reasonable expectation that the group and company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial

statements.

Turnover

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

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.

Goodwill

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill on acquisition 20% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount

being estimated where such indicators exist. Where the carrying value exceeds the recoverable

amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at

each reporting date.

When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made

of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating

unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that

are largely independent of the cash inflows from other assets or groups of assets.

Current asset investments

Current asset investments are initially recorded at fair value, with changes in fair value being recognised in profit or loss. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value,

over the useful economic life of that asset as follows:

Freehold Property

2.5% straight line

Plant & Machinery

20% reducing balance

Fixtures & Fittings

15% reducing balance and 20% straight line

Motor Vehicles

20% reducing balance and 25% straight line

Moulds & Tools

33% straight line

Freehold land is not depreciated

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 on a first in first out basis, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3.

TURNOVER

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

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

2025

2024

£

£

Sale of goods

9,469,250

10,559,241

9,469,250

10,559,241

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

8,257,184

9,063,456

Europe

1,147,553

1,431,940

Rest of the world

64,513

63,845

9,469,250

10,559,241

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

3,028,588

2,980,941

Other pension costs

60,412

82,648

3,089,000

3,063,589