The directors present the strategic report for the year ended 31 December 2025.
2025 was, by any measure, our most significant year of trading. Revenue grew by 72% to £27.4 million, reflecting the first full year’s contribution from our business in Flint, which we acquired in October 2024 and which has transformed the scale of the Group. Four operational sites – Cannock, Worcester, St. Asaph and Flint – now serve a diverse customer base across building & construction, automotive, medical, defence, domestic heating and general industrial markets, with 156 dedicated employees across those sites.
The Flint site, which produces plastic extrusion products for the electrical & network data cable management markets in France, Nordic region and in the UK and Ireland, contributed significantly to the Group’s EBIT throughout the year. Trading conditions were mixed across the year as a whole: some periods performed ahead of our expectations whilst others, particularly in the construction and automotive sectors, reflected the subdued market conditions that have characterised those sectors for some time. We have to paddle hard to protect margin when volumes soften; we have had plenty of practice at this now so there are no excuses for not honing our cost base.
Our sites in Cannock, Worcester and St. Asaph performed steadily in a difficult environment. Medical, defence and domestic heating revenues provided some compensation for the subdued conditions elsewhere. We continued to invest in sales and marketing, new tooling projects and customer development to support the growth of our businesses.
We saw further evidence of competitor capacity leaving the market in 2025, which we monitor as a source of potential future opportunity. Sadly, by the time many struggling businesses reach that point, there is rarely much left for us to rescue through acquisition, so we maintain our discipline and walk away.
Our relationship with the principal customer of our Flint extrusion business remains strong; we have invested considerable time in managing it through what has been quite an involved post-acquisition integration period in terms of people and operational stability. We have also made good progress in diversifying the Flint revenue base through Cutterwell & Co, our own sales and marketing brand for the UK and Irish electrical & network data cable management markets, re-establishing relationships with wholesalers and distributors that had withered in the years preceding our acquisition. That work continues and is beginning to bear fruit.
Our in-house automation and software development capability continues to be a genuine differentiator. The work done by our development team in 2025 – improving shop floor data collection to improve quoting accuracy, live condition monitoring (vibrations, temperatures, deviations from norm) to improve maintenance scheduling and quality monitoring across the Group – may not be visible in the statutory accounts but it is very visible in our ability to respond quickly and intelligently to customer needs. This remains a rich seam of competitive advantage for us and one in which we are happy to continue investing.
Looking ahead, we have entered 2026 with growing ambition. Our medium-term target is to reach £50 million of annual revenue by 2030, which we intend to achieve through organic growth as well as through further acquisitions of complementary precision plastics businesses in the UK and, in time, in Northern Europe. Our acquisition pipeline is active and we continue to evaluate targets with the same discipline that has served us well in prior years. Not every deal will complete – as experience has taught us – but the quality of what we are looking at is encouraging.
On a final note, we would like to acknowledge once again the contribution of our customers and supply chain partners, most of whom have worked alongside us for many years. Without them, we would not be the business we are today. With their continued support and trust, we have every reason to look forward with confidence.
The main risk we face, beyond hubris and delusion, remains a sustained reduction in customer demand, whether through global market turbulence or sector-specific decline. Some of our key markets – building & construction, automotive, medical, defence, domestic heating and general industrial markets – are sensitive to the broader UK economic cycle. While defence and medical do not correlate so clearly with the UK or European/Global economic outlook, the automotive sector faces its own unique set of challenges, with structural change emerging as electric vehicle architectures reshape supply chains in ways not yet fully predictable.
We have a long-standing record of adjusting our fixed cost base quickly, but taking fixed cost out delivers diminishing returns…and the risk remains very real. The diversification of the Group across four sites, six main sectors and a growing number of customers provides meaningful protection, but it does not eliminate the risk of a sustained reduction in customer demand. Business management is about managing all sorts of risk, so we accept this as reality.
Key personnel and management depth represent a growing consideration as the business increases in scale. The demands on our senior management team have increased as the Group has grown and whilst we are actively investing in management capacity, we retain some key-person dependency in both operational and commercial functions at our current scale. Addressing this is a priority as we move towards our £50 million revenue target.
Cyber risk also remains very real for businesses like ours, which rely heavily on cloud-based management information, accounting and banking systems. We have no desire to return to pencil and paper, but we remain vigilant and careful in how we go about our day-to-day operations. We continue to review our controls in this area.
Acquisition integration is a risk that grows in significance as we pursue larger and larger targets in our acquisition-led growth strategy. Integration carries execution risk – particularly in relation to people, systems and culture – and we have learned from experience that the post-acquisition period is as demanding as the deal itself. Maintaining the management bandwidth and process discipline to integrate effectively will be critical as we continue to grow.
Geopolitical and macroeconomic conditions continue to create a level of background uncertainty that businesses of our type and size cannot ignore. Energy market volatility, ongoing global conflicts and shifting trade relationships can affect raw material availability and pricing in ways that are difficult to predict or hedge fully. We manage this through supplier diversification and, where appropriate, contractual pricing arrangements with customers and suppliers.
And as we have noted before – only the paranoid survive. So we will stay paranoid.
We continue to report KPIs internally on a daily (accidents and near misses, invoiced sales), weekly (labour costs and material processing yields) and monthly basis (inventory of materials, WIP and finished goods), as well as full monthly management accounts which we share with our banks. Gross margins are calculated after including indirect labour and depreciation on plant and machinery, as these are not costs that can be ignored and grow as sales increase.
In line with the direction signalled in last year’s report, we have continued to place greater weight on return on capital employed (ROCE), operating earnings (EBIT) and profit before tax (PBT) alongside the traditional measures of profitability. With four operational sites, a significant freehold property portfolio and an active acquisition pipeline, the efficient deployment of capital is increasingly central to how we evaluate performance. These measures are tracked in our monthly reporting and reviewed with the Board.
The key headline measures are reported as follows:
| Year to 31 December 2025 | Year to 31 December 2024 |
Turnover | £27,433.676 | £16,007,486 |
Gross Margin | 36.9% | 34.2% |
EBITDA | £4,141,743 | £1,627,956 |
Pre-tax Profit Margin | 9.4% | 2.5% |
The revenue performance in 2025 reflects the transformational effect of the first full year of our operations at Flint. The EBITDA result reflects the overall trading performance of the Group across the year, which included periods of stronger and softer market conditions in our served sectors. The directors are satisfied that the business is performing in line with our medium-term ambitions.
We continue to discuss operational measures in relation to safety, quality, tooling project progress and on-time delivery on a regular basis. For 2026 we are introducing additional reporting on energy intensity per unit of output, reflecting the growing materiality of electricity costs and our commitment to managing our environmental footprint actively.
Our people are our most important asset. Even if they do not appear on the balance sheet, they drive our progress and profitability. The Group employs approximately 145 people across four manufacturing sites; their retention and development is central to everything we do. During 2025 we continued to invest in safety, training and working conditions across all sites. We implemented a revised pay structure – including a base pay increase and a tiered quarterly inflation adjustment mechanism – to protect the real-terms earnings of our workforce. Our Group-wide performance bonus scheme, which rewards all employees based on a combination of Group-wide and site-specific profitability and on-time delivery, is now well embedded in our culture. We believe it sends a clear signal that we are one business, not four separate ones.
We serve a broad and long-standing range of industrial customers across building & construction, automotive, medical, defence, domestic heating and general industrial markets. Our focus on quality, on-time delivery and technical partnership underpins all of those relationships. Customer-specific quality performance is reviewed regularly at site level, and we regard long-term customer relationships as a strategic asset, managing them accordingly.
Our principal raw material suppliers provide the polymer inputs on which our manufacturing processes depend. We have long-standing relationships with key suppliers and treat them as partners rather than purely transactional counterparties. During the year we worked constructively with a number of suppliers to manage cost pressures arising from energy and logistics inflation, whilst maintaining the security of supply that our customers require.
The Group maintains open and regular dialogue with its lending banks, providing monthly management accounts and maintaining compliance with all facilities and covenants throughout the year. The directors regard transparent and timely reporting as a minimum standard so we now provide our lending bank with direct access to our live management information systems (production, sales and financial data).
In November 2025, we enabled an exit for our long-standing minority shareholders, after 15 years of loyal and patient support for Goodfish, leaving the McDonald family as the sole shareholders of the Group. Their support and encouragement enabled us to set up Goodfish 15 years ago during highly unstable global economic conditions. Plus ça change.
We are a manufacturer of plastic components and assemblies. We are conscious that this comes with a responsibility that we do not take lightly. Plastics remain essential materials in the sectors we serve – automotive designs to improve safety and vehicle weight reduction (to reduce vehicle emissions), electrical & data network infrastructure, single-use medical wearables, domestic heating equipment and defence components, among others. The case for high-quality, efficient, UK-based manufacture of these components is a net positive for the environment when set against the alternative of imports from extended supply chains. Nevertheless we recognise that the industry as a whole has work to do in demonstrating its commitment to responsible manufacturing. And we will continue to play our part.
During 2025 we continued to invest in energy efficiency across our sites. Electricity represents a significant and growing cost for a business running injection moulding and extrusion processes. Our investment in monitoring, scheduling and load management is driven by both cost discipline and environmental responsibility. We are acutely aware of the material increases in non-commodity electricity costs – including UK network charges and Emissions Trading Scheme obligations – expected to flow through from 2026 onwards and we are actively managing our energy procurement strategy in anticipation of those changes.
Our manufacturing processes produce no direct combustion emissions; our environmental footprint is primarily one of energy consumption and polymer usage. We are committed to maximising the productive yield from every kilogram of material we process. We recycle all plastic that does not form part of the components we manufacture for our customers (eg process scrap, sprues etc) for use internally (to the extent permitted in the design specification) or before selling it on to plastic waste recycling firms. In some cases, again in line with customer specifications, we buy in recycled plastic from specialist suppliers where we do not already recycle the plastic in-house.
We will continue to develop our sustainability reporting as the Group grows.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2025.
The principal activity of the group continued to be that of plastic injection moulding, vacuum forming and tool making.
The results for the year are set out on page 11.
No ordinary dividends were paid. The directors do not recommend payment of a dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The group maintains insurance policies on behalf of all the directors against liability arising from negligence, breach of duty and breach of trust in relation to the group.
Goodfish Group Limited repurchased 114,614 of its Ordinary B shares of £1 each, representing a total of 19.8% of the total called-up share capital. The aggregate consideration paid was £1,918,638. These shares were acquired in order to cancel the Ordinary B class shares.
The auditor, bk plus Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, 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;
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
UK businesses are currently facing many uncertainties such as the consequences of Brexit, Covid-19, environmental sustainability and geopolitical events such as the Russian invasion of Ukraine. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working. The Directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that these are non-adjusting events with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment. Goodfish Group Limited continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.
As further acquisition opportunities are reviewed, the Group’s development into a multi-site, multi-national operation, with particular specialisations and skills focussed at each site, becomes a reality. This enables us to focus our service offering and value proposition on the needs of our growing customer base.
This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.
We have audited the financial statements of Goodfish Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).
Basis for 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 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
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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.
From the preliminary stages of the audit, we ensure our understanding of the entity is up to date. This includes, but is not limited to, current knowledge of their activities, the business and control environments, and their compliance with the applicable legal and regulatory frameworks. This information supports our risk identification and the subsequent design of audit procedures to mitigate those risk; ensuring that the audit evidence obtained is sufficient and appropriate to support our opinion.
In response to the risks identified, specific to this entity, we designed procedures which included, but were not limited to:
Enquiry of management, those charged with governance and the entity’s solicitors (or in-house legal team) around actual and potential litigation and claims.
Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
Reviewing minutes of meetings of those charged with governance.
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of the audit 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.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,056,305 (2024 - £2,362,678 profit).
Goodfish Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Willow Park, Burdock Close, Cannock, Staffordshire, WS11 7FQ.
The group consists of Goodfish Group Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The consolidated group financial statements consist of the financial statements of the parent company Goodfish Group Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
At the time of approving the financial statements, the directors have a reasonable expectation that the group and parent company have adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue comprises sales of manufactured goods provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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 recognised in the profit and loss account.
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and loss are recognised in profit or loss.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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 group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
In the application of the group’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.
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
The directors have reviewed the asset lives and associated residual values of all fixed asset classes, and in particular, the useful economic life and residual values of fixtures and fittings and have concluded that asset lives and residual values are appropriate.
The group regularly reviews and assesses the carrying value of its properties by monitoring changes in the market since the last formal valuation by a chartered surveyor, if there were any indication that the valuation of such items had been materially impacted the Group would recognise any such changes in the financial statements as necessary.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:
The value of land and buildings has been arrived at on the basis of a valuation carried out by the company's directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the company's directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
The carrying value of land and buildings comprises:
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the company's directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
Details of the company's subsidiaries at 31 December 2025 are as follows:
The registered office addresses are as follows (all UK unless otherwise indicated):
* Willow Park, Burdock Close, Cannock, Staffordshire, WS11 7FQ
** Suché mýto 7045, 811 06 Bratislava, Slovakia
The long-term loans are secured by fixed and floating charges that covers all the properties or undertaking of the company.
During the year the company refinanced its debt into a consolidated mortgage account. This debt is being repaid on a monthly bases over a term from 2025 of 20 years with a interest charge of 3.95% above the bank base rate (subject to a minimum base rate of 0.5%).
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
Ordinary “A” and “B” shares rank pari-passu in all respects.
During the year the company bought back and had a cancellation of 114,614 Ordinary B shares for a consideration price of £1,918,638.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
During the year a director resigned under mutual agreement and received a termination payment of £67,600
Loans have been provided in the past by directors to the Company. This year, the remaining loans were fully repaid by the Company and interest of £51,791charged at commercial rates were paid to the directors in the year. Subsequently a loan of £195,000 was made to a director during the year in relation to which interest, charged at a rate of 4%, amounted to £1,955 being charged to the director. This short-term loan outstanding at the year end amounted to £128,955, which is repayable on demand. The loan will be repaid during this (following) financial year.