REGISTERED NUMBER: 07067225 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

FOR

RIPAT LTD AND SUBSIDARIES

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

Mr R H Burbidge

Mr J Burbidge

Mrs S A Peach

Mr D H A Burbidge

SECRETARY:

Ms H Scarratt

REGISTERED OFFICE:

Burbidge House Canal Wood Industrial Est

Chirk

Wrexham

LL14 5RL

REGISTERED NUMBER:

07067225 (England and Wales)

AUDITORS:

D.R.E. & Co. (Audit) Limited

7 Lower Brook Street

Oswestry

Shropshire

SY11 2HG

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

The key performance indicators used by the business are turnover, gross profit and operating profit.

The reported turnover for the year was £24,768,000 up 8.1%, from 2024 £23,190,000.

Gross profit margins have increased from 24.3% for 2024 to 25.8% for 2025.

Performance of the business

2025

2024

£

£

Turnover

24,768

23,190

Turnover increase

6.8%

(3.1)%

Gross profit margin

25.8%

24.3%

Operating profit margin/(loss)

3.7%

(1.9%)

Profit before tax

1,105

(137)

Principal risks and uncertainties

The Company uses financial instruments, these include cash, finance leases and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance fir the Company's operations. The existence of these financial instruments exposes the Company to a number of financial risks, which are described in more detail below.

Liquidity risk

The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash safely and profitably.

Interest rate risk

The Company finances its operations through a mixture of retained profits and finance leases.

Credit risk

The Company's principal financial assets are cash and trade debtors. The credit risk associated with cash is limited. The principal credit risk arises therefore from its trade debtors. In order to manage credit risk, credit limits are set and reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history.

Currency risk

The Company has a number of overseas suppliers. As a result the Company reviews its currency exposure on a continual basis and will enter into hedges if considered necessary.

ON BEHALF OF THE BOARD:

Mr J Burbidge - Director

19 June 2026

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

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review were those of designing, manufacturing and supplying of timber products and property rental.

DIVIDENDS

An interim dividend of £12.20 per share on the P ordinary shares £0.50 shares was paid on 7 April 2025. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the T ordinary shares £0.50 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 30 September 2025 will be £ 384,178 .

DIRECTORS

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

Mr R H Burbidge

Mr J Burbidge

Mrs S A Peach

Mr D H A Burbidge

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, D.R.E. & Co. (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr J Burbidge - Director

19 June 2026

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the client's operating sector;

-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation, employment, environmental and health and safety legislation;

-we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and

-reviewing the client's system notes and internal controls.

To address the risk of fraud through management bias and override of controls, we:

-performed analytical procedures to identify any unusual or unexpected relationships;

-tested journal entries to identify unusual transactions;

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

-investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

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

-reviewing correspondence with HMRC.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Aled Davies FCCA (Senior Statutory Auditor)

for and on behalf of D.R.E. & Co. (Audit) Limited

7 Lower Brook Street

Oswestry

Shropshire

SY11 2HG

19 June 2026

TURNOVER

4

24,768

23,190

Cost of sales

(18,378

)

(17,554

)

GROSS PROFIT

6,390

5,636

Administrative expenses

(5,485

)

(6,084

)

OPERATING PROFIT/(LOSS)

6

905

(448

)

Income from fixed asset investments

138

153

Interest receivable and similar income

138

206

1,181

(89

)

Interest payable and similar expenses

7

(76

)

(48

)

PROFIT/(LOSS) BEFORE TAXATION

1,105

(137

)

Tax on profit/(loss)

8

243

(89

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

1,348

(226

)

Profit/(loss) attributable to:

Owners of the parent

1,348

(226

)

PROFIT/(LOSS) FOR THE YEAR

1,348

(226

)

OTHER COMPREHENSIVE INCOME

Actuarial (losses)/gains on defined

(280

)

(770

)

benefit pension scheme

Revaluation of fixed asset investments

48

655

Income tax relating to components of other comprehensive income

70

193

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(162

)

78

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,186

(148

)

Total comprehensive income attributable to:

Owners of the parent

1,186

(148

)

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

6,234

6,555

Investments

13

6,449

7,263

Investment property

14

6,090

6,090

18,773

19,908

CURRENT ASSETS

Stocks

15

6,323

5,570

Debtors

16

5,865

5,572

Cash at bank

3,620

3,004

15,808

14,146

CREDITORS

Amounts falling due within one year

17

4,205

4,500

NET CURRENT ASSETS

11,603

9,646

TOTAL ASSETS LESS CURRENT LIABILITIES

30,376

29,554

CREDITORS

Amounts falling due after more than one year

18

(272

)

(365

)

PENSION LIABILITY

(1,708

)

(1,595

)

NET ASSETS

28,396

27,594

CAPITAL AND RESERVES

Called up share capital

23

38

38

Other reserves

24

22,649

22,649

Retained earnings

24

5,709

4,907

SHAREHOLDERS' FUNDS

28,396

27,594

The financial statements were approved by the Board of Directors and authorised for issue on 19 June 2026 and were signed on its behalf by:

Mr J Burbidge - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

28,174

28,174

Investment property

14

-

-

28,174

28,174

CURRENT ASSETS

Cash at bank

-

1

NET CURRENT ASSETS

-

1

TOTAL ASSETS LESS CURRENT LIABILITIES

28,174

28,175

CAPITAL AND RESERVES

Called up share capital

23

38

38

Other reserves

24

22,649

22,649

Retained earnings

24

5,487

5,488

SHAREHOLDERS' FUNDS

28,174

28,175

Company's profit for the financial year

383

335

The financial statements were approved by the Board of Directors and authorised for issue on 19 June 2026 and were signed on its behalf by:

Mr J Burbidge - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£'000

£'000

£'000

£'000

Balance at 1 October 2023

38

5,390

22,649

28,077

Changes in equity

Dividends

-

(335

)

-

(335

)

Total comprehensive income

-

(148

)

-

(148

)

Balance at 30 September 2024

38

4,907

22,649

27,594

Changes in equity

Dividends

-

(384

)

-

(384

)

Total comprehensive income

-

1,186

-

1,186

Balance at 30 September 2025

38

5,709

22,649

28,396

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£'000

£'000

£'000

£'000

Balance at 1 October 2023

38

5,488

22,649

28,175

Changes in equity

Dividends

-

(335

)

-

(335

)

Total comprehensive income

-

335

-

335

Balance at 30 September 2024

38

5,488

22,649

28,175

Changes in equity

Dividends

-

(384

)

-

(384

)

Total comprehensive income

-

383

-

383

Balance at 30 September 2025

38

5,487

22,649

28,174

Cash flows from operating activities

Cash generated from operations

1

330

903

Interest paid

(76

)

(48

)

Tax paid

(104

)

-

Net cash from operating activities

150

855

Cash flows from investing activities

Purchase of tangible fixed assets

(173

)

(1,068

)

Purchase of fixed asset investments

(2,098

)

(2,795

)

Sale of fixed asset investments

1,960

2,734

Divestment of fixed asset investments

1,000

-

Interest received

138

206

Dividends received

138

153

Net cash from investing activities

965

(770

)

Cash flows from financing activities

Loan repayments in year

(98

)

(95

)

Amount withdrawn by directors

(17

)

(309

)

Equity dividends paid

(384

)

(335

)

Net cash from financing activities

(499

)

(739

)

Increase/(decrease) in cash and cash equivalents

616

(654

)

Cash and cash equivalents at beginning of year

2

3,004

3,659

Cash and cash equivalents at end of year

2

3,620

3,004

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.9.25

30.9.24

£'000

£'000

Profit/(loss) before taxation

1,105

(137

)

Depreciation charges

494

1,291

Movement in net pension assets/liability

(167

)

(201

)

Finance costs

76

48

Finance income

(276

)

(359

)

1,232

642

Increase in stocks

(753

)

(823

)

Decrease in trade and other debtors

38

81

(Decrease)/increase in trade and other creditors

(187

)

1,003

Cash generated from operations

330

903

2.	CASH AND CASH EQUIVALENTS

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

Year ended 30 September 2025

30.9.25

1.10.24

£'000

£'000

Cash and cash equivalents

3,620

3,004

Year ended 30 September 2024

30.9.24

1.10.23

£'000

£'000

Cash and cash equivalents

3,004

4,851

Bank overdrafts

-

(1,192

)

3,004

3,659

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.24

Cash flow

At 30.9.25

£'000

£'000

£'000

Net cash

Cash at bank

3,004

616

3,620

3,004

616

3,620

Debt

Debts falling due within 1 year

(97

)

4

(93

)

Debts falling due after 1 year

(365

)

93

(272

)

(462

)

97

(365

)

Total

2,542

713

3,255

1.	STATUTORY INFORMATION

Ripat Ltd and subsidaries is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The presentation currency is sterling (£) rounded to the nearest thousand.

Basis of consolidation

The consolidated financial statements present the results of the Company and its subsidiaries as if they form a single entity. Intercompany balances and transactions between group companies are therefore eliminated in full.

The financial statements include the companies listed within note 13.

Significant judgements and estimates

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

- Stock provision which is calculated based on the usage of the individual stock items over the last 12 months.

- Valuation of the defined benefit scheme which has been determined by a third party valuer based on key assumptions.

- Valuation of investment properties. Management have used the latest property valuations, and applicable market data to determine the market value at the period end.

- Impairment of goodwill and investments in subsidiaries which is based on carrying value of the asset or cash-generating unit to which the asset has been allocated.

See notes within the accounts for the carrying amounts in relation to the above.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated statement of comprehensive income over its useful economic life.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.