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Registered number: 01165611 Hyde Industrial Holdings Limited Annual Report and Financial Statements For the year ended 30 September 2025
Hyde Industrial Holdings Limited Company Information
Directors | M Ford
| G Grant
| D Grant (appointed 25 November 2025)
Company secretary | M Haslam
Registered number | 01165611
Registered office | 185 Stamford House
| Stamford Street
| Stalybridge
| Cheshire
| SK15 1QZ
Independent auditors | Hurst Accountants Limited
| Chartered Accountants & Statutory Auditors
| 3 Stockport Exchange
| Stockport
| SK1 3GG
Hyde Industrial Holdings Limited Contents
| Page
Group Strategic Report | 1 - 2
Directors' Report | 3 - 7
Independent Auditors' Report | 8 - 11
Consolidated Profit and Loss Account | 12
Consolidated Statement of Comprehensive Income | 13
Consolidated Statement of Financial Position | 14
Company Statement of Financial Position | 15
Consolidated Statement of Changes in Equity | 16 - 17
Company Statement of Changes in Equity | 18
Consolidated Statement of Cash Flows | 19
Notes to the Financial Statements | 20 - 37
Hyde Industrial Holdings Limited Group Strategic Report For the year ended 30 September 2025
Introduction
The directors present their strategic report for the year ended 30 September 2025.
Business review
The directors consider the profit on ordinary activities before taxation for the year of £10,209k (2024: £10,795k) to be satisfactory and in line with the expectations of the business. Trading activities are generally buoyant, and are in line with expectations. The directors anticipate further growth in the ensuing financial period.
Principal risks and uncertainties
The Group uses financial instruments including cash, a bank overdraft and other items including trade debtors and trade creditors that arise directly from its operations. The existence of these financial instruments exposes the Group to a number of financial risks, which are described in further detail below. Liquidity risk The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash safely and profitably. Credit risk The Group's principal financial assets are cash deposits, cash, trade debtors and intercompany debtors. The credit risk associated with cash and intercompany debtors is limited. The principal credit risk arises, therefore, from its trade debtors. In order to manage credit risk, the directors set limits for customers based on a combination of payment history and third party references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and credit history. Interest rate risk The Group does not have any third party borrowings other than the bank overdraft; therefore it is not exposed to any material interest rate risk. Currency risk The Group is exposed to transaction foreign currency risk. In order to mitigate this risk, the Group, through the ultimate parent company, has entered into a number of foreign currency forward contracts to manage the foreign exchange exposure of contracted future foreign currency sales receipts. In entering into these forward currency contracts, the Group is simply fixing its income from future sales. Hedge accounting is not adopted by the Group. Non-Financial risk The group’s involvement with the ‘Nuclear’ sector continues to evolve and management is optimistic that further growth can be achieved. Page 1
Hyde Industrial Holdings Limited Group Strategic Report (continued) For the year ended 30 September 2025
Directors' statement of compliance with duty to promote the success of the Group
In accordance with section 172 of the Companies Act 2006, the directors, collectively and individually, confirm that during the year ended 30 September 2025, they upheld their duty to promote the success of the Group for the benefit of all stakeholders, whilst acting in good faith throughout. A key element of the historic and ongoing success of the group is the ability to build strong relationships with all stakeholders, including customers and suppliers, and the values that sit strong within the business drive the success of this. We value and respect all of our people and encourage teamwork in all that we do, whether it be between colleagues working together, or our companies and divisions working together to meet the needs of our customer base. The commitment and quality of the people within the business has played a major role in our success. The business continues to adapt to the changing market and our people and their values are instrumental in driving this. Our Group Human Resources department was formally setup in 2019 and continues to go from strength to strength, a particular highlight being the growth of our apprenticeship schemes. We continue to be a business with many long service staff members, which is something we pride ourselves on. The Group's policy with regard to the environment is to ensure that we understand and effectively manage the environmental impact of our activities. We ensure that we comply with all legal requirements relating to the environment in all areas in which we conduct business. This report was approved by the board and signed on its behalf.
M Haslam Secretary
Date: 10 June 2026
Page 2
Hyde Industrial Holdings Limited Directors' Report For the year ended 30 September 2025 The directors present their report and the financial statements for the year ended 30 September 2025.
Principal activity
The principal activities of the Group involve engineering and investment. The Company's principal activity is that of a holding company.
Directors
The directors who served during the year were:
M Ford
G Grant
Results and dividends
The profit for the year, after taxation and minority interests, amounted to £8,616,583 (2024 - £9,698,829). The directors have recommended a dividend equivalent to £75 per ordinary share in the year (2024: £75 per ordinary share). The directors do not recommend the payment of a final dividend.
Directors' responsibilities statement
The directors are responsible for preparing the group strategic report, the directors' report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Land and buildings
The directors are of the opinion that, in aggregate, the market value of the land and buildings exceeds the book value of the assets by approximately £32.5 million (2024: £33.2 million). Page 3
Hyde Industrial Holdings Limited Directors' Report (continued) For the year ended 30 September 2025
Research and development activities
The Group undertakes research and development projects aimed at the ongoing improvement of its product range.
Engagement with employees
The Group continues to recognise the benefit of keeping employees informed of the progress of the business. Throughout the Group, consultative arrangements and collective bargaining procedures are well established. We recognise that bringing on new talent is key to the long term future of the Group and the numbers of apprentices employed within the Group continues to grow. We only work with reputable training providers and ensure all the requirements of the Apprenticeship Levy are met, giving valuable and thorough on the job training to all of our apprentices. Full and fair consideration is given to applications for employment made by disabled persons having regard to their aptitude and abilities.
Business relationships
The Group fosters long term and meaningful relationships with customers and suppliers to bring added value to everything that we do. A key element of historic and ongoing success of the group is the ability to build strong relationships with all stakeholders, including customers and suppliers, and the values that sit strong within the business drive the success of this. In recent years, a high level of focus and resource has been devoted to business relationships to ensure that the Group successfully continued to trade throughout the Covid-19 pandemic. By consulting closely with all of our stakeholders, we were able to adapt to changing needs and market constraints and ensure no reduction in our standards or reputation. We operate in highly regulated markets and always maintain the required certifications to operate safely and within legislation.
Qualifying third party indemnity provisions
During the financial year, a qualifying third party indemnity provision for the benefit of all directors was in force. Page 4
Hyde Industrial Holdings Limited Directors' Report (continued) For the year ended 30 September 2025 Greenhouse gas emissions, energy consumption and energy efficiency action
The SECR disclosure covers the Group’s greenhouse gas emission (scope 1 and 2), an appropriate intensity ratio, the total energy usage of gas, electricity and fuel for transport and production. HM Government Environmental Reporting Guidelines: including streamlined energy and carbon reporting guidance (March 2019) has been used for the collation of data sources and reporting of emissions. UK Government GHG Conversion Factors for Company Reporting has been used for the reporting of emissions, using the 2025 version.
| 2025 | 2024
| £ | £
Energy consumption used to calculate emissions (kWh) | 13,835,728 | 13,542,892
Emissions from combustion of natural gas tCO2e (Scope 2) | 1,125 | 989
Emissions from purchased electricity tCO2e (Scope 2, location based) | 1,155 | 1,400
Emission from combustion of fuel for transport purposes tCO2e (Scope 1) | 269 | 302
Total greenhouse gas emissions based on above (tCO2e) | 2,549 | 2,691
Intensity ratio; tonnes of CO2e emitted per £1m sales revenue | 29 | 34
Intensity ratio; tonnes of CO2e emitted per employee | 4 | 5
During the year the group purchased 6,605,068kWh (2024: 6,832,291kWh) of renewable electricity products verified by the Carbon Trust and conforming to the Greenhouse Gas Protocol. By removing this from the numbers disclosed above, the reporting would now show:
| 2025 | 2024
| £ | £
Energy consumption used to calculate emissions (kWh) | 7,230,660 | 6,710,601
Emissions from combustion of natural gas tCO2e (Scope 2) | 1,125 | 989
Emissions from purchased electricity tCO2e (Scope 2, location based) | - | -
Emission from combustion of fuel for transport purposes tCO2e (Scope 1) | 269 | 302
Total greenhouse gas emissions based on above (tCO2e) | 1,394 | 1,291
Intensity ratio; tonnes of CO2e emitted per £1m sales revenue | 16 | 16
Intensity ratio; tonnes of CO2e emitted per employee | 2 | 2
Page 5
Hyde Industrial Holdings Limited Directors' Report (continued) For the year ended 30 September 2025
During the financial year ending 30 September 2025, the Group continued its ongoing work to improve energy efficiency. Across all of our sites we continue to strive to make changes by continuing the following: 1. Renewing plant and machinery on a regular basis and replacing older models with newer, more energy-efficient upgrades. 2. Introducing LED lighting to buildings. 3. Replacing all company vehicles in a timely manner, and promoting low emission or Electric and Hybrid Vehicles. 4. Regularly reviewing the wastage levels, recycling and methods of disposal. In addition to the ongoing improvements already mentioned, the group invested heavily in alternative strategies to reduce our emissions on a larger scale in the long-term. The group has invested over £1.7m on having solar panels fitted at 13 of our properties, with surveys ongoing at the remaining. We have also taken an active approach in piloting sub-metering at a sample of our sites, in order to fully understand the effects of our processes and machinery on our emissions. We hope to use this data to impact our decisions both short-term and long-term.
Disclosure of information to auditors
Each of the persons who are directors at the time when this directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Group Modern Slavery Act Transparency Statement
To view our Modern Slavery Act Transparency Statement, please refer to our Group website at: https://www.hydegroup .com/modern-slavery -act-transparency-statement This policy covers all group entities and is regularly updated to remain in compliance with legislation.
Post balance sheet events
There have been no significant events affecting the Group since the year end.
Auditors
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. Page 6
Hyde Industrial Holdings Limited Directors' Report (continued) For the year ended 30 September 2025 This report was approved by the board and signed on its behalf.
M Haslam Secretary
Date: 10 June 2026
Page 7
Hyde Industrial Holdings Limited Independent Auditors' Report to the Members of Hyde Industrial Holdings Limited
Opinion
We have audited the financial statements of Hyde Industrial Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 September 2025, which comprise the consolidated profit and loss account, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 8
Hyde Industrial Holdings Limited Independent Auditors' Report to the Members of Hyde Industrial Holdings Limited (continued)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the group strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept 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' responsibilities statement set out on page 3, 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 the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so. Page 9
Hyde Industrial Holdings Limited Independent Auditors' Report to the Members of Hyde Industrial Holdings Limited (continued)
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 an auditors' 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 Group 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: Identifying and assessing potential risks related to irregularities In identifying and assessing the 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 in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets. ∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud. ∙Supporting documentation relating to the Company's policies and procedures for: °Identifying, evaluating, and complying with laws and regulations °Detecting and responding to the risks of fraud ∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. ∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. ∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption. Audit response to risks identified Our procedures to respond to the risks identified included the following: ∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements. ∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. ∙Evaluation of management’s controls designed to prevent and detect irregularities. ∙Enquiring of management about any actual and potential litigation and claims. ∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud. Page 10
Hyde Industrial Holdings Limited Independent Auditors' Report to the Members of Hyde Industrial Holdings Limited (continued) We have also considered the risk of fraud through management override of controls by: ∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error. ∙Challenging assumptions made by management in their significant accounting estimates, and 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. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, 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. 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 auditors' report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. John Glover (Senior Statutory Auditor) for and on behalf of Hurst Accountants Limited Chartered Accountants & Statutory Auditors 3 Stockport Exchange Stockport SK1 3GG 10 June 2026 Page 11
Hyde Industrial Holdings Limited Consolidated Profit and Loss Account For the year ended 30 September 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 87,335,427 | 80,169,389
Cost of sales |  | (76,267,415) | (70,570,773)
Gross profit |  | 11,068,012 | 9,598,616
Administrative expenses |  | (6,025,904) | (4,795,898)
Surplus on revaluation of investment properties |  | - | 339,014
Operating profit | 5 | 5,042,108 | 5,141,732
Interest receivable and similar income | 9 | 5,166,483 | 5,653,199
Profit before tax |  | 10,208,591 | 10,794,931
Tax on profit | 10 | (1,590,215) | (1,077,778)
Profit for the financial year |  | 8,618,376 | 9,717,153
Profit for the year attributable to: |  |  |
Non-controlling interests |  | 1,793 | 18,324
Owners of the parent |  | 8,616,583 | 9,698,829
|  | 8,618,376 | 9,717,153
The notes on pages 20 to 37 form part of these financial statements.
Page 12
Hyde Industrial Holdings Limited Consolidated Statement of Comprehensive Income For the year ended 30 September 2025
|  |  |  | 2025 | 2024
|  |  | Note | £ | £
Profit for the financial year |  | 8,618,376 | 9,717,153
Other comprehensive income |  |  |
Change in fair value of hedging instruments |  | 489,775 | 623,589
Other comprehensive income for the year |  | 489,775 | 623,589
Total comprehensive income for the year |  | 9,108,151 | 10,340,742
Profit for the year attributable to: |  |  |
Non-controlling interest |  | 1,793 | 18,324
Owners of the parent Company |  | 8,616,583 | 9,698,829
|  | 8,618,376 | 9,717,153
The notes on pages 20 to 37 form part of these financial statements.
Page 13
Hyde Industrial Holdings Limited Registered number: 01165611 Consolidated Statement of Financial Position As at 30 September 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 26,865,183 |  | 23,662,306
Investment property | 14 |  | 5,243,805 |  | 5,243,805
|  |  | 32,108,988 |  | 28,906,111
Current assets |  |  |  |  |
Stocks | 15 | 15,358,270 |  | 14,487,927 |
Debtors: amounts falling due within one year | 16 | 30,912,102 |  | 28,926,873 |
Current asset investments | 17 | 104,842,845 |  | 106,988,000 |
Cash at bank and in hand | 18 | 6,064,519 |  | 5,931,762 |
|  | 157,177,736 |  | 156,334,562 |
Creditors: amounts falling due within one year | 19 | (19,474,300) |  | (22,125,001) |
Net current assets |  |  | 137,703,436 |  | 134,209,561
Total assets less current liabilities |  |  | 169,812,424 |  | 163,115,672
Provisions for liabilities |  |  |  |  |
Deferred taxation | 20 | (4,014,768) |  | (3,392,417) |
|  |  | (4,014,768) |  | (3,392,417)
Net assets |  |  | 165,797,656 |  | 159,723,255
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 40,450 |  | 40,450
Other reserves | 22 |  | 52,442 |  | 52,442
Cash flow hedging reserve | 22 |  | 1,151,053 |  | 661,278
Profit and loss account | 22 |  | 163,913,838 |  | 158,331,005
Equity attributable to owners of the parent Company |  |  | 165,157,783 |  | 159,085,175
Non-controlling interests |  |  | 639,873 |  | 638,080
|  |  | 165,797,656 |  | 159,723,255
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
M Ford
Director
Date: 10 June 2026
The notes on pages 20 to 37 form part of these financial statements. Page 14
Hyde Industrial Holdings Limited Registered number: 01165611 Company Statement of Financial Position As at 30 September 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 13 |  | 6,512,780 |  | 6,512,780
|  |  | 6,512,780 |  | 6,512,780
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 16 | 8,936,897 |  | 8,188,819 |
Current asset investments | 17 | 104,842,845 |  | 106,988,000 |
Cash at bank and in hand | 18 | 9,948,045 |  | 6,121,018 |
|  | 123,727,787 |  | 121,297,837 |
Creditors: amounts falling due within one year | 19 | (122,178,271) |  | (117,802,557) |
Net current assets |  |  | 1,549,516 |  | 3,495,280
Total assets less current liabilities |  |  | 8,062,296 |  | 10,008,060
Net assets |  |  | 8,062,296 |  | 10,008,060
Capital and reserves |  |  |  |  |
Called up share capital | 21 |  | 40,450 |  | 40,450
Capital redemption reserve | 22 |  | 4,494 |  | 4,494
Profit and loss account |  |  | 8,017,352 |  | 9,963,116
|  |  | 8,062,296 |  | 10,008,060
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit for the company for the year was £1,087,986 (2024: £2,684,715). The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
M Ford
Director
Date: 10 June 2026
The notes on pages 20 to 37 form part of these financial statements. Page 15

|  | Hyde Industrial Holdings Limited |
Consolidated Statement of Changes in Equity For the year ended 30 September 2025
|  | Called up share capital | Other reserves | Cash flow hedging reserve | Profit and loss account | Equity attributable to owners of parent Company | Non-controlling interests | Total equity
|  | £ | £ | £ | £ | £ | £ | £
| At 1 October 2024 | 40,450 | 52,442 | 661,278 | 158,331,005 | 159,085,175 | 638,080 | 159,723,255
| Comprehensive income for the year |  |  |  |  |  |  |
| Profit for the year | - | - | - | 8,616,583 | 8,616,583 | 1,793 | 8,618,376
| Gains on foreign exchange | - | - | 489,775 | - | 489,775 | - | 489,775
| Other comprehensive income for the year | - | - | 489,775 | - | 489,775 | - | 489,775
| Total comprehensive income for the year | - | - | 489,775 | 8,616,583 | 9,106,358 | 1,793 | 9,108,151
| Contributions by and distributions to owners |  |  |  |  |  |  |
| Dividends: Equity capital | - | - | - | (3,033,750) | (3,033,750) | - | (3,033,750)
| Total transactions with owners | - | - | - | (3,033,750) | (3,033,750) | - | (3,033,750)
| At 30 September 2025 | 40,450 | 52,442 | 1,151,053 | 163,913,838 | 165,157,783 | 639,873 | 165,797,656
| The notes on pages 20 to 37 form part of these financial statements.
Page 16

|  | Hyde Industrial Holdings Limited |
Consolidated Statement of Changes in Equity For the year ended 30 September 2024
|  | Called up share capital | Other reserves | Cash flow hedging reserve | Profit and loss account | Equity attributable to owners of parent Company | Non-controlling interests | Total equity
|  | £ | £ | £ | £ | £ | £ | £
| At 1 October 2023 | 40,450 | 52,442 | 37,689 | 151,665,926 | 151,796,507 | 619,756 | 152,416,263
| Comprehensive income for the year |  |  |  |  |  |  |
| Profit for the year | - | - | - | 9,698,829 | 9,698,829 | 18,324 | 9,717,153
| Losses on foreign exchange | - | - | 623,589 | - | 623,589 | - | 623,589
| Other comprehensive income for the year | - | - | 623,589 | - | 623,589 | - | 623,589
| Total comprehensive income for the year | - | - | 623,589 | 9,698,829 | 10,322,418 | 18,324 | 10,340,742
| Contributions by and distributions to owners |  |  |  |  |  |  |
| Dividends: Equity capital | - | - | - | (3,033,750) | (3,033,750) | - | (3,033,750)
| Total transactions with owners | - | - | - | (3,033,750) | (3,033,750) | - | (3,033,750)
| At 30 September 2024 | 40,450 | 52,442 | 661,278 | 158,331,005 | 159,085,175 | 638,080 | 159,723,255
| The notes on pages 20 to 37 form part of these financial statements.
Page 17

Hyde Industrial Holdings Limited Company Statement of Changes in Equity For the year ended 30 September 2025
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 October 2023 | 40,450 | 4,494 | 10,312,151 | 10,357,095
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 2,684,715 | 2,684,715
Total comprehensive income for the year | - | - | 2,684,715 | 2,684,715
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (3,033,750) | (3,033,750)
Total transactions with owners | - | - | (3,033,750) | (3,033,750)
At 1 October 2024 | 40,450 | 4,494 | 9,963,116 | 10,008,060
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,087,986 | 1,087,986
Total comprehensive income for the year | - | - | 1,087,986 | 1,087,986
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (3,033,750) | (3,033,750)
Total transactions with owners | - | - | (3,033,750) | (3,033,750)
At 30 September 2025 | 40,450 | 4,494 | 8,017,352 | 8,062,296
| The notes on pages 20 to 37 form part of these financial statements.
Page 18
Hyde Industrial Holdings Limited Consolidated Statement of Cash Flows For the year ended 30 September 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 8,618,376 | 9,717,153
Adjustments for: |  |
Depreciation of tangible assets | 3,724,951 | 3,660,285
Loss on disposal of tangible assets | (271,008) | (327,425)
Interest received | (5,166,483) | (5,653,199)
Taxation charge | 1,590,215 | 1,077,778
Increase in stocks | (870,343) | (2,650,904)
(Increase)/decrease in debtors | (2,532,720) | 276,161
(Decrease)/increase in creditors | (2,305,516) | 2,427,011
Corporation tax (paid)/received | (275,782) | 663,344
Surplus on revaluation of investment property | - | (339,014)
Net cash generated from operating activities | 2,511,690 | 8,851,190
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (6,982,653) | (5,753,982)
Sale of tangible fixed assets | 325,832 | 387,006
Interest received | 5,166,483 | 5,653,199
Movement in current asset investments | 2,145,155 | (4,988,000)
Net cash from/ (used in) investing activities | 654,817 | (4,701,777)
Cash flows from financing activities |  |
Dividends paid | (3,033,750) | (3,033,750)
Net cash used in financing activities | (3,033,750) | (3,033,750)
Net increase in cash and cash equivalents | 132,757 | 1,115,663
Cash and cash equivalents at beginning of year | 5,931,762 | 4,816,099
Cash and cash equivalents at the end of year | 6,064,519 | 5,931,762
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 6,064,519 | 5,931,762
| 6,064,519 | 5,931,762
The notes on pages 20 to 37 form part of these financial statements.
Page 19
Hyde Industrial Holdings Limited Notes to the Financial Statements For the year ended 30 September 2025
1. | General information
Hyde Industrial Holdings Limited is a private company limited by shares and incorporated in England and Wales, registered number 01165611. Its registered office is 185 Stamford House, Stamford Street, Stalybridge, Cheshire, SK15 1QZ. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102. The accounting reference date is 30th September 2025 however the accounts are drawn up for the 52 weeks to 28th September 2025 (2024: 52 weeks to 29th September 2024). Therefore, the Group continues to recognise a merger reserve which arose on a past business combination that was accounted for as a merger in accordance with UK GAAP as applied at that time. Page 20
Hyde Industrial Holdings Limited Notes to the Financial Statements For the year ended 30 September 2025 2.Accounting policies (continued)
| 2.3 | Going concern
The Group meets its day to day working capital requirements through significant available cash balances. The directors have prepared consolidated forecasts for the period to 30 June 2027. After review of the forecasts and significant available cash resources, the directors have a reasonable expectation that the Company and the Group has adequate resources to continue in operational existence for the foreseeable future being a period of at least 12 months from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis in the preparation of these financial statements.
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
| 2.5 | Revenue
Turnover comprises revenue recognised by the Group in respect of goods and services supplied during the year. This is measured at the fair value of the consideration received or receivable, net of trade discounts and value added taxes. Turnover is recognised upon despatch of goods. Rental income is recognised based on the period to which the rents receivable relate.
| 2.6 | Operating leases: the Group as lessor
Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term. Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.
| 2.7 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term, unless the rental payments are structured to increase in line with expected general inflation, in which case the Group recognises annual rent expense to amounts owed to the lessor. The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight line basis. Page 21
Hyde Industrial Holdings Limited Notes to the Financial Statements For the year ended 30 September 2025 2.Accounting policies (continued)
| 2.8 | Research and development
Research and development expenditure is written off in the year in which it is incurred. Uninvoiced research and development fully funded by customers is carried forward as work in progress.
| 2.9 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.10 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.
| 2.11 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Page 22
Hyde Industrial Holdings Limited Notes to the Financial Statements For the year ended 30 September 2025 2.Accounting policies (continued)
| 2.12 | Exceptional items
Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.
| 2.13 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2.5% per annum straight line
|  |  |  | Plant and machinery | - | 10 years straight line
|  |  |  | Motor vehicles | - | 4 years straight line
|  |  |  | Fixtures and fittings | - | 2-5 years straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.14 | Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.15 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.16 | Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
| 2.17 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 23
Hyde Industrial Holdings Limited Notes to the Financial Statements For the year ended 30 September 2025 2.Accounting policies (continued)
| 2.18 | Cash
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. In the Consolidated Statement of Cash Flows, cash is shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.19 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 24
Hyde Industrial Holdings Limited Notes to the Financial Statements For the year ended 30 September 2025 2.Accounting policies (continued)
| 2.20 | Financial instruments
With the exception of derivatives, the Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated Profit and Loss Account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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. The Group holds derivative instruments in the form of foreign currency sterling forward currency contracts. 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 as appropriate, unless they are included in a hedging arrangement. The Group applies hedge accounting for transactions entered into to manage the cash flow exposures of foreign currency sales. Forward currency contracts are held to manage the exposure to fluctuations in exchange rate and are designated as cash flow hedges. Changes in the fair values of derivatives designated as cash flow hedges, and which are effective, are recognised directly in equity. Any ineffectiveness in the hedging relationship (being the excess of cumulative changes in fair value of the hedging instrument since inception of the hedge over the cumulative change in the fair value of the hedged item since inception of the hedge) is recognised in profit or loss. The gain or loss recognised in other comprehensive income is reclassified to profit or loss when the hedge relationship ends. Hedge accounting is discontinued when the hedging instrument expires, no longer meets the hedging criteria, the forecast transaction is no longer highly probable, the hedged instrument is derecognised or the hedging instrument is terminated. Page 25
Hyde Industrial Holdings Limited Notes to the Financial Statements For the year ended 30 September 2025 2.Accounting policies (continued)
| 2.21 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: Revaluation of investment properties The Group carries its investment properties at fair value, with changes in fair value being recognised in profit or loss. The valuation is based on an external valuation, but is inherently subjective in nature. Financial instruments All derivatives are measured at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where the market for a financial instrument is not active, fair value is established using a valuation technique. The Group has applied hedge accounting in the period. Valuation techniques involve a degree of estimation, the extent of which depends on the instrument's complexity and the availability of market-based data.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sales | 86,984,405 | 79,875,880
| Rental income | 351,022 | 293,509
|  | 87,335,427 | 80,169,389
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 70,238,220 | 68,801,364
| Rest of Europe | 9,737,978 | 9,740,398
| Rest of the world | 7,359,229 | 1,627,627
|  | 87,335,427 | 80,169,389
Page 26
Hyde Industrial Holdings Limited Notes to the Financial Statements For the year ended 30 September 2025
5. | Operating profit
| The operating profit is stated after charging/(crediting):
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 3,724,951 | 3,660,285
| Profit on disposal of tangible fixed assets | (271,008) | (327,425)
| Other operating lease rentals | 21,900 | 21,895
6. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements | 167,200 | 160,000
| Fees payable to the Company's auditors and their associates in connection with the Group's pension scheme(s) in respect of: |  |
| Taxation compliance services | 58,080 | 55,500
| Other services relating to taxation | 26,070 | 23,700
Page 27
Hyde Industrial Holdings Limited Notes to the Financial Statements For the year ended 30 September 2025
7. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Wages and salaries | 37,146,351 | 33,256,483
| Social security costs | 4,578,636 | 4,223,607
| Cost of defined contribution scheme | 1,327,716 | 1,576,878
|  | 43,052,703 | 39,056,968
| The Company has no employees other than directors.
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Management | 31 | 32
|  | Administration | 45 | 44
|  | Production and distribution | 530 | 519
|  |  | 606 | 595
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 2,136,767 | 2,566,892
| During the year retirement benefits were accruing to no directors (2024 - NIL) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £1,530,118 (2024 - £1,980,560).
9. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 5,166,483 | 5,653,199
Page 28
Hyde Industrial Holdings Limited Notes to the Financial Statements For the year ended 30 September 2025
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 2,447,014 | 2,351,103
| Adjustments in respect of previous periods | (1,479,150) | (2,126,924)
| Total current tax | 967,864 | 224,179
| Deferred tax |  |
| Origination and reversal of timing differences | 618,057 | 842,492
| Adjustments in respect of prior periods | 4,294 | 11,107
| Total deferred tax | 622,351 | 853,599
| Tax on profit | 1,590,215 | 1,077,778
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 10,208,591 | 10,794,931
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 2,552,150 | 2,698,734
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 68,728 | 37,430
| Capital allowances for year in excess of depreciation | 181,506 | 249,468
| Adjustments to tax charge in respect of prior periods | (297,545) | 192,146
| Adjustment in respect of prior periods (deferred tax) | 4,294 | 11,107
| Non-taxable income | (16,790) | (101,544)
| Adjustment in research and development tax credit leading to an decrease in the tax charge | (1,181,605) | (2,319,069)
| Adjust opening deferred tax to average rate | - | (34,493)
| Other differences leading to an increase (decrease) in the tax charge | (6,102) | 17,247
| R&D expenditure credits | 285,579 | 326,752
| Total tax charge for the year | 1,590,215 | 1,077,778
Page 29
Hyde Industrial Holdings Limited Notes to the Financial Statements For the year ended 30 September 2025
11. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid of £75 (2024: £75) per ordinary share | 3,033,750 | 3,033,750
12. | Tangible fixed assets
| Group
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 October 2024 | 18,807,925 | 51,083,311 | 3,968,200 | 3,856,922 | 77,716,358
| Additions | 1,203,673 | 4,497,643 | 1,026,757 | 254,580 | 6,982,653
| Disposals | - | (911,107) | (886,436) | (17,250) | (1,814,793)
| At 30 September 2025 | 20,011,598 | 54,669,847 | 4,108,521 | 4,094,252 | 82,884,218
| Depreciation |  |  |  |  |
| At 1 October 2024 | 11,996,908 | 37,484,523 | 2,420,473 | 2,152,148 | 54,054,052
| Charge for the year | 469,401 | 2,115,987 | 718,298 | 421,264 | 3,724,950
| Disposals | - | (910,518) | (832,199) | (17,250) | (1,759,967)
| At 30 September 2025 | 12,466,309 | 38,689,992 | 2,306,572 | 2,556,162 | 56,019,035
| Net book value |  |  |  |  |
| At 30 September 2025 | 7,545,289 | 15,979,855 | 1,801,949 | 1,538,090 | 26,865,183
| At 30 September 2024 | 6,811,017 | 13,598,788 | 1,547,727 | 1,704,774 | 23,662,306
Page 30
Hyde Industrial Holdings Limited Notes to the Financial Statements For the year ended 30 September 2025
13. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 October 2024 | 6,512,780
| At 30 September 2025 | 6,512,780
| Net book value |
| At 30 September 2025 | 6,512,780
| At 30 September 2024 | 6,512,780
| Direct subsidiary undertakings
| The following were direct subsidiary undertakings of the Company:
| Name | Class of shares | Holding
| Hyde Central Services Limited | Ordinary | 100%
| Hyde Group Holdings Limited | Ordinary | 100%
| Hyde Investments Limited | Ordinary | 100%
| The registered office of all subsidiaries is 185 Stamford House, Stamford Street, Stalybridge, Cheshire, SK15 1QZ.
Page 31
Hyde Industrial Holdings Limited Notes to the Financial Statements For the year ended 30 September 2025
| Indirect subsidiary undertakings
| The following were indirect subsidiary undertakings of the Company:
| Name | Class of shares | Holding
| Brinksway Tool Limited | Ordinary | 100%
| Britannia Dynamics Limited | Ordinary | 100%
| Crest Engineering Limited | Ordinary | 100%
| Hollygate Aircraft Components Limited | Ordinary | 100%
| Hollygate Fabrications Limited | Ordinary | 100%
| Hyde Additive Technologies Limited | Ordinary | 100%
| Hyde Aero Products Limited | Ordinary | 100%
| Hyde Coatings Limited | Ordinary | 100%
| Hyde Details Limited | Ordinary | 100%
| Hyde Details (Fabrications and Welding) Limited | Ordinary | 100%
| Hyde Fabrications Limited | Ordinary | 100%
| Hyde Group Limited | Ordinary | 100%
| Hyde Group Engineering Limited | Ordinary | 100%
| Hyde Group Nuclear Limited | Ordinary | 100%
| Hyde Precision Components Limited | Ordinary | 100%
| Manchester Precision Engineering Limited | Ordinary | 100%
| North West (Aerotooling) Limited | Ordinary | 100%
| Park Engineering Limited | Ordinary | 100%
| Peak Precision Engineering Limited | Ordinary | 86%
| S G Equipment Limited | Ordinary | 100%
| S G Instruments Limited | Ordinary | 98%
| Stoneswood Precision Engineering Limited | Ordinary | 100%
| Victoria Production Engineering Limited | Ordinary | 100%
| The registered office of all subsidiaries is 185 Stamford House, Stamford Street, Stalybridge, Cheshire, SK15 1QZ
Page 32
Hyde Industrial Holdings Limited Notes to the Financial Statements For the year ended 30 September 2025
14. | Investment property
| Group
|  | Freehold investment property | Long term leasehold investment property | Total
|  | £ | £ | £
| Valuation |  |  |
| At 1 October 2024 | 4,693,805 | 550,000 | 5,243,805
| At 30 September 2025 | 4,693,805 | 550,000 | 5,243,805
The 2025 valuations were made by the Directors with support from an external surveyor at 30 September 2025. The Directors do not believe the valuations to have changed materially since this date.
15. | Stocks
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Raw materials and consumables | 249,481 | 180,920
| Work in progress | 15,108,789 | 14,307,007
|  | 15,358,270 | 14,487,927
Page 33
Hyde Industrial Holdings Limited Notes to the Financial Statements For the year ended 30 September 2025
16. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 25,006,538 | 21,523,119 | - | 2,385
| Amounts owed by group undertakings | - | - | 3,618,765 | 2,487,780
| Other debtors | 385,924 | 1,115,124 | 795,199 | 807,392
| Prepayments | 4,967,856 | 5,189,355 | 2,197,667 | 2,449,574
| Tax recoverable | 26,786 | 718,867 | 1,801,505 | 2,060,433
| Deferred taxation | - | - | 695 | 847
| Forward currency contracts | 524,998 | 380,408 | 523,066 | 380,408
|  | 30,912,102 | 28,926,873 | 8,936,897 | 8,188,819
| Amounts owed by group undertakings are repayable on demand, unsecured and bear no interest. Forward currency contracts are measured at fair value.
17. | Current asset investments
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Current asset investments | 104,842,845 | 106,988,000 | 104,842,845 | 106,988,000
18. | Cash
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 6,064,519 | 5,931,762 | 9,948,045 | 6,121,018
| Less: bank overdrafts | - | - | (8,703,386) | (13,305,324)
|  | 6,064,519 | 5,931,762 | 1,244,659 | (7,184,306)
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Hyde Industrial Holdings Limited Notes to the Financial Statements For the year ended 30 September 2025
19. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Bank overdrafts | - | - | 8,703,386 | 13,305,324
| Trade creditors | 3,162,877 | 4,631,680 | (260,092) | 64,365
| Amounts owed to group undertakings | - | - | 113,504,627 | 104,092,910
| Other taxation and social security | 2,171,453 | 2,875,871 | - | -
| Other creditors | 6,162,184 | 5,946,980 | 214,725 | 327,459
| Accruals and deferred income | 7,975,912 | 8,670,470 | 13,751 | 12,499
| Forward currency contracts | 1,874 | - | 1,874 | -
|  | 19,474,300 | 22,125,001 | 122,178,271 | 117,802,557
| Amounts owed to group undertakings are repayable on demand, unsecured and bear no interest. Security for the bank overdraft consists of a cross guarantee with fellow group undertakings. Included within other creditors is an amount of £1,936,219 (2024: £2,997,740) owed to a director and shareholder of the Company, repayable on demand. No interest has been charged during either period. Forward currency contracts are measured at fair value.
Page 35
Hyde Industrial Holdings Limited Notes to the Financial Statements For the year ended 30 September 2025
20. | Deferred taxation
| Group
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (3,392,417) | (2,538,817)
| Charged to profit or loss | (622,351) | (853,600)
| At end of year | (4,014,768) | (3,392,417)
| Company
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 847 | 1,033
| Charged to profit or loss | (152) | (186)
| At end of year | 695 | 847
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Accelerated capital allowances | (3,268,858) | (2,505,392) | 695 | 847
| Short term timing differences | 124,569 | (16,546) | - | -
| Capital gains | (870,479) | (870,479) | - | -
|  | (4,014,768) | (3,392,417) | 695 | 847
21. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 40,450 (2024 - 40,450) Ordinary shares of £1.00 each | 40,450 | 40,450
Page 36
Hyde Industrial Holdings Limited Notes to the Financial Statements For the year ended 30 September 2025
22. | Reserves
Cash flow hedge reserve Comprises the fair value of derivatives designated as cash flow hedges, which are effective, gains and losses arising on rolled over forward currency contracts as part of effective hedging arrangements and gains and losses arising from retranslation of foreign currency trade debtors which form part of effective hedging arrangements. Other reserves Represents the excess of net assets acquired over the nominal value of the shares issued in obtaining an interest in the equity share capital of another group entity. Profit and loss account Includes all current and prior year retained profits and losses.
23. | Capital commitments
The Group had capital commitments of £2,789,745 at 30 September 2025 (2024: £1,556,759). The Company had capital commitments of £Nil at 30 September 2025 (2024: £Nil).
24. | Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £1,327,716 (2024 - £1,576,878). Contributions totalling £85,134 (2024 - £56,555) were payable to the fund at the reporting date and are included in creditors.
25. | Related party transactions
| Key management reumeration totalled £2,136,767 (2024: £2,566,892). Transactions between group companies, which are related parties, have been eliminated on consolidation and are not disclosed in this note. In accordance with FRS 102, paragraph 33.1A, the Company is exempt from disclosing transactions with companies that are 100% owned within the Hyde Industrial Holdings Limited group. Transactions and balances with subsidiaries less than 100% owned are detailed below:
|  | 2025 | 2024
|  | £ | £
| Sales to group companies | 3,288,227 | 2,610,449
| Purchases from group companies | 3,288,227 | 2,610,449
| Amounts owed by group companies | 13,636,041 | 12,747,354
| Amounts owed to group undertakings | 13,636,041 | 12,747,354
Page 37