REGISTERED NUMBER: 12199448 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

FOR

BAKERS OF DANBURY LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income statement

9

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

M H Holland

P J Smyth

REGISTERED OFFICE:

Eves Corner

Danbury

Chelmsford

Essex

CM3 4QB

REGISTERED NUMBER:

12199448 (England and Wales)

SENIOR STATUTORY AUDITOR:

Lee Daley FCA FCCA

AUDITORS:

THP Limited

Chartered Accountants

and Statutory Auditors

Unit 4 Mulgrave Chambers

26-28 Mulgrave Road

Sutton

Surrey

SM2 6LE

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

REVIEW OF BUSINESS

The group continued to consolidate its position as one of the more established and widely recognised specialists in monumental, historical and listed property building and renovation, having built up a strong and stable supply chain and distribution network over 140 years of trading. Current secured workload is very healthy and tender levels remain high.

The group companies are committed to providing high quality work at the most competitive price in the market through its dedicated in-house team and are proud to offer a highly responsive service backed by strong product expertise and knowledge.

Turnover in respect on continuing activities, fell slightly by 4.22% due to the timing on new larger building projects being started, much of which was very reflective of the economic conditions during the year and the ongoing impact on interest rates which in turn impacts the funding on which customers rely upon for these larger projects.

Gross profit margins, have remained reasonably consistent at 12.31% (2024: 12.89%) which was pleasing given the fall in turnover.

The Directors are pleased with the group's performance given the challenging economic conditions prevailing in the year. This continues to enable the group to provide support to local associations and charities, as well as regional and national heritage organisations.

KEY PERFORMANCE INDICATORS

The group uses the following Key Performance Indicators to monitor the performance of the business:

2025

2024

Turnover - continuing activities

£21.31m

£22.25m

Turnover - total

£21.31m

£22.44m

Gross Profit Percentage - continuing activities

12.31%

12.89%

Gross Profit Percentage - total

12.31%

12.72%

Profit before tax - continuing activities

£0.57m

£0.69m

Profit before tax - total

£0.57m

£0.61m

Net assets

£1.83m

£1.64m

The net asset position reflects the solid position of the group from a solvency point of view and this forms the foundation on which the group can continue to grow and prosper.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the nature of the group's strategy are subject to a number of risks and the Directors have set out below the principal risks facing the business. The Directors are of the opinion that a thorough risk management process is adopted which involves a formal review of all risks identified below. Where possible, processes are in place to mitigate such risks.

Financial Risk Management

The group monitors its cash flow and working capital requirements to ensure that an adequate level of liquidity is maintained at all times. It is the group's policy to pay its suppliers in line with their credit terms.

Economic Risk Management

The group recognises the challenging risks associated with the current economic environment and believes that it has a strong Balance Sheet, robust internal controls and the necessary long-term strategy required to minimise the impact of these risks.

Competitive Risk Management

The group recognises the risks associated with the highly competitive markets that it operates in and will continue to offer the highest level of service to all of its customers as well as maintaining its support of its business partners.

Credit Risk Management

As with most businesses the group is exposed to the credit risk of customers and their ability to pay debts on a timely basis. The Directors have continued to be prudent in status checks for new and existing customers, keeping debtor days as low as possible and limiting the dominance of any single customer in the overall turnover of the group.

PRINCIPAL RISKS AND UNCERTAINTIES - (continued)

Inflation and the cost of living crisis

Global inflationary pressures that have arisen, as identified above, continue to represent the more significant risks to the group. These pressures are seen most clearly in relation to:

Wage cost inflation

The group is continually affected by wage cost inflation and pressures within the labour market. The group monitors the market to ensure complete compliance with labour market regulations, and maintains employment policies, remuneration and benefits packages that are designed to be competitive with other entities, as well as providing employees with fulfilling career opportunities.

Raw product cost and freight

Pressures globally have increased the raw product cost and the cost to move that raw product around the globe. The group continues to work hard with both manufacturers and logistical companies to achieve the best price through efficiencies of ordering and bulk purchasing.

ON BEHALF OF THE BOARD:

P J Smyth - Director

26 May 2026

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

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were that of a holding and group management company. The activities of its subsidiaries are disclosed in note 12.

DIVIDENDS

During the year dividends were paid of £232,752 (2024: £208,390) The directors do not recommend a further dividend.

FUTURE DEVELOPMENTS

Since the year end, the group has received a regular stream of tenders and enquiries, a number of which are being successfully converted into contracts. The directors source new business, from both existing and new contacts whilst continuing to receive a large amount of insurance related work.

The directors monitor the marketplace, given the ongoing problems with a shortage of skilled labour, price pressures on raw materials, the current cost of living crisis and increased energy costs globally. Recent events in Iran are now further impacting oil prices which are driving up the cost of raw products and deliveries, and the cost of managing the groups vehicle fleet.

Recent legislative changes published around VAT regulations for building works on churches and other buildings used for charitable and non-business purposes will come into effect in March 2027. These are expected to have some degree of impact on projects and likely delay decisions to repair and maintain those buildings, this is particularly relevant to the Groups Heritage department, who work closely with parish churches and diocese. The Group is actively working with those involved to manage this process and advise accordingly.

The directors feel that, with their current loyal workforce and the regular inflow of work, they are well placed to quote and win major contracts, ensuring that the group continues its success.

EVENTS SINCE THE END OF THE YEAR

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

DIRECTORS

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

M H Holland

P J Smyth

ACQUISITION OF OWN SHARES

During the year, the group acquired 44 (2024: 108) of its issued D Ordinary shares for £5,923 (2024: £11,909).

The shares represented 2.8% (2024: 6.3%) of the D Ordinary shares in issue prior to their purchase. The transactions were undertaken to retain control of the group amongst the existing director shareholders.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, THP Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P J Smyth - Director

26 May 2026

Opinion

We have audited the financial statements of Bakers of Danbury Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the Consolidated Income statement, 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 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 30 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 page four, 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.

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.

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

-

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

-

we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the sectors in which the group operates;

-

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 group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental, building regulations 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 groups 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; and

-

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

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

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

reviewed 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;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with HMRC and any other relevant regulators as required.

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.

Lee Daley FCA FCCA (Senior Statutory Auditor)

for and on behalf of THP Limited

Chartered Accountants

and Statutory Auditors

Unit 4 Mulgrave Chambers

26-28 Mulgrave Road

Sutton

Surrey

SM2 6LE

1 June 2026

TURNOVER

3

21,312,787

-

21,312,787

Cost of sales

(18,689,971

)

-

(18,689,971

)

GROSS PROFIT

2,622,816

-

2,622,816

Administrative expenses

(2,080,262

)

-

(2,080,262

)

542,554

-

542,554

Other operating income

25,519

-

25,519

OPERATING PROFIT

5

568,073

-

568,073

Interest receivable and similar income

37,124

-

37,124

Interest payable and similar expenses

6

(34,325

)

-

(34,325

)

PROFIT BEFORE TAXATION

570,872

-

570,872

Tax on profit

7

(143,264

)

-

(143,264

)

PROFIT FOR THE FINANCIAL YEAR

427,608

-

427,608

Profit attributable to:

Owners of the parent

422,276

Non-controlling interests

5,332

427,608

Total comprehensive income attributable to:

Owners of the parent

422,276

Non-controlling interests

5,332

427,608

TURNOVER

3

22,251,737

185,004

22,436,741

Cost of sales

(19,383,102

)

(198,379

)

(19,581,481

)

GROSS PROFIT/(LOSS)

2,868,635

(13,375

)

2,855,260

Administrative expenses

(2,186,833

)

(68,868

)

(2,255,701

)

681,802

(82,243

)

599,559

Other operating income

8,512

120

8,632

OPERATING PROFIT/(LOSS)

5

690,314

(82,123

)

608,191

Interest receivable and similar income

30,405

-

30,405

Interest payable and similar expenses

6

(25,218

)

-

(25,218

)

PROFIT/(LOSS) BEFORE TAXATION

695,501

(82,123

)

613,378

Tax on profit/(loss)

7

(142,053

)

(292

)

(142,345

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

553,448

(82,415

)

471,033

Profit/(loss) attributable to:

Owners of the parent

457,629

Non-controlling interests

13,404

471,033

Total comprehensive income attributable to:

Owners of the parent

(95,819

)

Non-controlling interests

13,404

(82,415

)

FIXED ASSETS

Intangible assets

10

3,750

3,750

Tangible assets

11

386,929

190,245

Investments

12

-

-

390,679

193,995

CURRENT ASSETS

Stocks

13

25,311

33,779

Debtors

14

5,068,441

4,825,588

Cash at bank and in hand

1,845,022

2,230,075

6,938,774

7,089,442

CREDITORS

Amounts falling due within one year

15

5,152,801

5,502,060

NET CURRENT ASSETS

1,785,973

1,587,382

TOTAL ASSETS LESS CURRENT LIABILITIES

2,176,652

1,781,377

CREDITORS

Amounts falling due after more than one year

16

(270,670

)

(120,273

)

PROVISIONS FOR LIABILITIES

20

(73,447

)

(17,502

)

NET ASSETS

1,832,535

1,643,602

CAPITAL AND RESERVES

Called up share capital

21

7,588

7,632

Capital redemption reserve

22

2,412

2,368

Retained earnings

22

1,780,722

1,597,121

SHAREHOLDERS' FUNDS

1,790,722

1,607,121

NON-CONTROLLING INTERESTS

41,813

36,481

TOTAL EQUITY

1,832,535

1,643,602

The financial statements were approved by the Board of Directors and authorised for issue on 26 May 2026 and were signed on its behalf by:

P J Smyth - Director

FIXED ASSETS

Intangible assets

10

3,750

3,750

Tangible assets

11

149,076

45,113

Investments

12

676,256

676,256

829,082

725,119

CURRENT ASSETS

Debtors

14

2,743,665

1,359,437

Cash at bank and in hand

798,449

1,515,032

3,542,114

2,874,469

CREDITORS

Amounts falling due within one year

15

3,841,766

3,145,197

NET CURRENT LIABILITIES

(299,652

)

(270,728

)

TOTAL ASSETS LESS CURRENT LIABILITIES

529,430

454,391

CREDITORS

Amounts falling due after more than one year

16

(152,947

)

(94,850

)

PROVISIONS FOR LIABILITIES

20

(30,956

)

(4,778

)

NET ASSETS

345,527

354,763

CAPITAL AND RESERVES

Called up share capital

21

7,588

7,632

Capital redemption reserve

22

2,412

2,368

Retained earnings

22

335,527

344,763

SHAREHOLDERS' FUNDS

345,527

354,763

Company's profit for the financial year

229,439

242,973

The financial statements were approved by the Board of Directors and authorised for issue on 26 May 2026 and were signed on its behalf by:

P J Smyth - Director

Called up

Capital

share

Retained

redemption

capital

earnings

reserve

£

£

£

Balance at 1 October 2023

7,740

1,359,791

2,260

Changes in equity

Issue of share capital

(108

)

-

-

Dividends

-

(208,390

)

-

Total comprehensive income

-

445,720

108

Balance at 30 September 2024

7,632

1,597,121

2,368

Changes in equity

Issue of share capital

(44

)

-

-

Dividends

-

(232,752

)

-

Total comprehensive income

-

416,353

44

Balance at 30 September 2025

7,588

1,780,722

2,412

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 October 2023

1,369,791

23,077

1,392,868

Changes in equity

Issue of share capital

(108

)

-

(108

)

Dividends

(208,390

)

-

(208,390

)

Total comprehensive income

445,828

13,404

459,232

Balance at 30 September 2024

1,607,121

36,481

1,643,602

Changes in equity

Issue of share capital

(44

)

-

(44

)

Dividends

(232,752

)

-

(232,752

)

Total comprehensive income

416,397

5,332

421,729

Balance at 30 September 2025

1,790,722

41,813

1,832,535

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 October 2023

7,740

322,089

2,260

332,089

Changes in equity

Issue of share capital

(108

)

-

-

(108

)

Dividends

-

(208,390

)

-

(208,390

)

Total comprehensive income

-

231,064

108

231,172

Balance at 30 September 2024

7,632

344,763

2,368

354,763

Changes in equity

Issue of share capital

(44

)

-

-

(44

)

Dividends

-

(232,752

)

-

(232,752

)

Total comprehensive income

-

223,516

44

223,560

Balance at 30 September 2025

7,588

335,527

2,412

345,527