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Registration number: 02669275

Harrison Thompson and Company Limited
Annual Report and Financial Statements
for the Year Ended 31 January 2026

Harrison Thompson and Company Limited

Contents

Strategic Report | 1
Directors' Report | 2
Statement of Directors' Responsibilities | 3
Independent Auditor's Report | 4 to 7
Profit and Loss Account | 8
Balance Sheet | 9
Statement of Changes in Equity | 10
Statement of Cash Flows | 11
Notes to the Financial Statements | 12 to 22

Harrison Thompson and Company Limited

Strategic Report for the Year Ended 31 January 2026

The directors present their strategic report for the year ended 31 January 2026.

Principal activity

The principal activity of the company is specialist fabricators, installers and distributors of systems and components to the building and construction industry.

Fair review of the business

The Company's key performance indicators are Turnover and Gross Profit Margin. Market conditions have slowed down and Turnover has decreased by 2.79% (2025: 5.5%). This is 1.94% under Budget as our expectations were that we would achieve approx. £9.5 Million. However, Budget was adjusted half way through the year to £9 million when Market Conditions became apparent. Taking the current climate into account, our performance for the year is acceptable. The Directors believe that the company's market share has remained at a consistent level. Material Gross Profit Margin is at 67.64%. Material Gross Profit has decreased to £6.2m (2025: £6.3m), reflecting the decrease in sales.
The net assets of the company have remained at a comparable level to the prior year, with cash balances remaining strong.
The Directors remain cautious in relation to future prospects but are optimistic of further increases in sales based on their continued efforts in the market place.

Results and dividends
The results of the company for the year are set out on page 8. The Directors paid a Dividend in the year of £269,960 (2025: £269,960). The Retained Profit before Dividends of £376,817 has been transferred to reserves (2025: £479,968).

Principal risks and uncertainties

The Directors consider that market conditions will continue to be stable for the foreseeable future in spite of the wider current uncertain economic conditions. The principal risks facing the company in the opinion of the Directors are the loss of key customers and the associated credit risk. The Company mitigates these risks by keeping close links, providing high levels of services and through regular contact with customers.
In particular, the Directors of the Company have considered in detail the Company’s forecast performance and cash resources and have no external debt. The Directors consider the Company to be well placed to survive any further downturn in the market.
On this basis, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Accordingly, the Directors of the Company continue to adopt the Going Concern basis in preparing the financial statements.

Approved and authorised by the Board on 23 June 2026 and signed on its behalf by:

......................................... G C Brumwell Director

Harrison Thompson and Company Limited

Directors' Report for the Year Ended 31 January 2026

The directors present their report and the financial statements for the year ended 31 January 2026.

Directors of the company

The directors who held office during the year were as follows:

G C Brumwell

P Christopher

A C Brumwell

R L Good

A L Greer

Information included in the Strategic Report

All items required under Sch. 7 of Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the directors’ report are set out in the strategic report in accordance with s.414C(11) CA 2006.

Financial instruments

Objectives and policies

The management objectives are to retain sufficient liquid funds to enable it to meet its day to day requirements, minimise the company's exposure to fluctuating interest rates, and manage the future cash flows expected to arise from the company's trading activities.

Price risk, credit risk, liquidity risk and cash flow risk

The business' principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations.
Its exposure to price risk, credit risk, liquidity risk and cash flow risk is minimised by retaining sufficient liquid funds to enable it to meet its day to day requirements.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 23 June 2026 and signed on its behalf by:

......................................... G C Brumwell Director

Harrison Thompson and Company Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.

Harrison Thompson and Company Limited

Independent Auditor's Report to the Members of Harrison Thompson and Company Limited

Opinion

We have audited the financial statements of Harrison Thompson and Company Limited (the 'company') for the year ended 31 January 2026, which comprise the Profit and Loss Account, Profit and Loss Account and Statement of Retained Earnings, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, 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 January 2026 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 Auditor’s 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.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter prescribed by the Companies Act 2006

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion paragraph, based on the work undertaken in the course of the audit:

• | the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and 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 our 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 and the Directors' Report.

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:

Harrison Thompson and Company Limited

Independent Auditor's Report to the Members of Harrison Thompson and Company Limited

• | 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 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 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 original financial statements were 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.

Auditor Responsibilities for the audit of the financial statements

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

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

Harrison Thompson and Company Limited

Independent Auditor's Report to the Members of Harrison Thompson and Company Limited

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.
In planning and designing our audit tests, we identify and assess the risks of material misstatement within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.
Following this assessment we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in evaluating the stock.
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.
We then performed audit procedures after consideration of the above risks which included the following:

• | obtaining a detailed understanding of the methodology adopted by management and the key assumptions underpinning the valuation of stock and current asset investments;
• | performing a retrospective review of the previous year's stock for obsolete or slow moving stock;
• | evaluating the consistency of the methodology used to calculate stock against that applied in prior periods;
• | enquiring of management concerning actual and potential litigation and claims;
• | reviewing correspondence with HMRC, and the company's legal advisors;
• | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• | reading minutes of meetings of those charged with governance; and
• | in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

All engagement team members were informed of the relevant laws and regulations and potential fraud risks at the planning stage and reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify such items.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Harrison Thompson and Company Limited

Independent Auditor's Report to the Members of Harrison Thompson and Company Limited

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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Andrew Padgett BFP ACA FCCA (Senior Statutory Auditor)
For and on behalf of Watson Buckle Limited
Statutory Auditors & Chartered AccountantsBradford

23 June 2026

Harrison Thompson and Company Limited

Profit and Loss Account for the Year Ended 31 January 2026

| Note | 2026 £ | 2025 £
Turnover | 3 | 9,280,696 | 9,563,081
Cost of sales |  | (4,072,681) | (4,280,989)
Gross profit |  | 5,208,015 | 5,282,092
Administrative expenses |  | (4,880,580) | (4,853,727)
Other operating income |  | 39,600 | 39,600
Operating profit | 4 | 367,035 | 467,965
Gain on financial assets at fair value through profit and loss |  | 75,164 | 114,388
Income from other Fixed assets investments |  | 21,973 | 22,211
Other interest receivable and similar income |  | 15,937 | 14,609
(Gain)/loss on disposal of current asset investments |  | 14,546 | 6,830
|  | 127,620 | 158,038
Profit before tax |  | 494,655 | 626,003
Tax on profit | 8 | (117,838) | (146,035)
Profit for the financial year |  | 376,817 | 479,968

Harrison Thompson and Company Limited

(Registration number: 02669275)
Balance Sheet as at 31 January 2026

| Note | 2026 | 2025
|  | £ | £ | £ | £
Fixed assets |  |  |  |  |
Tangible assets | 9 |  | 1,914,939 |  | 2,014,536
Investment property | 10 |  | 450,000 |  | 450,000
|  |  | 2,364,939 |  | 2,464,536
Current assets |  |  |  |  |
Stocks | 12 | 971,915 |  | 871,406 |
Debtors | 13 | 1,352,023 |  | 1,472,297 |
Other financial assets | 11 | 1,088,199 |  | 993,388 |
Cash at bank and in hand |  | 1,184,431 |  | 1,116,709 |
|  | 4,596,568 |  | 4,453,800 |
Creditors: Amounts falling due within one year | 15 | (1,265,721) |  | (1,321,006) |
Net current assets |  |  | 3,330,847 |  | 3,132,794
Total assets less current liabilities |  |  | 5,695,786 |  | 5,597,330
Provisions for liabilities | 16 |  | (153,000) |  | (161,401)
Net assets |  |  | 5,542,786 |  | 5,435,929
Capital and reserves |  |  |  |  |
Called up share capital |  | 59,991 |  | 59,991 |
Capital redemption reserve | 19 | 11,159 |  | 11,159 |
Revaluation reserve | 19 | 659,567 |  | 670,433 |
Profit and loss account - non-distributable | 19 | 480,141 |  | 424,162 |
Profit and loss account - distributable | 19 | 4,331,928 |  | 4,270,184 |
Shareholders' funds |  |  | 5,542,786 |  | 5,435,929

Approved and authorised by the Board on 23 June 2026 and signed on its behalf by:

......................................... G C Brumwell Director

Harrison Thompson and Company Limited

Statement of Changes in Equity for the Year Ended 31 January 2026

| Share capital £ | Capital redemption reserve £ | Revaluation reserve £ | Profit and loss account - non distributable £ | Profit and loss account - distributable £ | Total £
At 1 February 2025 | 59,991 | 11,159 | 670,433 | 424,162 | 4,270,184 | 5,435,929
Profit for the year | - | - | - | 55,979 | 320,838 | 376,817
Dividends | - | - | - | - | (269,960) | (269,960)
Transfers | - | - | (10,866) | - | 10,866 | -
At 31 January 2026 | 59,991 | 11,159 | 659,567 | 480,141 | 4,331,928 | 5,542,786

| Share capital £ | Capital redemption reserve £ | Revaluation reserve £ | Profit and loss account - non distributable £ | Profit and loss account - distributable £ | Total £
At 1 February 2024 | 59,991 | 11,159 | 681,299 | 338,773 | 4,134,699 | 5,225,921
Profit for the year | - | - | - | 85,389 | 394,579 | 479,968
Dividends | - | - | - | - | (269,960) | (269,960)
Transfers | - | - | (10,866) | - | 10,866 | -
At 31 January 2025 | 59,991 | 11,159 | 670,433 | 424,162 | 4,270,184 | 5,435,929

Harrison Thompson and Company Limited

Statement of Cash Flows for the Year Ended 31 January 2026

| Note | 2026 £ | 2025 £
Cash flows from operating activities
Profit for the year |  | 376,817 | 479,968
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 4 | 303,430 | 304,714
Profit on disposal of tangible assets |  | (27,937) | (53,854)
Change in fair value of investments |  | (75,164) | (114,388)
Profit from disposals of investments |  | (14,546) | (6,830)
Finance income |  | (37,910) | (36,820)
Corporation tax expense | 8 | 117,838 | 146,035
|  | 642,528 | 718,825
Working capital adjustments |  |  |
(Increase)/decrease in stocks | 12 | (100,509) | 36,748
Decrease/(increase) in trade debtors | 13 | 120,274 | (241,982)
Decrease in trade creditors | 15 | (30,268) | (4,071)
Cash generated from operations |  | 632,025 | 509,520
Corporation taxes paid | 8 | (151,256) | (151,139)
Net cash flow from operating activities |  | 480,769 | 358,381
Cash flows from investing activities |  |  |
Interest received |  | 37,910 | 36,820
Acquisitions of tangible assets |  | (229,400) | (186,535)
Proceeds from sale of tangible assets |  | 53,504 | 78,533
Acquisition of current investments |  | (177,750) | (142,501)
Proceeds from disposal of current investments |  | 172,649 | 157,293
Net cash flows from investing activities |  | (143,087) | (56,390)
Cash flows from financing activities |  |  |
Dividends paid |  | (269,960) | (269,960)
Net increase in cash and cash equivalents |  | 67,722 | 32,031
Cash and cash equivalents at 1 February |  | 1,116,709 | 1,084,678
Cash and cash equivalents at 31 January |  | 1,184,431 | 1,116,709

Harrison Thompson and Company Limited

Notes to the Financial Statements for the Year Ended 31 January 2026

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Yeoman House
121f Whitehall Estate
Whitehall Road
Leeds
LS12 5JB

These financial statements were authorised for issue by the Board on 23 June 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were 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.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets and their carrying amount is determined by the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually and amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The carrying amount is £1,914,939 (2025 -£2,014,536).

Stock valuation
The company makes an estimate for the cost of production overheads that are included in the value of finished goods. Management calculate the cost of production overheads in the year which directly relate to manufactured finished goods in stock, an estimate based on the production processes throughout the year is then made in relation to the amount of production overheads remaining in manufactured stock held at the year end. The carrying amount is £971,915 (2025 -£871,406).

Impairment of debtors
The company makes an estimate of the recoverable value of trade debtors. When assessing the impairment of trade debtors, management considers factors which include the current credit rating of the debtor, the ageing profile of debtors and historical experience. The carrying amount is £1,168,823 (2025 -£1,216,510).

Harrison Thompson and Company Limited

Notes to the Financial Statements for the Year Ended 31 January 2026

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Profit on contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Land and buildings are carried at fair value less any subsequent depreciation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Land and buildings | 2% Straight line basis
Plant and machinery | 15% to 20 % Straight line basis
Motor vehicles | 20% Straight line basis

Harrison Thompson and Company Limited

Notes to the Financial Statements for the Year Ended 31 January 2026

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. Valuations are based on observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments are included at fair value. The change in market value of investments during the year comprises all increases and decreases in the market value of investments held at any time during the year, including profits and losses realised on sale of investments during the year. The fair value has been determined using relevant open market rates.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Harrison Thompson and Company Limited

Notes to the Financial Statements for the Year Ended 31 January 2026

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Recognition and measurement
Debt instruments are initially measured at transaction price and subsequently at amortised cost using the effective interest method. However if the arrangements of a short-term debt instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Investments in non-puttable ordinary shares which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably which are measured at cost less impairment.
Debt instruments are classified as current unless there is an unconditional right to defer settlement for at least twelve months after the reporting date.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment
Financial assets that are measured at 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.
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 there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised and is recognised in profit and loss.

3 | Revenue

The analysis of the company's Turnover for the year from continuing operations is as follows:

| 2026 £ | 2025 £
Sale of goods | 9,280,696 | 9,563,081

The analysis of the company's Turnover for the year by market is as follows:

| 2026 £ | 2025 £
UK | 9,263,435 | 9,520,108
Europe | 16,915 | 26,895
Rest of world | 346 | 16,078
| 9,280,696 | 9,563,081

The amount of contract revenue recognised as Turnover in the year was £2,979,754 (2025 - £2,922,380).

Harrison Thompson and Company Limited

Notes to the Financial Statements for the Year Ended 31 January 2026

4 | Operating profit

Arrived at after charging/(crediting)

| 2026 £ | 2025 £
Depreciation expense | 303,430 | 304,714
Profit on disposal of property, plant and equipment | (27,937) | (53,854)

5 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2026 £ | 2025 £
Wages and salaries | 3,525,951 | 3,682,290
Social security costs | 445,981 | 381,519
Pension costs, defined contribution scheme | 114,508 | 114,593
| 4,086,440 | 4,178,402

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2026 No. | 2025 No.
Administration and support | 44 | 46
Other departments | 28 | 29
| 72 | 75

6 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2026 £ | 2025 £
Remuneration | 753,891 | 712,036
Contributions paid to money purchase schemes | 54,642 | 53,965
| 808,533 | 766,001

During the year the number of directors who were receiving benefits and share incentives was as follows:

| 2026 No. | 2025 No.
Accruing benefits under money purchase pension scheme | 4 | 4

In respect of the highest paid director:

| 2026 £ | 2025 £
Remuneration | 159,890 | 158,793

Harrison Thompson and Company Limited

Notes to the Financial Statements for the Year Ended 31 January 2026

7 | Auditors' remuneration

| 2026 £ | 2025 £
Audit of the financial statements | 22,750 | 19,625

8 | Taxation

Tax charged/(credited) in the profit and loss account

| 2026 £ | 2025 £
Current taxation |  |
UK corporation tax | 125,976 | 150,481
UK corporation tax adjustment to prior periods | 263 | (7,842)
| 126,239 | 142,639
Deferred taxation |  |
Arising from origination and reversal of timing differences | (8,401) | 3,396
Tax expense in the income statement | 117,838 | 146,035

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2025 - lower than the standard rate of corporation tax in the UK) of 25% (2025 - 25%).
The differences are reconciled below:

| 2026 £ | 2025 £
Profit before tax | 494,655 | 626,003
Corporation tax at standard rate | 123,664 | 156,501
Increase/(decrease) in UK and foreign current tax from adjustment for prior periods | 263 | (7,842)
Tax increase from other short-term timing differences | 12,585 | 23,999
Effect of revenues exempt from taxation | (23,199) | (33,062)
Effect of expense not deductible in determining taxable profit (tax loss) | 4,525 | 6,439
Total tax charge | 117,838 | 146,035

Deferred tax

The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £(27,008). The reversal relates to accelerated capital allowances.

Harrison Thompson and Company Limited

Notes to the Financial Statements for the Year Ended 31 January 2026

9 | Tangible assets

| Land and buildings £ | Plant and machinery £ | Motor vehicles £ | Total £
Cost or valuation
At 1 February 2025 | 1,332,385 | 1,088,483 | 1,006,631 | 3,427,499
Additions | - | 25,550 | 203,850 | 229,400
Disposals | - | - | (119,500) | (119,500)
At 31 January 2026 | 1,332,385 | 1,114,033 | 1,090,981 | 3,537,399
Depreciation
At 1 February 2025 | 76,948 | 828,530 | 507,485 | 1,412,963
Charge for the year | 26,760 | 80,210 | 196,460 | 303,430
Eliminated on disposal | - | - | (93,933) | (93,933)
At 31 January 2026 | 103,708 | 908,740 | 610,012 | 1,622,460
Carrying amount
At 31 January 2026 | 1,228,677 | 205,293 | 480,969 | 1,914,939
At 31 January 2025 | 1,255,437 | 259,953 | 499,146 | 2,014,536

Included within the net book value of land and buildings above is £1,228,677 (2025 - £1,255,437) in respect of freehold land and buildings.

Revaluation

The fair value of the company's land and buildings was revalued on 25 November 2022 by an independent valuer, Adair Paxton Limited, Chartered Surveyors, on an open market value basis. The directors do not believe that the current fair value of land and buildings is materially different to the carrying amount.
Had this class of asset been measured on a historical cost basis, the cost would have been £686,703 (2025 - £686,703), the aggregate accumulated depreciation would have been £348,499 (2025 - £334,765) and the aggregate carrying amount would have been £338,204 (2025 - £351,938).

10 | Investment properties

| £
At 1 February 2025 | 450,000
At 31 January 2026 | 450,000

Investment property was valued on 25 November 2022 by Adair Paxton Limited, Chartered Surveyors. The valuation was based on an open market value basis. The historical cost for this class of assets is £200,000 (2025 - £200,000).

Harrison Thompson and Company Limited

Notes to the Financial Statements for the Year Ended 31 January 2026

11 | Other financial assets (current and non-current)

| Financial assets at fair value through profit and loss £
Current asset investments
Cost or valuation
At 1 February 2025 | 993,388
Fair value adjustments | 75,164
Additions | 177,750
Disposals | (158,103)
Carrying amount
At 31 January 2026 | 1,088,199
At 31 January 2025 | 993,388

12 | Stocks

| 2026 £ | 2025 £
Raw materials and consumables | 21,134 | 20,545
Finished goods and goods for resale | 950,781 | 850,861
| 971,915 | 871,406

Impairment of stocks

The amount of impairment loss included in profit or loss is £18,654 (2025 - £40,105).

13 | Debtors

Current | 2026 £ | 2025 £
Trade debtors | 1,168,823 | 1,216,510
Other debtors | 32,304 | 64,494
Prepayments | 150,896 | 191,293
| 1,352,023 | 1,472,297

14 | Cash and cash equivalents

| 2026 £ | 2025 £
Cash at bank | 1,184,431 | 1,116,709

Harrison Thompson and Company Limited

Notes to the Financial Statements for the Year Ended 31 January 2026

15 | Creditors

| 2026 £ | 2025 £
Due within one year |  |
Trade creditors | 420,088 | 440,756
Social security and other taxes | 218,125 | 229,080
Accruals | 502,525 | 501,170
Corporation tax liability | 124,983 | 150,000
| 1,265,721 | 1,321,006

16 | Provisions for liabilities

| Deferred tax £ | Total £
At 1 February 2025 | 161,401 | 161,401
Increase in existing provisions | (8,401) | (8,401)
At 31 January 2026 | 153,000 | 153,000

17 | Pension and other schemes

Defined contribution pension scheme

The company pays contributions to defined contribution pension schemes. The pension cost charge for the year represents contributions payable by the company to the schemes and amounted to £114,508 (2025 - £114,593).

18 | Share capital

Allotted, called up and fully paid shares

| 2026 | 2025
| No. | £ | No. | £
Ordinary shares of £1 each | 59,991 | 59,991 | 59,991 | 59,991

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions: All shares rank pari passu for income, capital and voting rights.

Harrison Thompson and Company Limited

Notes to the Financial Statements for the Year Ended 31 January 2026

19 | Reserves

Share capital

Represents the nominal value of issued shares.

Capital redemption reserve

Represents amounts transferred following the redemption or purchase of the company's own shares.

Revaluation reserve

Represents the surplus/(deficit) on the revaluation of freehold land and buildings. Revaluation reserves are non-distributable and net of tax.

Profit and loss account - distributable

Includes all current and prior periods distributable profits and losses unless otherwise stated.

Profit and loss account - non distributable

Represents the surplus/(deficit) on the revaluation of investment properties and change in fair value of other current financial assets. These reserves are non-distributable and are net of tax.

20 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2026 £ | 2025 £
Not later than one year | 3,686 | 4,914
Later than one year and not later than five years | - | 3,686
| 3,686 | 8,600

The amount of non-cancellable operating lease payments recognised as an expense during the year was £4,914 (2025 - £8,840).

Operating leases - lessor

The total of future minimum lease payments is as follows:

| 2026 £ | 2025 £
Not later than one year | 3,300 | 39,600
Later than one year and not later than five years | - | 3,300
| 3,300 | 42,900

Total contingent rents recognised as income in the period are £Nil (2025 - £Nil).

21 | Related party transactions

| 2026 £ | 2025 £
Dividends paid to directors | 179,973 | 179,973

Harrison Thompson and Company Limited

Notes to the Financial Statements for the Year Ended 31 January 2026

Summary of transactions with other related parties

A company shareholder and an entity in which the directors control.

Expenditure with and payables to related parties

2026 | Other related parties £
Rent expenditure | 96,453
Dividends | 89,987
| 186,440

2025 | Other related parties £
Rent expenditure | 93,644
Dividends | 89,987
| 183,631

22 | Financial instruments

Categorisation of financial instruments

| 2026 £ | 2025 £
Financial assets measured at fair value through profit or loss | 1,538,199 | 1,443,386

Financial assets measured at fair value

Current asset investments
The current asset investments are traded in active markets and the fair value has been determined using relevant open market rates.
The net gain/(loss) included in profit or loss is £55,979 (2025 - £85,389).

Investment property
The fair value of the investment property has been determined from the current market prices for comparable real estate determined annually. Valuations are based on observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset.
The net gain/(loss) included in profit or loss is £Nil (2025 - £Nil).

23 | Controlling party

The ultimate controlling parties are A C Brumwell, G C Brumwell and R H Saperia.