REGISTERED NUMBER: 01069129 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 August 2025

for

D R Caswell Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

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:

P Caswell

P A Murphy

D Roebuck

J Platt

SECRETARY:

J Caswell

REGISTERED OFFICE:

Lagonda Road

Cowpen Industrial Estate

Billingham

Stockton on Tees

TS23 4JA

REGISTERED NUMBER:

01069129 (England and Wales)

AUDITORS:

Anderson Barrowcliff Limited

Statutory Auditors

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

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

REVIEW OF BUSINESS

Trading performance for the group in terms of sales growth has continued to rise year on year.

The growth has predominantly been achieved due to the acquisition of Cutler Cleaning Supplies Limited in December '24.

The results for the year show turnover has increased to £29,118,097 from £28,536,788 in 2024. Gross profit margin has increased to 29% from 26% in 2024 and the overall pre-tax profit of £472,129 (2024: £884,670) is considered to be satisfactory by the directors.

The group continues to grow, because of the above acquisition, but also in the increasing diversity of products and services it offers, whilst maintaining a high quality of customer service. The group has divisions in printing and sign making, garment customization, industrial hose management, gas equipment testing, industrial vending machines and also office supplies and furniture which complement and enhance its core activities. The acquisition of Cutler Cleaning Supplies Limited has also allowed the group to enhance its knowledge and expertise in janitorial and hygiene products and services, develop into different sectors and also expand geographically.

2025 has been a challenging year for the group in terms of cost increases, national and international economic volatility and legislative changes. However, with continual cost saving management and investment in its staff, facilities and IT capabilities the group has ensured it has remained profitable whilst maintaining its high level of customer service.

PRINCIPAL RISKS AND UNCERTAINTIES

In common with other businesses in the sector, the group is dependent on the local, national and international economic climates which can affect its supply chain, product availability and cost and customer demand. However, the Directors believe that the diverse activities of the group and its customer base, along with its supplier relationships are well established in the marketplace to ensure the group can be profitable even when facing challenging trading conditions.

KEY PERFORMANCE INDICATORS

Given the straight forward nature of the group, the Directors are of the opinion that analysing using KPI's is not necessary for an understanding of the development, performance or position of the group, and all the relevant financial information has been disclosed within the financial statements.

ON BEHALF OF THE BOARD:

P Caswell - Director

27 May 2026

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of engineering suppliers and agents.

DIVIDENDS

The total distribution of dividends for the year ended 31 August 2025 will be £ 212,732 .

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

P Caswell

P A Murphy

D Roebuck

J Platt

FINANCIAL INSTRUMENTS

The principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for and finance the groups operations.

Due to the nature of the financial instruments used by the group there is no exposure to price risk. The groups approach to managing other risks applicable to the financial instruments concerned is shown below:

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

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, Anderson Barrowcliff Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P Caswell - Director

27 May 2026

Opinion

We have audited the financial statements of D R Caswell Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 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 August 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 three, 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.

Based on our understanding of the industry, we have considered applicable laws and regulations which may be fundamental to the groups ability to operate or to avoid a material penalty, and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate manual journal entries to manipulate financial performance, management bias in significant accounting estimates and any significant one-off or unusual transactions.

We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

Auditors' responsibilities for the audit of the financial statements (continued)

Audit procedures performed by the engagement team included:

-

Enquiry of management, those charged with governance and the groups solicitors around actual and potential litigation and claims.

-

Enquiry of group staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.

-

Reviewing minutes of meetings of those charged with governance.

-

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

-

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

-

Challenging estimates and judgements made by management in their significant accounting estimates.

-

Revenue recognition; agreeing a sample of revenue transactions to gain assurance over the occurrence and accuracy of revenue and also to ensure revenue has been recognised in the correct period.

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

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 Shawcross FCA (Senior Statutory Auditor)

for and on behalf of Anderson Barrowcliff Limited

Statutory Auditors

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

27 May 2026

TURNOVER

29,118,097

28,536,788

Cost of sales

20,651,575

21,106,777

GROSS PROFIT

8,466,522

7,430,011

Distribution costs

4,924,316

4,101,627

Administrative expenses

2,558,837

2,009,253

7,483,153

6,110,880

983,369

1,319,131

Other operating income

25,265

20,527

OPERATING PROFIT

4

1,008,634

1,339,658

Interest receivable and similar income

6,674

15

1,015,308

1,339,673

Interest payable and similar expenses

5

543,179

455,003

PROFIT BEFORE TAXATION

472,129

884,670

Tax on profit

6

100,508

247,784

PROFIT FOR THE FINANCIAL YEAR

371,621

636,886

Profit attributable to:

Owners of the parent

371,621

636,886

PROFIT FOR THE YEAR

371,621

636,886

OTHER COMPREHENSIVE INCOME

Revaluation Property

-

638,328

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

638,328

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

371,621

1,275,214

Total comprehensive income attributable to:

Owners of the parent

371,621

1,275,214

FIXED ASSETS

Intangible assets

9

951,804

192,618

Tangible assets

10

4,958,797

4,852,759

Investments

11

5,664

5,664

5,916,265

5,051,041

CURRENT ASSETS

Stocks

12

4,333,237

3,937,529

Debtors

13

5,418,972

7,429,650

Cash at bank and in hand

327,923

114,358

10,080,132

11,481,537

CREDITORS

Amounts falling due within one year

14

8,576,239

9,521,314

NET CURRENT ASSETS

1,503,893

1,960,223

TOTAL ASSETS LESS CURRENT LIABILITIES

7,420,158

7,011,264

CREDITORS

Amounts falling due after more than one year

15

(1,508,880

)

(1,218,975

)

PROVISIONS FOR LIABILITIES

19

(604,276

)

(644,176

)

NET ASSETS

5,307,002

5,148,113

CAPITAL AND RESERVES

Called up share capital

20

73

73

Revaluation reserve

21

1,179,398

1,179,398

Capital redemption reserve

21

27

27

Retained earnings

21

4,127,504

3,968,615

SHAREHOLDERS' FUNDS

5,307,002

5,148,113

The financial statements were approved by the Board of Directors and authorised for issue on 27 May 2026 and were signed on its behalf by:

P Caswell - Director

FIXED ASSETS

Intangible assets

9

203,086

192,618

Tangible assets

10

4,827,034

4,852,759

Investments

11

1,774,357

5,664

6,804,477

5,051,041

CURRENT ASSETS

Stocks

12

4,094,823

3,937,529

Debtors

13

4,870,590

7,429,650

Cash at bank and in hand

44,114

114,358

9,009,527

11,481,537

CREDITORS

Amounts falling due within one year

14

8,429,505

9,521,315

NET CURRENT ASSETS

580,022

1,960,222

TOTAL ASSETS LESS CURRENT LIABILITIES

7,384,499

7,011,263

CREDITORS

Amounts falling due after more than one year

15

(1,508,880

)

(1,218,975

)

PROVISIONS FOR LIABILITIES

19

(593,276

)

(644,176

)

NET ASSETS

5,282,343

5,148,112

CAPITAL AND RESERVES

Called up share capital

20

73

73

Revaluation reserve

21

1,179,398

1,179,398

Capital redemption reserve

21

27

27

Retained earnings

21

4,102,845

3,968,614

SHAREHOLDERS' FUNDS

5,282,343

5,148,112

Company's profit for the financial year

346,963

636,885

The financial statements were approved by the Board of Directors and authorised for issue on 27 May 2026 and were signed on its behalf by:

P Caswell - Director

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 September 2023

73

3,535,062

541,070

27

4,076,232

Changes in equity

Dividends

-

(203,333

)

-

-

(203,333

)

Total comprehensive income

-

636,886

638,328

-

1,275,214

Balance at 31 August 2024

73

3,968,615

1,179,398

27

5,148,113

Changes in equity

Dividends

-

(212,732

)

-

-

(212,732

)

Total comprehensive income

-

371,621

-

-

371,621

Balance at 31 August 2025

73

4,127,504

1,179,398

27

5,307,002

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 September 2023

73

3,535,062

541,070

27

4,076,232

Changes in equity

Dividends

-

(203,333

)

-

-

(203,333

)

Total comprehensive income

-

636,885

638,328

-

1,275,213

Balance at 31 August 2024

73

3,968,614

1,179,398

27

5,148,112

Changes in equity

Dividends

-

(212,732

)

-

-

(212,732

)

Total comprehensive income

-

346,963

-

-

346,963

Balance at 31 August 2025

73

4,102,845

1,179,398

27

5,282,343

Cash flows from operating activities

Cash generated from operations

1

2,214,043

1,367,265

Interest paid

(534,872

)

(447,010

)

Interest element of hire purchase payments paid

(8,307

)

(7,993

)

Tax paid

(233,930

)

(111,054

)

Net cash from operating activities

1,436,934

801,208

Cash flows from investing activities

Purchase of intangible fixed assets

(35,000

)

(5,225

)

Purchase of tangible fixed assets

(300,642

)

(532,416

)

Sale of tangible fixed assets

45,229

38,582

Acquisition of subsidiary

(1,768,693

)

-

Cash acquired

493,569

-

Interest received

6,674

15

Net cash from investing activities

(1,558,863

)

(499,044

)

Cash flows from financing activities

New loans in year

900,000

1,214,978

Loan repayments in year

(372,213

)

(1,284,781

)

New HP in year

-

49,834

Capital repayments in year

(58,118

)

(66,679

)

Amount introduced by directors

73,946

61,161

Amount withdrawn by directors

(143,013

)

(2,732

)

Invoice financing

143,158

4,251

Equity dividends paid

(212,732

)

(203,333

)

Net cash from financing activities

331,028

(227,301

)

Increase in cash and cash equivalents

209,099

74,863

Cash and cash equivalents at beginning of year

2

90,250

15,387

Cash and cash equivalents at end of year

2

299,349

90,250

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

2025

2024

£

£

Profit before taxation

472,129

884,670

Depreciation charges

440,651

279,179

Profit on disposal of fixed assets

(11,482

)

(15,530

)

Government grants

(1,265

)

(527

)

Finance costs

543,179

455,003

Finance income

(6,674

)

(15

)

1,436,538

1,602,780

Increase in stocks

(88,888

)

(213,672

)

Decrease/(increase) in trade and other debtors

2,531,578

(550,569

)

(Decrease)/increase in trade and other creditors

(1,665,185

)

528,726

Cash generated from operations

2,214,043

1,367,265

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 August 2025

31.8.25

1.9.24

£

£

Cash and cash equivalents

327,923

114,358

Bank overdrafts

(28,574

)

(24,108

)

299,349

90,250

Year ended 31 August 2024

31.8.24

1.9.23

£

£

Cash and cash equivalents

114,358

15,387

Bank overdrafts

(24,108

)

-

90,250

15,387

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.9.24

Cash flow

At 31.8.25

£

£

£

Net cash

Cash at bank and in hand

114,358

213,565

327,923

Bank overdrafts

(24,108

)

(4,466

)

(28,574

)

90,250

209,099

299,349

Debt

Finance leases

(102,805

)

58,118

(44,687

)

Debts falling due within 1 year

(44,199

)

(203,704

)

(247,903

)

Debts falling due after 1 year

(1,163,650

)

(324,083

)

(1,487,733

)

(1,310,654

)

(469,669

)

(1,780,323

)

Total

(1,220,404

)

(260,570

)

(1,480,974

)