REGISTERED NUMBER: 01352967 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

FOR

SMC CORPORATION (U.K.) LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

7

Report of the Independent Auditors

9

Consolidated Statement of Profit or Loss

13

Consolidated Statement of Profit or Loss and Other Comprehensive Income

14

Consolidated Statement of Financial Position

15

Company Statement of Financial Position

16

Consolidated Statement of Changes in Equity

17

Company Statement of Changes in Equity

18

Consolidated Statement of Cash Flows

19

Company Statement of Cash Flows

20

Notes to the Statements of Cash Flows

21

Notes to the Consolidated Financial Statements

22

DIRECTORS:

Yoshiki Takada

Nicholas Pittwood

David Westbury

SECRETARY:

Lewis Williams

REGISTERED OFFICE:

Vincent Avenue

Crownhill

Milton Keynes

Buckinghamshire

MK8 0AN

REGISTERED NUMBER:

01352967 (England and Wales)

AUDITORS:

Ad Valorem Audit Services Limited

Chartered Certified Accountants

& Statutory Auditors

2 Manor Farm Court

Old Wolverton Road

Old Wolverton

Milton Keynes

Buckinghamshire

MK12 5NN

The directors present their strategic report of the company and the group for the year ended 31 March 2026.

Review of Business

The UK Company is a wholly owned subsidiary of SMC Corporation of Japan, which is listed on the Tokyo Stock Exchange (TSE) Prime Market. The Corporation is a global concern with over 20,000 employees and approximately 500 sales offices in 80 countries.

The KPIs for the business and FY2025 performance include the following:

Financial:

Sales revenue - Increased by 5.6% to £86,267,512

Gross margin - decreased by 1.2% to £33,485,057

Operating expense ratios decreased by 1.9% to 20.9% of sales

Operating profit increased by 1.1% to £17,012,597

Against most KPIs the Group performed well and, while recognising that further improvements can be made, the directors of the Company are satisfied that 2025/26 has been a good performance.

During 2025 the Group introduced a composite metric for customer satisfaction. Insufficient data has been collected to enable meaningful interpretation or trend to be determined.

Business model

SMC's targets automation applications in life science, semiconductor electronic, automotive, and food & packaging sectors. Such businesses value smaller, cleaner, high reliability solutions that are energy efficient and deliver high productivity.

The Group's market values short lead-times and reliable deliveries, which are met with local inventory and specials manufacturing capability.

The Group invests in a large customer-facing team to enable out-perform competitors in giving prompt, high quality responses to its distribution network and direct customer base.

Community and environment

The directors are mindful of the Group's responsibility to operate in a manner that takes account of its impact on the community and the environment. During the year, the Group continued to promote efficient use of resources, responsible waste management and energy-conscious operations. Through its products and technical expertise, the Group also supports customers in improving productivity and efficiency within their own operations. The Board considers environmental and community impacts as part of its broader assessment of sustainable business performance.

The Group also continued engagement within the wider community through its schools programme.

High standards of business conduct

The directors place high importance on maintaining high standards of business conduct, compliance and ethical behaviour. The Group's culture is based on quality, customer focus and long-term business development. The directors seek to ensure that decisions are made with appropriate consideration of legal, regulatory, financial and reputational matters, and that the Group continues to operate with integrity in its dealings with employees, customers, suppliers and other stakeholders.

Long-term decision-making and principal decisions

In making principal decisions during FY2025, the directors considered the long-term consequences for the Group, its stakeholders and its strategic position in the UK market. Key areas of focus included maintaining service resilience, supporting customer demand, managing cost pressures, investing in people and capability, and ensuring that the Group remained well positioned to respond to future opportunities. The directors balanced short-term trading conditions with the need to protect the Group's long-term strength, reputation and ability to deliver value to its members.

Shareholders

The Group has a single shareholder, the Japanese parent Corporation, which sets global policy.

Overall, the directors consider that they have fulfilled their duties under section 172 of the Companies Act 2006 by considering the interests of relevant stakeholders and the long-term success of the Group when making decisions during FY2025.

Principal risks and uncertainties

Liquidity risk:

The Group has a high inventory value necessary to provide customers with the required service levels, but sufficient provision has been made for slow and obsolete inventory. The continues to implement strategies to reduce dead and slow-moving inventory.

Currency risk:

The Group is exposed to variation in exchange rate for its purchases in Euro for most products. This affects purchase cost and stock valuation. At present, the situation is relatively stable and the outlook appears favourable.

Ageing workforce and skills shortage risk:

The UK operation has an average age of 47.2 years and has seen a high number of retirements with more expected, particularly in the sales team. Loss of experience and replacing skills are the two key risks.

Cybersecurity risk:

The Corporation has invested strongly in improving global data security but also recognises that people remain the weakest link. Globally, every employee receives training to improve cybersecurity.

Legislation risk:

Although SMC has compliant product, continued uncertainty with F-GAS legislation affects customer cut-over and inventory decisions.

CSR

Interest in environmental issues has been increasing worldwide.

Within the Group, SMC has converted its car fleet to plug-in hybrid electric vehicles even as it weighs the next step to full EV, and it has successfully reduced its electricity demand through installation of solar panels.

The Group has also been able to help our customers to reduce their CO2 emissions, energy and resource saving through the application of the Corporation's energy saving equipment and its "4-bar factory" programme.

Production machinery in the Group's own factory has been converted to energy saving and 4-bar factory capable product.

Outlook

With no immediate prospect of energy price reduction, the Group's energy saving products continue to offer industry a sensible and cost-effective solution to rising production costs.

Closer work with SMC's European subsidiaries to target productivity increase and eliminate waste will help reduce Operating Expense ratios, keeping the Group competitive in the UK marketplace.

A significant sales recruitment programme during 2025 and planned to continue through 2026 and into 2027 will enable deeper market penetration and a high degree of customer support.

SECTION 172(1) STATEMENT

The directors of the Group recognise their duty under section 172 of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole. In doing so, the directors have regard to the likely consequences of decisions in the long term, the interests of employees, the need to foster business relationships with customers, suppliers and other stakeholders, the impact of the Group's operations on the community and the environment, the desirability of maintaining a reputation for high standards of business conduct, and the need to act fairly between members.

ENGAGEMENT WITH EMPLOYEES

The directors recognise that the commitment, capability and wellbeing of employees are central to the Group's long-term success. During the year, management continued to communicate regularly with employees on business performance, priorities and operational matters. The Group invested in training, leadership capability, health and safety, and employee engagement to support an inclusive, safe and productive working environment. The directors considered the impact of key decisions on employees, including resourcing, organizational development and the need to maintain effective support for customers across the account base.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

Customers, suppliers and business partners

The Group's success depends on strong relationships with customers, suppliers, distributors and its wider group network. In FY2025, the directors and management team continued to focus on service quality, product availability, technical support and responsiveness to customer expectations. The directors considered market conditions, supply chain pressures and customer requirements when reviewing operational priorities and investment decisions.

STREAMLINED ENERGY AND CARBON REPORT

There has been a review of FY24 data to improve accuracy. Adjustments include the addition of F-gas estimations (30.4 tCO2e) and EV electricity emissions (1.3 tCO2e) to align with our carbon neutral certification report. In addition, business petrol and diesel data has been updated to include previously unavailable information obtained from our external fleet management provider (4.2 tCO2e).

Total emissions for FY25 reporting period were 841 tCO2e, comprising Scope 1 and Scope 2 emissions, including natural gas, grid electricity, EV electricity, company vehicle fuel use (petrol and diesel) and F-gases. This represents a reduction of 3.7% compared to the previous year.

Electricity consumption increased slightly during the year, largely attributable to increased testing activity within ETC. However, overall emissions decreased, primarily due to lower electricity emission conversion factors published by the UK government. Gas-related emissions remained broadly stable.

In line with prior reporting periods, emissions intensity continues to be assessed using two complementary metrics: kilograms of CO2e per product ordered and kilograms of CO2e per employee. This dual-metric approach remains appropriate given the organisation's continued growth.

There was a reduction in emissions per product, with 1.1 kg CO2e per product ordered in FY25, compared to 1.4 kg in the prior year. Emissions per employee were 2,240 kg CO?e, compared to 2,275 kg CO2e in the previous year. Both metrics showed seasonal peaks during winter months, indicating opportunities for targeted energy reduction.

The company will continue to offset all Scope 1 and Scope 2 emissions for this financial year through 'Carbon Saver' verified reports, maintaining carbon neutral status for the sixth consecutive year.

SMC Corporation (U.K.) Ltd is progressing towards ISO 14068 and plans to transition from PAS 2060 accreditation. This includes the incorporation of mandatory Scope 3 emissions reporting. For FY25, Scope 3 emissions totalled 688.9 tCO2e, covering employee commuting, business travel, well-to-tank fuel and electricity emissions (including both private and business mileage), transmission and distribution (T&D) electricity losses, as well as waste and water emissions.

Emissions for F-gases, natural gas, electricity, diesel, and petrol were calculated using consumption or asset data combined with DESNZ 2025 carbon factors. Standard leakage assumptions were applied for F-gases, alongside verified meter readings and fuel records for energy and vehicle use.

SMC Corporation (U.K.) Ltd is dedicated to reducing its emissions through monitoring, data insights and improvement actions and would like to share the following improvements:

- Monitoring equipment has been installed across three substations. This will enable consolidated, real-time tracking of power usage and associated costs, supporting improved energy management.

- Analysis of solar generation shows 304 zero-import hours, during which on-site demand was fully met by solar energy, confirming full reconciliation with generation data.

- Forklift truck usage has been decreased through lowering the racking height within the production warehouse, reducing the need for high-level handling.

- Energy efficiency improvements in production include the installation of a more efficient 55 kW variable speed compressor.

- As part of the showroom and reception refurbishment, upgrades included the installation of LED lighting and PIR sensors, alongside the replacement of inefficient double glazing in ETC.

- Additionally, the company's plug-in hybrid electric vehicle (PHEV) fleet has grown by 22% compared to the previous year, and the final diesel vehicle was removed from the fleet during FY25.

SMC continues to identify further opportunities to reduce environmental impact, improve energy monitoring, and enhance carbon reporting, supporting the planned transition towards alignment with ISO 14068.

ON BEHALF OF THE BOARD:

Nicholas Pittwood - Director

10 July 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The principal activity of the Group is the manufacture and distribution of fluid control and industrial automation equipment.

DIVIDENDS

An interim dividend of £1.1127 per share was paid on 30 June 2025. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2026 will be £ 16,134,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2025 to the date of this report.

Yoshiki Takada

Nicholas Pittwood

David Westbury

Other changes in directors holding office are as follows:

Kevin O'Carroll - resigned 31 December 2025

Toshio Isoe - resigned 31 December 2025

Qualifying third party indemnity insurance is in place for the benefit of all directors of the group.

POLITICAL DONATIONS AND EXPENDITURE

During the year, the Group made charitable donations of £21,685. No political donations were made during the year.

EMPLOYEE CONSULTATION

The Group relies on the skills, knowledge and views of its staff. Employees are informed of matter affecting them through team meetings, monthly performance updates, quarterly newsletters, and the Intranet.

Regular team meetings are also a safe space forum to feedback employee's views on the Group.

DISABLED EMPLOYEES

Our policy ensures full and fair consideration is given to all employment applications from disabled persons, assessing candidates strictly on their aptitudes, skills, and abilities. We provide reasonable adjustments to remove any barriers in the workplace, both during the recruitment process and throughout employment.

Furthermore, should an existing employee become disabled during their tenure, we are committed to making appropriate adjustments to their work environment and arranging the necessary training to support their continued employment and career development.

GOING CONCERN

In accordance with their responsibilities, the directors have reviewed the Group's budget, cash flow forecasts, and operational projections for the foreseeable future. The Group has a strong balance sheet position, no external debt, an appropriate order book, and good future sales prospects. Based on this review, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual financial statements

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 UK-adopted international accounting standards. 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;

-	state that the financial statements comply with IFRS;

-	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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Nicholas Pittwood - Director

10 July 2026

Opinion

We have audited the financial statements of SMC Corporation (U.K.) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the Consolidated Statement of Profit or Loss, the Consolidated Statement of Profit or Loss and Other Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows, the Company Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Company Statement of Cash Flows, 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 International Financial Reporting Standards (IFRSs) as adopted by the UK.

In our opinion:

-	the financial statements give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2026 and of the group's profit for the year then ended;

-	the group financial statements have been properly prepared in accordance with IFRSs as adopted by the UK;

-	the parent company financial statements have been properly prepared in accordance with IFRSs as adopted by the UK and as applied in accordance with the provisions of the Companies Act 2006; and

-	the financial statements 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 eight, 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:

In our process of identifying fraud risks we assessed events or conditions that indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud ("fraud risk factors") to determine how fraud risks are relevant to our audit. Based on the auditing standards we addressed two fraud risks that were relevant to our audit, in relation to revenue recognition and management override of controls. Based upon our analysis of fraud risk factors, we have not identified any additional fraud risks.

Our audit procedures included an evaluation of the design, implementation as well as the operating effectiveness of internal controls relevant to mitigate these risks. We also performed substantive audit procedures, including detailed testing of high risk journal entries and procedures to satisfy ourselves that revenue has been properly recognised in the financial statements in accordance with financial reporting standards and the Company's accounting policies. Through these procedures, we did not identify any material actual or suspected incidences of fraud.

We have evaluated facts and circumstances in order to assess laws and regulations relevant to the Company. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general and sector experience, through discussion with the Directors and other management (as required by auditing standards) and discussed with the Directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

The potential effect of these laws and regulations on the financial statements varies considerably.

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

Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect:

- Employment legislation, reflecting the Company's workforce

- Health and safety regulation, reflecting the Company's production, distribution and operating processes

- Data privacy, reflecting the Company's management of personal and corporate data

- Environmental regulation, reflecting environmental impact restrictions, waste and contamination related to the Company's distribution and operating processes.

Auditing standards limit the required audit procedures to identify non-compliance with these regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Through these procedures we did not identify any material actual or suspected non-compliance in any of the above areas.

We note that our audit is not primarily designed to detect non-compliance with laws and regulations and the Directors and other management are responsible for such internal control as the Directors and other management of the Company determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to errors or fraud, including compliance with laws and regulations. Additionally, 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. 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 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.

Darren Kerins FCCA (Senior Statutory Auditor)

for and on behalf of Ad Valorem Audit Services Limited

Chartered Certified Accountants

& Statutory Auditors

2 Manor Farm Court

Old Wolverton Road

Old Wolverton

Milton Keynes

Buckinghamshire

MK12 5NN

10 July 2026

CONTINUING OPERATIONS

Revenue

86,267,512

81,729,595

Cost of sales

(52,782,455

)

(49,056,294

)

GROSS PROFIT

33,485,057

32,673,301

Other operating income

3

1,548,969

1,096,945

Administrative expenses

(18,021,429

)

(18,605,562

)

OPERATING PROFIT

17,012,597

15,164,684

Finance costs

5

(75,755

)

(1,475

)

Finance income

5

943,233

1,115,176

PROFIT BEFORE INCOME TAX

6

17,880,075

16,278,385

Income tax

7

(3,737,616

)

(3,384,343

)

PROFIT FOR THE YEAR

14,142,459

12,894,042

Profit attributable to:

Owners of the parent

14,142,459

12,894,042

PROFIT FOR THE YEAR

14,142,459

12,894,042

OTHER COMPREHENSIVE INCOME

Item that may be reclassified subsequently to profit or loss:

Gain on revaluation of investment property

-

325,000

Income tax relating to item that may be reclassified subsequently to profit or loss

-

(81,250

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

243,750

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

14,142,459

13,137,792

Total comprehensive income attributable to:

Owners of the parent

14,142,459

13,137,792

ASSETS

NON-CURRENT ASSETS

Intangible assets

10

2,242,113

2,456,184

Property, plant and equipment

11

14,406,400

15,453,045

Investment property

12

6,175,000

6,175,000

Investments

13

-

-

22,823,513

24,084,229

CURRENT ASSETS

Inventories

14

21,798,821

21,761,789

Trade and other receivables

15

22,650,773

21,574,222

Investments

16

28,141,624

18,125,701

Cash and cash equivalents

17

15,785,153

25,660,849

88,376,371

87,122,561

TOTAL ASSETS

111,199,884

111,206,790

EQUITY

SHAREHOLDERS' EQUITY

Called up share capital

18

14,500,000

14,500,000

Retained earnings

19

79,643,803

81,635,344

TOTAL EQUITY

94,143,803

96,135,344

LIABILITIES

NON-CURRENT LIABILITIES

Deferred tax

22

1,054,406

1,705,444

CURRENT LIABILITIES

Trade and other payables

20

14,059,520

11,427,531

Tax payable

1,942,155

1,938,471

16,001,675

13,366,002

TOTAL LIABILITIES

17,056,081

15,071,446

TOTAL EQUITY AND LIABILITIES

111,199,884

111,206,790

The financial statements were approved by the Board of Directors and authorised for issue on 10 July 2026 and were signed on its behalf by:

Nicholas Pittwood - Director

ASSETS

NON-CURRENT ASSETS

Intangible assets

10

2,242,113

2,456,184

Property, plant and equipment

11

13,827,864

14,844,038

Investment property

12

6,175,000

6,175,000

Investments

13

8,000,000

7,000,000

30,244,977

30,475,222

CURRENT ASSETS

Inventories

14

19,407,984

19,482,146

Trade and other receivables

15

21,774,288

20,613,552

Investments

16

28,000,000

18,000,000

Cash and cash equivalents

17

10,948,215

22,653,736

80,130,487

80,749,434

TOTAL ASSETS

110,375,464

111,224,656

EQUITY

SHAREHOLDERS' EQUITY

Called up share capital

18

14,500,000

14,500,000

Retained earnings

19

78,976,181

81,567,989

TOTAL EQUITY

93,476,181

96,067,989

LIABILITIES

NON-CURRENT LIABILITIES

Deferred tax

22

2,330,284

2,639,737

CURRENT LIABILITIES

Trade and other payables

20

12,673,490

10,605,671

Tax payable

1,895,509

1,911,259

14,568,999

12,516,930

TOTAL LIABILITIES

16,899,283

15,156,667

TOTAL EQUITY AND LIABILITIES

110,375,464

111,224,656

The financial statements were approved by the Board of Directors and authorised for issue on 10 July 2026 and were signed on its behalf by:

Nicholas Pittwood - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2024

14,500,000

68,497,552

82,997,552

Changes in equity

Total comprehensive income

-

13,137,792

13,137,792

Balance at 31 March 2025

14,500,000

81,635,344

96,135,344

Changes in equity

Dividends

-

(16,134,000

)

(16,134,000

)

Total comprehensive income

-

14,142,459

14,142,459

Balance at 31 March 2026

14,500,000

79,643,803

94,143,803

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2024

14,500,000

68,040,764

82,540,764

Changes in equity

Total comprehensive income

-

13,527,225

13,527,225

Balance at 31 March 2025

14,500,000

81,567,989

96,067,989

Changes in equity

Dividends

-

(16,134,000

)

(16,134,000

)

Total comprehensive income

-

13,542,192

13,542,192

Balance at 31 March 2026

14,500,000

78,976,181

93,476,181

Cash flows from operating activities

Cash generated from operations

1

20,678,137

22,066,550

Interest paid

(75,755

)

(1,475

)

Tax paid

(4,384,970

)

(2,367,227

)

Net cash from operating activities

16,217,412

19,697,848

Cash flows from investing activities

Purchase of intangible fixed assets

(158,219

)

(7,545

)

Purchase of tangible fixed assets

(728,199

)

(916,188

)

Sale of tangible fixed assets

-

1,957

Amounts placed on deposit

(10,015,923

)

(7,177,716

)

Interest received

943,233

1,115,176

Net cash from investing activities

(9,959,108

)

(6,984,316

)

Cash flows from financing activities

Equity dividends paid

(16,134,000

)

-

Net cash from financing activities

(16,134,000

)

-

(Decrease)/increase in cash and cash equivalents

(9,875,696

)

12,713,532

Cash and cash equivalents at beginning of year

2

25,660,849

12,947,317

Cash and cash equivalents at end of year

2

15,785,153

25,660,849

Cash flows from operating activities

Cash generated from operations

1

18,798,482

21,218,163

Interest paid

(73,102

)

-

Tax paid

(4,272,296

)

(2,284,944

)

Net cash from operating activities

14,453,084

18,933,219

Cash flows from investing activities

Purchase of intangible fixed assets

(158,219

)

(7,545

)

Purchase of tangible fixed assets

(674,037

)

(876,197

)

Amounts placed on deposit

(10,000,000

)

(8,000,000

)

Interest received

807,651

1,012,547

Net cash from investing activities

(10,024,605

)

(7,871,195

)

Cash flows from financing activities

Equity dividends paid

(16,134,000

)

-

Net cash from financing activities

(16,134,000

)

-

(Decrease)/increase in cash and cash equivalents

(11,705,521

)

11,062,024

Cash and cash equivalents at beginning of year

2

22,653,736

11,591,712

Cash and cash equivalents at end of year

2

10,948,215

22,653,736