REGISTERED NUMBER: 04561672 (England and Wales)

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

NEWITT & CO LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

N J Newitt

Mrs L J Newitt

F S Newitt

SECRETARY:

N J Newitt

REGISTERED OFFICE:

Claxton Hall

Flaxton

York

Yorkshire

YO60 7RE

REGISTERED NUMBER:

04561672 (England and Wales)

AUDITORS:

Sowerby

Chartered Accountants and Statutory Auditors

Beckside Court

Annie Reed Road

Beverley

East Yorkshire

HU17 0LF

The directors present their strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS

The principle activity of the company throughout the year continues to be the sale of sporting goods.

2025 has continued to show positive results for the company, and the directors expect that to continue in 2026.

The company continues to supply own brand stock and branded goods from the large brands such as Nike, Gilbert and Mitre.

The pressure on the global supply chains, whilst challenging, are felt by the sector globally, and with continued investment in partnership with suppliers and logistic partners enables the company to manage stock actively.

The requirement to maintain the company's e-commerce market share means that it continues to invest in marketing its website.

The company's key financial performance indicators during the year were as follows:

2025

2024

Gross profit

£6,449,142

£6,598,777

Gross profit percentage

33.91%

33.38%

Sales growth year on year

-3.8%

9.8%

PRINCIPAL RISKS AND UNCERTAINTIES

The continued mixed messages surrounding the state of the world economy coupled with the geo-political landscape within the world may lead to an economic downturn which in turn may result in a decrease in consumption of sports goods. The significant government investment in the public sector should assist the company in continuing to grow, with its existing strong links within the education and military sector.

The increases in staffing costs continue to have a significant impact on the business moving forward. However the investment in the warehouse and stock-holding system will ensure that the company continues to make operational efficiencies in an effort to offset some of those cost increases.

Inflationary pressures could continue to make procurement a key area for the directors to concentrate on however our strong financial position should allow the company to continue to ensure continuity of supply and cost-effective purchasing power.

In managing the business, the directors have established controls to enable them to respond to and mitigate the impact of such risks in a timely manner to ensure the effect on the business is minimised.

DEVELOPMENT AND PERFORMANCE

There are a considerable number of sporting events taking place in 2026, with the expanded 48 team World Cup in the USA and 2027 Olympics. These are the main events the business will concentrate on.

The investment made in the warehouse and stockholding system has created significant opportunities for the business to maintain its strong market position and improve its operational efficiencies. The investment in solar energy on the roof of the warehouse has allowed the business to mitigate some of the risks around energy price hikes, whilst maintaining a social conscience by reducing our carbon footprint.

The company has a strong cashflow and balance sheet position which should enable it to continue to generate growth and profitability for the future even in these uncertain times.

GOING CONCERN

The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered a period in excess of twelve months from the date of approval of signing these financial statements in making this assessment.

ON BEHALF OF THE BOARD:

N J Newitt - Director

22 April 2026

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

DIVIDENDS

An interim dividend of £1,875,234 per share was paid on 31 December 2025. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2025 will be £ 1,875,234 .

FUTURE DEVELOPMENTS

The company has continued to invest in key management personnel, capital assets and revisions to the long term strategy. The directors feel this investment and strategic planning has already shown great promise and envisage continued improvements to long-term stability, resilience and profitability.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

N J Newitt

Mrs L J Newitt

F S Newitt

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise trade debtors, trade creditors and bank overdrafts. The main purpose of these instruments is to raise funds to finance the company's operations.

The company's approach to managing risks applicable to the financial instruments is shown below.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

In respect of bank overdrafts, liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating and fixed rates of interest.

The company is a lessee in respect of finance leased assets. The monthly repayments on finance lease agreements are fixed and liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies 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 transactions and disclose with reasonable accuracy at any time the financial position of the 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 company 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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

N J Newitt - Director

22 April 2026

Opinion

We have audited the financial statements of Newitt & Co Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 company's affairs as at 31 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

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

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

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 irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance;

- we also obtained an understanding of the legal and regulatory frameworks that the company operates in and determined that the most significant are those that relate to the reporting framework, FRS 102, the Companies Act 2006 and the relevant tax laws and regulations in the UK. In addition, we concluded that there are certain significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements, relating in majority to general health and safety and employee matters;

- we reviewed results of our enquiries of management about their own identification and assessment of the risks of irregularities; and assessed how the entity identifies, evaluates and complies with laws and regulations and whether management were aware of any instances of non-compliance. We corroborated our enquiries through our review of board minutes and consideration of the results of our audit procedures across the company;

- we also considered how the entity detects and responds to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- we considered the controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how management monitors those controls;

- the internal controls established to mitigate risks of non-compliance with laws and regulations were also investigated;.

- we also considered the existence of performance targets and their potential influence on management to manage earnings, and

- where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk.

These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error.

We reviewed financial statement disclosures and performed testing to supporting documentation to assess compliance with applicable laws and regulations.

We also tested the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. There was a focus on manual journals and journals indicating large or unusual transactions; enquiries of company management; and challenging the assumptions and judgements made by management by reviewing third party evidence wherever possible.

The results of our procedures did not identify any instances or irregularities, including fraud.

No inherent difficulties were found in the standard processes for detecting irregularities; due to the sector in which it operates and the controls put in place, there was no significant shift in the control environment in the current year.

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.

Richard Skewis FCCA (Senior Statutory Auditor)

for and on behalf of Sowerby

Chartered Accountants and Statutory Auditors

Beckside Court

Annie Reed Road

Beverley

East Yorkshire

HU17 0LF

22 April 2026

TURNOVER

3

19,015,733

19,767,137

Cost of sales

12,566,591

13,168,360

GROSS PROFIT

6,449,142

6,598,777

Distribution costs

2,064,424

2,402,733

Administrative expenses

3,385,820

2,673,870

5,450,244

5,076,603

998,898

1,522,174

Other operating income

7,579

3,164

OPERATING PROFIT

5

1,006,477

1,525,338

Interest receivable and similar income

80,312

90,433

1,086,789

1,615,771

Interest payable and similar expenses

6

124

3,987

PROFIT BEFORE TAXATION

1,086,665

1,611,784

Tax on profit

7

207,566

394,130

PROFIT FOR THE FINANCIAL YEAR

879,099

1,217,654

PROFIT FOR THE YEAR

879,099

1,217,654

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

879,099

1,217,654

FIXED ASSETS

Intangible assets

9

612

717

Tangible assets

10

195,409

1,448,847

196,021

1,449,564

CURRENT ASSETS

Stocks

11

4,985,436

4,605,373

Debtors

12

995,321

632,086

Cash at bank

2,190,982

2,965,083

8,171,739

8,202,542

CREDITORS

Amounts falling due within one year

13

1,878,326

2,081,937

NET CURRENT ASSETS

6,293,413

6,120,605

TOTAL ASSETS LESS CURRENT LIABILITIES

6,489,434

7,570,169

PROVISIONS FOR LIABILITIES

15

48,348

132,948

NET ASSETS

6,441,086

7,437,221

CAPITAL AND RESERVES

Called up share capital

16

1

1

Retained earnings

17

6,441,085

7,437,220

SHAREHOLDERS' FUNDS

6,441,086

7,437,221

The financial statements were approved by the Board of Directors and authorised for issue on 22 April 2026 and were signed on its behalf by:

Mrs L J Newitt - Director

N J Newitt - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

1

6,219,566

6,219,567

Changes in equity

Total comprehensive income

-

1,217,654

1,217,654

Balance at 31 December 2024

1

7,437,220

7,437,221

Changes in equity

Dividends

-

(1,875,234

)

(1,875,234

)

Total comprehensive income

-

879,099

879,099

Balance at 31 December 2025

1

6,441,085

6,441,086

1.	STATUTORY INFORMATION

Newitt & Co Limited is a private company limited by shares and incorporated and domiciled in England. It has its registered office and principal place of business at Claxton Hall, Flaxton, York, YO60 7RE.

The principal activity of the company is retail sale of sporting equipment.

The presentational currency of the financial statements is Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

The directors, having taken into the factors discussed above as well as the uncertainties of the current economic environment, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

As of 31 December 2025, the company had net assets of £6,441,086 (2024 - £7,437,221) and net current assets of £6,293,413 (2024: £6,120,605).

The company's financial forecasts, taking into consideration the current environment, show that the company's cashflow gives the company the ability to continue to operate for the foreseeable future.

Based on these facts and the current financial position, forecasts and cash flows of the company, the directors have concluded it is appropriate for the financial statements to be prepared on a going concern basis.

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

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirement of paragraph 33.7.

Related party exemption

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

Significant judgements and estimates

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

No key sources of estimation uncertainty are noted by management that have a significant effect on the amounts recognised in the financial statements.

Turnover

Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts.

Sales are recognised at the point which the company has fulfilled its contractual obligations and the risks and rewards attached to the product have been transferred to the customer.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

2% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. 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. Stock is included in the accounts at its average cost, which is recalculated automatically upon the purchase of new stock items.

Taxation

Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for the current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Trade and other debtors

Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such case the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors

Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Impairment of financial assets

Financial assets, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that have occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Interest bearing borrowings

Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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 leases asset are consumed.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. The obligations for contributions to defined contribution scheme are recognised as an expense in the period they are incurred. The assets of the scheme are held separately from those of the company in an independent administered fund.

Related parties

For the purposes of these financial statements, a party is considered to be related to the company if:

(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company;

(ii) the company and the party are subject to common control;

(iii) the party is an associate of the company or a joint venture in which the company is a venture

(iv) the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;

(v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or

(vi) the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.

(vii) the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent.

Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.

Financial instruments

The company 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 company's balance sheet when the company becomes party to

the contractual provisions of the instrument.

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

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business for the year ended 31 December 2024 is given below:

£

Sale of goods

19,767,137

19,767,137

This analysis is not considered to be applicable to the year ended 31 December 2025.

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

18,889,309

19,599,045

Exports

126,424

168,092

19,015,733

19,767,137

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,895,840

1,358,805

Social security costs

239,839

147,041

Other pension costs

22,135

19,550

2,157,814

1,525,396

The average number of employees during the year was as follows:

2025

2024

Administration

5

5

Operations

28

28

33

33

2025

2024

£

£

Directors' remuneration

846,584

421,584

Directors' pension contributions to money purchase schemes

1,321

1,321

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

401,032

172,560

5.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Other operating leases

205,908

233,708

Depreciation - owned assets

98,323

102,241

Patents and licences amortisation

105

105

Auditors' remuneration

26,250

25,000

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Other interest

-

3,987

Interest payable

124

-

124

3,987

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

292,166

357,366

Deferred tax

(84,600

)

36,764

Tax on profit

207,566

394,130

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

1,086,665

1,611,784

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

271,666

402,946

Effects of:

Expenses not deductible for tax purposes

2,084

562

Capital allowances in excess of depreciation

-

(39,350

)

Depreciation in excess of capital allowances

18,416

-

Other permanent differences

-

(6,792

)

Deferred tax

(84,600

)

36,764

Total tax charge

207,566

394,130

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. In the year to 31 December 2025, deferred tax is charged at 25% (2024 - 25%).

8.

DIVIDENDS

2025

2024

£

£

Ordinary share share of 1

Interim

1,875,234

-