REGISTERED NUMBER: 12007732 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30TH SEPTEMBER 2025

FOR

DANFORDS HOLDINGS LIMITED

Page

Company information

1

Group strategic report

2

Report of the directors

4

Report of the independent auditors

6

Consolidated income statement

10

Consolidated other comprehensive income

11

Consolidated balance sheet

12

Company balance sheet

13

Consolidated statement of changes in equity

14

Company statement of changes in equity

15

Consolidated cash flow statement

16

Notes to the consolidated cash flow statement

17

Notes to the consolidated financial statements

19

Directors:

D J Fordham

Mrs A J Fordham

Registered office:

Concrete Park

Enterprise Way

Leominster

Herefordshire

HR6 0LZ

Registered number:

12007732 (England and Wales)

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

Review of business

The principal activity of the group is the sale of concrete pumping equipment and ancillary items to the construction industry. Sales are predominantly in the UK.

Results & performance

This year the group saw turnover of £14.5m compared to £17m last year, as expected due to challenging market conditions. However, despite a reduction in turnover and rising costs, the Directors are pleased with the performance of the group with gross margin increasing from 17.4% in 2024 to 21% in 2025. This in turn resulted in maintaining profit before tax at £1.2m (2024: £1.4m). The Directors have monitored costs and managed them, despite an increasingly punitive tax regime.

The company increased cash reserves from £1.3m to £1.7m and saw a growth in net assets of £762k. The company was also able to continue making investments in fixed assets during the year of £808k (2024: £950k).

Despite challenging times, positive trading outcomes have enabled the Directors to develop new opportunities as they arose. The group purchased local premises to expand its existing parts and pipeline department.

The group monitors a series of KPIs, of which by far the most important is the margin per unit of equipment sold.

Principal risks & uncertainties

The group supplies the construction industry and is therefore subject to the cyclical nature of that industry. Specific challenges are as follows:

- Supply chain disruption - Brexit has increased the administrative burden for equipment resellers and still remains a challenge. However, the Directors are positive that friction will be reduced in the future.

- International trade - any tightening of trade terms and tariff wars has the potential to upset supply chains.

- Continuing tensions globally also have the potential to upset supply chains and cause inflation.

The key opportunities for the business which mitigate its risks are:

- Maintaining the quality of service whilst simultaneously striving to improve internal processes.

- Demonstrating the quality of both product and services to ensure customer loyalty.

- Building stronger relationships with EU suppliers.

Development & performance

Turnover for the next year is likely to remain similar to 2025 due to challenging market conditions. However, the group has a strong order book despite this. The Directors remain positive as the group has a good supply chain and is in a strong position to serve its customers to usual high standards.

Our strategic focus will continue to drive us to invest in our people and processes and continue serving our customers as effectively as possible, whilst maintaining strong relationships with our major suppliers. There are currently no capital projects on the horizon, so cash generation will be focused on working capital requirements.

The current US/Iran conflict is likely to drive inflation and the company is in a strong position to maintain profitability.

On behalf of the board:

D J Fordham - Director

21st May 2026

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

Dividends

Interim dividends were paid as follows:

£

Share class

110,000

Ordinary

30th April 2025

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30th September 2025 will be £110,000.

Research and development

The company continues to invest in research and development in order to continue developing their products.

Future developments

The directors expect continued improvement in the level of activity and operational profits for the forthcoming year ending 30th September 2026. No changes in the operational activities are expected in the foreseeable future.

Directors

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

D J Fordham

Mrs A J Fordham

Financial instruments

The company enters into no complex financial instruments.

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

Auditors

The auditors, Chris Duckett (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

D J Fordham - Director

21st May 2026

Opinion

We have audited the financial statements of Danfords Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th 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 affairs as at 30th 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 pages four and five, 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.

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 recognize non-compliance with applicable laws and regulations;

-

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the construction sector;

-

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, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

-

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

-

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

-

understanding the design of the company's remuneration policies.

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; and

-

reviewing correspondence with HMRC, relevant regulators 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 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.

Chris Duckett (Senior Statutory Auditor)

for and on behalf of Chris Duckett (Audit) Limited

Chartered Accountants & Statutory Auditors

Network House

Thorn Office Centre

Rotherwas

Hereford

HR2 6JT

21st May 2026

Turnover

14,546,956

16,965,565

Cost of sales

11,490,202

14,019,956

Gross profit

3,056,754

2,945,609

Administrative expenses

1,835,538

1,529,573

1,221,216

1,416,036

Other operating income

3,000

3,000

Operating profit

5

1,224,216

1,419,036

Interest receivable & similar income

22,055

22,772

1,246,271

1,441,808

Interest payable & similar expenses

6

65,173

68,208

Profit before taxation

1,181,098

1,373,600

Tax on profit

7

309,354

298,216

Profit for the financial year

871,744

1,075,384

Profit attributable to:

Owners of the parent

871,744

1,075,384

Profit for the year

871,744

1,075,384

Other comprehensive income

-

-

Total comprehensive income for the year

871,744

1,075,384

Total comprehensive income attributable to:

Owners of the parent

871,744

1,075,384

Fixed assets

Tangible assets

11

3,060,512

2,665,701

Investments

12

100

-

3,060,612

2,665,701

Current assets

Stocks

13

5,018,540

5,970,885

Debtors

14

1,595,988

2,067,888

Cash at bank and in hand

1,684,300

1,286,983

8,298,828

9,325,756

Creditors

Amounts falling due within one year

15

2,855,383

4,441,570

Net current assets

5,443,445

4,884,186

Total assets less current liabilities

8,504,057

7,549,887

Creditors

Amounts falling due after more than one year

16

(925,803

)

(828,877

)

Provisions for liabilities

20

(273,300

)

(177,800

)

Net assets

7,304,954

6,543,210

Capital and reserves

Called up share capital

21

210

210

Share premium

22

900

900

Retained earnings

22

7,303,844

6,542,100

Shareholders' funds

7,304,954

6,543,210

The financial statements were approved by the Board of Directors and authorised for issue on 21st May 2026 and were signed on its behalf by:

D J Fordham - Director

Fixed assets

Tangible assets

11

1,908,897

1,911,315

Investments

12

1,000

900

1,909,897

1,912,215

Current assets

Debtors

14

814,005

946,412

Cash at bank

205,587

49,767

1,019,592

996,179

Creditors

Amounts falling due within one year

15

62,349

67,512

Net current assets

957,243

928,667

Total assets less current liabilities

2,867,140

2,840,882

Creditors

Amounts falling due after more than one year

16

(555,735

)

(702,001

)

Provisions for liabilities

20

(7,400

)

(4,300

)

Net assets

2,304,005

2,134,581

Capital and reserves

Called up share capital

21

210

210

Share premium

22

900

900

Retained earnings

22

2,302,895

2,133,471

Shareholders' funds

2,304,005

2,134,581

Company's profit for the financial year

279,424

1,121,871

The financial statements were approved by the Board of Directors and authorised for issue on 21st May 2026 and were signed on its behalf by:

D J Fordham - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1st October 2023

210

5,576,716

900

5,577,826

Changes in equity

Dividends

-

(110,000

)

-

(110,000

)

Total comprehensive income

-

1,075,384

-

1,075,384

Balance at 30th September 2024

210

6,542,100

900

6,543,210

Changes in equity

Dividends

-

(110,000

)

-

(110,000

)

Total comprehensive income

-

871,744

-

871,744

Balance at 30th September 2025

210

7,303,844

900

7,304,954

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1st October 2023

210

1,121,600

900

1,122,710

Changes in equity

Dividends

-

(110,000

)

-

(110,000

)

Total comprehensive income

-

1,121,871

-

1,121,871

Balance at 30th September 2024

210

2,133,471

900

2,134,581

Changes in equity

Dividends

-

(110,000

)

-

(110,000

)

Total comprehensive income

-

279,424

-

279,424

Balance at 30th September 2025

210

2,302,895

900

2,304,005

Cash flows from operating activities

Cash generated from operations

1

1,359,280

840,850

Interest paid

(48,336

)

(54,555

)

Interest element of hire purchase payments paid

(16,837

)

(13,527

)

Finance costs paid

-

(126

)

Tax paid

(135,149

)

(327,625

)

Net cash from operating activities

1,158,958

445,017

Cash flows from investing activities

Purchase of tangible fixed assets

(340,381

)

(828,788

)

Purchase of fixed asset investments

(100

)

-

Sale of tangible fixed assets

38,500

41,900

Interest received

22,055

22,772

Net cash from investing activities

(279,926

)

(764,116

)

Cash flows from financing activities

New loans in year

-

300,000

Loan repayments in year

(201,399

)

(194,284

)

Capital repayments in year

(143,789

)

(122,001

)

Amount introduced by directors

9,000

11,306

Amount withdrawn by directors

(35,627

)

-

Loans with group undertakings

100

-

Equity dividends paid

(110,000

)

(110,000

)

Net cash from financing activities

(481,715

)

(114,979

)

Increase/(decrease) in cash and cash equivalents

397,317

(434,078

)

Cash and cash equivalents at beginning of year

2

1,286,983

1,723,880

Effect of foreign exchange rate changes

-

(2,819

)

Cash and cash equivalents at end of year

2

1,684,300

1,286,983

1.	Reconciliation of profit before taxation to cash generated from operations

30.9.25

30.9.24

£

£

Profit before taxation

1,181,098

1,373,600

Depreciation charges

374,181

250,258

Loss/(profit) on disposal of fixed assets

926

(10,230

)

Deferred grants

-

3,000

Effects of exchange rates

-

2,819

Provisions

(14,000

)

14,000

Finance costs

65,173

68,208

Finance income

(22,055

)

(22,772

)

1,585,323

1,678,883

Decrease/(increase) in stocks

952,345

(1,810,995

)

Decrease/(increase) in trade and other debtors

492,795

(263,886

)

(Decrease)/increase in trade and other creditors

(1,671,183

)

1,236,848

Cash generated from operations

1,359,280

840,850

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 30th September 2025

30.9.25

1.10.24

£

£

Cash and cash equivalents

1,684,300

1,286,983

Year ended 30th September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

1,286,983

1,723,880

3.	Analysis of changes in net funds

Other

non-cash

At 1.10.24

Cash flow

changes

At 30.9.25

£

£

£

£

Net cash

Cash at bank

and in hand

1,286,983

397,317

1,684,300

1,286,983

397,317

1,684,300

Debt

Finance leases

(211,911

)

143,789

(468,037

)

(536,159

)

Debts falling due

within 1 year

(107,929

)

21,769

-

(86,160

)

Debts falling due

after 1 year

(597,365

)

179,630

-

(417,735

)

(917,205

)

345,188

(468,037

)

(1,040,054

)

Total

369,778

742,505

(468,037

)

644,246

1.	Statutory information

Danfords Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover

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

Tangible fixed assets

Tangible fixed assets are stated in the Balance Sheet at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under finance lease, over the lease term, whichever is the shorter.

Freehold property

2% on cost

Plant & machinery

12.5% on cost

Motor vehicles

20% on cost

Computer equipment

12.5% on cost

Freehold land is not depreciated.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.