ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: 13377096

BLOK 'N' MESH MANUFACTURING LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

BLOK 'N' MESH MANUFACTURING LIMITED

COMPANY INFORMATION

Directors	Mr L D Payne
	Mr A Spenner


Registered number	13377096


Registered office	Leytonstone House
	3 Hanbury Drive
	Leytonstone
	London
	E11 1GA


Independent auditor	Barnes Roffe Audit Limited
	Chartered Accountants Statutory Auditor
	Level 41A
	Tower 42
	25 Old Broad Street
	London
	EC2N 1HQ


Bankers	Barclays
	PO Box 2403
	London
	N18 2BY

BLOK 'N' MESH MANUFACTURING LIMITED

CONTENTS

	Page
Strategic report	1
Directors' report	2 - 3
Independent auditor's report	4 - 7
Statement of income and retained earnings	8
Balance sheet	9
Notes to the financial statements	10 - 23

BLOK 'N' MESH MANUFACTURING LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

Business review

During the year ended 31 August 2025, the Company continued its principal activity of manufacturing and selling re-usable fencing products. Turnover was £26.5m, compared with £32.1m in the prior year, with UK sales remaining the principal source of revenue and Rest of Europe sales increasing to £1.6m.

Gross profit reduced to £2.4m from £5.7m, with gross margin decreasing to 8.9% from 17.9%. Administrative expenses reduced to £2.2m, resulting in an operating profit of £0.2m. After interest and taxation, the Company reported a profit after tax of £0.8m, increasing retained earnings to £1.4m.

The directors continue to monitor working capital carefully and remain focused on improving operational efficiency, supporting customer service, and pursuing future growth opportunities.

Principal risks and uncertainties

Throughout its operations the company faces various principal internal and external risks and uncertainties, including working capital management, customer and supplier risk and financial asset risk. The Company manages the risks inherent in its operations in order to mitigate exposure to all forms of risks, where practical.

Key performance indicators

The Company considers that the financial key performance indicators are those that communicate the financial performance and strength of the Company; these being turnover, gross profit margin and net profit.

Given the straight forward nature of the business, the directors are of the opinion that analysis using other KPIs is not necessary for an understanding of the development, performance or position of the business.

Employment Policy

The Company does not discriminate against anyone on any grounds. The sole criterion for selection or promotion is the suitability of the person for the job. It is the policy of the Company to provide employment to people irrespective of sex, age, religion or disability whenever the demands of the Company and the abilities of the individual will allow. Appropriate levels of training and development are available for all levels and categories of staff.

Outlook

The objective of the business is to grow substantially in the coming years through offering an unrivalled service to its customers, and significant investments have been made with this objective in mind.

This report was approved by the board and signed on its behalf.

Mr A Spenner

Director

Date: 29 May 2026

Page 1

BLOK 'N' MESH MANUFACTURING LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 AUGUST 2025

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 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 for the Company's financial statements and then apply them consistently;

∙make judgments 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 to 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.

Results and dividends

The profit for the year, after taxation, amounted to £777,537 (2024 - £614,694).

The directors do not recommend the payment of a final dividend.

Directors

The directors who served during the year were:

Mr L D Payne

Mr S M Worsley (resigned 31 March 2026)

Mr A Spenner

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Page 2

BLOK 'N' MESH MANUFACTURING LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

During the year, Barnes Roffe LLP resigned as auditor due to the transfer of its audit business, and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.

The auditor, Barnes Roffe Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

Mr A Spenner

Director

Date: 29 May 2026

Page 3

BLOK 'N' MESH MANUFACTURING LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLOK 'N' MESH MANUFACTURING LIMITED

Opinion

We have audited the financial statements of Blok 'N' Mesh Manufacturing Limited (the 'Company') for the year ended 31 August 2025, which comprise the Statement of income and retained earnings, the Balance sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 August 2025 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor'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 United Kingdom, including the Financial Reporting Council'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 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.

Page 4

BLOK 'N' MESH MANUFACTURING LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLOK 'N' MESH MANUFACTURING LIMITED (CONTINUED)

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 the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.

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

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Page 5

BLOK 'N' MESH MANUFACTURING LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLOK 'N' MESH MANUFACTURING LIMITED (CONTINUED)

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 law 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 discussion with directors and
other management, and from our commercial knowledge and experience of the relevant sector;

∙The specific laws and regulations which we considered may have a direct material effect on the financial
statements or the operations of the company, are as follows:

°Companies Act 2006.

°FRS102.

°Health and Safety legislation

∙We assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management, reviewing board minutes and inspecting legal correspondence; and

∙Laws and regulations were communicated within the audit team at the planning meeting, and during the
audit as any further laws and regulation were identified.

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

∙Making enquires of management as to where they consider 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;

∙Reviewing the financial statements and testing the disclosures against supporting documentation;

∙Performing analytical procedures to identify any unusual or unexpected trends or anomalies;

∙Inspecting and testing journal entries to identify unusual or unexpected transactions;

∙Assessing whether judgements and assumptions made in determining significant accounting estimates,
including stock obsolescence, depreciation and bad debt provision were indicative of management bias; and

∙Investigating the rationale behind significant transactions, or transactions that are unusual or outside the
Company’s usual course of business.

Page 6

BLOK 'N' MESH MANUFACTURING LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BLOK 'N' MESH MANUFACTURING LIMITED (CONTINUED)

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. This 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 Auditor's report.

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.

Andrew Barnes (Senior statutory auditor)

for and on behalf of

Barnes Roffe Audit Limited

Chartered Accountants

Statutory Auditor

Level 41A

Tower 42

25 Old Broad Street

London

EC2N 1HQ

Date: 29 May 2026

Page 7

BLOK 'N' MESH MANUFACTURING LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 AUGUST 2025

	2025	2024
Note	£	£


Turnover	4	26,486,903	32,084,891
Cost of sales		(24,127,023)	(26,355,040)
Gross profit		2,359,880	5,729,851
Administrative expenses		(2,182,406)	(2,553,312)
Operating profit	5	177,474	3,176,539
Interest payable and similar expenses	9	(108,154)	(51,555)
Profit before tax		69,320	3,124,984
Tax on profit	10	708,217	(2,510,290)
Profit after tax		777,537	614,694



Retained earnings at the beginning of the year	629,460	14,766
Profit for the year	777,537	614,694
Retained earnings at the end of the year	1,406,997	629,460

There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of income and retained earnings.

The notes on pages 10 to 23 form part of these financial statements.

Page 8

BLOK 'N' MESH MANUFACTURING LIMITED

REGISTERED NUMBER: 13377096

BALANCE SHEET

AS AT 31 AUGUST 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	11		2,841,455		3,379,625
Current assets
Stocks	12	2,773,590		2,694,691
Debtors: amounts falling due within one year	13	4,000,159		2,379,404
Cash at bank and in hand	14	197,888		216,345
		6,971,637		5,290,440
Creditors: amounts falling due within one year	15	(7,693,711)		(7,463,362)
Net current liabilities			(722,074)		(2,172,922)
Creditors: amounts falling due after more than one year	16		(236,411)		(148,134)
Deferred tax	18		(475,873)		(429,009)
Net assets			1,407,097		629,560

Capital and reserves
Called up share capital	19	100	100
Profit and loss account	20	1,406,997	629,460
		1,407,097	629,560

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr A Spenner

Director

Date: 29 May 2026

The notes on pages 10 to 23 form part of these financial statements.

Page 9

BLOK 'N' MESH MANUFACTURING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1.	General information

Blok 'N' Mesh Manufacturing Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. Its registered office is Leytonstone House, 3 Hanbury Drive, Leytonstone, London, E11 1GA.

The principal activity of the Company is the manufacture and sale of re-usable fencing.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Cat Trading Group Limited as at 31/08/2025 and these financial statements may be obtained from its registered office.

2.3

Going concern

The Company has adopted the going concern basis in preparing its financial statements.

Page 10

BLOK 'N' MESH MANUFACTURING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance methods.

Depreciation is provided on the following annual bases:

Long-term leasehold property	-	Over the period of the lease
Plant and machinery	-	10% straight line / 25% reducing balance
Motor vehicles	-	25% reducing balance
Fixtures and fittings	-	25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 11

BLOK 'N' MESH MANUFACTURING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.Accounting policies (continued)

2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

Short-term creditors are measured at the transaction price.

2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Page 12

BLOK 'N' MESH MANUFACTURING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.Accounting policies (continued)

2.10

Financial instruments (continued)

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

2.11

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

All other foreign exchange gains and losses are presented in the statement of income and retained earnings within 'administrative expenses'.

2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 13

BLOK 'N' MESH MANUFACTURING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.Accounting policies (continued)

2.14

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.15

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.17

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.18

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.

Page 14

BLOK 'N' MESH MANUFACTURING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.Accounting policies (continued)

2.19

Related party transactions

The Company discloses transactions with related parties. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors, separate disclosure is necessary to understand the effect of the transactions in the financial statements.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

a) Critical judgments in applying the entity’s accounting policies

No significant judgments have had to be made by management in preparing these financial statements.

b) Critical accounting estimates and assumptions

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 11 for the carrying amount of the property, plant and equipment, and note 2.5 for the useful economic lives for each class of assets.

Page 15

BLOK 'N' MESH MANUFACTURING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

4.	Turnover
		2025	2024
		£	£

	Sales	26,486,903	32,084,891

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	24,897,180	31,351,476
Rest of Europe	1,589,723	733,415
	26,486,903	32,084,891

All turnover arises from the sale of goods.

Depreciation on tangible fixed assets	719,164	719,327
Exchange differences	31,772	296,199
Other operating lease rentals	492,208	800,080

Fees payable to the Company's auditor for the audit of the Company's financial statements

15,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 16

BLOK 'N' MESH MANUFACTURING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Wages and salaries	5,350,242	5,089,315
Social security costs	510,073	328,464
Cost of defined contribution scheme	88,985	66,162
	5,949,300	5,483,941

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Administration	5	5
Sales and Distribution	160	141

	165	146

8.	Directors' remuneration

No director received remuneration via the Company.

9.	Interest payable and similar expenses
		2025	2024
		£	£

Other loan interest payable	40,348	51,555
Interest due on overdue taxation	67,806	-
	108,154	51,555

Page 17

BLOK 'N' MESH MANUFACTURING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

Corporation tax
Current tax on profits for the year	588,901	2,081,281
Adjustments in respect of previous periods	(1,343,982)	-

	Deferred tax
	Origination and reversal of timing differences	46,864	429,009


	Tax on profit	(708,217)	2,510,290

Profit on ordinary activities before tax

69,320

3,124,984

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	17,330	781,246
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	52,030	11,250
Capital allowances for year in excess of depreciation	19,961	38,900
Adjustments to tax charge in respect of prior periods	(1,324,308)	(30,601)
Short-term timing difference leading to an increase (decrease) in taxation	-	429,009
Movement in deferred taxation in the period	46,864	-
Group relief	(1,610,522)	(678,276)
Transfer pricing adjustments	2,090,428	1,958,762
Total tax charge for the year	(708,217)	2,510,290

Factors that may affect future tax charges

The Company has taxable losses totalling £Nil (2024 - £Nil) available for offset against future taxable profits.

Page 18

BLOK 'N' MESH MANUFACTURING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

11.	Tangible fixed assets

	Long-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
Cost or valuation
At 1 September 2024	360,237	4,684,575	53,169	3,730	5,101,711
Additions	187,185	497,926	-	-	685,111
Disposals	-	(749,251)	(53,169)	-	(802,420)
At 31 August 2025	547,422	4,433,250	-	3,730	4,984,402
Depreciation
At 1 September 2024	115,420	1,584,412	20,411	1,843	1,722,086
Charge for the year on owned assets	93,970	547,502	5,129	472	647,073
Charge for the year on financed assets	-	69,031	3,060	-	72,091
Disposals	-	(269,703)	(28,600)	-	(298,303)
At 31 August 2025	209,390	1,931,242	-	2,315	2,142,947
Net book value
At 31 August 2025	338,032	2,502,008	-	1,415	2,841,455
At 31 August 2024	244,817	3,100,163	32,758	1,887	3,379,625

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


Plant and machinery	157,424	252,100
Motor vehicles	-	12,241
	157,424	264,341

Page 19

BLOK 'N' MESH MANUFACTURING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

12.	Stocks
		2025	2024
		£	£

	Raw materials and consumables	2,773,590	2,694,691

Stock recognised in cost of sales during the year as an expense was £16,724,252 (2024 - £18,802,932).

13.

Debtors

					2025	2024
					£	£


Trade debtors	116,463	354
Amounts owed by group undertakings	1,265,004	-
Other debtors	1,409,336	469,766
Prepayments and accrued income	1,209,356	1,909,284
	4,000,159	2,379,404

14.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	197,888	216,345
Less: bank overdrafts	(222,488)	-
	(24,600)	216,345

Page 20

BLOK 'N' MESH MANUFACTURING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

15.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank overdrafts	222,488	-
Trade creditors	3,662,101	2,866,570
Amounts owed to connected entities	-	655,709
Corporation tax	1,424,607	2,111,882
Other taxation and social security	119,889	7,593
Obligations under finance lease and hire purchase contracts	146,948	85,914
Other creditors	66,166	4,148
Accruals and deferred income	2,051,512	1,731,546
	7,693,711	7,463,362

16.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

	Net obligations under finance leases and hire purchase contracts	236,411	148,134

Within one year	149,511	85,914
Between 1-5 years	233,848	148,134
	383,359	234,048

Net obligations under finance leases and hire purchase contracts are secured over the assets to which they relate.

Page 21

BLOK 'N' MESH MANUFACTURING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

18.	Deferred taxation

		2025
		£

	At beginning of year	(429,009)
	Charged to profit or loss	46,864
	At end of year	475,873

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances

475,873

429,009

19.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

100 (2024 - 100) Ordinary shares of £1.00 each	100	100

20.

Reserves

Profit and loss account

The profit and loss account represents cumulative distributable profits and losses net of dividends and other adjustments.

21.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £88,985 (2024 - £66,162). Contributions totalling £18,537 (2024 - £3,140) were payable to the fund at the balance sheet date.

22.	Related party transactions
	The Company has taken advantage of the exemption, under FRS 102 paragraph 1.12 and paragraph 33.1A, from disclosing transactions with key management and from disclosing other related party transactions as they are with other companies that are wholly owned within the group.

Page 22

BLOK 'N' MESH MANUFACTURING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

23.	Controlling party

The parent company is Cat Trading Group Limited. The Company is included in the consolidated accounts prepared by Cat Trading Group Limited, and copies of those accounts can be obtained from the registered office detailed on the company information page.

Post year end, Cat Trading Group Limited was acquired by RussNick Enterprises Limited.

Page 23