Company registration number 15990232 (England and Wales)
VANGUARD 2024 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
VANGUARD 2024 LIMITED
COMPANY INFORMATION
Directors
Mr P Kendrick
Mr K Hopkins
Company number
15990232
Registered office
Bott Lane
Lye
Stourbridge
West Midlands
United Kingdom
DY9 7AW
Auditor
bk plus Audit Limited
Azzurri House
Walsall Road
Aldridge
Walsall
England
WS9 0RB
VANGUARD 2024 LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 31
VANGUARD 2024 LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 1 -

The directors present the strategic report for the year ended 30 September 2025.

Review of the business

During the financial year of 2025 Vanguard Foundry Limited has increased its total sales by 3.4% from £12,850,103 in 2024 to £13,279,766 in 2025. This is further compounded by an increase in gross profit percentage by 5% from 23% in 2024 to 28% in 2025.

An increase in gross profit with a comparable level of expenses has seen an increase in overall profits before tax from £672,180 in 2024 to £1,408,599 in 2025.

Principal risks and uncertainties

The following areas are deemed to cover the principal risks for the coming year;

New competitors are entering the market overseas and in the UK

There is always a risk of losing market share through new competitors in the market; however Vanguard Foundry Limited hopes to negate this with its experience and expertise in the field.

A rise in metal prices

A sudden rise in costs is a risk to the business however as this would affect all within the industry the risk is the same to all and unless competitors are willing to cut margins this could be corrected through an increase in price.

Current debtors repayments

With the increase of sales comes the risk of increased trade debtors and with increased inflations and costs within the UK there will always be a risk of the recovery of these debts.

Development and performance

Vanguard Foundry Limited will continue to use its experience and expertise to produce high quality products and will use this method to continue its increased growth in recent years. Further accepting and utilising the advancement in technology is at the forefront in assisting with capacity with the increased workload.

Key performance indicators

The group's key financial and other performance indicators during the period were as follows:

| Unit | 202 5 |
Turnover | £ | 13,279,766 |
Gross Profit | £ | 3,743,486 |
Profit before tax | £ | 1,408,599 |

On behalf of the board

Mr P Kendrick
Director
8 June 2026
VANGUARD 2024 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 2 -

The directors present their annual report and financial statements for the year ended 30 September 2025.

Principal activities

The principal activity of the company and group continued to be that of manufacturing high quality, technically challenging stainless steel and iron castings.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £29,748. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P Kendrick
Mr K Hopkins
Research and development

Research and development expenditure for the year ended 31 December 2023 amounted to £465,861 and the claim was prepared by R&D Funding Group Limited. The research and development claims for the years ended 31 December 2024 and 31 December 2025 are currently being prepared. Based on current expectations, expenditure is anticipated to remain at a similar level in future periods.

Future developments

Vanguard Foundry Limited will continue to use its experience and expertise to produce high quality products and will use this method to continue its increased growth in recent years. Further accepting and utilising the advancement in technology is at the forefront in assisting with capacity with the increased workload.

Auditor

bk Plus Audit Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

On behalf of the board
Mr P Kendrick
Director
8 June 2026
VANGUARD 2024 LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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 U nited K ingdom 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.

VANGUARD 2024 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF VANGUARD 2024 LIMITED
- 4 -
Opinion

We have audited the financial statements of Vanguard 2024 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 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).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport 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.

VANGUARD 2024 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VANGUARD 2024 LIMITED
- 5 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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 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 directors' r esponsibilities s tatement, 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 group's and 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

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 risks; 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 and those charged with governance around actual and potential litigation and claims;

- Reviewing minutes of meetings of those charged with governance, where available;

- 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.

VANGUARD 2024 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF VANGUARD 2024 LIMITED
- 6 -

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Keval Dattani ACA (Senior Statutory Auditor)
For and on behalf of bk plus Audit Limited, Statutory Auditor
Chartered Certified Accountants
Azzurri House
Walsall Road
Aldridge
Walsall
WS9 0RB
England
8 June 2026
VANGUARD 2024 LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 7 -
2025
Notes
£
Turnover
3
13,279,766
Cost of sales
(9,536,280)
Gross profit
3,743,486
Administrative expenses
(2,284,495)
Other operating income
25,997
Operating profit
4
1,484,988
Interest receivable and similar income
6
652
Interest payable and similar expenses
7
(77,041)
Profit before taxation
1,408,599
Tax on profit
8
(17,390)
Profit for the financial year
1,391,209
Profit for the financial year is all attributable to the owners of the parent company.
VANGUARD 2024 LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 8 -
2025
£
Profit for the year
1,391,209
Other comprehensive income
-
Cash flow hedges gain arising in the year
-
0
Total comprehensive income for the year
1,391,209
Total comprehensive income for the year is all attributable to the owners of the parent company.
VANGUARD 2024 LIMITED
GROUP BALANCE SHEET
AS AT 30 SEPTEMBER 2025
30 September 2025
- 9 -
2025
Notes
£
£
Fixed assets
Tangible assets
12
1,903,245
1,903,245
Current assets
Stocks
15
955,164
Debtors
16
2,563,817
Cash at bank and in hand
62,427
3,581,408
Creditors: amounts falling due within one year
17
(3,082,947)
Net current assets
498,461
Total assets less current liabilities
2,401,706
Creditors: amounts falling due after more than one year
18
(1,040,145)
Net assets
1,361,561
Capital and reserves
Called up share capital
23
100
Profit and loss reserves
1,361,461
Total equity
1,361,561

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 8 June 2026 and are signed on its behalf by:
08 June 2026
Mr P Kendrick
Director
Company registration number 15990232 (England and Wales)
VANGUARD 2024 LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2025
30 September 2025
- 10 -
2025
Notes
£
£
Fixed assets
Investments
13
1,600,000
Current assets
Cash at bank and in hand
100
Creditors: amounts falling due within one year
17
(125,000)
Net current liabilities
(124,900)
Total assets less current liabilities
1,475,100
Creditors: amounts falling due after more than one year
18
(1,475,000)
Net assets
100
Capital and reserves
Called up share capital
23
100

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £29,748.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 8 June 2026 and are signed on its behalf by:
08 June 2026
Mr P Kendrick
Director
Company registration number 15990232 (England and Wales)
VANGUARD 2024 LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2024
-
0
-
0
-
0
Year ended 30 September 2025:
Profit and total comprehensive income
-
1,391,209
1,391,209
Issue of share capital
23
100
-
100
Dividends
9
-
(29,748)
(29,748)
Balance at 30 September 2025
100
1,361,461
1,361,561
VANGUARD 2024 LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2024
-
0
-
0
-
0
Year ended 30 September 2025:
Profit and total comprehensive income
-
29,748
29,748
Issue of share capital
23
100
-
100
Dividends
9
-
(29,748)
(29,748)
Balance at 30 September 2025
100
-
0
100
VANGUARD 2024 LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 13 -
2025
Notes
£
£
Cash flows from operating activities
Cash generated from operations
28
1,647,122
Interest paid
(77,041)
Income taxes paid
(292,470)
Net cash inflow from operating activities
1,277,611
Investing activities
Purchase of business
(735,407)
Purchase of tangible fixed assets
(950,013)
Interest received
652
Net cash used in investing activities
(1,684,768)
Financing activities
Proceeds from issue of shares
100
Repayment of bank loans
237,500
Payment of finance leases obligations
261,490
Dividends paid to equity shareholders
(29,748)
Net cash generated from financing activities
469,342
Net increase in cash and cash equivalents
62,185
Cash and cash equivalents at beginning of year
-
0
Cash and cash equivalents at end of year
62,185
Relating to:
Cash at bank and in hand
62,427
Bank overdrafts included in creditors payable within one year
(242)
VANGUARD 2024 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 14 -
1
Accounting policies
Company information

Vanguard 2024 Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

The group consists of Vanguard 2024 Limited and all of its subsidiaries.

1.1
Basis of preparation

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

VANGUARD 2024 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Vanguard 2024 Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 September 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 g roup.

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.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Revenue

Revenue comprises sales of goods or services 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.

VANGUARD 2024 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of the net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

If the fair value of net assets acquired exceeds the cost of acquisition (negative goodwill or bargain purchase), the excess is recognised immediately in the income statement in accordance with FRS 102 Section 19. The Group assesses the reasons for any negative goodwill and discloses the nature and amount in the notes to the financial statements.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
5% straight line
Leasehold land and buildings
Straight line over 8 years
Plant and equipment
10% and 20% straight line
Computers
33% straight line
Motor vehicles
33.3% straight line

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.

1.8
Fixed asset investments

Equity in vest ments 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.

I n 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.

VANGUARD 2024 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 17 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

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.

VANGUARD 2024 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

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

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 m ethod 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

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.

VANGUARD 2024 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets

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.

Derecognition of financial assets

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.

Classification of 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 group after deducting all of its liabilities.

Basic financial 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 paymen ts 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.

Other financial liabilities

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 th r ough 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.

VANGUARD 2024 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current 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

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.

1.15
Employee benefits

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

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

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

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

VANGUARD 2024 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 21 -
1.17
Leases
As lessee

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 lease d asset are consumed.

1.18
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

VANGUARD 2024 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 22 -
2
Judgements and key sources of estimation uncertainty

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.

Critical judgements

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

Work in progress

WIP has its total estimated to be 80% of its original value. This is done as all of the WIP is at varying levels between the earliest stages of around 55% and the almost final stage of 95%; the average of this after years of experience is estimated to 80% which is assessed year on year to ensure its within an acceptable range.

Depreciation

Depreciation is spread over the useful life of the asset. Judgement has been used to assess the useful life of each asset being somewhere between 3 and 20 years depending on the type and quality of the asset. Assets can be impaired to an estimated value if additional damage is incurred on these assets.

Accruals

Accruals are recognised for goods and services received but not yet invoiced. The amounts are based on management's judgement of the value of work performed at the reporting date.

Stock provision

A provision is made against slow moving or obsolete inventory based on historical sales, ageing of stock and expected recoverable value.

Sales debit note provision

A provision is made for expected customer credit notes, rebates or pricing adjustments based on past experience and known issues at the reporting date.

3
Turnover and other revenue
2025
£
Turnover analysed by class of business
Patterning and casting
13,279,766
2025
£
Turnover analysed by geographical market
UK
12,338,725
Europe
717,148
Rest of world
223,893
13,279,766
VANGUARD 2024 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
3
Turnover and other revenue
(Continued)
- 23 -
2025
£
Other revenue
Interest income
652
Grants received
25,992
4
Operating profit
2025
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(1,349)
Government grants
(25,992)
Fees payable to the group's auditor for the audit of the group's financial statements
11,000
Depreciation of tangible fixed assets
299,542
Loss on disposal of tangible fixed assets
9,638
Impairment of intangible assets
(331,263)
Operating lease charges
198,333
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2025
Number
Number
108
2

Their aggregate remuneration comprised:

Group
Company
2025
2025
£
£
Wages and salaries
4,057,891
-
0
Social security costs
474,954
-
Pension costs
230,791
-
0
4,763,636
-
0
VANGUARD 2024 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 24 -
6
Interest receivable and similar income
2025
£
Interest income
Interest on bank deposits
278
Other interest income
374
Total income
652
7
Interest payable and similar expenses
2025
£
Interest on finance leases and hire purchase contracts
60,955
Other interest
16,086
Total finance costs
77,041
8
Taxation
2025
£
Current tax
UK corporation tax on profits for the current period
17,390

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2025
£
Profit before taxation
1,408,599
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00%
352,150
Tax effect of expenses that are not deductible in determining taxable profit
6,103
Tax effect of utilisation of tax losses not previously recognised
(101,585)
Permanent capital allowances in excess of depreciation
(153,909)
Amortisation on assets not qualifying for tax allowances
(82,816)
Tax at marginal rate
(2,553)
Taxation charge
17,390
9
Dividends
2025
Recognised as distributions to equity holders:
£
Final paid
29,748
VANGUARD 2024 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 25 -
10
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
Notes
£
In respect of:
Goodwill
11
(331,263)
Recognised in:
Administrative expenses
(331,263)

On 24 October 2024, the Group acquired 100% of the issued share capital of Vanguard Foundry for a total consideration of £1.6 million, comprising £0.8 million paid on completion and £0.8 million deferred consideration. The fair value of the net assets acquired exceeded the cost of acquisition, resulting in negative goodwill, which has been recognised immediately in the consolidated income statement in accordance with FRS 102 Section 19.

The Group has assessed the reasons for the bargain purchase and considers that the excess of net assets over consideration arose due to the favourable terms of the acquisition negotiated with the former shareholders. The negative goodwill has been fully recognised as a gain in the income statement and has been fully impaired immediately.

No other goodwill or negative goodwill exists in the Group at the reporting date. Goodwill is allocated to cash-generating units and is tested annually for impairment. No further impairment indicators were identified during the year.

11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2024
-
0
Additions
(331,263)
At 30 September 2025
(331,263)
Amortisation and impairment
At 1 October 2024
-
0
Impairment losses
(331,263)
At 30 September 2025
(331,263)
Carrying amount
At 30 September 2025
-
0
The company had no intangible fixed assets at 30 September 2025.

More information on impairment movements in the year is given in note 10.

VANGUARD 2024 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 26 -
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2024
-
0
-
0
-
0
-
0
-
0
-
0
Additions
53,495
6,190
856,056
34,269
-
0
950,010
Business combinations
238,543
30,368
963,182
13,555
16,767
1,262,415
Disposals
-
0
-
0
-
0
-
0
(14,999)
(14,999)
At 30 September 2025
292,038
36,558
1,819,238
47,824
1,768
2,197,426
Depreciation and impairment
At 1 October 2024
-
0
-
0
-
0
-
0
-
0
-
0
Depreciation charged in the year
8,965
5,464
272,180
9,963
2,970
299,542
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(5,361)
(5,361)
At 30 September 2025
8,965
5,464
272,180
9,963
(2,391)
294,181
Carrying amount
At 30 September 2025
283,073
31,094
1,547,058
37,861
4,159
1,903,245
The company had no tangible fixed assets at 30 September 2025.

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

Group
Company
2025
2025
£
£
Plant and equipment
1,419,424
-
0
13
Fixed asset investments
Group
Company
2025
2025
Notes
£
£
Investments in subsidiaries
14
-
0
1,600,000
VANGUARD 2024 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
13
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2024
-
Additions
1,600,000
At 30 September 2025
1,600,000
Carrying amount
At 30 September 2025
1,600,000
14
Subsidiaries

Details of the company's subsidiaries at 30 September 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Vanguard Foundry Ltd
England
Ordinary
100.00
15
Stocks
Group
Company
2025
2025
£
£
Raw materials and consumables
379,156
-
Work in progress
396,438
-
Finished goods and goods for resale
179,570
-
0
955,164
-
16
Debtors
Group
Company
2025
2025
Amounts falling due within one year:
£
£
Trade debtors
2,343,155
-
0
Prepayments and accrued income
220,662
-
0
2,563,817
-
VANGUARD 2024 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 28 -
17
Creditors: amounts falling due within one year
Group
Company
2025
2025
Notes
£
£
Bank loans and overdrafts
19
237,742
-
0
Obligations under finance leases
20
245,150
-
0
Trade creditors
1,370,572
-
0
Corporation tax payable
17,390
-
0
Other taxation and social security
389,700
-
0
Other creditors
374,377
125,000
Accruals and deferred income
448,016
-
0
3,082,947
125,000

Included within other creditors is and amount due to Close Brothers Limited of £252,454 (2024: £628,722) in relation to an invoice finance facility. This is secured by way of a fixed and floating charge over all present and future assets of the Company.

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

Bank loans relate to amounts owed to Close Invoice Finance Limited in relation to a CBILS and is secured by way of a fixed charge over the freehold property.

18
Creditors: amounts falling due after more than one year
Group
Company
2025
2025
Notes
£
£
Obligations under finance leases
20
427,645
-
0
Other borrowings
19
-
0
862,500
Other creditors
612,500
612,500
1,040,145
1,475,000
19
Loans and overdrafts
Group
Company
2025
2025
£
£
Bank loans
237,500
-
0
Bank overdrafts
242
-
0
Loans from group undertakings
-
0
862,500
237,742
862,500
Payable within one year
237,742
-
0
Payable after one year
-
0
862,500
VANGUARD 2024 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
19
Loans and overdrafts
(Continued)
- 29 -

The loan from the subsidiary company, Vanguard Foundry Limited is interest free and has no formal terms of repayment.

20
Finance lease obligations
Group
Company
2025
2025
Amounts due:
£
£
Current liabilities
245,150
-
0
Non-current liabilities
427,645
-
0
672,795
-
Group
Company
2025
2025
£
£
Future minimum lease payments due under finance leases:
Within one year
245,150
-
0
In two to five years
427,645
-
0
672,795
-

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Pension commitments

The Company operates a defined contributions pension scheme. Outstanding contributions at 30 September 2025 are included within other creditors due within one year and amounted to £70,669 (2024: £50,945).

22
Retirement benefit schemes
2025
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
230,791

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.

23
Share capital
Group and company
2025
2025
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
100
100
VANGUARD 2024 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 30 -
24
Acquisition of a business

On 24 October 2024 the group acquired 100 percent of the issued capital of Vanguard Foundry Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Property, plant and equipment
1,262,412
-
1,262,412
Inventories
1,036,535
-
1,036,535
Trade and other receivables
2,737,355
-
2,737,355
Cash and cash equivalents
64,593
-
64,593
Obligations under finance leases
(411,305)
-
(411,305)
Trade and other payables
(2,465,858)
-
(2,465,858)
Tax liabilities
(292,470)
-
(292,470)
Total identifiable net assets
1,931,262
-
1,931,262
Goodwill
(331,262)
Total consideration
1,600,000
The consideration was satisfied by:
£
Cash
800,000
Deferred consideration
800,000
1,600,000
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
-
Profit after tax
-
25
Contingent assets

The company has identified a potential claim under the Research and Development (R&D) tax relief regime in respect of the current period. As the claim had not been finalised at the balance sheet date, no amount has been recognised in these financial statements; however, it is expected that an amended corporation tax return will be submitted in the following period to include the claim, at which point any resulting benefit will be recognised.

26
Related party transactions
Transactions with related parties

During the year the company received a loan of £862,500 from its subsidiary, Vanguard Foundry Limited. The loan is interest free and has no formal terms of repayment.

VANGUARD 2024 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 31 -
27
Ultimate controlling party

The company is controlled by its directors who own 100% of the ordinary share capital.

28
Cash generated from group operations
2025
£
Profit after taxation
1,391,209
Adjustments for:
Taxation charged
17,390
Finance costs
77,041
Investment income
(652)
Loss on disposal of tangible fixed assets
9,638
Amortisation and impairment of intangible assets
(331,263)
Depreciation and impairment of tangible fixed assets
299,542
Decrease in provisions
(800,000)
Movements in working capital:
Decrease in stocks
81,372
Decrease in debtors
173,538
Increase in creditors
729,307
Cash generated from operations
1,647,122
29
Analysis of changes in net debt - group
1 October 2024
Cash flows
30 September 2025
£
£
£
Cash at bank and in hand
-
62,427
62,427
Bank overdrafts
-
0
(242)
(242)
-
62,185
62,185
Borrowings excluding overdrafts
-
(237,500)
(237,500)
Obligations under finance leases
-
(672,795)
(672,795)
-
(848,110)
(848,110)
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