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Registered number: 01083975 HOLROYD COMPONENTS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
HOLROYD COMPONENTS LIMITED COMPANY INFORMATION
Director | D C Taylor
Registered number | 01083975
Registered office | Shirehill Industrial Estate
| Saffron Walden
| Essex
| CB11 3AQ
Independent auditors | Price Bailey LLP
| Chartered Accountants & Statutory Auditors
| Causeway House
| 1 Dane Street
| Bishop's Stortford
| Hertfordshire
| CM23 3BT
HOLROYD COMPONENTS LIMITED CONTENTS
| Page
Strategic Report | 1
Director's Report | 2 - 3
Independent Auditors' Report | 4 - 6
Statement of Income and Retained Earnings | 7
Statement of Financial Position | 8
Statement of Cash Flows | 9
Analysis of Net Debt | 10
Notes to the Financial Statements | 11 - 23
HOLROYD COMPONENTS LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 30 NOVEMBER 2025
Introduction
The Company is engaged in the business of manufacturing heating elements.
Business review
Holroyd is a firmly established business with many elements of risk management in its business assurance systems to maintain their financial security and place in the market. The company has had another successful year and is confident about prospects for 2026.
Principal risks and uncertainties
Risks and uncertainties mainly relate to market share and non-payment; these are controlled by market analysis and strict credit control. Other risks are addressed by continual monitoring, root cause analysis and management reviews to action corrective and preventive actions. This information is evident and provided in the minutes of the Company’s Annual Management Review that covers the continual improvement of business, process efficiency, employee, health, safety, environmental and social aspects.
Financial key performance indicators
The principal financial goals of the Company are growth, profitability and cash generation. The Director is disappointed to note that the gross margin has decreased from 51.8% to 45.4%, however there is the expectation for this to improve next year. Distribution expenses have increased by 9.5% however, administrative expenses have decreased by 9.3% and turnover has decreased by 1.3% leading to an overall decrease in profit before tax of 19.5%. This Report was approved by the Director.
D C Taylor Director
Date: 22 June 2026
Page 1
HOLROYD COMPONENTS LIMITED DIRECTOR'S REPORT FOR THE YEAR ENDED 30 NOVEMBER 2025 The Director presents his report and the financial statements for the year ended 30 November 2025.
Results and dividends
The profit for the year, after taxation, amounted to £2,421,850 (2024 - £3,160,106). The Director does not recommend the payment of a final dividend.
Director
The Director who served during the year was:
D C Taylor
Future developments
The Director anticipates no significant changes in the Company's activities in the foreseeable future.
Director's responsibilities statement
The Director is responsible for preparing the Strategic Report, the Director's 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Director is required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments 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 Director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
The Director at the time when this Director's Report is approved has confirmed that: ∙so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙he has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Page 2
HOLROYD COMPONENTS LIMITED DIRECTOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025
Auditors
Under section 487(2) of the Companies Act 2006, Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board on 22 June 2026 and signed on its behalf.
D C Taylor Director
Page 3
HOLROYD COMPONENTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOLROYD COMPONENTS LIMITED
Opinion
We have audited the financial statements of Holroyd Components Limited (the 'Company') for the year ended 30 November 2025, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Cash Flows, the Analysis of Net Debt and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 30 November 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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 Auditors' 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. Page 4
HOLROYD COMPONENTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOLROYD COMPONENTS LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Director's Report 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report. 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, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of Director's 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 Director's Responsibilities Statement set out on page 2, 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 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 Company or to cease operations, or has no realistic alternative but to do so. Page 5
HOLROYD COMPONENTS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HOLROYD COMPONENTS LIMITED (CONTINUED)
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 an Auditors' 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: - Enquiry of management around actual and potential litigation and claims, and any known instances of non-compliance; - Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and - Reviewing our work throughout the audit file for evidence of non-compliance. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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 an Auditors' 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Paul Cullen (Senior Statutory Auditor) for and on behalf of Price Bailey LLP Chartered Accountants Statutory Auditors Causeway House 1 Dane Street Bishop's Stortford Hertfordshire CM23 3BT 25 June 2026 Page 6
HOLROYD COMPONENTS LIMITED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 30 NOVEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 15,556,727 | 15,767,587
Cost of sales |  | (8,682,695) | (7,604,980)
Gross profit |  | 6,874,032 | 8,162,607
Distribution costs |  | (593,084) | (541,536)
Administrative expenses |  | (3,338,935) | (3,681,129)
Other operating income | 5 | 20,641 | 12,326
Operating profit | 6 | 2,962,654 | 3,952,268
Interest receivable and similar income | 10 | 241,618 | 284,681
Interest payable and similar expenses | 11 | (6,624) | (29,231)
Profit before tax |  | 3,197,648 | 4,207,718
Tax on profit | 12 | (775,798) | (1,047,612)
Profit after tax |  | 2,421,850 | 3,160,106
Retained earnings at the beginning of the year |  | 15,002,869 | 12,842,763
Profit for the year |  | 2,421,850 | 3,160,106
Dividends declared and paid |  | - | (1,000,000)
Retained earnings at the end of the year |  | 17,424,719 | 15,002,869
The notes on pages 11 to 23 form part of these financial statements.
Page 7
HOLROYD COMPONENTS LIMITED REGISTERED NUMBER: 01083975 STATEMENT OF FINANCIAL POSITION AS AT 30 NOVEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 14 |  | 2,375,059 |  | 2,818,405
Investments | 15 |  | 1,007,081 |  | 7,081
|  |  | 3,382,140 |  | 2,825,486
Current assets |  |  |  |  |
Stocks | 16 | 567,815 |  | 746,023 |
Debtors: amounts falling due within one year | 17 | 7,356,910 |  | 5,593,754 |
Current asset investments | 18 | - |  | 4,500,000 |
Cash at bank and in hand | 19 | 7,828,729 |  | 3,595,508 |
|  | 15,753,454 |  | 14,435,285 |
Creditors: amounts falling due within one year | 20 | (801,118) |  | (1,347,852) |
Net current assets |  |  | 14,952,336 |  | 13,087,433
Total assets less current liabilities |  |  | 18,334,476 |  | 15,912,919
Provisions for liabilities |  |  |  |  |
Deferred tax | 21 | (323,655) |  | (359,948) |
Other provisions | 22 | (586,000) |  | (550,000) |
|  |  | (909,655) |  | (909,948)
Net assets |  |  | 17,424,821 |  | 15,002,971
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 102 |  | 102
Profit and loss account |  |  | 17,424,719 |  | 15,002,869
|  |  | 17,424,821 |  | 15,002,971
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 June 2026.
D C Taylor
Director
The notes on pages 11 to 23 form part of these financial statements. Page 8
HOLROYD COMPONENTS LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 NOVEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 2,421,850 | 3,160,106
Adjustments for: |  |
Depreciation of tangible assets | 570,638 | 646,147
Loss on disposal of tangible assets | 6,199 | 1,694
Interest paid | 6,624 | 29,231
Interest received | (241,618) | (284,681)
Taxation charge | 775,798 | 1,047,612
Decrease/(increase) in stocks | 178,208 | (35,795)
(Increase) in debtors | (1,413,156) | (2,148,429)
(Decrease) in creditors | (411,913) | (56,191)
Increase in provisions | 36,000 | 250,000
Corporation tax (paid) | (946,912) | (1,322,214)
Net cash generated from operating activities | 981,718 | 1,287,480
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (543,237) | (739,612)
Sale of tangible fixed assets | 59,746 | -
Purchase of short-term unlisted investments | (1,000,000) | (1,500,000)
Sale of short-term unlisted investments | 4,500,000 | -
Interest received | 241,618 | 284,681
Net cash from investing activities | 3,258,127 | (1,954,931)
Cash flows from financing activities |  |
Dividends paid | - | (1,000,000)
Interest paid | (6,624) | (29,231)
Net cash used in financing activities | (6,624) | (1,029,231)
Net increase/(decrease) in cash and cash equivalents | 4,233,221 | (1,696,682)
Cash and cash equivalents at beginning of year | 3,595,508 | 5,292,190
Cash and cash equivalents at the end of year | 7,828,729 | 3,595,508
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 7,828,729 | 3,595,508
The notes on pages 11 to 23 form part of these financial statements.
Page 9
HOLROYD COMPONENTS LIMITED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 30 NOVEMBER 2025
| At 1 December 2024 | Cash flows | At 30 November 2025
| £ | £ | £
Cash at bank and in hand | 3,595,508 | 4,233,221 | 7,828,729
| 3,595,508 | 4,233,221 | 7,828,729
The notes on pages 11 to 23 form part of these financial statements.
Page 10
HOLROYD COMPONENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
1. | General information
Holroyd Components Limited is a private company limited by shares, incorporated in England and Wales with the registered number 01083975. Its Registered Office is Shirehill Industrial Estate, Saffron Walden, Essex CB11 3AQ. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.3 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 11
HOLROYD COMPONENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.3 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the straight line or reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Leasehold improvements | - |  | Over the term of the lease
|  |  |  | Plant & machinery | - |  | 20% per annum on the reducing balance
|  |  |  | Motor vehicles | - |  | 25% per annum on the reducing balance
|  |  |  | Fixtures & fittings | - |  | 15% & 25% respectively per annum on the reducing balance
|  |  |  | Aircraft | - |  | 10% per annum straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.4 | Valuation of investments
Investments held as fixed assets are shown at cost less provision for impairment. Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
| 2.5 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.6 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.7 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management. Page 12
HOLROYD COMPONENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.8 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Basic 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 Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
| 2.9 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 13
HOLROYD COMPONENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.10 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is Pounds Sterling. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.
| 2.11 | Dividends
Equity dividends are recognised when they become legally payable.
| 2.12 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.13 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.14 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 14
HOLROYD COMPONENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.15 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Provision.
| 2.16 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Page 15
HOLROYD COMPONENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable to be reasonable under the circumstances. Critical accounting estimates and assumptions 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. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 14 for the carrying amount of the tangible fixed assets, and note 2.3 for the useful economic lives for each class of asset.
4. | Turnover
In the opinion of the Director, the disclosure of turnover by geographical segment would be seriously prejudicial to the interests of the Company and therefore this information has not been disclosed.
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sundry income | 20,641 | 12,326
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Exchange differences | (72,534) | 82,953
| Depreciation of tangible fixed assets | 341,960 | 646,147
| Defined contribution pension cost | 110,713 | 113,148
Page 16
HOLROYD COMPONENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
7. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 25,135 | 18,150
| Fees payable to the Company's auditors in respect of: |  |
| All non-audit services not included above | 21,775 | 16,504
8. | Employees
| Staff costs, including Director's remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 3,876,588 | 3,721,852
| Social security costs | 448,201 | 376,612
| Cost of defined contribution scheme | 110,713 | 113,148
|  | 4,435,502 | 4,211,612
| The average monthly number of employees, including the Director, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Administration | 30 | 30
|  | Production | 86 | 84
|  |  | 116 | 114
9. | Director's remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Director's emoluments | 149,153 | 173,957
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest receivable | 241,618 | 284,681
Page 17
HOLROYD COMPONENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loan interest payable | 1,029 | 25,867
| Other interest payable | 5,595 | 3,364
|  | 6,624 | 29,231
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 894,634 | 1,068,188
| Adjustments in respect of previous periods | (82,543) | (64,115)
|  | 812,091 | 1,004,073
| Deferred tax |  |
| Origination and reversal of timing differences | (36,293) | 43,539
| Tax on profit | 775,798 | 1,047,612
| Factors affecting tax charge for the year
| The tax assessed for the year is the same as (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 3,197,648 | 4,207,718
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 799,412 | 1,051,930
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 9,801 | 9,642
| Depreciation on non-qualifying assets | 48,887 | 50,155
| Adjustments to tax charge in respect of prior periods | (82,543) | (64,115)
| Other timing differences leading to an increase (decrease) in taxation | 241 | -
| Total tax charge for the year | 775,798 | 1,047,612
Page 18
HOLROYD COMPONENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 12.Taxation (continued)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
13. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid on ordinary shares | - | 1,000,000
14. | Tangible fixed assets
|  | Leasehold improvement | Plant and machinery | Motor vehicles | Fixtures and fittings | Aircraft | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 December 2024 | 2,077,949 | 4,503,635 | 254,554 | 271,306 | 656,164 | 7,763,608
| Additions | 39,640 | 43,706 | 75,000 | 34,891 | - | 193,237
| Disposals | - | (24,491) | (79,000) | - | - | (103,491)
| At 30 November 2025 | 2,117,589 | 4,522,850 | 250,554 | 306,197 | 656,164 | 7,853,354
| Depreciation |  |  |  |  |  |
| At 1 December 2024 | 1,298,099 | 3,190,607 | 79,770 | 120,075 | 256,652 | 4,945,203
| Charge for the year on owned assets | 220,831 | 268,762 | 49,325 | 31,720 | - | 570,638
| Disposals | - | (11,046) | (26,500) | - | - | (37,546)
| At 30 November 2025 | 1,518,930 | 3,448,323 | 102,595 | 151,795 | 256,652 | 5,478,295
| Net book value |  |  |  |  |  |
| At 30 November 2025 | 598,659 | 1,074,527 | 147,959 | 154,402 | 399,512 | 2,375,059
| At 30 November 2024 | 779,850 | 1,313,028 | 174,784 | 151,231 | 399,512 | 2,818,405
Page 19
HOLROYD COMPONENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
15. | Fixed asset investments
|  | Listed investments | Unlisted investments | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 December 2024 | - | 7,081 | 7,081
| Additions | 1,000,000 | - | 1,000,000
| At 30 November 2025 | 1,000,000 | 7,081 | 1,007,081
| Net book value |  |  |
| At 30 November 2025 | 1,000,000 | 7,081 | 1,007,081
| At 30 November 2024 | - | 7,081 | 7,081
16. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 391,952 | 580,452
| Work in progress | 175,863 | 165,571
|  | 567,815 | 746,023
17. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 2,426,633 | 2,641,695
| Other debtors | 4,580,277 | 2,705,057
| Prepayments and accrued income | 350,000 | 247,002
|  | 7,356,910 | 5,593,754
18. | Current asset investments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Gilt-edged securities | - | 4,500,000
Page 20
HOLROYD COMPONENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
19. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 7,828,729 | 3,595,508
20. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 427,971 | 783,168
| Corporation tax | 216,021 | 350,842
| Other taxation and social security | 85,730 | 113,931
| Other creditors | - | 43,186
| Accruals and deferred income | 71,396 | 56,725
|  | 801,118 | 1,347,852
21. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (359,948) | (316,409)
| Movement in year | 36,293 | (43,539)
| At end of year | (323,655) | (359,948)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (323,655) | (359,948)
Page 21
HOLROYD COMPONENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
22. | Provisions
|  | Dilapidations provision
|  | £
| At 1 December 2024 | 550,000
| Charged to profit or loss | 36,000
| At 30 November 2025 | 586,000
| The above represents a provision for future costs, required under contract with the landlord, to restore the property to its condition prior to vacancy by the Company.
23. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares of £1 each | 100 | 100
|  | 1 (2024 - 1) Ordinary 'A' share of £1 | 1 | 1
|  | 1 (2024 - 1) Ordinary 'B' share of £1 | 1 | 1
|  |  | 102 | 102
24. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £110,713 (2024 - £113,148). Contributions totalling £NIL (2024 - £NIL) were payable to the fund at the reporting date and are included in creditors.
25. | Commitments under operating leases
| At 30 November 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 238,840 | 256,960
| Later than 1 year and not later than 5 years | 581,413 | 656,153
| Later than 5 years | 299,115 | 46,000
|  | 1,119,368 | 959,113
Page 22
HOLROYD COMPONENTS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
26. | Transactions with directors
At 1 December 2025, the Company owed £43,186 to the Director (2024 - £502,561 owed from the Director). During the year, the Director made withdrawals of £5,509,364 (2024 - £722,284) and repayments of £1,627,207 (2024 - £262,909), leaving a balance of £3,838,970 due from him as at 30 November 2025 (2024 - £43,186 due to him). The loan is set at 10% interest and is repayable on demand.
27. | Related party transactions
| During the year, the Company were charged rent of £182,000 (2024 - £184,000) by an LLP of which the Director is a member. The amount due to them at the year end was £NIL (2024 - £NIL). During the year amounts totalling £69,840 (2024 - £164,316) were paid to companies controlled by a close relative of the Director. The amount due to them at the year end was £3,720 (2024 - £210). During the year amounts totalling £15,201 (2024 - £6,022) were received as interest on a loan to a Company controlled by a close relative of the Director. The loan accrues interest at 5.25% and is repayable on demand. The amount due from them at the year end was £309,459 (2024 - £427,500) During the year amounts totalling £NIL (2024 - £282) were received as interest on a loan to a close relative of the Director. The amount due from them at the year end was £NIL (2024 - £325,544). During the year dividends of £NIL (2024 - £1,000,000) were paid to the Director. A loan was provided to a Company under common control. The amount due from them at the year end was £NIL (2024 - £1,626,219). The loan is interest free and repayable on demand.
28. | Post balance sheet events
After the reporting date, the Company paid a dividend of £5,000,000. The dividend was declared and paid post year end and accordingly no liability has been recognised as at the reporting date.
Page 23