PES Group Limited iXBRL

Company Registration Number: 02842153

PES Group Limited

Reports and Financial Statements

for the financial year ended 31 August 2025

PES Group Limited

DIRECTORS AND OTHER INFORMATION


Directors	Mr J McConachie
	Mr R McConachie
	Mr S Mardy


Company Registration Number	02842153


Registered Office and Business Address	Unit 17 Handley Way Handley Page Way
	Colney Street
	St Albans
	AL2 2DQ
	England


Independent Auditors	DNTCA Limited
	Chartered Accountants and Statutory Auditor
	Ormeau House
	91-97 Ormeau Road
	Belfast
	BT7 1SH


Bankers	Danske Bank
	14 Donegall Square West
	Belfast
	Antrim
	BT1 6JS
	Northern Ireland


Solicitors	Arthur Cox
	Victoria House
	Gloucester Street
	Belfast
	Antrim
	BT4 1LS
	Northern Ireland

PES Group Limited

STRATEGIC REPORT

for the financial year ended 31 August 2025

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

Review of the Company's Business

The directors consider that the results for the year are satisfactory and that the company will continue to trade profitably for the foreseeable future.

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being revenue, gross margin and net assets.

We are pleased with the turnover level achieved, and the management of costs that maintained margins and allowed continued growth in net assets.

Over 30 years we have built a reputation as a technical specialist distributor of market leading manufacturers and the company has 5 established strategically located divisions.

We represent only the best in class global market leading manufacturers. We are proud of our close working partnerships with companies such as Siemens and Toshiba corporations.

The company continues to invest in its e-platform and digital shop window along with IT infrastructure and security.

Principal Risks and Uncertainties

The business environment in which the company operates continues to be challenging with increased competition from domestic suppliers and large international distributors entering the market.

The company is subject to exchange rate movements although these did not have a considerable impact on turnover or gross margin.

Development and Performance

During the year, the company achieved a turnover of £24,835,587, representing a 4.3% increase from the prior year (£23,808,248 in 2024). Gross profit rose to £5,764,063 (2024: £5,082,808), reflecting both higher sales and improved operational efficiency.

The gross profit margin strengthened to 23.2%, up from 21.3% in the previous year, indicating continued progress in profitability.

Net assets at year-end stood at £4,149,256, compared to £3,703,248 in 2024, further demonstrating the company’s solid financial position and ongoing growth.

On behalf of the board



___________________________
Mr J McConachie
Director

27 March 2026

PES Group Limited

DIRECTORS' REPORT

for the financial year ended 31 August 2025

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

Principal Activity

The principal activity of the company continued to be that of the supply of industrial control and automation components.

Results and Dividends

The profit for the financial year after providing for depreciation and taxation amounted to £2,200,972 (2024 - £1,462,146).

The directors have paid a final dividend amounting to £1,900,000.

Directors

The directors who served during the financial year are as follows:

Mr J McConachie

Mr R McConachie

Mr S Mardy

There were no changes in shareholdings between 31 August 2025 and the date of signing the financial statements.

Future Developments

The company has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the company`s Strategic Report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the Directors` Report in respect of financial risk management and future developments.

Post-Balance Sheet Events

There have been no significant events affecting the company since the financial year-end.

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, Directors' 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) including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. 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;

■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.

Disclosure of Information to Auditor

Each persons who are directors at the date of approval of this report confirms that:

In so far as the directors are aware:

■there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and

■the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Auditors

The auditors, DNTCA Limited, (Chartered Accountants) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.

On behalf of the board

___________________________

Mr J McConachie

Director

27 March 2026

INDEPENDENT AUDITOR'S REPORT

to the Shareholders of PES Group Limited

Report on the audit of the financial statements

Opinion

We have audited the financial statements of PES Group Limited ('the company') for the financial year ended 31 August 2025 which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 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 financial 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's 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 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 company's ability to continue as a going concern for a period of at least twelve months from the date 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 other information comprises the information included in the annual report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the annual report. 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.

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 course of 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.

Opinion 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

■

the Strategic Report and the 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 any 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

■

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 for the financial statements

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 they 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 has no realistic alternative but to do so.

Auditor's 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.

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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, was as follows:

■ The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

■ We identified the laws and regulations applicable to the company through discussions with directors and other management;

■ We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company.

To address the risk of fraud through management bias and override of controls, we:

■ Performed analytical procedures to identify any unusual or unexpected relationships;

■ Tested journal entries to identify unusual transactions;

■ Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

■ Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

■ Agreeing financial statement disclosures to underlying supporting documentation;

■ Reading the minutes of meetings of those charged with governance;

■ Enquiring of management as to actual and potential litigation and claims;

■ Reviewing correspondence with HMRC, Companies House and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Further information regarding the scope of our responsibilities as auditor

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

■

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

■

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

■

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

■

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.

■

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

__________________________________

Mr M Nangle (Senior Statutory Auditor)

for and on behalf of

DNTCA LIMITED

Chartered Accountants and Statutory Auditor

Ormeau House

91-97 Ormeau Road

Belfast

BT7 1SH

27 March 2026

PES Group Limited

PROFIT AND LOSS ACCOUNT

for the financial year ended 31 August 2025

	2025	2024
Notes	£	£

Turnover	5	24,835,587	23,808,248

Cost of sales		(19,085,298)	(18,725,440)
		─────────	─────────
Gross profit		5,750,289	5,082,808

Administrative expenses		(2,829,202)	(3,168,821)
Other operating income		11,020	64,861
		─────────	─────────
Operating profit	6	2,932,107	1,978,848

Interest receivable and similar income	7	783	1,368
Interest payable and similar expenses	8	(5,862)	(3,034)
		─────────	─────────
Profit before taxation		2,927,028	1,977,182

Tax on profit	10	(726,056)	(515,036)
		─────────	─────────
Profit for the financial year		2,200,972	1,462,146
		─────────	─────────
Total comprehensive income		2,200,972	1,462,146
		═════════	═════════

PES Group Limited

Company Registration Number: 02842153

BALANCE SHEET

as at 31 August 2025

		2025	2024
	Notes	£	£

Fixed Assets

Tangible assets

85,882

194,990

Investments

10,000

10,000

─────────

Fixed Assets

95,882

204,990

─────────

Current Assets

Stocks

2,481,683

3,269,900

Debtors

6,107,658

5,366,799

Cash and cash equivalents

216,532

108,899

─────────

8,805,873

8,745,598

─────────

Creditors: amounts falling due within one year

(4,396,501)

(4,784,881)

─────────

Net Current Assets

4,409,372

3,960,717

─────────

Total Assets less Current Liabilities

4,505,254

4,165,707

Provisions for liabilities

(501,034)

(462,459)

─────────

Net Assets

4,004,220

3,703,248

═════════

Capital and Reserves

Called up share capital

2,000

2,000

Other reserves including the fair value reserve

222

222

Retained earnings

4,001,998

3,701,026

─────────

Equity attributable to owners of the company

4,004,220

3,703,248

═════════

Approved by the Board and authorised for issue on 27 March 2026 and signed on its behalf by



________________________________
Mr J McConachie
Director

PES Group Limited

STATEMENT OF CHANGES IN EQUITY

as at 31 August 2025

	Called up	Retained	Capital	Total
	share	earnings	redemption
	capital		reserve
	£	£	£	£

At 1 September 2023	2,000	8,438,880	222	8,441,102
	─────────	─────────	─────────	─────────
Profit for the financial year	-	1,462,146	-	1,462,146
	─────────	─────────	─────────	─────────
Payment of dividends	-	(6,200,000)	-	(6,200,000)
	─────────	─────────	─────────	─────────
At 31 August 2024	2,000	3,701,026	222	3,703,248
	─────────	─────────	─────────	─────────
Profit for the financial year	-	2,200,972	-	2,200,972
	─────────	─────────	─────────	─────────
Payment of dividends	-	(1,900,000)	-	(1,900,000)
	─────────	─────────	─────────	─────────
At 31 August 2025	2,000	4,001,998	222	4,004,220
	═════════	═════════	═════════	═════════

PES Group Limited

STATEMENT OF CASH FLOWS

for the financial year ended 31 August 2025

	2025	2024
Notes	£	£

Cash flows from operating activities

Profit for the financial year

2,200,972

1,462,146

Adjustments for:

Interest receivable and similar income

(783)

(1,368)

Interest payable and similar expenses

5,862

3,034

Tax on profit on ordinary activities

726,056

515,036

Depreciation

147,854

188,812

Profit/loss on disposal of tangible assets

(5,691)

(7,133)

─────────

3,074,270

2,160,527

Movements in working capital:

Movement in provisions

64,800

36,010

Movement in stocks

788,217

1,196,771

Movement in debtors

(740,859)

(48,161)

Movement in creditors

(1,016,366)

699,602

─────────

Cash generated from operations

2,170,062

4,044,749

Interest paid

(5,862)

(3,034)

Tax paid

(525,000)

(755,000)

─────────

Net cash generated from operating activities

1,639,200

3,286,715

─────────

Cash flows from investing activities

Interest received

783

1,368

Payments to acquire tangible assets

(57,055)

(879)

Receipts from sales of tangible assets

24,000

7,133

─────────

Net cash (used in)/generated from investment activities

(32,272)

7,622

─────────

Cash flows from financing activities

Advances from subsidiaries/group companies		200,000	-
Dividends paid		(1,900,000)	(6,200,000)
		─────────	─────────
Net cash used in financing activities		(1,700,000)	(6,200,000)
		─────────	─────────

Net decrease in cash and cash equivalents		(93,072)	(2,905,663)
Cash and cash equivalents at beginning of financial year		(199,570)	2,706,093
		─────────	─────────
Cash and cash equivalents at end of financial year	16	(292,642)	(199,570)
		═════════	═════════

PES Group Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 August 2025

General Information

PES Group Limited is a company limited by shares incorporated and registered in England. The registered number of the company is 02842153. The registered office of the company is Unit 17 Handley Way Handley Page Way, Colney Street, St Albans, AL2 2DQ, England which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the financial year ended 31 August 2025 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Turnover

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade 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.

Retirement benefits

The company makes contributions to a money purchase scheme, the assets of the scheme being held separately from the assets of the company. The pension cost charge represents contributions payable to the scheme.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss.

All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an

impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Tangible assets and depreciation

Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:

Fixtures, fittings and equipment

25% Straight line

Motor vehicles

25% Straight line

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

A full year's depreciation is charged to assets in the year of acquisition.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leasing

Rentals payable under operating leases are dealt with in the Profit and Loss Account as incurred over the period of the rental agreement.

Investments

Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the Profit and Loss Account in the financial year in which it is receivable.

Stocks

Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Balance Sheet bank overdrafts are shown within Creditors.

Borrowing costs

Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Taxation and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Dividends

Dividends are recognised as a liability in the financial statements in the period in which they are approved by the shareholders. Interim dividends are recognised when paid. Final dividends are recognised when approved by the shareholders. Dividends are accounted for as a movement in equity and disclosed in the Statement of Income and Retained Earnings.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.

Pensions

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Going concern

The Directors have not identified any material uncertainties related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Post year end activity levels remain at a similar level and the company has a strong balance sheet. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from

these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock provision

Provision is made for slow moving stock on a line by line basis based on historical usage, which management believe provides a guide to recoverable value.

Bad debt provision

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Dilapidations provision

Management provide for estimated dilapidations in respect of leases based on expected cash outflows at the end of the lease period. The difference between expectations and a future liability will be accounted for in the period when dilapidations are agreed with the landlords.

Turnover

The turnover for the financial year is analysed as follows:

2025

2024

United Kingdom

24,635,492

23,657,300

Europe

115,892

122,486

Rest of the world

84,203

28,462

─────────

24,835,587

23,808,248

═════════

Turnover attributable to geographical markets outside the United Kingdom amounted to 1% for the financial year.


6.	Operating profit	2025	2024
		£	£
	Operating profit is stated after charging/(crediting):
	Depreciation of tangible assets	147,854	188,812
	(Profit) on disposal of tangible assets	(5,691)	(7,133)
	Profit on foreign currencies	(1,348)	(5,828)
	Operating lease rentals
	- Land and buildings	295,996	289,216
	Auditor's remuneration
	- audit services	27,504	32,279
		═════════	═════════


7.	Interest receivable and similar income	2025	2024
		£	£

	Bank interest	783	1,368
		═════════	═════════


8.	Interest payable and similar expenses	2025	2024
		£	£

	On bank loans and overdrafts	5,862	3,034
		═════════	═════════

Employees and remuneration

Number of employees

The average number of persons employed (including executive directors) during the financial year was as follows:

2025

2024

Number

Number

Administration and sales

═════════

The staff costs (inclusive of directors' salaries) comprise:

2025

2024

Wages and salaries

1,452,565

1,855,666

Social security costs

165,378

208,022

Pension costs

170,415

99,502

─────────

1,788,358

2,163,190

═════════

10.

Tax on profit

2025

2024

(a) Analysis of charge in the financial year

Current tax:

Corporation tax at 25.00% (2024 - 25.00%) (Note 10 (b))

752,281

537,258

─────────

Deferred tax:

Origination and reversal of timing differences

(26,225)

(22,222)

─────────

Total deferred tax

(26,225)

(22,222)

═════════

Tax on profit (Note 10 (b))

726,056

515,036

═════════

(b) Factors affecting tax charge for the financial year

The tax assessed for the financial year differs from the standard rate of corporation tax in the United Kingdom 25.00% (2024 - 25.00%). The differences are explained below:

2025

2024

Profit taxable at 25.00%

2,927,028

1,977,182

═════════

Profit before tax

multiplied by the standard rate of corporation tax

in the United Kingdom at 25.00% (2024 - 25.00%)

731,757

494,296

Effects of:

Expenses not deductible for tax purposes

299

1,619

Depreciation in excess of capital allowances for period

21,648

43,126

Deferred tax

(26,225)

(22,222)

Profit on disposal

(1,423)

(1,783)

─────────

Total tax charge for the financial year (Note 10 (a))

726,056

515,036

═════════


11.	Dividends	2025	2024
		£	£
	Dividends on equity shares:

	Ordinary shares - Final paid	1,900,000	6,200,000
		═════════	═════════


12.	Tangible assets
		Fixtures,	Motor	Total
		fittings and	vehicles
		equipment
		£	£	£
	Cost
	At 1 September 2024	635,996	537,172	1,173,168
	Additions	23,521	33,534	57,055
	Disposals	-	(58,590)	(58,590)
		─────────	─────────	─────────
	At 31 August 2025	659,517	512,116	1,171,633
		─────────	─────────	─────────
	Depreciation
	At 1 September 2024	595,582	382,596	978,178
	Charge for the financial year	40,990	106,864	147,854
	On disposals	-	(40,281)	(40,281)
		─────────	─────────	─────────
	At 31 August 2025	636,572	449,179	1,085,751
		─────────	─────────	─────────
	Net book value
	At 31 August 2025	22,945	62,937	85,882
		═════════	═════════	═════════
	At 31 August 2024	40,414	154,576	194,990
		═════════	═════════	═════════


13.	Investments
		Participating	Total
		interests/
		joint ventures
		shares
	Investments	£	£
	Cost

	At 31 August 2025	10,000	10,000
		─────────	─────────
	Net book value
	At 31 August 2025	10,000	10,000
		═════════	═════════
	At 31 August 2024	10,000	10,000
		═════════	═════════

13.1.

Holdings in related undertakings

The company holds 20% or more of the share capital of the following companies:

Country

Nature

Details

Proportion

held by

Name

incorporation and address of Registered Office

business

investment

company

Participating interests and

joint ventures

Park QED Limited

United Kingdom

Unit 7 Kingfisher Park, Collingwood Road, West Moors, Dorset, BH21 6US

Wholesale of electrical products

Ordinary

25%

Details of the company's associates at 31 August 2025 are detailed above.

In the opinion of the directors, the value to the company of the unlisted investments is not less than the book amount shown above.

14.

Stocks

2025

2024

Finished goods and goods for resale

2,481,683

3,269,900

═════════

The replacement cost of stock did not differ significantly from the figures shown.


15.	Debtors	2025	2024
		£	£

	Trade debtors	5,806,738	5,156,784
	Prepayments and accrued income	300,920	210,015
		─────────	─────────
		6,107,658	5,366,799
		═════════	═════════


16.	Cash and cash equivalents	2025	2024
		£	£

	Cash and bank balances	216,532	108,899
	Bank overdrafts	(509,174)	(308,469)
		─────────	─────────
		(292,642)	(199,570)
		═════════	═════════

17.

Creditors

2025

2024

Amounts falling due within one year

Bank overdrafts

509,174

308,469

Trade creditors

2,504,641

2,692,588

Amounts owed to group undertakings

200,000

Taxation (Note 18)

588,026

401,104

Other creditors

345,514

1,008,424

Accruals

249,146

374,296

─────────

4,396,501

4,784,881

═════════

The company’s banking facilities are secured by the following charges in favour of Danske Bank:

■ A fixed charge over book debts including negative pledge

■ A floating charge over all other assets of the company including negative pledge


18.	Taxation	2025	2024
		£	£

	Creditors:
	VAT	238,419	234,539
	Corporation tax	280,035	52,754
	PAYE / NI	69,572	113,811
		─────────	─────────
		588,026	401,104
		═════════	═════════

19.

Provisions for liabilities

The amounts provided for deferred taxation are analysed below:

Capital

Dilapidations

Total

Total

allowances

& Onerous Lease

2025

2024

At financial year start

16,259

446,200

462,459

448,671

Charged to profit and loss

(26,225)

64,800

38,575

42,578

Released during the financial year

(28,790)

─────────

At financial year end

(9,966)

511,000

501,034

462,459

═════════

20.

Pension costs - defined contribution

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Pension costs amounted to £170,415 (2024 - £99,502).


21.	Share capital			2025	2024
				£	£
	Description	Number of shares	Value of units

	Allotted, called up and fully paid
	Ordinary shares	2,000	£1.00 each	2,000	2,000

				═════════	═════════

22.

Financial commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Land and Buildings

2025

2024

Due:

Within one year

295,026

290,026

Between one and five years

737,453

785,979

In over five years

263,500

─────────

1,295,979

1,076,005

═════════

Operating lease payments represent rentals payable by the company for certain of its properties. Rentals are fixed for an average of 2.71 years.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as stated above.

Post year end the company entered into a new lease agreement for new premises. The lease was for a 5 year term with an annual rent payable of £44,950. This is considered a non-adjusting event and these amounts are not included in the values provided above.

23.

Capital commitments

The company had no material capital commitments at the financial year-ended 31 August 2025.

24.

Contingent liabilities

The company has entered into the following guarantee arrangements:

A cross guarantee with Westbank Group Limited in respect of banking facilities. No liability has been recognised as the directors consider the likelihood of the guarantee being called to be remote.

A domestic guarantee of ?180,000 in favour of HM Customs & Excise. No provision has been made as the directors consider the likelihood of the guarantee being called to be remote.


25.	Directors' remuneration	2025	2024
		£	£

	Remuneration	61,874	514,889
	Pension contributions	87,292	76,086
		─────────	─────────
		149,166	590,975
		═════════	═════════

		Number	Number

	Number of directors to whom retirement benefits
	are accruing under a money purchase scheme	1	1
		═════════	═════════

26.

Related party transactions

Group undertakings

The Company has taken advantage of the exemption under FRS102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland" not to disclose transactions with entities that are part of the group.

27.

Parent and ultimate parent company

The company regards Westbank Group Ltd as its parent company. Westbank Group Limited was incorporated in Northern Ireland and copies of the group accounts may be obtained from the registered office address 84 Dargan Road, Belfast, BT3 9JU. The ultimate controlling party is Mr J McConachie who is the majority shareholder of Westbank Group Limited.

The companys ultimate parent undertaking is Westbank Group Limited.

The address of Westbank Group Limited is 84 Dargan Road Antrim Northern Ireland.

The parent of the largest group in which the results are consolidated is Westbank Group Limited.

Westbank Group Limited is registered in Northern Ireland.

28.

Post-Balance Sheet Events

There have been no significant events affecting the company since the financial year-end.