John Winter & Company Limited Company accounts

COMPANY REGISTRATION NUMBER: 0779207

JOHN WINTER & COMPANY LIMITED

FINANCIAL STATEMENTS

31 October 2025

JOHN WINTER & COMPANY LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 2025

CONTENTS	PAGE

Officers and professional advisers	1

Strategic report	2

Directors' report	4

Independent auditor's report to the members	7

Statement of income and retained earnings	11

Statement of financial position	12

Statement of cash flows	14

Notes to the financial statements	15

JOHN WINTER & COMPANY LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

THE BOARD OF DIRECTORS	C J Gledhill
	S Ellis
	E Leather
	T P Haley
	G Turnbull
	D R Lister

COMPANY SECRETARY	C J Gledhill

REGISTERED OFFICE	Washer Lane Works
	PO Box 21
	Halifax
	West Yorkshire
	HX2 7DP

AUDITOR	Streets Audit LLP
	Chartered accountants & statutory auditor
	Tower House
	Lucy Tower Street
	Lincoln
	LN1 1XW

BANKERS	Barclays Bank Plc
	P O Box 14
	Halifax
	West Yorkshire
	HX1 1BG

	HSBC Bank plc
	28 Chancery Lane
	Huddersfield
	West Yorkshire
	HD1 2DT

	Lloyds Bank
	Commercial Street
	Halifax
	West Yorkshire
	HX1 1BB

JOHN WINTER & COMPANY LIMITED

STRATEGIC REPORT

YEAR ENDED 31 OCTOBER 2025

The directors present their strategic report on the company for the year ended 31 October 2025.

PRINCIPAL ACTIVITIES

John Winter & Company is a well established diversified company operating in the foundry and dental industries. The foundry activities include UK and Export trading, selling in house developed and manufactured products all over the world. The company performance includes the first full year's trading in the refractory side of the foundry industry after making a company acquisition in August 2024 .

REVIEW OF THE BUSINESS

Trading conditions in the year were mixed, with inflationary pressures and low demand in the UK foundry industry affecting performance. Despite these challenges the company continued to successfully operate across a diversified portfolio of industries with support from key long standing customers and suppliers with an existing strong reputation in all areas of the business. Company turnover increased in the year by £851,970, benefitting from a full year's trading activity from the company acquisition in 2024 operating in the refractory side of the foundry business. Gross margin considered a key indicator of industrial competitiveness and remained consistent at 44%. The company generated a small operating loss this year, compared to profit in previous years, as a result of one-off restructuring costs that won't be repeated in future years. Throughout the year the company maintained a focus on working capital management and liquidity. Liquidity levels decreased due to the one-off costs incurred in the year. These also meant that net assets reduced slightly in the year to £5,388,159. Other key performance indicators in the year were: " Headcount increased to 41 (2024: 39) as the Company employed additional staff to ensure the production and manufacture of the refractory side of the business met sales demand. " Staff costs rose to £2,715,881 (2024: £2,285,002), supporting the growth in the refractory side of the business and additional sales staff in the year. An increasing employment tax burdens also affected staff costs. Agency staff were also employed in the year to meet additional production demands.

PRINCIPLE RISKS AND UNCERTAINTIES

The directors consider that principle risks and uncertainties facing the company are typically in line with those faced by similar distribution and industrial manufacturing companies in the UK. Employment and compliance costs continue to rise and affect company profitability. The company operates across industries that are affected by wide macro-economic conditions, including customer closures due to low levels of economic growth and general inflationary pressures. Tax burdens also affect trading conditions. The company seeks to manage risks by diversification where possible, through development of new products, while seeking to find new customers and maintaining close relationships with existing customers and suppliers.

FUTURE DEVELOPMENTS

The Board remains confident in the Company's long term potential. Strategic priorities include:" Further expansion of export sales opportunities, with a focus on new regions." Exclusive distribution arrangements. " Possible further acquisitions opportunities. " Development of the refractory side of the business to increase sales." Investment in headcount to increase dental sales.

This report was approved by the board of directors on 21 April 2026 and signed on behalf of the board by:

E Leather

Director

Registered office:

Washer Lane Works

PO Box 21

Halifax

West Yorkshire

HX2 7DP

JOHN WINTER & COMPANY LIMITED

DIRECTORS' REPORT

YEAR ENDED 31 OCTOBER 2025

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

PRINCIPAL ACTIVITIES

The principal activity of the company continued to be suppliers of manufactured and resale products to the foundry industry. The company also supplies dental consumables and laboratory furniture into the dental laboratory sector.

DIRECTORS

The directors who served the company during the year were as follows:

C J Gledhill
S Ellis
E Leather
T P Haley
G Turnbull	(Appointed 18 July 2025)
D R Lister	(Appointed 16 June 2025)
A Bennett	(Resigned 13 June 2025)

DIVIDENDS

Particulars of recommended dividends are detailed in note 11 to the financial statements.

DISCLOSURE OF INFORMATION IN THE STRATEGIC REPORT

In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the company has chosen to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the strategic report, directors' 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 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 judgments 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. AUDITOR

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 21 April 2026 and signed on behalf of the board by:

E Leather

Director

Registered office:

Washer Lane Works

PO Box 21

Halifax

West Yorkshire

HX2 7DP

JOHN WINTER & COMPANY LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF JOHN WINTER & COMPANY LIMITED

YEAR ENDED 31 OCTOBER 2025

OPINION

We have audited the financial statements of John Winter & Company Limited (the 'company') for the year ended 31 October 2025 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 October 2025 and of its loss for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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.

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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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.

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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, 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 directors' responsibilities statement, 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.

AUDITOR'S 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. 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: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: " The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. " We identified the laws and regulations applicable to the company through discussions with the directors. " 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. " We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and " identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: " making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; " considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: " performed analytical procedures to identify any unusual or unexpected relationships; " tested journal entries to identify unusual transactions; " investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: " agreeing financial statement disclosures to underlying supporting documentation; " .reading the minutes of meetings of those charged with governance; " enquiring of management as to actual and potential litigation and claims; " reviewing correspondence with HMRC and relevant regulators. 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 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 auditor's report. 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 auditor’s report. USE OF OUR REPORT

This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an 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.

SALLY SHACKLOCK FCA

(Senior Statutory Auditor)

For and on behalf of

Streets Audit LLP

Chartered accountants & statutory auditor

Tower House

Lucy Tower Street

Lincoln

LN1 1XW

21 April 2026

JOHN WINTER & COMPANY LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

YEAR ENDED 31 OCTOBER 2025

		2025	2024
Note		£	£
TURNOVER	4	11,024,781	10,172,811

Cost of sales	6,195,717	5,696,271
	---------------	---------------
GROSS PROFIT	4,829,064	4,476,540

Distribution costs		1,655,737	1,537,250
Administrative expenses		3,266,877	2,731,201
		-------------	-------------
OPERATING (LOSS)/PROFIT	5	( 93,550)	208,089

Other interest receivable and similar income	9	9,170	31,913
		-------------	-------------
(LOSS)/PROFIT BEFORE TAXATION		( 84,380)	240,002

Tax on (loss)/profit	10	( 82,271)	60,255
		---------	----------
(LOSS)/PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME		( 2,109)	179,747
		---------	----------

Dividends paid and payable	11	( 190,002)	( 174,788)

RETAINED EARNINGS AT THE START OF THE YEAR	5,570,620	5,565,661
	-------------	-------------
RETAINED EARNINGS AT THE END OF THE YEAR	5,378,509	5,570,620
	-------------	-------------

All the activities of the company are from continuing operations.

JOHN WINTER & COMPANY LIMITED

STATEMENT OF FINANCIAL POSITION

31 October 2025

	2025		2024
Note	£	£	£	£

FIXED ASSETS

Intangible assets	12	152,163	249,784
Tangible assets	13	2,360,920	2,250,433
		-------------	-------------
		2,513,083	2,500,217

CURRENT ASSETS

Stocks	14	1,354,535	1,284,740
Debtors	15	2,197,670	2,486,822
Cash at bank and in hand		950,999	1,156,464
		-------------	-------------
		4,503,204	4,928,026

CREDITORS: amounts falling due within one year	16	1,442,510		1,648,163
		-------------		-------------
NET CURRENT ASSETS			3,060,694		3,279,863
			-------------		-------------
TOTAL ASSETS LESS CURRENT LIABILITIES			5,573,777		5,780,080

PROVISIONS	17	185,618	199,810
		-------------	-------------
NET ASSETS		5,388,159	5,580,270
		-------------	-------------

JOHN WINTER & COMPANY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 October 2025

	2025		2024
Note	£	£	£	£

CAPITAL AND RESERVES

Called up share capital	20	9,650	9,650
Profit and loss account	21	5,378,509	5,570,620
		-------------	-------------
SHAREHOLDERS FUNDS		5,388,159	5,580,270
		-------------	-------------

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

These financial statements were approved by the board of directors and authorised for issue on 21 April 2026 , and are signed on behalf of the board by:

E Leather

Director

Company registration number: 0779207

JOHN WINTER & COMPANY LIMITED

STATEMENT OF CASH FLOWS

YEAR ENDED 31 OCTOBER 2025

	2025	2024
	£	£

CASH FLOWS FROM OPERATING ACTIVITIES

(Loss)/profit for the financial year	( 2,109)	179,747

Adjustments for:
Depreciation of tangible assets	188,368	179,034
Amortisation of intangible assets	97,621	97,621
Other interest receivable and similar income	( 9,170)	( 31,913)
Tax on (loss)/profit	( 82,271)	60,255
Accrued (income)/expenses	( 81,406)	22,982

Changes in:
Stocks	( 69,795)	( 163,933)
Trade and other debtors	289,152	( 645,090)
Trade and other creditors	( 67,387)	376,789
	----------	----------
Cash generated from operations	263,003	75,492

Interest received	9,170	31,913
Tax received	11,219	–
	----------	----------
Net cash from operating activities	283,392	107,405
	----------	----------

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible assets	( 298,855)	( 143,521)
Purchase of intangible assets	–	( 217,105)
	----------	----------
Net cash used in investing activities	( 298,855)	( 360,626)
	----------	----------

CASH FLOWS FROM FINANCING ACTIVITIES

Dividends paid	( 190,002)	( 174,788)
	----------	----------
Net cash used in financing activities	( 190,002)	( 174,788)
	----------	----------

NET DECREASE IN CASH AND CASH EQUIVALENTS	( 205,465)	( 428,009)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	1,156,464	1,584,473
	-------------	-------------
CASH AND CASH EQUIVALENTS AT END OF YEAR	950,999	1,156,464
	-------------	-------------

JOHN WINTER & COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 2025

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England. The address of the registered office is Washer Lane Works, PO Box 21, Halifax, West Yorkshire, HX2 7DP.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity. Disclosure exemptions The entity satisfies the criteria of being a small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under FRS 102 Section 1A: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. Research and development Research and development expenditure is written off in the period in which it is incurred. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant accounting estimates made in the preparation of these financial statements relate to provisions against stock. Revenue recognition Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Current & deferred taxation The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Foreign currencies Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Goodwill Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Goodwill	-	20% straight line
Formulations	-	10% to 33% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	2% straight line
Plant & machinery	-	10% reducing balance
Fixtures & fittings	-	25% straight line/10% on reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are stated at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. TURNOVER

Turnover arises from:

	2025	2024
	£	£
Sale of goods	11,024,781	10,172,811
	---------------	---------------

80% of the turnover (2024: 75%) is attributable to foundry products, with the remaining 20% (2024: 25%) being attributable to dental products.

The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2025	2024
	£	£
United Kingdom	8,547,947	7,713,605
Overseas sales	2,476,834	2,459,206
	---------------	---------------
	11,024,781	10,172,811
	---------------	---------------

5. OPERATING (LOSS)/PROFIT

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Amortisation of intangible assets	97,621	97,621
Depreciation of tangible assets	188,368	179,034
Impairment of trade debtors	15,584	(2,155)
Foreign exchange differences	1,040	( 12,937)
	----------	----------

6. AUDITOR'S REMUNERATION

	2025	2024
	£	£
Fees payable for the audit of the financial statements	10,600	10,000
	---------	---------

7. STAFF COSTS

The average number of persons employed by the company during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Production staff	36	34
Management staff	5	5
	----	----
	41	39
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	2,332,552	1,928,564
Social security costs	253,109	244,052
Other pension costs	130,220	112,386
	-------------	-------------
	2,715,881	2,285,002
	-------------	-------------

8. DIRECTORS' REMUNERATION

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	605,030	554,085
Company contributions to defined contribution pension plans	111,493	78,750
	----------	----------
	716,523	632,835
	----------	----------

The number of directors who accrued benefits under company pension plans was as follows:

	2025	2024
	No.	No.
Defined contribution plans	5	3
	----	----

Remuneration of the highest paid director in respect of qualifying services:

	2025	2024
	£	£
Aggregate remuneration	274,291	199,786
Company contributions to defined contribution pension plans	55,638	34,068
	----------	----------
	329,929	233,854
	----------	----------

9. OTHER INTEREST RECEIVABLE AND SIMILAR INCOME

	2025	2024
	£	£
Interest on cash and cash equivalents	9,170	31,913
	-------	---------

10. TAX ON (LOSS)/PROFIT

Major components of tax (income)/expense

	2025	2024
	£	£

Current tax:

UK current tax (income)/expense	( 68,079)	56,860

Deferred tax:

Origination and reversal of timing differences	( 14,192)	3,395
	---------	---------
Tax on (loss)/profit	( 82,271)	60,255
	---------	---------

Reconciliation of tax (income)/expense

The tax assessed on the (loss)/profit on ordinary activities for the year is lower than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
(Loss)/profit on ordinary activities before taxation	( 84,380)	240,002
	---------	----------
(Loss)/profit on ordinary activities by rate of tax	( 21,095)	60,000
Effect of expenses not deductible for tax purposes	2,488	7,447
Effect of capital allowances and depreciation	31,464	13,270
Effect of different UK tax rates on some earnings	(1,655)	–
Utilisation of tax losses	( 13,104)	( 6,345)
Additional tax relief on research & development	( 66,177)	( 17,512)
Deferred tax	(14,192)	3,395
	---------	----------
Tax on (loss)/profit	( 82,271)	60,255
	---------	----------

11. DIVIDENDS

	2025	2024
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	190,002	174,788
	----------	----------

12. INTANGIBLE ASSETS

	Goodwill	Formulations	Total
	£	£	£
Cost
At 1 November 2024 and 31 October 2025	395,996	750,000	1,145,996
	----------	----------	-------------
Amortisation
At 1 November 2024	211,912	684,300	896,212
Charge for the year	53,821	43,800	97,621
	----------	----------	-------------
At 31 October 2025	265,733	728,100	993,833
	----------	----------	-------------
Carrying amount
At 31 October 2025	130,263	21,900	152,163
	----------	----------	-------------
At 31 October 2024	184,084	65,700	249,784
	----------	----------	-------------

13. TANGIBLE ASSETS

	Freehold property	Plant and machinery	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 November 2024	1,806,637	1,162,529	354,646	3,323,812
Additions	218,775	55,440	24,640	298,855
	-------------	-------------	----------	-------------
At 31 October 2025	2,025,412	1,217,969	379,286	3,622,667
	-------------	-------------	----------	-------------
Depreciation
At 1 November 2024	343,430	391,766	338,183	1,073,379
Charge for the year	42,254	135,195	10,919	188,368
	-------------	-------------	----------	-------------
At 31 October 2025	385,684	526,961	349,102	1,261,747
	-------------	-------------	----------	-------------
Carrying amount
At 31 October 2025	1,639,728	691,008	30,184	2,360,920
	-------------	-------------	----------	-------------
At 31 October 2024	1,463,207	770,763	16,463	2,250,433
	-------------	-------------	----------	-------------

14. STOCKS

	2025	2024
	£	£
Raw materials and consumables	374,235	379,831
Finished goods and goods for resale	980,300	904,909
	-------------	-------------
	1,354,535	1,284,740
	-------------	-------------

15. DEBTORS

	2025	2024
	£	£
Trade debtors	1,991,929	2,291,416
Prepayments and accrued income	137,662	195,406
Corporation tax repayable	68,079	–
	-------------	-------------
	2,197,670	2,486,822
	-------------	-------------

16. CREDITORS: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	1,015,983	1,096,249
Accruals and deferred income	203,351	284,757
Corporation tax	–	56,860
Social security and other taxes	189,635	198,616
Other creditors	33,541	11,681
	-------------	-------------
	1,442,510	1,648,163
	-------------	-------------

17. PROVISIONS

	Deferred tax (note 18)
	£
At 1 November 2024	199,810
Charge against provision	( 14,192)
	----------
At 31 October 2025	185,618
	----------

18. DEFERRED TAX

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 17)	185,618	199,810
	----------	----------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	185,618	199,810
	----------	----------

19. EMPLOYEE BENEFITS

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 43,102 (2024: £ 33,636 ).

20. CALLED UP SHARE CAPITAL

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	9,650	9,650	9,650	9,650
	-------	-------	-------	-------

21. RESERVES

Profit and loss account - This reserve records retained earnings and accumulated losses .

22. ANALYSIS OF CHANGES IN NET DEBT

	At 1 Nov 2024	Cash flows	At 31 Oct 2025
	£	£	£
Cash at bank and in hand	1,156,464	(205,465)	950,999
	-------------	----------	----------

23. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	47,988	37,684
Later than 1 year and not later than 5 years	100,941	48,888
	----------	---------
	148,929	86,572
	----------	---------