REGISTERED NUMBER: 01240380 (England and Wales)

Morris & Co. (Handlers) Limited

Strategic Report, Report of the Directors and

Financial Statements For The Year Ended 1 October 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

15

DIRECTORS:

A E Morris

S A Morris

T E Morris

D S Morris

REGISTERED OFFICE:

The Water Tower

J3 Business Park

Carr Hill, Balby

Doncaster

South Yorkshire

DN4 8DE

REGISTERED NUMBER:

01240380 (England and Wales)

AUDITORS:

Kingswood Allotts Limited, Statutory Auditor

Chartered Accountants

Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

The directors present their strategic report for the year ended 1 October 2025.

REVIEW OF BUSINESS

In 2025, the company saw a profit before tax of £468,598, down from £1,158,952 in the year ending 1 October 2024.

The capital and reserves at the end of the year amounted to £5,048,568 (2024: £4,934,585).

While the directors are disappointed with the results for the year, they remain confident that with improved trading conditions the company will return to profitability in the coming period.

PRINCIPAL RISKS AND UNCERTAINTIES

Within the commercial activities, the main risk facing the company continues to be fluctuations in commodity prices which impacts margins and liquidity risk.

SECTION 172(1) STATEMENT

Morris & Co (Handlers) Limited is strategically operated by the board of directors. As a board, we make strategic decisions to enable the business to grow, with an aim to develop the company, ensuring the decision making process provides benefit to employees and stakeholders while fairness is maintained.

Engaging With Stakeholders

Our key stakeholders and the ways in which we engage with them are as follows:

Employees

The company relies on staff to ensure production levels and production quality is maintained. Staff are remunerated at the relevant level dependent on role, qualifications and experience. Staff in key roles are involved in decision making processes to ensure they represent interests, increase communication and align expectations within the business.

Customers

We strive to maintain a high level of service and quality. We promote and pursue feedback from customers to ensure that levels are achieved and maintained.

Suppliers

Supply chain is vital to ensure service and quality. We maintain positive relationships with key suppliers to ensure this is retained.

Our Community

We take any community feedback very seriously and take action where any issues have been reported.

Our Planet

We always try to be environmentally friendly in how we operate. We engage with specialists, to monitor and understand our energy consumption. With more informed knowledge this allows the board to make more energy efficient decisions for both energy usage and emissions.

KEY PERFORMANCE INDICATORS

During the year the company employed 62 people (61 in 2024) producing a turnover of £39,123,102 (2024: £44,503,384). The turnover shows a decrease of 12.1% compared with the previous year.

STREAMLINED ENERGY AND CARBON REPORTING

UK Greenhouse gas emissions and energy use data as required by the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 the company's energy use and greenhouse gas (GHG) emissions for the period 2 October 2024 to 1 October 2025 are set out below:

Consumption

Conversion Factor

CO2 Emissions

Combustion of gas own use

-

-

-

Consumption of fuel for the purpose of transport (Litres)

600,890

2.72417

1,636,927

Consumption of electricity (kWh)

7,705,704

0.20493

1,347,651

Consumption of fuel for the purpose of own use (Litres)

185,445

2.54

470,590

3,455,168

The comparative UK Greenhouse gas emissions and energy use date for the period 02 October 2023 to 1 October 2024 is shown below:

Consumption

Conversion Factor

CO2 Emissions

Combustion of gas own use

-

-

-

Consumption of fuel for the purpose of transport (Litres)

537,807

2.72417

1,465,078

Consumption of electricity (kWh)

4,612,072

0.20493

945,152

Consumption of fuel for the purpose of own use (Litres)

135,062

2.48

334,954

2,745,184

`

ON BEHALF OF THE BOARD:

D S Morris - Director

30 June 2026

The directors present their report with the financial statements of the company for the year ended 1 October 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the sale of salvaged and reclaimed materials.

DIVIDENDS

The total distribution of interim dividends for the year ended 1 October 2025 was £280,000 (2024: £1,541,250).

The directors recommend that no final dividend be paid.

FUTURE DEVELOPMENTS

The directors constantly review opportunities to improve profitability and performance including production efficiencies.

The overseas subsidiary, located in the Netherlands, remained inactive for the year ended 1 October 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 2 October 2024 to the date of this report.

A E Morris

S A Morris

T E Morris

D S Morris

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Kingswood Allotts Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D S Morris - Director

30 June 2026

Opinion

We have audited the financial statements of Morris & Co. (Handlers) Limited (the 'company') for the year ended 1 October 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 1 October 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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:

- 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 directors and other management, and from our commercial knowledge and experience of the sector;

- 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, employment, environmental (including Scrap Metal Dealers Act 2013 (England & Wales only)) and health and safety legislation;

- 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; 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; 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 HMRC, relevant regulators including the Health and Safety Executive, and the company’s legal advisors.

Because of 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. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Mark Garrison BCom FCA DChA (Senior Statutory Auditor)

for and on behalf of Kingswood Allotts Limited, Statutory Auditor

Chartered Accountants

Sidings Court

Lakeside

Doncaster

South Yorkshire

DN4 5NU

1 July 2026

TURNOVER

3

39,123,102

44,503,384

Cost of sales

36,361,069

38,616,266

GROSS PROFIT

2,762,033

5,887,118

Administrative expenses

3,974,531

4,085,166

(1,212,498

)

1,801,952

Other operating income

4

2,250,000

-

OPERATING PROFIT

6

1,037,502

1,801,952

Interest receivable and similar income

12,962

9,782

1,050,464

1,811,734

Interest payable and similar expenses

7

581,866

652,782

PROFIT BEFORE TAXATION

468,598

1,158,952

Tax on profit

8

74,615

457,153

PROFIT FOR THE FINANCIAL YEAR

393,983

701,799

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

393,983

701,799

FIXED ASSETS

Tangible assets

10

12,823,436

12,669,290

Investments

11

657

657

12,824,093

12,669,947

CURRENT ASSETS

Stocks

12

6,073,879

6,443,443

Debtors

13

6,652,599

5,383,315

Cash in hand

115,329

136,994

12,841,807

11,963,752

CREDITORS

Amounts falling due within one year

14

16,560,879

15,468,077

NET CURRENT LIABILITIES

(3,719,072

)

(3,504,325

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,105,021

9,165,622

CREDITORS

Amounts falling due after more than one year

15

(1,820,076

)

(2,139,025

)

PROVISIONS FOR LIABILITIES

19

(2,236,377

)

(2,092,012

)

NET ASSETS

5,048,568

4,934,585

CAPITAL AND RESERVES

Called up share capital

20

1,000

1,000

Revaluation reserve

21

193,878

238,610

Capital redemption reserve

21

250

250

Retained earnings

21

4,853,440

4,694,725

SHAREHOLDERS' FUNDS

5,048,568

4,934,585

The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2026 and were signed on its behalf by:

D S Morris - Director

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 2 October 2023

1,000

5,489,362

283,424

250

5,774,036

Changes in equity

Dividends

-

(1,541,250

)

-

-

(1,541,250

)

Total comprehensive income

-

746,613

(44,814

)

-

701,799

Balance at 1 October 2024

1,000

4,694,725

238,610

250

4,934,585

Changes in equity

Dividends

-

(280,000

)

-

-

(280,000

)

Total comprehensive income

-

438,715

(44,732

)

-

393,983

Balance at 1 October 2025

1,000

4,853,440

193,878

250

5,048,568

Cash flows from operating activities

Cash generated from operations

1

3,523,489

5,275,114

Tax paid

(69,751

)

(194,993

)

Net cash from operating activities

3,453,738

5,080,121

Cash flows from investing activities

Purchase of tangible fixed assets

(1,459,696

)

(1,420,125

)

Sale of tangible fixed assets

139,200

1,229,581

Interest received

-

1,377

Net cash from investing activities

(1,320,496

)

(189,167

)

Cash flows from financing activities

Increase/(decrease) in loan

620,461

(1,503,507

)

Invoice financing charges paid

(136,946

)

(406,832

)

Hire purchase repayments

(1,078,678

)

(1,862,263

)

Amount withdrawn by directors

(977,879

)

(1,129,329

)

Interest paid

(581,865

)

(652,782

)

Net cash from financing activities

(2,154,907

)

(5,554,713

)

Decrease in cash and cash equivalents

(21,665

)

(663,759

)

Cash and cash equivalents at beginning of year

2

136,994

800,753

Cash and cash equivalents at end of year

2

115,329

136,994

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

2025

2024

£

£

Profit before taxation

468,598

1,158,952

Depreciation charges

2,006,017

1,924,103

(Profit)/loss on disposal of fixed assets

(8,426

)

65,547

Invoice financing charges paid

136,946

406,832

Uplift on share value of investment

-

(282

)

Finance costs

581,866

652,782

Finance income

(12,962

)

(9,782

)

3,172,039

4,198,152

Decrease in stocks

369,564

398,060

(Increase)/decrease in trade and other debtors

(570,789

)

2,443,753

Increase/(decrease) in trade and other creditors

552,675

(1,764,851

)

Cash generated from operations

3,523,489

5,275,114

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 1 October 2025

1.10.25

2.10.24

£

£

Cash and cash equivalents

115,329

136,994

Year ended 1 October 2024

1.10.24

2.10.23

£

£

Cash and cash equivalents

136,994

800,753

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 2.10.24

Cash flow

changes

At 1.10.25

£

£

£

£

Net cash

Cash at bank

and in hand

136,994

(21,665

)

115,329

136,994

(21,665

)

115,329

Debt

Finance leases

(2,571,060

)

422,661

(175,224

)

(2,323,623

)

Debts falling due

within 1 year

(7,262,537

)

(272,405

)

(406,390

)

(7,941,332

)

Debts falling due

after 1 year

(536,116

)

58,335

-

(477,781

)

(10,369,713

)

208,591

(581,614

)

(10,742,736

)

Total

(10,232,719

)

186,926

(581,614

)

(10,627,407

)

4.	MAJOR NON-CASH TRANSACTIONS

During the year the company entered into hire purchase and finance lease arrangements in respect of assets with a total capital value at the inception of the leases of £831,245 (2024: £1,434,050).

1.	STATUTORY INFORMATION

Morris & Co. (Handlers) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The directors are aware of the year end net current liabilities of the company and have taken steps to ensure the company has adequate financial resource to continue trading over the next twelve months . The directors have produced forecasts which show that the company can continue to operate within its financial resources for twelve months from the date of this report and management accounts indicate these projections should be achieved. Consequently the directors are confident that the financial statements are properly prepared on a going concern basis.

Accounting reference date

The company has taken advantage of the provisions in section 390 of the Companies Act 2006 which allow the company to make accounts up to a date within seven days of the accounting reference date and consequently these financial statements are made up to 30th September 2025 (2024: 30th September 2024).

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.Turnover is recognised when the company has a right to the consideration, which is deemed to be the point where the outgoing freight is measured on weighbridges on the exit of the company's sites.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

4% on cost

Short leasehold

-

at varying rates on cost

Plant and machinery

-

10% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investments comprise a 100% shareholding in Morris & Co (Netherlands) B.V. a company incorporated in the Netherlands.

The company has been dormant through out the year and group accounts have not been prepared due to the immaterial amounts involved.

Stocks

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

The disposal cost of stock waste is accounted for when the cost is incurred.

Financial instruments

The company holds basic financial instruments as defined by FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank - is classified as a basic financial instrument and is measured at face value.

Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

The company enters into foreign exchange forward contracts to manage its exposure to foreign currency risk. These derivatives are measured at fair value, net of transactions costs.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

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

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

Pension costs and other post-retirement benefits

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

Judgements and key estimates

In the application of the company’s accounting policies, which are described in note 1, the following judgements and key estimates have been made by the directors:

Estimated used life of tangible fixed assets

At the date of capitalising tangible fixed assets, the company estimates the useful economic life of the asset based on management’s judgement and experience. Due to the significance of the capital investment to the company, variance between actual and estimated useful economic lives could impact results both positively and negatively.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

8,202,595

24,268,589

Europe

16,708,709

20,234,795

Rest of World

14,211,798

-

39,123,102

44,503,384

All turnover relates to the sale of goods.

4.	OTHER OPERATING INCOME

2025

2024

£

£

Income from claims in relation to historic fires

2,250,000

-

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,523,392

2,498,171

Social security costs

327,575

278,640

Other pension costs

61,019

59,835

2,911,986

2,836,646

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

2025

2024

Site operatives

45

43

Administration

14

15

Directors

3

3

62

61

2025

2024

£

£

Directors' remuneration

192,953

253,109

Directors' pension contributions to money purchase schemes

11,825

11,825