Company registration number 04289786 (England and Wales)
RETSTONE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
RETSTONE LIMITED
COMPANY INFORMATION
Director
G E Williams
Company number
04289786
Registered office
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
Auditor
Sumer Auditco Limited
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
Bankers
Barclays Bank Plc
The Business Centre
PO Box 144
57 Victoria Square
Bolton
BL1 1FH
RETSTONE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 36
RETSTONE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The director presents the strategic report for the year ended 31 December 2025.

Review of the business

The group has delivered a nother successful year.

The group has continued to maintain its relationships with existing customers whilst also focusing on driving relationships with new clients. It has continued to focus on increasing its dominance in the UK market, whilst maintaining its presence in the European mainland market and other oversea s markets. The Directors expect that the UK trade will continue to be core focus, with on-going strategies to build the overseas trade, with the inten t ion that this will be an increasing part of the business in the future.

The overall group performance was in line with the Directors’ expectations. Turnover for the year was £35.2m (2024: £33.0 m) an increase of 6.7%. Reported profit before tax for the year amounts to £2.0m (202 4: £2.2m), which includes other gains £N il (2024: 0.6m). Trading profit for the year has therefore increased in real terms by £0.4m.

Due to the retention of profits in the group, the net assets have increased to £7.9 m (202 4: £6.5 m) at the balance sheet date. The d irectors are satisfied with this, believing it places the group in a strong and stable financial position.

Objectives and s trategy

The objectives of the group are to deliver long term value to the owners through the supply LED screens, the installation of audio visual systems, the creation and production of venue based television programs and commercial advertisements, content delivery and broadcast distribution through the Live Venue network and the provision of event day services to UK businesses. The Board's strategy is to achieve this based upon the following principles:

- Continued growth by continuing to offer relevant, bespoke solutions which are relevant to our customers needs.

- To attract, retain and develop exceptional staff to continuously improve the organisation’s capabilities.

- Diversification into new market segments or sales channels to support and spread growth.

Principal risks and uncertainties

The group uses various financial instruments including finance leases and loans. The main risks arising from the group's financial instruments are interest rate risk, credit risk, foreign currency risk, and liquidity risk. The directors review and agree policies for managing each of these risks as summarised below:

Interest rate risk

The group finances its operations through a mixture of retained profits and finance leases and loans. The group exposure to interest rate fluctuations on its borrowings is managed by the use of fixed rates for the majority of its leases and loans, and by the use of a floating rate where appropriate.

Credit risk

The group's principal financial assets are cash and trade debtors. The principal credit risk arises therefore from its trade debtors. To help manage this risk the group usually has in place within its terms and conditions, liens against the assets which they supply. The group is not exposed to any significant direct currency risk from trade debtors since there are no foreign subsidiaries or balances held in foreign locations, and all invoicing is in sterling. The group has policies in place such that credit checks are made on all potential customers as part of the due diligence credit account procedures which are operating well.

Foreign currency risk

The group purchases goods from foreign suppliers and is therefore exposed to translation and foreign exchange risk. This risk is minimised by the directors measuring the risk and forward buying currency when considered appropriate.

Liquidity risk

The group seeks to manage financial risk by ensuring liquidity is available to meet foreseeable needs to invest cash assets safely and profitably. Short term flexibility is achieved by overdraft facilities.

RETSTONE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Key performance indicators

The directors review the group’s KPIs at the monthly board meetings. These include operational and financial measurements.

|  | 2025 | 2024
Turnover |  | £35.2m | £33.0m
Gross profit margin | 25.3% | 22.2%
Profit before tax | £2.0m | £2.2m
Profit before tax (exc. o ther gains) | £2.0m | £1.6m
Average number of employees | 238 | 222
Shareholder funds | £7.9m | £6.5m

The group continues to build new and existing customer relationships as revenue growth continues to be a key focus. A change in the profile of contracts has has a positive impact on growth profit margins and profit before tax (excluding the non-trade related other gains in 2024 of £0.6m).

The growth of the group has required investment in terms of staffing and recruitment. Management believe they have recruited well throughout the year and have a skill set to help them achieve their future objectives.

The D irector is happy with the strength of the balance sheet and believe it places them in a position to continue to grow and develop in the future.

Future developments

The development of new products will continue to be a focus for the R & D team in addition to further refinement of existing products, considering feedback from customers in respect to their use of installations.

The business will be extending its reach into the European and other markets for both rental and sales of products through trade shows, face-to-face meetings and demonstrations of its products.

Focus on core UK markets will also continue, particularly considering and developing opportunities and growth that is complementary to the core business.

T he group continues to be driven by the commitment and support of excellent employees.

On behalf of the board

G E Williams
Director
1 July 2026
RETSTONE LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The director presents his annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the group continued to be the hire of outside broadcasting facilities, the design, hire, sale and installation of audio visual systems and the creation and production of television programmes and commercial advertisements.

The principal activity of the company continued to be that of a holding and property investment and rental company.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

G E Williams
Research and development

The group continues to utilise its in-house technical expertise to remain at the forefront of the media entertainment industry, providing world class digital screens for respected brands around the globe. By constantly investing in talented individuals, advancing technology and our clients’ visions, the company continues to develop and improve its processes and product offering.

Auditor

The auditor, Sumer Auditco Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of director's responsibilities

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable UK 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 group and company will continue in business.

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

RETSTONE LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Strategic report

In accordance with s414(c)(11) of the Companies Act, included in the strategic report is information relating to the future developments of the business and principal risks and uncertainties, which would otherwise be required by schedule 7 of the "Large and Medium Sized Company's (Accounts and Reports) Regulations 2008" to be contained in the directors report.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
G E Williams
Director
1 July 2026
RETSTONE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RETSTONE LIMITED
- 5 -
Opinion

We have audited the financial statements of Retstone Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 December 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 director 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 director is responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- T he information given in the strategic report and the director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

RETSTONE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RETSTONE LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the director's r eport.

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 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 director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines 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 director is responsible for assessing 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 director either intends to liquidate the parent company or to cease operations, or has 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.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the directors (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the group is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: laws related to LED screen hire and live events production, laws related to property rental, employment law, health and safety and data protection.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.

RETSTONE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RETSTONE LIMITED
- 7 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:

- Matters are discussed amongst the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud

- Identifying and assessing the design and effectiveness of controls that management have in place to prevent and detect fraud

- Detecting and responding to the risks of fraud following discussions with management and enquiring as to whether management have knowledge of any actual, suspected or alleged fraud;

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Caroline Snape (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited
1 July 2026
Statutory Auditor
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
RETSTONE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
35,188,747
32,989,453
Cost of sales
(26,299,162)
(25,662,798)
Gross profit
8,889,585
7,326,655
Administrative expenses
(6,191,727)
(5,292,859)
Other operating income
16,800
31,128
Operating profit
5
2,714,658
2,064,924
Interest receivable and similar income
8
103,645
53,375
Interest payable and similar expenses
9
(860,702)
(527,245)
Other gains and losses
10
-
578,996
Profit before taxation
1,957,601
2,170,050
Tax on profit
11
(539,942)
(551,257)
Profit for the financial year
1,417,659
1,618,793
Other comprehensive income
Revaluation of tangible fixed assets
-
0
86,000
Total comprehensive income for the year
1,417,659
1,704,793
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

RETSTONE LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
14
15,455,002
12,181,091
Investment property
15
310,000
310,000
15,765,002
12,491,091
Current assets
Stocks
18
743,612
1,115,044
Debtors
19
7,438,378
6,917,354
Cash at bank and in hand
5,201,402
3,472,918
13,383,392
11,505,316
Creditors: amounts falling due within one year
20
(14,175,401)
(11,688,460)
Net current liabilities
(792,009)
(183,144)
Total assets less current liabilities
14,972,993
12,307,947
Creditors: amounts falling due after more than one year
21
(5,652,447)
(4,945,002)
Provisions for liabilities
Deferred tax liability
24
1,433,270
893,328
(1,433,270)
(893,328)
Net assets
7,887,276
6,469,617
Capital and reserves
Called up share capital
26
692
692
Revaluation reserve
27
843,538
859,104
Capital redemption reserve
29
398
398
Profit and loss reserves
7,042,648
5,609,423
Total equity
7,887,276
6,469,617

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 1 July 2026
01 July 2026
G E Williams
Director
Company registration number 04289786 (England and Wales)
RETSTONE LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investment property
15
1,896,000
1,896,000
Investments
16
6,600,000
5,300,000
8,496,000
7,196,000
Current assets
Debtors
19
4,356
6,030
Cash at bank and in hand
1,568,061
1,497,619
1,572,417
1,503,649
Creditors: amounts falling due within one year
20
(1,004,017)
(1,026,499)
Net current assets
568,400
477,150
Total assets less current liabilities
9,064,400
7,673,150
Creditors: amounts falling due after more than one year
21
(993,611)
(1,005,957)
Provisions for liabilities
Deferred tax liability
24
116,766
116,766
(116,766)
(116,766)
Net assets
7,954,023
6,550,427
Capital and reserves
Called up share capital
26
692
692
Capital redemption reserve
29
398
398
Other reserves
30
6,599,799
5,299,799
Profit and loss reserves
1,353,134
1,249,538
Total equity
7,954,023
6,550,427

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £103,596 (2024 - £1,044,462 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved and signed by the director and authorised for issue on 1 July 2026
01 July 2026
G E Williams
Director
Company registration number 04289786 (England and Wales)
RETSTONE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2024
692
788,670
398
4,304,176
5,093,936
Year ended 31 December 2024:
Profit for the year
-
-
-
1,618,793
1,618,793
Other comprehensive income:
Revaluation of tangible fixed assets
-
86,000
-
-
86,000
Total comprehensive income
-
86,000
-
1,618,793
1,704,793
Dividends
12
-
-
-
(329,112)
(329,112)
Transfers
-
-
-
15,566
15,566
Other movements
-
(15,566)
-
-
(15,566)
Balance at 31 December 2024
692
859,104
398
5,609,423
6,469,617
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
-
1,417,659
1,417,659
Transfers
-
-
-
15,566
15,566
Other movements
-
(15,566)
-
-
(15,566)
Balance at 31 December 2025
692
843,538
398
7,042,648
7,887,276
RETSTONE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
Share capital
Capital redemption reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2024
692
398
4,599,799
534,188
5,135,077
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
-
1,044,462
1,044,462
Dividends
12
-
-
-
(329,112)
(329,112)
Other movements
-
-
700,000
-
700,000
Balance at 31 December 2024
692
398
5,299,799
1,249,538
6,550,427
Year ended 31 December 2025:
Profit and total comprehensive income for the year
-
-
-
103,596
103,596
Other movements
-
-
1,300,000
-
1,300,000
Balance at 31 December 2025
692
398
6,599,799
1,353,134
7,954,023
RETSTONE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
34
5,264,560
4,620,913
Interest paid
(860,702)
(527,245)
Income taxes refunded
-
0
249,451
Net cash inflow from operating activities
4,403,858
4,343,119
Investing activities
Purchase of tangible fixed assets
(2,893,131)
-
Proceeds from disposal of tangible fixed assets
19,299
71,000
Proceeds from disposal of investments
-
618,996
Interest received
103,645
43,307
Dividends received
-
0
10,068
Net cash (used in)/generated from investing activities
(2,770,187)
743,371
Financing activities
Proceeds from borrowings
1,973,158
-
Proceeds from debt re-finance
1,300,538
459,826
Repayment of bank loans
(393,012)
(384,927)
Payment of finance leases obligations
(2,785,871)
(2,944,600)
Dividends paid to equity shareholders
-
0
(329,112)
Net cash generated from/(used in) financing activities
94,813
(3,198,813)
Net increase in cash and cash equivalents
1,728,484
1,887,677
Cash and cash equivalents at beginning of year
3,472,918
1,585,241
Cash and cash equivalents at end of year
5,201,402
3,472,918
RETSTONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
1
Accounting policies
Company information

Retstone Limited (“the company”) is a limited company domiciled and incorporated in England and Wales. The registered office is Fourth Floor, Unit 5B, The Parklands, Bolton, BL6 4SD

The group consists of Retstone Limited and all of its subsidiaries.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Retstone Limited together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

RETSTONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.3
Going concern

A t the time of approving the financial statements, t he director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

T he net current liabilities position at the year end, is due to the fact that significant investment in tangible fixed assets has been financed via finance leases/ hire purchase contracts, with repayments being made over a much shorter period than the fixed assets useful economic life. Creditors due in less than one year, includes 12 repayments which are paid monthly and funded from working capital generated from monthly income.

This is demonstrated by the fact that the group has a strong EBITDA of £5.2 m (2024: £4.5m), showing that company is generating cash to enable it to meet its liabilities.

The group has prepared detailed financial forecasts to 31 December 2027, and these support the going concern basis.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the provision of services is recognised in the period that those services are provided.

1.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings freehold
2% p.a. straight line basis
Leasehold improvements
20% p.a. straight line basis
Plant and machinery
12.5% - 33% p.a. straight line basis
Office computer equipment
33% p.a. reducing balance basis
Motor vehicles
25% p.a. reducing balance basis and 12.5% p.a. straight line basis
Other assets
5% p.a straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

RETSTONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

Property rented to a group entity is accounted for as a tangible fixed asset.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries a re initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

RETSTONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

RETSTONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

RETSTONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is recognised in respect of all timing differences which have originated but not reversed at the balance sheet date. Timing differences are differences between taxable profits and the results as stated in the financial statements which arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

A net deferred tax asset is regarded as recoverable and therefore recognised only when it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences can be deducted.

Deferred tax is measured at the average tax rates which are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws which have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non - discounted basis.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The company has issued share options to certain directors/ employees of its trading subsidiary company. These must be measured at fair value and recognised as an expense in the profit and loss with a corresponding increase in equity. The fair value of the options was estimated at the date of grant using the option-pricing model. The fair value will be charged as an expense in the profit and loss account over the vesting period. The charge is adjusted each year to reflect the expected and actual level of vesting.

1.17
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

RETSTONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 20 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

RETSTONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 21 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic lives of tangible fixed assets

The useful economic life of tangible fixed assets has to be estimated by the D irector of the group to ensure an appropriate depreciation charge is recognised in the year. The value of the assets ultimately depends on the condition of the assets and whether economic income can be derived from the asset. The D irector undertake s a periodic review of the assets to ensure the value of the assets is fairly stated within the financial statements.

During the year, depreciation of £2,471,220 (202 4: £2,407,474) has been charged.

Refer to note 14 for the carrying values of tangible fixed assets impacted by this key accounting estimate.

Investment properties

The open market value of investment properties has been estimated by the Director, based on property valuations obtained for banking purposes. The Director believes that these valuations reflect the fair value of the investment properties at balance sheet date.

During the year, an revaluation uplift of £Nil (2024: £46,000) has been recognised.

Refer to note 15 for further details on this key accounting estimate.

Shares held in subsidiaries

Shares held in subsidiaries, were revalued to fair value based on a professional valuation dated 22 December 2016.

Historically impairments have been recognised. Each year the carrying value of the shares held in subsidiaries is undertaken by the Director, considering the trading subsidiaries profitability and balance sheet net assets. On this basis reversals of the historic impairment are processed.

During the year, an impairment reversal of £1,300,0 00 (202 4: £700,000) has been recognised.

Refer to note 16 for further details of this key accounting estimate, including the carrying value of investments in subsidiaries impacted by this key accounting estimate.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Outdoor
982,985
849,286
Live
16,141,519
14,306,166
Studios
3,366,048
3,156,164
Displays and services
14,698,195
14,677,837
35,188,747
32,989,453
RETSTONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Turnover and other revenue
(Continued)
- 22 -
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
29,684,444
26,822,847
Europe
3,597,241
3,879,360
Rest of World
1,907,062
2,287,246
35,188,747
32,989,453
2025
2024
£
£
Other revenue
Interest income
103,645
43,307
Dividends received
-
10,068
4
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
11,000
6,000
Audit of the financial statements of the company's subsidiaries
21,000
20,000
32,000
26,000

5
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(125,232)
(107,645)
Research and development costs
42,487
14,006
Depreciation of owned tangible fixed assets
1,083,528
1,045,214
Depreciation of tangible fixed assets held under finance leases
1,387,692
1,362,260
Loss/(profit) on disposal of tangible fixed assets
2,347
(10,221)
Operating lease charges
25,367
14,789
RETSTONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Direct production
192
177
-
-
Administrative
22
25
-
-
Sales
24
20
-
-
Total
238
222
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
7,748,542
6,951,748
-
0
-
0
Social security costs
919,421
704,112
-
-
Pension costs
433,679
408,466
-
0
-
0
9,101,642
8,064,326
-
0
-
0
7
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
117,538
109,942
Company pension contributions to defined contribution schemes
60,000
46,027
177,538
155,969

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

RETSTONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
25,703
-
0
Other interest income
77,942
43,307
Total interest revenue
103,645
43,307
Other income from investments
Dividends received
-
0
10,068
Total income
103,645
53,375
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
111,214
166,931
Interest on finance leases and hire purchase contracts
749,488
360,314
Total finance costs
860,702
527,245
10
Other gains and losses
2025
2024
£
£
Fair value gains/(losses) on financial instruments
Gain/(loss) on financial assets held at fair value through profit or loss
-
(40,000)
Other gains/(losses)
Gain on disposal of fixed asset investments
-
66,455
Other gains and losses
-
552,541
-
578,996
11
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
539,942
551,257
RETSTONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
11
Taxation
(Continued)
- 25 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,957,601
2,170,050
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
489,400
542,513
Tax effect of expenses that are not deductible in determining taxable profit
3,949
20,114
Tax effect of income not taxable in determining taxable profit
(21,692)
(5,158)
Depreciation on assets not qualifying for tax allowances
68,285
114,946
Effect of revaluations of investments
-
0
21,500
Other permanent differences
-
0
(4,523)
Other tax adjustments
-
0
(138,135)
Taxation charge
539,942
551,257
12
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
-
329,112
13
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
Notes
£
£
In respect of:
Fixed asset investments
16
-
(552,541)
Recognised in:
Amounts written off investments
-
(552,541)

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

RETSTONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
14
Tangible fixed assets
Group
Land and buildings freehold
Leasehold improvements
Plant and machinery
Office computer equipment
Motor vehicles
Other assets
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 January 2025
1,836,000
4,353,258
29,058,044
563,448
1,560,651
3,679,641
41,051,042
Additions
-
0
563,945
5,013,535
73,113
116,184
-
0
5,766,777
Disposals
-
0
-
0
(53,818)
(85)
(52,000)
-
0
(105,903)
At 31 December 2025
1,836,000
4,917,203
34,017,761
636,476
1,624,835
3,679,641
46,711,916
Depreciation and impairment
At 1 January 2025
329,583
3,346,734
23,721,090
322,539
791,054
358,951
28,869,951
Depreciation charged in the year
35,000
307,126
1,651,683
130,479
180,897
166,035
2,471,220
Eliminated in respect of disposals
-
0
-
0
(40,439)
-
0
(43,818)
-
0
(84,257)
At 31 December 2025
364,583
3,653,860
25,332,334
453,018
928,133
524,986
31,256,914
Carrying amount
At 31 December 2025
1,471,417
1,263,343
8,685,427
183,458
696,702
3,154,655
15,455,002
At 31 December 2024
1,506,417
1,006,524
5,336,954
240,909
769,597
3,320,690
12,181,091
The company had no tangible fixed assets at 31 December 2025 or 31 December 2024.
RETSTONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2025
2024
2025
2024
£
£
£
£
Plant and machinery
5,515,615
3,071,789
-
0
-
0
Office computer equipment
90,820
165,768
-
0
-
0
Motor vehicles
689,531
565,791
-
0
-
0
Other assets
3,094,716
3,287,438
-
-
Leasehold improvements
52,986
374,386
-
-
9,443,668
7,465,172
-
-

If revalued assets were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:

2025
2024
£
£
Group
Cost
807,710
807,710
Accumulated depreciation
(210,963)
(175,963)
Carrying value
596,747
631,747
15
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 January 2025 and 31 December 2025
310,000
1,896,000

Company

Investment properties include 9 and 10 Pittman Court, Pittman Way, Fulwood, Preston at a fair value of £1,5 86,000 (202 4: £1,5 86,000).

On 25 November 2024, the propert ies were professionally valued by Duxburys Commercial, independent valuers. Valuations conform to International Valuation Standards and were based on recent market transactions on arm's length terms for similar properties. The Directors believe the valuation dated 25 November 2024 is indicative of the fair value of the properties held at the balance sheet date.

Group and Company

A rental property, 113 Wilmington Close, was acquired during 2020 for £350,000. On 19 November 2024, the property was professionally revalued by Castles Surveyors Limited, independent valuers. Valuations conform to International Valuation Standards and were based on recent market transactions on arm's length terms for similar properties. The property was valued at £310,000, which the Directors believe represents the fair value as at the balance sheet date.

RETSTONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
15
Investment property
(Continued)
- 28 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
Group
Company
2025
2024
2025
2024
£
£
£
£
Cost
1,551,952
1,551,952
1,179,831
1,179,831
Accumulated depreciation
-
-
-
-
Carrying amount
1,551,952
1,551,952
1,179,831
1,179,831
16
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
17
-
0
-
0
6,600,000
5,300,000
Fixed asset investments revalued

S hares held in respect of group undertakings ha ve a historical cost of £200 (202 4: £200). These were revalued in 2016 to a fair value of £7,878,000, in accordance with a professional valuation dated 22nd December 201 6.

Reductions in fair value tota l ling £1,2 78,000 (2024: £2,5 78,000) have been recognised to date, resulting in a carrying value of £6,6 00,000 (2024: £5,300,000), assessed on a net assets basis by the directors.

Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025 and 31 December 2025
7,878,000
Impairment
At 1 January 2025
2,578,000
Impairment loss reversals
(1,300,000)
At 31 December 2025
1,278,000
Carrying amount
At 31 December 2025
6,600,000
At 31 December 2024
5,300,000
RETSTONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 29 -
17
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
ADI UK Limited
1
Hire and sale of LED screens
Ordinary
100.00
-
ADI Europe Limited
1
Dormant
Ordinary
0
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Fourth Floor, Unit 5B, The Parklands, Bolton, BL6 4SD
18
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Work in progress
591,795
963,227
-
-
Finished goods and goods for resale
151,817
151,817
-
0
-
0
743,612
1,115,044
-
-
19
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,623,365
4,266,335
-
0
-
0
Other debtors
241,718
51,199
-
0
-
0
Prepayments and accrued income
3,203,311
1,760,442
4,356
6,030
7,068,394
6,077,976
4,356
6,030
Amounts falling due after more than one year:
Trade debtors
295,647
717,797
-
0
-
0
Prepayments and accrued income
74,337
121,581
-
0
-
0
369,984
839,378
-
-
Total debtors
7,438,378
6,917,354
4,356
6,030
RETSTONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 30 -
20
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
22
233,916
614,582
233,916
614,582
Obligations under finance leases
23
2,779,810
2,111,288
-
0
-
0
Other borrowings
22
1,973,158
-
0
-
0
-
0
Trade creditors
2,440,011
1,820,605
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
738,450
387,370
Other taxation and social security
227,590
662,975
3,590
3,385
Other creditors
91,242
229,422
-
0
-
0
Accruals and deferred income
6,429,674
6,249,588
28,061
21,162
14,175,401
11,688,460
1,004,017
1,026,499

Bank loans are secured by way of a fixed and floating charge over all assets of the group.

Net obligations under finance lease and hire purchase are secured on the assets concerned.

21
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
22
993,611
1,005,957
993,611
1,005,957
Obligations under finance leases
23
4,658,836
3,939,045
-
0
-
0
5,652,447
4,945,002
993,611
1,005,957

Bank loans are secured by way of a fixed and floating charge over all assets of the group.

Net obligations under finance lease and hire purchase are secured on the assets concerned.

22
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
1,227,527
1,620,539
1,227,527
1,620,539
Other loans
1,973,158
-
0
-
0
-
0
3,200,685
1,620,539
1,227,527
1,620,539
Payable within one year
2,207,074
614,582
233,916
614,582
Payable after one year
993,611
1,005,957
993,611
1,005,957
RETSTONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
22
Loans and overdrafts
(Continued)
- 31 -

Bank loans include £200,621 (202 4: £2 12,444) in relation to a mortgage which is repayable on a monthly basis over a term of 60 months. Interest is charged at a rate of 3.5% p.a. above base.

A further bank loan of £125,000 (202 4: £425,000) is repayable on a monthly basis over a term of 72 months. Interest is charged at a rate of 3.5% p.a. above base.

A further bank loan of £901,906 (202 4: £983,095) is repayable on a quarterly basis over a term of 60 months. Interest is charged at a rate of 3.5% p.a. above base.

All bank loans are secured by way of a fixed and floating charge over all assets of the group.

Other loans include £1,973,158 (202 4: £Nil) in relation to a short term, secured loan which was fully repaid on 31st March 2026. Interest is charged at a rate of 5% p.a.

23
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
2,779,810
2,111,288
-
0
-
0
In two to five years
4,658,836
3,939,045
-
0
-
0
7,438,646
6,050,333
-
-

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

24
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
2,798,211
1,961,767
Tax losses
(1,465,153)
(1,031,325)
Revaluations
116,766
116,766
Retirement benefit obligations
(10,448)
(10,448)
Remuneration
(6,106)
(143,432)
1,433,270
893,328
RETSTONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
24
Deferred taxation
(Continued)
- 32 -
Liabilities
Liabilities
2025
2024
Company
£
£
Revaluations
116,766
116,766
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 January 2025
893,328
116,766
Charge to profit or loss
539,942
-
Liability at 31 December 2025
1,433,270
116,766

Group

The deferred tax liability set out above, predominately relates to accelerated capital allowances that are expected to mature over the associated fixed assets useful economic life. Tax losses carried forward will be utilised against future profits. Pension contributions and remuneration will attract tax relief in the year paid. F uture tax payable on expected property revaluation gains arising on fair value professional valuations obtained is also recognised as revaluations are processed.

Company

The deferred tax liability set out above, predominately relates to future capital gains tax payable on a revalued property, less the tax losses carried forward, which will be utilised against future profits.

25
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
433,679
408,466

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

As at the balance sheet date, contributions due to the schemes in respect of the current reporting period were £54,981 (20 24: £55,015).

RETSTONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 33 -
26
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
650
650
650
650
Ordinary E share of £1 each
16
16
16
16
Ordinary F share of £1 each
14
14
14
14
Ordinary G share of £1 each
12
12
12
12
692
692
692
692

All classes of share capital rank pari passu.

27
Revaluation reserve
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the year
859,104
788,670
-
0
-
0
Revaluation surplus arising in the year
-
0
86,000
-
0
-
0
Other movements
(15,566)
(15,566)
-
-
At the end of the year
843,538
859,104
-
0
-
28
Other reserves
2025
2024
Group
£
£
At the beginning and end of the year
-
-
2025
2024
Company
£
£
At the beginning of the year
5,299,799
4,599,799
Other movements
1,300,000
700,000
At the end of the year
6,599,799
5,299,799

Other reserves relate to the accumulated fair value adjustments in the carrying value of shares held in subsidiaries, based on a valuation report dated 22 December 2016. The carrying value of shares held in subsidiaries has been subsequently impaired based on the Directors assessment, considering net assets of the trading subsidiaries. The original cost of the shares restated at fair value is £200 (2024: £200).

RETSTONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 34 -
29
Capital redemption reserve
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning and end of the year
398
398
398
398

In 2022, 300 Ordinary B shares, with a nominal value of £1 each, were bought back by the company at a total value of £1,000,000. During 2023, 50 Ordinary C shares and 48 Ordinary D, with a nominal value of £1 each, were bought back by the company at a total value of £367,500.

30
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
22,291
19,011
-
-
Between two and five years
21,580
40,591
-
-
43,871
59,602
-
-
Lessor

The group has a contractual operating lease of digital perimeter systems with a third party. This lease is dated 2021 and includes fixed rentals over a 6 year lease term. There is an option for the lessee to purchase the equipment at the end of the lease.

At the reporting end date the group h a d the following minimum lease payments contracted with the lessee:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
159,145
153,223
-
-
Between two and five years
67,338
226,483
-
-
226,483
379,706
-
-
RETSTONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 35 -
31
Related party transactions

The company and group has taken advantage of the exemption available in FRS 102 "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

Group

During the year, pension contributions of £5,045 (202 4: £5,045) were made to ADI UK Ltd Retirement Benefit Scheme, the company's self-administered pension scheme. At the year end £102,533 (2024: £100,893) was included in other creditors. This balance is unsecured, repayable on demand and non-interest bearing.

During the year, close family members of the directors were employed by the group and received total remuneration of £7,352 (2024: £1,884).

32
Directors' transactions

Dividends totalling £0 (2024 - £329,112) were paid in the year in respect of shares held by the company's directors.

Advances
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director loan account
3.75
(128,779)
229,592
1,437
(102,480)
(230)
(128,779)
229,592
1,437
(102,480)
(230)
33
Controlling party

The ultimate controlling party is G E Williams based on his majority shareholding.

34
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
1,417,659
1,618,793
Adjustments for:
Taxation charged
539,942
551,257
Finance costs
860,702
527,245
Investment income
(103,645)
(53,375)
Loss/(gain) on disposal of tangible fixed assets
2,347
(10,221)
Depreciation and impairment of tangible fixed assets
2,471,220
2,407,474
Gain on sale of investments
-
(66,455)
Other gains and losses
-
(512,541)
Movements in working capital:
Decrease in stocks
371,432
1,813,325
(Increase)/decrease in debtors
(521,024)
688,999
Increase/(decrease) in creditors
225,927
(2,343,588)
Cash generated from operations
5,264,560
4,620,913
RETSTONE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 36 -
35
Analysis of changes in net debt - group
1 January 2025
Cash flows
New finance leases
31 December 2025
£
£
£
£
Cash at bank and in hand
3,472,918
1,728,484
-
5,201,402
Borrowings excluding overdrafts
(1,620,539)
(1,580,146)
-
(3,200,685)
Obligations under finance leases
(6,050,333)
1,485,333
(2,873,646)
(7,438,646)
(4,197,954)
1,633,671
(2,873,646)
(5,437,929)
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