REGISTERED NUMBER: 05883973 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

P J CHAFFIN LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

C D Brazendale

T R Burks

P H Sanders

REGISTERED OFFICE:

Chapter House

Priesthawes Farm

Polegate

East Sussex

BN26 6QU

REGISTERED NUMBER:

05883973 (England and Wales)

AUDITORS:

Watson Associates (Audit Services) Ltd

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

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

REVIEW OF BUSINESS

2025 was another strong year of positive growth, building on the significant and profitable expansion achieved in the previous year. While margins were somewhat suppressed during the first half of the year due to the mobilisation of new contracts and the continuation of lower-margin legacy projects, the business still delivered strong overall turnover development from £10.595m to £14.287m (increase of 34.8%). Using the EBITDA metric, the results in 2025 were £909,240, an improvement from the £830,866 achieved in 2024.

The company secured a number of significant contracts during the period, with turnover and margins reaching record levels throughout the second half of 2025 and into the first quarter of 2026. Trading performance continues to build on the team's achievements over the past several years and the company is on track for a further significant growth year with improved EBITDA and net profit outcome.

FINANCIAL KEY PERFORMANCE INDICATORS

Key performance indicators for the company are; turnover growth, gross profit margins and net profit margins which are regularly reported on and reviewed.

2025

2024

%

%

Turnover Growth

35.04

45.65

Gross Profit Margin

28.46

30.73

Net Profit Margin

3.42

3.89

EBITDA

£909,240

£830,866

PRINCIPAL RISKS AND UNCERTAINTIES

The directors and senior team keep short-, medium and long-term risks facing the company under regular review. The principal risks and uncertainties are:

Health and safety remains the company's highest priority, with a strong focus on the safety, health, and wellbeing of both employees and stakeholders. While led by the Compliance team, this commitment is embedded throughout all levels of the organisation. It is reflected in the company's external accreditations, high standards of training, continued investment in digital and AI-driven systems that support data-led continuous improvement, and the daily emphasis placed on maintaining the highest standards in this area.

Client and contractual risk - the company maintains a strong focus on safety and quality, with the objective of being the highest-performing contractor across all contracts and frameworks in which it operates. In recent years, the industry has experienced a number of main contractor failures, alongside contract cancellations and post-award budget reductions.

To mitigate these risks, the business has worked proactively to expand framework awards across multiple regions, industries, and sectors, thereby broadening its customer base and reducing exposure to any single client or market. The company's consistent strategy is to diversify risk across customers, sectors, and geographic regions in order to minimise the potential impact of contractual or client-related issues.

Wider economic risk, global instability, and government policy - the directors' strategy is to prioritise long-term contractual work as the foundation of the business. Much of this work is supported by government investment and aligned with long-term national infrastructure and safety requirements, which are generally less affected by changes in political leadership.

Potential risks to the business include increases in fuel costs arising from global conflicts, changes in government policy that raise wage and employment costs, and inflationary pressures affecting materials and operational expenditure. The company's commercial approach is to manage these impacts transparently and fairly, seeking to recover increased costs through open engagement with customers where appropriate.

Environmental and ecological risk - environmental responsibility remains a cornerstone of the company's operations. Accreditation to ISO 14001 and PAS 2080 demonstrates the business's commitment to minimising environmental impact and promoting sustainability throughout its projects and operational activities. Environmental considerations are carefully integrated into the company's approach to delivery, supported by guidance and oversight from the internal Compliance and Environmental Consultancy team.

Financial risk - the company maintains close control over cash management to ensure sufficient liquidity is available to meet both the short- and long-term requirements of the business. Investments in plant and machinery are undertaken only following detailed business case evaluation and review.

Trade debtors are monitored daily by the Finance and Commercial teams, supported by weekly cash management meetings with the CEO and a comprehensive cashflow forecasting process. The company's strategy of diversifying its customer base and focusing on blue-chip and government-funded work further reduces exposure to the risk of client failure.

ON BEHALF OF THE BOARD:

T R Burks - Director

9 June 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of support services to forestry

DIVIDENDS

Interim dividends were paid on the following share classes throughout the year:

Ordinary A Shares

Ordinary B Shares

Ordinary C Shares

Total

Paid on

£18,067

£11,719

£1,465

£31,250

24 February 2025

£18,067

£11,719

£1,465

£31,250

23 May 2025

£28,368

£18,401

£2,300

£49,069

29 August 2025

£18,067

£11,719

£1,465

£31,250

28 November 2025

The directors recommend that no final dividend be paid on any class of share.

The total distribution of dividends for the year ended 31 December 2025 will be £142,819.

DIRECTORS

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

C D Brazendale

T R Burks

P H Sanders

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

T R Burks - Director

9 June 2026

Opinion

We have audited the financial statements of P J Chaffin Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

The Company is subject to several laws and regulations where the consequence of non-compliance could have a direct material effect on amounts or disclosures in the financial statements. We identified the following laws and regulations as the most likely to have a direct material effect if non-compliance were to occur:

- FRS102

- Companies Act 2006

- Tax legislation

The Company is subject to many other laws and regulations that do not have a direct effect to the financial statements but are fundamental to the Group's ability to operate or avoid material penalty. These include health and safety, environmental law and the GDPR.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur, by making enquiries of management and those charged with governance. We used internal and external information to corroborate these enquiries and to perform a fraud risk assessment for the group as a whole. We considered the risk of fraud to be higher through the potential for management override of controls and manipulation of accounting estimates.

Audit procedures performed by the engagement team to detect irregularities, including fraud from instances of non-compliance with laws and regulations included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- Challenging assumptions and judgements made by management in it's significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain;

- Consideration of recent correspondence with the companies legal advisors to ensure that it aligned with the

conclusions drawn on obligations recognised in respect of uncertain legal matters;

- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or those posted by unexpected users; and

- Testing transactions entered into that are outside of the normal course of the Company's business

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 it. 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, omission, 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 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.

Samuel W Chown FCCA (Senior Statutory Auditor)

for and on behalf of Watson Associates (Audit Services) Ltd

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

9 June 2026

TURNOVER

14,287,621

10,595,215

Cost of sales

(10,220,715

)

(7,345,566

)

GROSS PROFIT

4,066,906

3,249,649

Administrative expenses

(3,339,755

)

(2,703,402

)

727,151

546,247

Other operating income

-

92,743

OPERATING PROFIT

4

727,151

638,990

Interest receivable and similar income

14

38

727,165

639,028

Interest payable and similar expenses

5

(62,143

)

(57,958

)

PROFIT BEFORE TAXATION

665,022

581,070

Tax on profit

6

(85,279

)

(169,356

)

PROFIT FOR THE FINANCIAL YEAR

579,743

411,714

PROFIT FOR THE YEAR

579,743

411,714

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

579,743

411,714

FIXED ASSETS

Tangible assets

8

794,484

454,115

Investments

9

-

1

794,484

454,116

CURRENT ASSETS

Stocks

10

817,455

561,013

Debtors

11

3,876,879

3,959,046

Cash at bank

970,518

324,336

5,664,852

4,844,395

CREDITORS

Amounts falling due within one year

12

(3,241,048

)

(2,844,367

)

NET CURRENT ASSETS

2,423,804

2,000,028

TOTAL ASSETS LESS CURRENT LIABILITIES

3,218,288

2,454,144

CREDITORS

Amounts falling due after more than one year

13

(443,772

)

(201,831

)

PROVISIONS FOR LIABILITIES

17

(195,704

)

(110,425

)

NET ASSETS

2,578,812

2,141,888

CAPITAL AND RESERVES

Called up share capital

18

64

64

Capital redemption reserve

19

836

836

Retained earnings

19

2,577,912

2,140,988

SHAREHOLDERS' FUNDS

2,578,812

2,141,888

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:

T R Burks - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

64

1,866,773

836

1,867,673

Changes in equity

Dividends

-

(137,499

)

-

(137,499

)

Total comprehensive income

-

411,714

-

411,714

Balance at 31 December 2024

64

2,140,988

836

2,141,888

Changes in equity

Dividends

-

(142,819

)

-

(142,819

)

Total comprehensive income

-

579,743

-

579,743

Balance at 31 December 2025

64

2,577,912

836

2,578,812

1.	STATUTORY INFORMATION

P J Chaffin Limited 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 Company 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.

Financial Reporting Standard 102 - reduced disclosure exemptions

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

•

the requirements of Section 7 Statement of Cash Flows.

Critical accounting judgements and key sources of estimation uncertainty

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The directors have estimated the useful lifespan of the company's assets to be the term of the lease of the premises in which they are held. The actual lives of the assets and residual values may vary depending on a number of factors including future market conditions and projected disposal values. The directors acknowledge uncertainty in this determination.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of Services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably

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 following bases.

Depreciation is provided on the following basis:

Plant and machinery

-

25% reducing balance

Motor vehicles

-

25% on cost

Fixtures and fittings

-

25% reducing balance

Office equipment

-

33% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of 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.

Investments in subsidiaries

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted company shares, whose market value value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit or loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

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 profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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

Going concern

The financial statements have been prepared on a going concern basis. The directors have made an assessment of the company's ability to continue as a going concern and have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months from the date of approval of these financial statements.

In making this assessment, the directors have considered the company's budgets, cash flow forecasts, and available financing facilities. They have also considered the potential impact of current economic conditions and any other relevant factors on the company's activities and financial position.

Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Dividends

Equity dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

3,698,395

2,853,826

Social security costs

449,577

285,828

Other pension costs

74,629

56,420

4,222,601

3,196,074

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

2025

2024

Direct

79

58

Admin (including directors)

13

15

92

73

2025

2024

£

£

Directors' remuneration

250,828

213,373

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

167,061

100,000

4.	OPERATING PROFIT

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

2025

2024

£

£

Hire of plant and machinery

11,997

(22,148

)

Other operating leases

169,171

105,432

Depreciation - owned assets

96,298

60,483

Depreciation - assets on hire purchase contracts

85,777

131,356

(Profit)/loss on disposal of fixed assets

(85,717

)

7,474

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

38,781

34,585

Hire purchase

23,362

23,373

62,143

57,958

6.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

-

44,875

Deferred tax

85,279

124,481

Tax on profit

85,279

169,356

7.

DIVIDENDS

2025

2024

£

£

Ordinary A Shares shares of 1 each

Interim

142,819

137,499

8.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2025

1,008,665

35,641

226,496

66,665

1,337,467

Additions

601,632

21

50,005

1,405

653,063

Disposals

(358,138

)

-

-

-

(358,138

)

At 31 December 2025

1,252,159

35,662

276,501

68,070

1,632,392

DEPRECIATION

At 1 January 2025

600,296

25,934

200,797

56,325

883,352

Charge for year

141,462

2,427

31,669

6,517

182,075

Eliminated on disposal

(227,519

)

-

-

-

(227,519

)

At 31 December 2025

514,239

28,361

232,466

62,842

837,908

NET BOOK VALUE

At 31 December 2025

737,920

7,301

44,035

5,228

794,484

At 31 December 2024

408,369

9,707

25,699

10,340

454,115

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2025

631,932

161,045

792,977

Additions

-

50,005

50,005

Disposals

(313,988

)

-

(313,988

)

At 31 December 2025

317,944

211,050

528,994

DEPRECIATION

At 1 January 2025

331,336

144,216

475,552

Charge for year

62,978

22,799

85,777

Eliminated on disposal

(196,561

)

-

(196,561

)

At 31 December 2025

197,753

167,015

364,768

NET BOOK VALUE

At 31 December 2025

120,191

44,035

164,226

At 31 December 2024

300,596

16,829

317,425

9.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2025

1

Disposals

(1

)

At 31 December 2025

-

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

1

10.

STOCKS

2025

2024

£

£

Stocks

27,118

42,930

Work-in-progress

790,337

518,083

817,455

561,013