Dudbridge Estates Ltd - Limited company accounts 25.1

REGISTERED NUMBER: 00282575 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

For The Year Ended 30 September 2025

for

Dudbridge Estates Ltd

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Statement of Comprehensive Income

7

Consolidated Balance Sheet

8

Company Balance Sheet

9

Consolidated Statement of Changes in Equity

10

Company Statement of Changes in Equity

11

Consolidated Cash Flow Statement

12

Notes to the Consolidated Cash Flow Statement

13

Notes to the Consolidated Financial Statements

14

DIRECTORS:

Mr M W Large

Mrs C M Large

SECRETARY:

Mr M W Large

REGISTERED OFFICE:

Brunel Way

Stroudwater Business Park

Stonehouse

Gloucestershire

GL10 3SX

REGISTERED NUMBER:

00282575 (England and Wales)

AUDITORS:

Kingscott Dix Limited

Chartered Accountants

and Statutory Auditor

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

BANKERS:

Lloyds Bank Plc

12 Rowcroft

Stroud

Gloucestershire

GL5 3BD

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

In the opinion of the directors, the group did well to consolidate it's position in it's chosen business sector.

REVIEW OF BUSINESS

The principle activity of the group is that of the production and marketing of metal pressings and plastic products.

The group's key financial indicators are considered by management to be Turnover, Gross Profit and Profit before tax. The results of these for the last 5 years are as follows:-

Financial year end

2025

2024

2023

2022

2021

Turnover movement

+2%

-1%

+5%

+17%

+9%

Gross profit movement

+22%

+20%

+8%

(-4%)

+73%

Profit/(Loss) before tax

£694k

£503k

£204k

£236k

£492k

PRINCIPAL RISKS AND UNCERTAINTIES

The group's markets are essentially those of the production and marketing of metal pressings and plastic products.

These markets continue to be subject to rigorous competition from other operators based both within the United Kingdom and elsewhere.

The group's aim is to compete in its chosen markets through the provision of quality services to its customers.

ON BEHALF OF THE BOARD:

Mr M W Large - Director

9 June 2026

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

DIVIDENDS

The total distribution of dividends for the year ended 30 September 2025 will be £ 60,000 .

DIRECTORS

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

Mr M W Large

Mrs C M Large

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

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

ON BEHALF OF THE BOARD:

Mr M W Large - Director

9 June 2026

Opinion

We have audited the financial statements of Dudbridge Estates Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In assigning the audit engagement team we ensured that collectively they had the appropriate competence and capabilities to identify non-compliance with laws and regulations, highlight areas of the financial statements particularly susceptible to fraud and conduct appropriate additional enquiries where suspicions or weaknesses became evident.

At the planning stage, we assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. This involved preliminary planning discussions with management to obtain their assessment of fraud risk, to identify any incidences of fraud during the year and understand the measures and controls they had taken to combat the possibility of fraud.

Our transaction testing and assessment of controls during the audit provided further evidence as to the validity of this initial assessment with regard to material misstatement and fraud.

We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Directors, and inspection of the Company's regulatory and legal correspondence. The team were briefed with regard to laws and regulations and remained alert to any indication of non-compliance throughout the audit.

The group is subject to laws and regulations that directly affect the financial statements including legislation covering financial reporting including related companies, distributable profits and taxation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In assessing this compliance, we evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates in the measurement and presentation of profit within the financial statements.

The group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, provision and use of work equipment regulations, employment laws, GDPR and environmental laws and regulations recognising the nature of the company's activities. Audit procedures designed to identify non-compliance with these laws and regulations included enquiry of the Directors and other management and inspection of regulatory and legal correspondence. None of the procedures applied identified actual or suspected non-compliance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. Where an irregularity is non-financial or has not reached a stage where its impact is financial, it is less likely to be identified by auditing procedures. In addition, to the extent that an irregularity involves collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls, there remains a high risk of non-detection. We are not responsible for detecting all instances of non-compliance with laws and regulations and cannot be expected to do so.

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.

Emma Steward FCCA (Senior Statutory Auditor)

for and on behalf of Kingscott Dix Limited

Chartered Accountants

and Statutory Auditor

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

10 June 2026

Dudbridge Estates Ltd (Registered number: 00282575)

Consolidated

Statement of Comprehensive

Income

For The Year Ended 30 September 2025

30.9.25

30.9.24

as

restated

Notes

£

TURNOVER

3

8,038,903

7,886,050

Cost of sales

5,527,783

5,833,431

GROSS PROFIT

2,511,120

2,052,619

Administrative expenses

1,730,698

1,447,267

780,422

605,352

Other operating income

6,199

3,000

OPERATING PROFIT

5

786,621

608,352

Interest receivable and similar income

11,726

11,176

798,347

619,528

Interest payable and similar expenses

6

104,415

116,658

PROFIT BEFORE TAXATION

693,932

502,870

Tax on profit

7

120,612

281,900

PROFIT FOR THE FINANCIAL YEAR

573,320

220,970

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

573,320

220,970

Prior year adjustment

10

166,345

TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

739,665

Profit attributable to:

Owners of the parent

573,320

220,970

Total comprehensive income attributable to:

Owners of the parent

739,665

220,970

FIXED ASSETS

Intangible assets

11

-

Tangible assets

12

8,381,240

8,184,040

Investments

13

-

8,381,240

8,184,040

CURRENT ASSETS

Stocks

14

851,999

1,012,759

Debtors

15

1,548,129

1,279,246

Cash at bank

2,387,908

2,375,003

4,788,036

4,667,008

CREDITORS

Amounts falling due within one year

16

1,332,287

1,437,705

NET CURRENT ASSETS

3,455,749

3,229,303

TOTAL ASSETS LESS CURRENT
LIABILITIES

11,836,989

11,413,343

CREDITORS

Amounts falling due after more than one
year

17

(1,646,807

)

(1,793,974

)

PROVISIONS FOR LIABILITIES

21

(595,563

)

(538,070

)

NET ASSETS

9,594,619

9,081,299

CAPITAL AND RESERVES

Called up share capital

22

4,657

Share premium

595,216

Other reserve

508,400

Capital redemption reserve

7,979

Retained earnings

8,478,367

7,965,047

SHAREHOLDERS' FUNDS

9,594,619

9,081,299

The financial statements were approved by the Board of Directors and authorised for issue on 9 June 2026 and were signed on its behalf by:

Mr M W Large - Director

FIXED ASSETS

Intangible assets

11

-

Tangible assets

12

6,834,620

Investments

13

215,326

7,049,946

CURRENT ASSETS

Cash at bank

58,887

171,736

CREDITORS

Amounts falling due within one year

16

663,851

863,406

NET CURRENT LIABILITIES

(604,964

)

(691,670

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

6,444,982

6,358,276

CREDITORS

Amounts falling due after more than one
year

17

(1,646,807

)

(1,793,974

)

PROVISIONS FOR LIABILITIES

21

(217,727

)

(213,896

)

NET ASSETS

4,580,448

4,350,406

CAPITAL AND RESERVES

Called up share capital

22

4,657

Share premium

53,995

Other reserve

508,400

Retained earnings

4,013,396

3,783,354

SHAREHOLDERS' FUNDS

4,580,448

4,350,406

Company's profit for the financial year

290,042

133,554

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 9 June 2026 and were signed on its behalf by:

Mr M W Large - Director

Called up

share

Retained

Share

capital

earnings

premium

£

Balance at 1 October 2023

4,657

7,647,627

595,216

Changes in equity

Profit for the year

-

54,625

-

Other comprehensive income

-

136,450

-

Total comprehensive income

-

191,075

-

Dividends

-

(40,000

)

-

Balance at 30 September 2024

4,657

7,798,702

595,216

Prior year adjustment

-

166,345

-

As restated

4,657

7,965,047

595,216

Changes in equity

Profit for the year

-

573,320

-

Total comprehensive income

-

573,320

-

Dividends

-

(60,000

)

-

Balance at 30 September 2025

4,657

8,478,367

595,216

Capital

Other

redemption

Total

reserve

equity

£

Balance at 1 October 2023

644,850

7,979

8,900,329

Changes in equity

Profit for the year

-

54,625

Other comprehensive income

(136,450

)

-

Total comprehensive income

(136,450

)

-

54,625

Dividends

-

(40,000

)

Balance at 30 September 2024

508,400

7,979

8,914,954

Prior year adjustment

-

166,345

As restated

508,400

7,979

9,081,299

Changes in equity

Profit for the year

-

573,320

Total comprehensive income

-

573,320

Dividends

-

(60,000

)

Balance at 30 September 2025

508,400

7,979

9,594,619

Called up

share

Retained

Share

Other

Total

capital

earnings

premium

reserve

equity

£

Balance at 1 October 2023

4,657

3,553,350

53,995

644,850

4,256,852

Changes in equity

Deficit for the year

-

(32,791

)

-

(32,791

)

Other comprehensive income

-

136,450

-

(136,450

)

-

Total comprehensive income

-

103,659

-

(136,450

)

(32,791

)

Dividends

-

(40,000

)

-

(40,000

)

Balance at 30 September 2024

4,657

3,617,009

53,995

508,400

4,184,061

Prior year adjustment

-

166,345

-

166,345

As restated

4,657

3,783,354

53,995

508,400

4,350,406

Changes in equity

Profit for the year

-

290,042

-

290,042

Total comprehensive income

-

290,042

-

290,042

Dividends

-

(60,000

)

-

(60,000

)

Balance at 30 September 2025

4,657

4,013,396

53,995

508,400

4,580,448

Cash flows from operating activities

Cash generated from operations

1

665,296

1,391,201

Interest paid

(104,415

)

(116,658

)

Taxation refund

56,512

-

Net cash from operating activities

617,393

1,274,543

Cash flows from investing activities

Purchase of tangible fixed assets

(417,267

)

(193,041

)

Sale of tangible fixed assets

3,778

179,567

Interest received

11,726

11,176

Net cash from investing activities

(401,763

)

(2,298

)

Cash flows from financing activities

Loan repayments in year

(142,725

)

(135,286

)

Equity dividends paid

(60,000

)

(40,000

)

Net cash from financing activities

(202,725

)

(175,286

)

Increase in cash and cash equivalents

12,905

1,096,959

Cash and cash equivalents at
beginning of year

2

2,375,003

1,278,044

Cash and cash equivalents at end of
year

2

2,387,908

2,375,003

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.9.25

30.9.24

as

restated

£

Profit before taxation

693,932

502,870

Depreciation charges

220,067

202,773

Profit on disposal of fixed assets

(3,778

)

(16,733

)

Finance costs

104,415

116,658

Finance income

(11,726

)

(11,176

)

1,002,910

794,392

Decrease in stocks

160,760

319,643

(Increase)/decrease in trade and other debtors

(325,395

)

137,502

(Decrease)/increase in trade and other creditors

(172,979

)

139,664

Cash generated from operations

665,296

1,391,201

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2025

30.9.25

1.10.24

£

Cash and cash equivalents

2,387,908

2,375,003

Year ended 30 September 2024

30.9.24

1.10.23

as restated

£

Cash and cash equivalents

2,375,003

1,278,044

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.24

Cash flow

At 30.9.25

£

Net cash

Cash at bank

2,375,003

12,905

2,387,908

2,375,003

12,905

2,387,908

Debt

Debts falling due within 1 year

(363,282

)

(4,442

)

(367,724

)

Debts falling due after 1 year

(1,793,974

)

147,167

(1,646,807

)

(2,157,256

)

142,725

(2,014,531

)

Total

217,747

155,630

373,377

1.	STATUTORY INFORMATION

Dudbridge Estates Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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.

Basis of consolidation

The group financial statements have been prepared by consolidating the financial statements of the holding company and its subsidiary undertakings as at 30 September 2025.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for metal and plastic components manufactured, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill

Goodwill on consolidation, being the amount paid in connection with the acquisition of a business in 2016, has been amortised evenly over its estimated useful life of five years.

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.

Tangible fixed assets

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

Freehold property

-

2% on cost

Plant and machinery

-

10% on cost and 10% to 20% on cost

Fixtures and fittings

-

33% on cost and 20% on cost

Motor vehicles

-

20% on cost

No depreciation is provided on freehold buildings. In the opinion of the directors, the real estimated residual value is not less than the carrying amounts in the accounts. These properties are held primarily for their investment potential and the amount of depreciation cannot reasonably be quantified.

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is lower than cost.

Finished goods and work in progress are both valued on the basis of cost of direct materials and labour plus attributable overheads based on a normal level of activity up to the stage of completion. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

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.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Cash and cash equivalents

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

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, and loans, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year. If not, they are presented as creditors falling due after more than one year. Trade creditors are recognised at transaction price.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. 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.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

30.9.25

30.9.24

as

restated

£

United Kingdom

4,433,764

4,163,260

Europe

2,819,067

3,182,470

Rest of the World

786,072

540,320

8,038,903

7,886,050

4.	EMPLOYEES AND DIRECTORS

30.9.25

30.9.24

as

restated

£

Wages and salaries

1,720,444

1,671,800

Social security costs

180,746

164,871

Other pension costs

207,227

132,015

2,108,417

1,968,686

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

30.9.25

30.9.24

as

restated

Directors

2

Production

38

42

Selling and administration

10

7

50

51

30.9.25

30.9.24

as

restated

£

Directors' remuneration

90,437

100,046

Directors' pension contributions to money purchase schemes

170,616

94,609

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.9.25

30.9.24

as

restated

£

Depreciation - owned assets

220,067

202,773

Profit on disposal of fixed assets

(3,778

)

(16,733

)

Auditors' remuneration

23,077

20,100

Auditors' remuneration for non audit work

9,960

4,998

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

30.9.25

30.9.24

as

restated

£

Bank interest

19,444

20,776

Bank loan interest

84,971

95,882

104,415

116,658

7.

TAXATION

Analysis of the tax charge

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

30.9.25

30.9.24

as

restated

£

Current tax:

UK corporation tax

63,119

-

Overprovision in prior years

-

(56,512

)

Total current tax

63,119

(56,512

)

Deferred tax

57,493

338,412

Tax on profit

120,612

281,900

UK corporation tax has been charged at 25 % (2024 - 25 %).

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:

30.9.25

30.9.24

as

restated

£

Profit before tax

693,932

502,870

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

173,483

125,718

Effects of:

Expenses not deductible for tax purposes

6,683

-

Utilisation of tax losses

(60,313

)

-

Adjustments to tax charge in respect of previous periods

-

(56,512

)

Marginal relief

(1,138

)

-

Deferred tax on revaluation of freehold property

-

136,451

Deferred tax not adjusted brought forward

1,897

59,550

Change in tax rate

-

17,609

Disposal of NQAs

-

(916

)

freehold property

Total tax charge

120,612

281,900

8.	INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

9.

DIVIDENDS

30.9.25

30.9.24

as

restated

£

Interim

60,000

40,000

10.	PRIOR YEAR ADJUSTMENT

During the year, an error was identified in the prior period financial statements relating to the accounting treatment of a property leased to its subsidiary.

Under FRS 102 Section 16.4A(b), investment property that is rented to another group entity and recognised under tangible assets must be measured using the cost model. In the prior period, this property was incorrectly revalued and accounted for under the revaluation model.

A revaluation uplift of £665,380 was recognised in the prior period, together with a related deferred tax liability of £166,345. This therefore represents a prior period error.

In accordance with FRS 102 Section 10.21, the error has been corrected retrospectively by restating the comparative figures as if the error had never occurred. The revaluation surplus has been removed and the associated deferred tax liability reversed.

The comparative balance sheet as at 30 September 2024 has been restated accordingly.

There was no impact on the profit for the current financial year.

11.	INTANGIBLE FIXED ASSETS

Group

Goodwill

on

consolidation

£

COST

At 1 October 2024

and 30 September 2025

107,230

AMORTISATION

At 1 October 2024

and 30 September 2025

107,230

NET BOOK VALUE

At 30 September 2025

-

At 30 September 2024

-

12.	TANGIBLE FIXED ASSETS

Group

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

COST

At 1 October 2024

6,834,620

4,597,040

741,678

195,628

12,368,966

Additions

-

396,317

20,950

-

417,267

Disposals

-

(137,799

)

-

(137,799

)

At 30 September 2025

6,834,620

4,855,558

762,628

195,628

12,648,434

DEPRECIATION

At 1 October 2024

-

3,826,174

236,238

122,514

4,184,926

Charge for year

-

139,126

44,565

36,376

220,067

Eliminated on disposal

-

(137,799

)

-

(137,799

)

At 30 September 2025

-

3,827,501

280,803

158,890

4,267,194

NET BOOK VALUE

At 30 September 2025

6,834,620

1,028,057

481,825

36,738

8,381,240

At 30 September 2024

6,834,620

770,866

505,440

73,114

8,184,040

Company

Freehold

property

£

COST

At 1 October 2024

and 30 September 2025

6,834,620

NET BOOK VALUE

At 30 September 2025

6,834,620

At 30 September 2024

6,834,620

13.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

£

COST

At 1 October 2024

and 30 September 2025

215,326

NET BOOK VALUE

At 30 September 2025

215,326

At 30 September 2024

215,326

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Bandwidth Limited

Registered office: England & Wales

Nature of business: Dormant

%

Class of shares:

holding

Ordinary shares

100.00

Stroud Metal Company Limited

Registered office: England & Wales

Nature of business: Manufacturer of metal pressings

%

Class of shares:

holding

£1 ordinary

100.00

£1 ordinary A

100.00

Stroud Plastics Company Limited

Registered office: England & Wales

Nature of business: Dormant

%

Class of shares:

holding

£1 ordinary

100.00

14.

STOCKS

Group

30.9.25

30.9.24

as

restated

£

Stocks

285,872

360,040

Work-in-progress

69,513

99,930

Finished goods

496,614

552,789

851,999

1,012,759

15.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

30.9.25

30.9.24

as

restated

£

Trade debtors

1,386,923

1,104,328

Corporation tax

-

56,512

Prepayments and accrued income

161,206

118,406

1,548,129

1,279,246

16.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

30.9.25

30.9.24

30.9.25

30.9.24

as
restated

£

Bank loans and overdrafts (see note 18)

142,724

138,282

142,724

138,282

Other loans (see note 18)

225,000

-

Trade creditors

520,071

800,076

-

Corporation tax

63,119

-

59,516

-

Social security and other taxes

87,551

82,391

12,376

20,000

Other creditors

60,920

40,274

60,722

40,100

Amounts owed to group undertakings

-

282,013

562,024

Accruals and deferred income

232,902

151,682

106,500

103,000

1,332,287

1,437,705

663,851

863,406

17.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group

Company

30.9.25

30.9.24

30.9.25

30.9.24

as
restated

£

Bank loans (see note 18)

1,646,807

1,793,974

1,646,807

1,793,974

18.

LOANS

An analysis of the maturity of loans is given below:

Group

Company

30.9.25

30.9.24

30.9.25

30.9.24

as
restated

£

Amounts falling due within one year or

on demand:

Bank loans

142,724

138,282

142,724

138,282

Other loans

225,000

-

367,724

363,282

142,724

138,282

Amounts falling due between one and

two years:

Bank loans - 1-2 years

142,724

141,144

142,724

141,144

Amounts falling due between two and

five years:

Bank loans - 2-5 years

428,173

438,894

428,173

438,894

Amounts falling due in more than five

years:

Repayable by instalments

Bank loans more 5 yr by instal

1,075,910

1,213,936

1,075,910

1,213,936

19.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Company

The company has contracted with a subsidiary undertaking to rent the freehold premises that it owns for the following future minimum lease income:

30.9.25

30.9.24

£

Within 1 year

400,000

Between 1 and 5 years

1,500,000

1,600,000

After 5 years

-

300,000

1,900,000

2,300,000

20.	SECURED DEBTS

The following secured debts are included within creditors:

Group

Company

30.9.25

30.9.24

30.9.25

30.9.24

as
restated

£

Bank loans

1,789,531

1,932,256

1,789,531

1,932,256

The bank loan is secured via fixed and floating charges over the property and land at Brunel Way, Stroudwater Business Park, Stonehouse, Gloucestershie, GL10 3SX.

21.	PROVISIONS FOR LIABILITIES

Group

Company

30.9.25

30.9.24

30.9.25

30.9.24

as
restated

£

Deferred tax

595,563

538,070

217,727

213,896

Group

Deferred

tax

£

Balance at 1 October 2024

538,070

Provided during year

57,493

Balance at 30 September 2025

595,563

Company

Deferred

tax

£

Balance at 1 October 2024

213,896

Provided during year

3,831

Balance at 30 September 2025

217,727

22.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.25

30.9.24

value:

as
restated

£

4,657

Ordinary Shares

£1

4,657

23.	CAPITAL COMMITMENTS

30.9.25

30.9.24

as

restated

£

Contracted but not provided for in the

financial statements

-

164,985

24.	RELATED PARTY DISCLOSURES

Loan from Related Party

At the end of March 2010 the Large Accumulation and Maintenance Settlement - MWL Children 19th April 2005, of which an ultimate shareholder is a trustee, loaned subsidiary Stroud Metal Company Limited £225,000 as an unsecured loan. The company have not repaid any capital on this loan, and so remains outstanding in full.

Interest is payable on this loan quarterly at 4% above the Bank of England base rate. During the year Stroud Metal Company Limited paid £19,444 (2024: £20,776) interest in respect of this loan. The director, MW Large, is a trustee of this Settlement.

As at 30 September 2025, amounts owed to the Large Accumulation and Maintenance Settlement - MWL Children 19th April 2005 totalled £60,000 (2024: £40,000). This amount is included in other creditors.

25.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M W Large.