Company registration number NI029743 (Northern Ireland)
PROFAST GROUP LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PROFAST GROUP LIMITED
COMPANY INFORMATION
Directors
Mr J H Aiken
Mr S D Clarke
Mr C B Milne
Secretary
Ms J Macartney
Company number
NI029743
Registered office
26-30 Rydalmere Street
Belfast
BT12 6GF
Auditor
GMcG BELFAST
Chartered Accountants & Statutory Auditor
Alfred House
19 Alfred Street
Belfast
BT2 8EQ
Bankers
Bank of Ireland
Corporate & Business Banking
1 Donegall Square South
Belfast
BT1 5LR
Solicitors
Elliotts Legal
40 Linenhall Street
Belfast
BT2 8BA
PROFAST GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 9
Profit and loss account
10
Group statement of comprehensive income
11
Group balance sheet
12
Company balance sheet
13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Company statement of cash flows
17
Notes to the financial statements
18 - 36
PROFAST GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Review of the business

The principal activity of the group is the sale of fasteners, fixings and window and door hardware across the UK and Ireland.

The directors have determined that the following financial indicators are the most effective measures of progress towards achieving the group's objectives:

| Year ended 31 December 20 25 | Year ended 31 December 202 4
| £ | £
Turnover | 14,455,786 | 17,692,980
Gross profi t Operating profit excluding exceptional items | 4,547,498 795,590 | 5,505,590 263,357
Profit before tax | 650,196 | 2,265,407

In June 2024, the group disposed of one of its subsidiary companies, Aptus Fastener Systems Limited. The comparative figures include six months relating to the disposed subsidiary.

Overall, the group's turnover from continuing operations is down from £15.3m in the prior year to £14.5m in 2025.

Despite the drop in turnover for the year, gross profit margin from continuing operations has increased slightly from 31.2% to 31.5%.

Administration expenses have decreased from the prior year. The decrease in expenditure is partly a result of additional costs in the prior year that were one-off or non-recurring.

The combination of these factors has resulted in the group's operating profit before exceptional items increasing to £796k (2024 - £263k).

The directors consider the results for the year to be satisfactory in the current economic climate. The directors are committed to continue to develop the performance of trading operations in the future.

Principal risks and uncertainties

The key business risks and uncertainties, which the directors envisage will affect the group, are lack of activity in the market place mainly due to lack of liquidity, fluctuations in currency rates and increased competition from both national and local suppliers. The group has long standing relationships with its customers, suppliers and bankers and maintaining these relationships will be very important in the current business climate.

On behalf of the board

Mr S D Clarke
Director
27 May 2026
PROFAST GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Principal activities

The principal activity of the group continued to be that of the sale of fasteners, fixings and window and door hardware.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £282,018. The directors do not recommend payment of a further dividend.

Directors

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

Mr J H Aiken
Mr S D Clarke
Mr C B Milne
Auditor

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

Statement of directors' responsibilities

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

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

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PROFAST GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
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.

On behalf of the board
Mr S D Clarke
Director
27 May 2026
PROFAST GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PROFAST GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of Profast Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group profit and loss account, 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, the company 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

PROFAST GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PROFAST GROUP LIMITED
- 5 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information 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 directors' 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 directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the 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 directors' 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.

PROFAST GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PROFAST GROUP LIMITED
- 6 -
Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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

PROFAST GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PROFAST GROUP LIMITED
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing potential risks of material misstatement in respect of irregularities, including fraud and non-compliances with laws and regulations, we considered the following:

- The nature of the industry and sector, control environment and business performance, including the company’s remuneration policies for directors, bonus levels and performance targets, if any;

- Results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- Any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to:

  - Identifying, evaluating and complying with laws and regulations and whether they were aware of any instance of non-compliance;

  - Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

  - The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in income recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

PROFAST GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PROFAST GROUP LIMITED
- 8 -
Audit response to risks identified

Our procedures to respond to the risks identified included the following:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- Enquiring of management concerning actual and potential litigation and claims;

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- Reading minutes of meetings of those charged with governance and reviewing correspondence with tax authorities; and

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they 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.

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.

PROFAST GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PROFAST GROUP LIMITED
- 9 -

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.

Mr Nigel Moore FCA (Senior Statutory Auditor)
For and on behalf of GMcG BELFAST
27 May 2026
Chartered Accountants
Statutory Auditor
Chartered Accountants & Statutory Auditor
Alfred House
19 Alfred Street
Belfast
BT2 8EQ
PROFAST GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Continuing
Discontinued
31 December
Continuing
Discontinued
31 December
operations
operations
2025
operations
operations
2024
Notes
£
£
£
£
£
£
Turnover
3
14,455,786
-
14,455,786
15,302,931
2,390,049
17,692,980
Cost of sales
(9,908,288)
-
(9,908,288)
(10,527,447)
(1,659,943)
(12,187,390)
Gross profit
4,547,498
-
4,547,498
4,775,484
730,106
5,505,590
Distribution costs
(393,294)
-
(393,294)
(387,405)
(27,032)
(414,437)
Administrative expenses
(3,416,536)
-
(3,416,536)
(4,204,290)
(623,506)
(4,827,796)
Other operating income
57,922
-
57,922
-
-
-
Exceptional item
4
-
0
-
-
2,092,284
-
2,092,284
Operating profit
5
795,590
-
795,590
2,276,073
79,568
2,355,641
Interest receivable and similar income
8
119
-
119
-
-
-
Interest payable and similar expenses
9
(145,513)
-
(145,513)
(95,844)
(22,168)
(118,012)
Profit/(loss) on disposal of operations
10
- Aptus
-
-
-
-
27,778
27,778
Profit before taxation
650,196
-
650,196
2,180,229
85,178
2,265,407
Tax on profit
11
(39,734)
-
(39,734)
(365,552)
(17,682)
(383,234)
Profit for the financial year
27
610,462
-
610,462
1,814,677
67,496
1,882,173
Profit for the financial year is all attributable to the owner of the parent company.
PROFAST GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
£
£
Profit for the year
610,462
1,882,173
Other comprehensive income
Currency translation gain/(loss) taken to retained earnings
159,375
(96,147)
Total comprehensive income for the year
769,837
1,786,026
Total comprehensive income for the year is all attributable to the owner of the parent company.
PROFAST GROUP LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
13
175,000
252,564
175,000
252,564
Current assets
Stocks
16
2,455,936
2,418,410
Debtors
17
7,072,507
7,056,807
Cash at bank and in hand
229,000
354,242
9,757,443
9,829,459
Creditors: amounts falling due within one year
19
(2,790,951)
(3,409,420)
Net current assets
6,966,492
6,420,039
Total assets less current liabilities
7,141,492
6,672,603
Creditors: amounts falling due after more than one year
20
(33,021)
(37,791)
Provisions for liabilities
Deferred tax liability
24
29,738
43,898
(29,738)
(43,898)
Net assets
7,078,733
6,590,914
Capital and reserves
Called up share capital
26
125,448
125,448
Share premium account
27
155,600
155,600
Other reserves
27
13,431
13,431
Profit and loss reserves
27
6,784,254
6,296,435
Total equity
7,078,733
6,590,914

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

The financial statements were approved by the board of directors and authorised for issue on 27 May 2026 and are signed on its behalf by:
27 May 2026
Mr S D Clarke
Director
Company registration number NI029743 (Northern Ireland)
PROFAST GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 13 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
13
89,033
115,081
Investments
14
1,238,571
1,238,571
1,327,604
1,353,652
Current assets
Debtors
17
372,373
548,272
Cash at bank and in hand
35,117
27,963
407,490
576,235
Creditors: amounts falling due within one year
19
(683,241)
(839,065)
Net current liabilities
(275,751)
(262,830)
Total assets less current liabilities
1,051,853
1,090,822
Provisions for liabilities
Deferred tax liability
24
21,736
27,757
(21,736)
(27,757)
Net assets
1,030,117
1,063,065
Capital and reserves
Called up share capital
26
125,448
125,448
Share premium account
27
155,600
155,600
Profit and loss reserves
27
749,069
782,017
Total equity
1,030,117
1,063,065

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 £249,071 (2024 - £340,401 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 27 May 2026 and are signed on its behalf by:
27 May 2026
Mr S D Clarke
Director
Company registration number NI029743 (Northern Ireland)
PROFAST GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
Share capital
Share premium account
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2024
121,903
131,647
13,431
4,510,409
4,777,390
Year ended 31 December 2024:
Profit for the year
-
-
-
1,882,173
1,882,173
Other comprehensive income:
Currency translation differences
-
-
-
(96,147)
(96,147)
Total comprehensive income
-
-
-
1,786,026
1,786,026
Issue of share capital
26
3,545
23,953
-
-
27,498
Balance at 31 December 2024
125,448
155,600
13,431
6,296,435
6,590,914
Year ended 31 December 2025:
Profit for the year
-
-
-
610,462
610,462
Other comprehensive income:
Currency translation differences
-
-
-
159,375
159,375
Total comprehensive income
-
-
-
769,837
769,837
Dividends
12
-
-
-
(282,018)
(282,018)
Balance at 31 December 2025
125,448
155,600
13,431
6,784,254
7,078,733
PROFAST GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
121,903
131,647
441,616
695,166
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
340,401
340,401
Issue of share capital
26
3,545
23,953
-
27,498
Balance at 31 December 2024
125,448
155,600
782,017
1,063,065
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
249,070
249,070
Dividends
12
-
-
(282,018)
(282,018)
Balance at 31 December 2025
125,448
155,600
749,069
1,030,117
PROFAST GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
32
725,908
(676,416)
Interest paid
(145,513)
(199,974)
Income taxes paid
(346,828)
(119,604)
Net cash inflow/(outflow) from operating activities
233,567
(995,994)
Investing activities
Purchase of tangible fixed assets
(20,821)
(46,404)
Proceeds from disposal of tangible fixed assets
-
1,475
Interest received
119
-
0
Net cash used in investing activities
(20,702)
(44,929)
Financing activities
Proceeds from issue of shares
-
27,498
Movement in debtor finance
(67,140)
1,157,425
Repayment of bank loans
-
(25,551)
Payment of finance leases obligations
(6,062)
(15,437)
Dividends paid to equity shareholders
(282,018)
(81,613)
Net cash (used in)/generated from financing activities
(355,220)
1,062,322
Net (decrease)/increase in cash and cash equivalents
(142,355)
21,399
Cash and cash equivalents at beginning of year
354,242
352,431
Effect of foreign exchange rates
6,413
(19,588)
Cash and cash equivalents at end of year
218,300
354,242
Relating to:
Cash at bank and in hand
229,000
354,242
Bank overdrafts included in creditors payable within one year
(10,700)
-
PROFAST GROUP LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
317,348
251,299
Interest paid
(38)
(90,496)
Income taxes paid
(23,333)
(8,753)
Net cash inflow from operating activities
293,977
152,050
Investing activities
Purchase of tangible fixed assets
(4,805)
(15,936)
Proceeds from disposal of tangible fixed assets
-
0
554
Net cash used in investing activities
(4,805)
(15,382)
Financing activities
Proceeds from issue of shares
-
27,498
Repayment of bank loans
-
(25,551)
Dividends paid to equity shareholders
(282,018)
(81,613)
Net cash used in financing activities
(282,018)
(79,666)
Net increase in cash and cash equivalents
7,154
57,002
Cash and cash equivalents at beginning of year
27,963
(29,039)
Cash and cash equivalents at end of year
35,117
27,963
PROFAST GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
1
Accounting policies
Company information

Profast Group Limited (“the company”) is a private limited company domiciled and incorporated in Northern Ireland. The registered office is 26-30 Rydalmere Street, Belfast, BT12 6GF.

The group consists of Profast Group Limited and all of its subsidiaries.

1.1
Accounting convention

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. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Profast Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

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.

1.3
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

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.

1.5
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.

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

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:

Leasehold land and buildings
20% straight line
Plant and equipment
20%-25% straight line
Fixtures and fittings
20%-33% straight line
Computers
25% straight line
Motor vehicles
25% straight line

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.

1.6
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, associates and jointly controlled entities are 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.

1.7
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.

PROFAST GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies (Continued)
- 20 -
1.8
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.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.9
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.

1.10
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.

PROFAST GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies (Continued)
- 21 -
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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

PROFAST GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies (Continued)
- 22 -
Derecognition of financial liabilities

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

1.11
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.

1.12
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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.13
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.

1.14
Retirement benefits

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

1.15
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.

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.

PROFAST GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies (Continued)
- 23 -
1.16
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.17
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 directors are 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.

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.

Fixed assets

The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The directors regularly review these asset lives and cha nge them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have a significant impact on depreciation and amortisation charges for the period. Detail of the useful lives is included in the accounting policies.

Stocks

At each b alance s heet date the group's stock is assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The assessment of the selling price of such stock involves some estimation uncertainty.

Debtors

Short term debtors are measured at transaction price, less any impairment. Impairment of such debtors involves some estimation uncertainty.

Taxation

Judgements are made in relation to the calculation of certain aspects of the year end tax provisions and the respective tax charge. The management used external professional advice to support the year end provisions.

PROFAST GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
3
Turnover and other revenue

The whole of the turnover is attributable to the sale of window and door hardware, fasteners and fixings.

2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
8,986,945
11,723,728
Republic of Ireland
5,468,841
5,969,252
14,455,786
17,692,980
2025
2024
£
£
Other revenue
Interest income
119
-
4
Exceptional item
2025
2024
£
£
Profit on disposal of fixed assets
-
(2,092,284)
-
(2,092,284)

During the prior year, the group disposed of its two properties, realising a profit on disposal of £2.1m. The group continues to operate from the same premises under commercial lease arrangements.

5
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(24,239)
34,235
Fees payable to the group's auditor for the audit of the group's financial statements
5,750
5,500
Depreciation of tangible fixed assets
100,292
131,761
Loss/(profit) on disposal of tangible fixed assets
634
(128)
Operating lease charges
268,722
200,606
PROFAST GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
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
Management/admin
16
20
10
9
Sales and warehouse
41
57
-
-
Total
57
77
10
9

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,160,761
2,892,721
428,572
548,693
Social security costs
252,074
280,073
52,840
71,195
Pension costs
81,430
456,817
25,952
147,007
2,494,265
3,629,611
507,364
766,895
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
280,087
356,636
Company pension contributions to defined contribution schemes
20,970
131,270
Compensation for loss of office
-
196,760
301,057
684,666

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
99,964
253,270
Company pension contributions to defined contribution schemes
8,380
30,492
PROFAST GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
119
-
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
36,527
36,400
Interest on convertible loan notes
-
0
2,881
Interest on invoice finance arrangements
108,986
80,383
145,513
119,664
Other finance costs:
Interest on finance leases and hire purchase contracts
-
(1,652)
Total finance costs
145,513
118,012
10
Discontinued operations
Aptus

On 28 June 2024, the company sold the entire share capital of Aptus Fastener Systems Limited. The group realised a gain of £27,778 on the disposal, being the proceeds of the sale, less the carrying value of the business assets and attributable goodwill.

PROFAST GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
74,507
392,883
Adjustments in respect of prior periods
(20,612)
-
0
Total current tax
53,895
392,883
Deferred tax
Origination and reversal of timing differences
(14,161)
(9,563)
Adjustment in respect of prior periods
-
0
(86)
Total deferred tax
(14,161)
(9,649)
Total tax charge
39,734
383,234

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
650,196
2,265,407
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
162,549
566,352
Tax effect of expenses that are not deductible in determining taxable profit
2,999
44,450
Adjustments in respect of prior years
(23,962)
(86)
Group relief
(70,534)
-
0
Other permanent differences
-
0
(523,071)
Effect of overseas tax rates
(23,345)
(186,639)
Deferred tax asset movements
(7,005)
(8,062)
Chargeable gain
-
0
496,025
Gains not taxable
-
(86,168)
Adjustment on consolidation
(968)
80,433
Taxation charge
39,734
383,234
12
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
282,018
-
PROFAST GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
13
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2025
26,442
64,148
281,941
487,162
165,998
1,025,691
Additions
-
0
-
0
7,813
11,506
1,503
20,822
Disposals
-
0
-
0
(3,148)
(21,584)
-
0
(24,732)
Exchange adjustments
1,371
-
0
3,335
2,510
3,165
10,381
At 31 December 2025
27,813
64,148
289,941
479,594
170,666
1,032,162
Depreciation and impairment
At 1 January 2025
25,365
48,560
241,276
343,870
114,056
773,127
Depreciation charged in the year
411
5,327
20,179
49,032
25,343
100,292
Eliminated in respect of disposals
-
0
-
0
(3,067)
(21,030)
-
0
(24,097)
Exchange adjustments
1,315
-
0
2,434
1,907
2,184
7,840
At 31 December 2025
27,091
53,887
260,822
373,779
141,583
857,162
Carrying amount
At 31 December 2025
722
10,261
29,119
105,815
29,083
175,000
At 31 December 2024
1,077
15,588
40,665
143,292
51,942
252,564
Company
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 January 2025
10,000
390,048
400,048
Additions
-
0
4,805
4,805
Disposals
-
0
(12,653)
(12,653)
At 31 December 2025
10,000
382,200
392,200
Depreciation and impairment
At 1 January 2025
8,667
276,300
284,967
Depreciation charged in the year
1,333
29,520
30,853
Eliminated in respect of disposals
-
0
(12,653)
(12,653)
At 31 December 2025
10,000
293,167
303,167
Carrying amount
At 31 December 2025
-
0
89,033
89,033
At 31 December 2024
1,333
113,748
115,081
PROFAST GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
13
Tangible fixed assets (Continued)
- 29 -

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Motor vehicles
3,473
9,426
-
0
-
0

Freehold land and buildings have been pledged to secure borrowings of the group.

14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1,238,571
1,238,571
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025 and 31 December 2025
1,238,571
Carrying amount
At 31 December 2025
1,238,571
At 31 December 2024
1,238,571
15
Subsidiaries

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

Name of undertaking
Address
Class of
% Held
shares held
Direct
Fortus Hardware Limited
1
Ordinary
100.00
Profast (NI) Limited
1
Ordinary
100.00
Profast Limited
2
Ordinary
100.00

Registered office addresses:

1
26-30 Rydalmere Street, Belfast, BT12 6GF
2
Unit 11 Western Industrial Estate, Naas Road, Dublin 12
PROFAST GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 30 -
16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
2,455,936
2,418,410
-
0
-
0
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,012,039
2,096,244
-
0
8,422
Amounts owed by group undertakings
4,901,235
4,787,530
338,549
520,361
Other debtors
22,032
4,825
-
0
-
0
Prepayments and accrued income
137,201
168,208
33,824
19,489
7,072,507
7,056,807
372,373
548,272
18
Financial instruments
Group
Company
2025
2024
2025
2024
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
6,913,722
6,888,599
338,549
528,783
Carrying amount of financial liabilities
Measured at amortised cost
2,403,430
2,631,132
603,333
732,684
19
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
21
10,700
-
0
-
0
-
0
Debtor finance
21
1,381,531
1,448,671
-
0
-
0
Obligations under finance leases
22
1,846
5,358
-
0
-
0
Trade creditors
792,642
881,509
7,891
2,732
Amounts owed to group undertakings
-
0
-
0
566,305
684,449
Corporation tax payable
33,559
326,493
47,811
31,965
Other taxation and social security
351,742
452,125
32,097
74,416
Government grants
23
2,220
2,220
-
0
-
0
Other creditors
4,985
14,973
-
0
1,481
Accruals and deferred income
211,726
278,071
29,137
44,022
2,790,951
3,409,420
683,241
839,065
PROFAST GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 31 -
20
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
22
-
0
2,550
-
0
-
0
Government grants
23
33,021
35,241
-
0
-
0
33,021
37,791
-
-
21
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank overdrafts
10,700
-
0
-
0
-
0
Debtor finance
1,381,531
1,448,671
-
0
-
0
1,392,231
1,448,671
-
-
Payable within one year
1,392,231
1,448,671
-
0
-
0

Debtor finance of £1,381,531 (2024 - £1,448,671) is secured by way of a debenture over the assets and undertakings of the group and an unlimited cross company guarantee between Profast Group Limited, Fortus Hardware Limited, Profast (NI) Limited, Profast Limited and Titan GRP Limited.

Obligations under finance leases are secured on the assets to which they relate.

22
Finance lease obligations
Group
Company
2025
2024
2025
2024
Amounts due:
£
£
£
£
Current liabilities
1,846
5,358
-
0
-
0
Non-current liabilities
-
0
2,550
-
0
-
0
1,846
7,908
-
-
Group
Company
2025
2024
2025
2024
Future minimum lease payments due:
£
£
£
£
Within one year
1,846
5,358
-
0
-
0
In two to five years
-
0
2,550
-
0
-
0
1,846
7,908
-
-
PROFAST GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 32 -
23
Government grants
Group
Company
2025
2024
2025
2024
£
£
£
£
Arising from government grants
35,241
37,461
-
-

Deferred income is included in the financial statements as follows:

Current liabilities
2,220
2,220
-
0
-
0
Non-current liabilities
33,021
35,241
-
0
-
0
35,241
37,461
-
-
24
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
29,738
46,043
Other timing differences
-
(2,145)
29,738
43,898
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
21,736
28,132
Other timing differences
-
(375)
21,736
27,757
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 January 2025
43,898
27,757
Credit to profit or loss
(14,160)
(6,021)
Liability at 31 December 2025
29,738
21,736
PROFAST GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 33 -
25
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
81,430
456,817

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.

26
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
125,448
125,448
125,448
125,448
27
Reserves
Share premium

The share premium represents the premium received on shares issued by the company.

Other reserves

Other reserves represent reserves arising on consolidation.

Profit and loss reserves

The profit and loss reserves represent the retained earnings that are available for distribution.

28
Contingent liabilities

The company has entered into an all monies cross guarantee as security for certain borrowings of its parent company Titan GRP Limited and its subsidiaries Profast (NI) Limited, Profast Limited and Fortus Hardware Limited. The total relevant borrowings of Titan GRP Limited at the year end was £1.295m (2024 - £1.665m).

The company has also granted a debenture creating fixed and floating security over its assets and undertakings in favour of its parent company, Titan GRP Limited. The relevant borrowings of Titan GRP Limited at the year end was £372,885 (2024 - £459,642).

PROFAST GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 34 -
29
Operating lease commitments
As 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 1 year
262,438
227,317
9,098
-
Years 2-5
559,478
697,729
9,098
-
821,916
925,046
18,196
-
30
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
375,298
1,108,298
Transactions with related parties

Exemption

The directors have taken advantage of the exemption from disclosing related party transactions with other wholly owned group companies, in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

31
Controlling party

The company's parent company is Titan GRP Limited, a company incorporated in Northern Ireland. Titan GRP Limited has prepared consolidated financial statements that include the results of the company. Titan GRP Limited is the largest group of which the company is a member and copies of consolidated financial statements are available from its registered office at 26-30 Rydalmere Street, Belfast, BT12 6GF.

PROFAST GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 35 -
32
Cash generated from/(absorbed by) group operations
2025
2024
£
£
Profit after taxation
610,462
1,882,173
Adjustments for:
Taxation charged
39,734
383,234
Finance costs
145,513
118,012
Investment income
(119)
-
0
Loss/(gain) on disposal of tangible fixed assets
634
(2,092,412)
Gain on disposal of business
-
(27,778)
Depreciation and impairment of tangible fixed assets
100,292
131,761
Movements in working capital:
Decrease in stocks
1,119
449,455
Decrease/(increase) in debtors
198,605
(1,745,264)
(Decrease)/increase in creditors
(368,112)
226,808
Decrease in deferred income
(2,220)
(2,405)
Cash generated from/(absorbed by) operations
725,908
(676,416)
33
Cash generated from operations - company
2025
2024
£
£
Profit after taxation
249,070
340,401
Adjustments for:
Taxation charged
33,158
33,500
Finance costs
38
8,534
Depreciation and impairment of tangible fixed assets
30,853
34,517
Other gains and losses
-
(344,176)
Movements in working capital:
Decrease in debtors
175,899
287,877
Decrease in creditors
(171,670)
(109,354)
Cash generated from operations
317,348
251,299
PROFAST GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 36 -
34
Analysis of changes in net debt - group
1 January 2025
Cash flows
Exchange rate movements
31 December 2025
£
£
£
£
Cash at bank and in hand
354,242
(131,655)
6,413
229,000
Bank overdrafts
-
0
(10,700)
-
(10,700)
354,242
(142,355)
6,413
218,300
Borrowings excluding overdrafts
(1,448,671)
67,140
-
(1,381,531)
Payment of finance leases obligations
(7,908)
6,062
-
(1,846)
(1,102,337)
(69,153)
6,413
(1,165,077)
35
Analysis of changes in net funds - company
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
27,963
7,154
35,117
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