REGISTERED NUMBER: 10322260 (England and Wales)

Everard Holdings Limited

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30th September 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

15

DIRECTORS:

J D Everard

N J Everard

N Sparks

REGISTERED OFFICE:

Unit 1

Technology Close

Green Park Road

Newport

East Yorkshire

HU15 2FX

REGISTERED NUMBER:

10322260 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

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

REVIEW OF BUSINESS

The directors are pleased with the group's performance for the period ending 30 September 2025. Turnover has increased to £27,528,589 (2024 £27,371,080) generating profit before taxation of £2,824,750 (2024 £3,061,247).

The group continues to produce a strong performance by providing a complete service from design to installation, service and maintenance along with adopting and taking advantage of new technologies. An ecommerce site was launched during the year to generate incremental revenue from a broad customer base and product range.

Investment in internal systems and infrastructure including a large warehouse extension completed during the year. The larger facility has produced efficiency gains and provided additional capacity for the extended range of products and services to support customer demand. Investment in training for new and existing staff continues with time allocated to share knowledge and experience.

FINANCIAL KEY PERFORMANCE INDICATORS

Weekly KPIs are prepared and reviewed by the directors and senior management team. Various aspects of sales and liquidity are the main focus along with a range of non-financial KPIs. This is expanded further as part of a detailed periodic management report. The directors are involved in the day to day activities of the company which also allows them to monitor performance.

PRINCIPAL RISKS AND UNCERTAINTIES

Foreign currency fluctuations are a financial risk to the company and although closely monitored provide a level of uncertainty over the short and medium term.

Inflation, interest rates and general economic conditions add further financial risk. Internal controls are in place to manage credit risk with regular monitoring of customers financial position and stringent credit control procedures.

Forecasting models are updated and reviewed on a regular basis and the directors are confident of maintaining financial security and a strong balance sheet. The directors regularly review the company's liquidity and cash flow forecasts to ensure any financial risk can be managed and action taken as required.

FUTURE DEVELOPMENTS

The company continues to review and develop its internal systems and ways of working to improve efficiencies and ensure its high standards are maintained. Staff retention and recruitment helps expand the knowledge and experience within the company.

ON BEHALF OF THE BOARD:

J D Everard - Director

17th June 2026

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

DIVIDENDS

The total distribution of dividends for the period ended 30th September 2025 will be £730,011.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

J D Everard

N J Everard

Other changes in directors holding office are as follows:

N Sparks was appointed as a director after 30th September 2025 but prior to the date of this report.

The group has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

DISCLOSURE IN THE STRATEGIC REPORT

Disclosures required relating to future developments are set out in the Strategic Report in accordance with s.414C(11) of the Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Smailes Goldie, will be proposed for re-appointment under section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

J D Everard - Director

17th June 2026

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

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 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, tax legislation, data protection, anti-bribery, employment, environmental and health and through discussion with management and inspecting legal and regulatory correspondence.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 and 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;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-

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;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with relevant regulators.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances 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.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation. An understanding of these laws and regulations and the extent of compliance was obtained

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.

Jamie Chilcott ACA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

18th June 2026

TURNOVER

3

27,528,589

27,371,080

Cost of sales

19,724,516

19,972,386

GROSS PROFIT

7,804,073

7,398,694

Administrative expenses

4,810,192

4,198,651

2,993,881

3,200,043

Other operating income

29,781

7,500

OPERATING PROFIT

5

3,023,662

3,207,543

Interest receivable and similar income

21,472

11,959

3,045,134

3,219,502

Interest payable and similar expenses

6

220,384

158,255

PROFIT BEFORE TAXATION

2,824,750

3,061,247

Tax on profit

7

709,008

775,470

PROFIT FOR THE FINANCIAL YEAR

2,115,742

2,285,777

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

6,412,131

3,770,205

Investments

12

-

-

Investment property

13

421,952

421,597

6,834,083

4,191,802

CURRENT ASSETS

Stocks

14

4,909,551

3,883,853

Debtors

15

5,364,619

4,278,996

Cash at bank and in hand

2,155,899

2,957,927

12,430,069

11,120,776

CREDITORS

Amounts falling due within one year

16

7,576,271

6,502,006

NET CURRENT ASSETS

4,853,798

4,618,770

TOTAL ASSETS LESS CURRENT LIABILITIES

11,687,881

8,810,572

CREDITORS

Amounts falling due after more than one year

17

(3,411,543

)

(2,008,876

)

PROVISIONS FOR LIABILITIES

21

(613,695

)

(524,784

)

NET ASSETS

7,662,643

6,276,912

CAPITAL AND RESERVES

Called up share capital

22

200

200

Merger relief reserve

23

685,425

685,425

Retained earnings

23

6,977,018

5,591,287

SHAREHOLDERS' FUNDS

7,662,643

6,276,912

The financial statements were approved by the Board of Directors and authorised for issue on 17th June 2026 and were signed on its behalf by:

J D Everard - Director

N Sparks - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

4,415

-

Investments

12

1,444,844

1,444,844

Investment property

13

421,952

421,597

1,871,211

1,866,441

CURRENT ASSETS

Debtors

15

253

183

Cash at bank

3,892

-

4,145

183

CREDITORS

Amounts falling due within one year

16

889,279

846,037

NET CURRENT LIABILITIES

(885,134

)

(845,854

)

TOTAL ASSETS LESS CURRENT LIABILITIES

986,077

1,020,587

CREDITORS

Amounts falling due after more than one year

17

(276,318

)

(334,137

)

PROVISIONS FOR LIABILITIES

21

(1,104

)

-

NET ASSETS

708,655

686,450

CAPITAL AND RESERVES

Called up share capital

22

200

200

Merger relief reserve

23

685,425

685,425

Retained earnings

23

23,030

825

SHAREHOLDERS' FUNDS

708,655

686,450

Company's profit for the financial year

752,216

697,296

The financial statements were approved by the Board of Directors and authorised for issue on 17th June 2026 and were signed on its behalf by:

J D Everard - Director

N Sparks - Director

Called up

Merger

share

Retained

relief

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st October 2023

200

4,001,981

685,425

4,687,606

Changes in equity

Dividends

-

(696,471

)

-

(696,471

)

Total comprehensive income

-

2,285,777

-

2,285,777

Balance at 30th September 2024

200

5,591,287

685,425

6,276,912

Changes in equity

Dividends

-

(730,011

)

-

(730,011

)

Total comprehensive income

-

2,115,742

-

2,115,742

Balance at 30th September 2025

200

6,977,018

685,425

7,662,643

Called up

Merger

share

Retained

relief

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st October 2023

200

-

685,425

685,625

Changes in equity

Dividends

-

(696,471

)

-

(696,471

)

Total comprehensive income

-

697,296

-

697,296

Balance at 30th September 2024

200

825

685,425

686,450

Changes in equity

Dividends

-

(730,011

)

-

(730,011

)

Total comprehensive income

-

752,216

-

752,216

Balance at 30th September 2025

200

23,030

685,425

708,655

Cash flows from operating activities

Cash generated from operations

1

3,051,206

2,933,442

Interest paid

(113,408

)

(76,348

)

Interest element of hire purchase payments paid

(106,976

)

(81,907

)

Tax paid

(939,296

)

(219,341

)

Net cash from operating activities

1,891,526

2,555,846

Cash flows from investing activities

Purchase of tangible fixed assets

(2,922,104

)

(328,836

)

Purchase of investment property

(355

)

(421,597

)

Sale of tangible fixed assets

164,801

215,761

Interest received

21,472

11,959

Net cash from investing activities

(2,736,186

)

(522,713

)

Cash flows from financing activities

New loans in year

1,525,000

405,000

Loan repayments in year

(102,888

)

(77,072

)

Capital repayments in year

(649,469

)

(562,317

)

Equity dividends paid

(730,011

)

(696,471

)

Net cash from financing activities

42,632

(930,860

)

(Decrease)/increase in cash and cash equivalents

(802,028

)

1,102,273

Cash and cash equivalents at beginning of year

2

2,957,927

1,855,654

Cash and cash equivalents at end of year

2

2,155,899

2,957,927

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

2025

2024

£

£

Profit before taxation

2,824,750

3,061,247

Depreciation charges

801,993

607,714

Profit on disposal of fixed assets

(71,347

)

(73,034

)

Finance costs

220,384

158,255

Finance income

(21,472

)

(11,959

)

3,754,308

3,742,223

Increase in stocks

(1,025,698

)

(640,811

)

(Increase)/decrease in trade and other debtors

(1,085,623

)

57,614

Increase/(decrease) in trade and other creditors

1,408,219

(225,584

)

Cash generated from operations

3,051,206

2,933,442

2.	CASH AND CASH EQUIVALENTS

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

Year ended 30th September 2025

30.9.25

1.10.24

£

£

Cash and cash equivalents

2,155,899

2,957,927

Year ended 30th September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

2,957,927

1,855,654

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

Other

non-cash

At 1.10.24

Cash flow

changes

At 30.9.25

£

£

£

£

Net cash

Cash at bank

and in hand

2,957,927

(802,028

)

2,155,899

2,957,927

(802,028

)

2,155,899

Debt

Finance leases

(1,504,343

)

649,469

(615,269

)

(1,470,143

)

Debts falling due

within 1 year

(86,364

)

(40,606

)

-

(126,970

)

Debts falling due

after 1 year

(1,089,479

)

(1,381,504

)

-

(2,470,983

)

(2,680,186

)

(772,641

)

(615,269

)

(4,068,096

)

Total

277,741

(1,574,669

)

(615,269

)

(1,912,197

)

1.	STATUTORY INFORMATION

Everard Holdings 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 General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

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

The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. The directors have taken note of the guidance issued by the Financial Reporting Council on Going Concern Assessments in determining that this is the appropriate basis of preparation of the financial statements. Having considered the post year end results and forecasts for the period to September 2027, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.

Basis of consolidation

The consolidated financial statements include the financial statements of the company and its subsidiary undertakings made up to 30th September 2025. The acquisition method of accounting has been adopted. Under this method the results of subsidiary undertakings acquired or disposed of in the year are included in the consolidated profit and loss account from the date of acquisition or up to the date of disposal.

Under Section 408 of the Companies Act 2006 the company is exempt from the requirement to present its own profit and loss account.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods and services

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

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from long term contracts including servicing and installation of garage equipment is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured as a percentage of total anticipated costs. Revenue recognised in excess of amounts invoiced on account is included within debtors as accrued income and amounts recoverable on contract. Amounts invoiced in excess of revenue recognised are included within creditors as payments on account.

Profit on long term contracts is recognised when the outcome of contracts can be assessed with reasonable certainty and is that amount which is estimated to fairly reflect the profit arising up to the accounting date. Profit on long term contracts is recognised in the profit and loss account as the difference between the reported turnover and related costs.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2016, has been amortised in full.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes those costs that are directly attributable to making the asset capable of operating as intended. Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

- 2% on cost

Plant and machinery

- Straight line over 4 years

Motor vehicles

- Straight line over 4 years

Computer equipment

- Straight line over 3 years

Government grants

Government grants are recognised when there is reasonable assurance that the grant will be received and that the company will comply with all conditions attached to the grant. Grants relating to revenue expenditure are recognised in profit or loss on a systematic basis over the periods in which the related expenditure is recognised. Capital grants are recognised as deferred income and released to profit or loss on a systematic basis over the useful economic life of the related asset.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks and work in progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Work in progress is stated at cost, net of amounts transferred to cost of sales as part of the stage of completion of long term contracts. Cost consists of direct materials, direct labour and appropriate related overheads.

Financial instruments

The Company mainly enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade, other accounts receivable and payable and loans from related parties.

Debt instruments with no stated interest rate that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Debt instruments such as loans, borrowings and other accounts receivable and payable over more than one year are initially measured at the transaction price including transaction cost. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Where material to the financial statements, derivative financial instruments are initially measured at fair value at the date on which a derivative contract is entered into and are subsequently measured at fair value through profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Foreign currencies

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Hire purchase and leasing commitments

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Employee benefits

When employees have rendered service to the company, short term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operated a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at

each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3.

TURNOVER

Turnover is attributable to the principle activities of the group, being the supply and installation of garage equipment wholly within the UK.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

6,403,172

6,027,737

Social security costs

729,638

597,610

Other pension costs

204,777

192,763

7,337,587

6,818,110

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

2025

2024

Management and administration

74

68

Operational

91

88

165

156