Capital27 Limited - Limited company accounts 25.1

REGISTERED NUMBER: 14726917 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 October 2025

for

Capital27 Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Statement of Profit or Loss

9

Consolidated Statement of Profit or Loss and Other
Comprehensive Income

10

Consolidated Statement of Financial Position

11

Company Statement of Financial Position

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Company Statement of Cash Flows

17

Notes to the Statements of Cash Flows

18

Notes to the Consolidated Financial Statements

19

DIRECTORS:

N G Roberts

B B Roberts

C S Roberts

L E Roberts

M A Roberts

SECRETARY:

N G Roberts

REGISTERED OFFICE:

The Old Byre

Rodbourne Rail Farm

Grange Lane

Malmesbury

Wiltshire

SN16 0ES

REGISTERED NUMBER:

14726917 (England and Wales)

The directors present the Strategic Report for Capital27 Limited, the Roberts family investment company.

Capital27 Limited does not actively trade but acts as the strategic holding and investment company for the Roberts family's business interests. The company provides long-term stewardship, capital allocation and governance oversight across the group's operating businesses.

The company is owned by members of the Roberts family, who also serve as directors of the company.

Capital27 Limited holds 55% of Engineering Acquisitions Ltd, with the remaining 45% owned directly by members of the Roberts family. Engineering Acquisitions Ltd acts as the intermediate holding company for the group's trading operations and owns:

-

100% of Sweetnam and Bradley Ltd

-

100% of Megasteel Ltd

-

51% of Megasteel Ropes Ltd, operated as a joint venture.

Engineering Acquisitions Ltd benefits from an experienced board which includes an independent Non-Executive Chair and an independent Non-Executive Director. Their contributions provide valuable independent oversight and strategic guidance.

REVIEW OF BUSINESS

During the year the group continued to operate in challenging market conditions, particularly within the construction and engineering sectors in which the group's trading companies operate.

Despite these pressures, the group's businesses continued to perform well operationally, maintaining strong customer relationships, disciplined cost control and efficient operations.

A central focus of the group's strategy remains cash generation and prudent capital management. The operating businesses continued to generate strong cash flows during the year.

PRINCIPAL RISKS AND UNCERTAINTIES

Performance of Trading Businesses

A decline in performance could affect profitability and cash generation. Each subsidiary operates with experienced management teams supported by family directors and independent oversight.

Market Volatility

The construction and engineering sectors remain cyclical and influenced by broader economic conditions.

Regulatory Compliance

The group maintains appropriate internal controls and governance procedures to ensure compliance.

KEY PERFORMANCE INDICATORS (KPIS)

-

Cash generation

-

Turnover and profitability

-

Return on Capital Employed (ROCE)

The continued strong cash generation from the group's operating companies supports the group's long-term investment objectives.

CONCLUSION

Capital27 Limited remains committed to long-term stewardship of the Roberts family's business interests with a focus on sustainable growth, disciplined capital management and strong governance.

ON BEHALF OF THE BOARD:

N G Roberts - Director

1 July 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 October 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of a family investment and holding company overseeing the Roberts family's business interests.

The company holds a majority interest in Engineering Acquisitions Ltd, which acts as the intermediate holding company for the group's operating businesses.

Through Engineering Acquisitions Ltd the group owns and operates:

-

Megasteel Ltd - supplier of prestressing steel products

-

Sweetnam and Bradley Ltd - manufacturer of pressed steel components

-

Megasteel Ropes Ltd - joint venture supplying specialist steel products

RESULTS

The results for the year are set out in the consolidated statement of comprehensive income.

The directors adopt a prudent approach to capital management ensuring sufficient financial resources remain within the group's operating companies.

DIVIDENDS

The total distribution of dividends for the year ended 31 October 2025 will be Nil (2024: £Nil).

FUTURE DEVELOPMENTS

The directors expect the group's businesses to continue operating in competitive markets within the construction and engineering sectors.

DIRECTORS

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

N G Roberts

B B Roberts

C S Roberts

L E Roberts

M A Roberts

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;

-	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, Sumer Auditco Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

N G Roberts - Director

1 July 2026

Opinion

We have audited the financial statements of Capital27 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2025 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 October 2025 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 four, 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:

Based on our understanding of the Group and industry, we identified that the principal risks of non-compliance with laws and regulations related to health and safety, employment law and company legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements of the Group. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- Understanding of management's internal controls designed to prevent and detect irregularities and fraud;

- Reviewing the Company's legal costs to check for non-compliance with laws and regulations and fraud;

- Review of tax compliance;

- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of expenses;

- Testing transactions entered into outside of the normal course of the Group's business; and

- Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as journals with round numbers.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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/auditors responsibilities. This description forms part of our Report of the Auditors.

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.

David Iain Black (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Statutory Auditor

Hermes House

Fire Fly Avenue

Swindon

Wiltshire

SN2 2GA

9 July 2026

CONTINUING OPERATIONS

Revenue

3

15,880,243

15,590,301

Cost of sales

(12,510,641

)

(11,712,558

)

GROSS PROFIT

3,369,602

3,877,743

Other operating income

500

539

Administrative expenses

(2,246,037

)

(1,830,308

)

OPERATING PROFIT

1,124,065

2,047,974

Finance costs

5

(20,233

)

(14,630

)

Finance income

5

258,165

275,528

PROFIT BEFORE INCOME TAX

6

1,361,997

2,308,872

Income tax

7

(371,055

)

(611,110

)

PROFIT FOR THE YEAR

990,942

1,697,762

Profit attributable to:

Owners of the parent

541,695

931,504

Non-controlling interests

449,247

766,258

990,942

1,697,762

PROFIT FOR THE YEAR

990,942

1,697,762

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

990,942

1,697,762

Total comprehensive income attributable to:

Owners of the parent

541,695

931,504

Non-controlling interests

449,247

766,258

990,942

1,697,762

ASSETS

NON-CURRENT ASSETS

Goodwill

10

986,090

Owned

Intangible assets

11

2,471

3,295

Property, plant and equipment

12

4,616,227

4,764,812

Right-of-use

Property, plant and equipment

12, 22

315,933

395,221

Investments

13

-

5,920,721

6,149,418

CURRENT ASSETS

Inventories

14

2,694,859

4,308,964

Trade and other receivables

15

6,274,082

4,189,177

Tax receivable

353,419

Cash and cash equivalents

16

6,374,603

8,518,324

15,696,963

17,369,884

TOTAL ASSETS

21,617,684

23,519,302

EQUITY

SHAREHOLDERS' EQUITY

Called up share capital

18

66

Retained earnings

19

9,373,086

8,831,391

9,373,152

8,831,457

Non-controlling interests

17

7,646,616

7,197,369

TOTAL EQUITY

17,019,768

16,028,826

LIABILITIES

NON-CURRENT LIABILITIES

Financial liabilities - borrowings

Lease liabilities

21, 22

254,771

334,714

Deferred tax

25

126,792

149,121

381,563

483,835

CURRENT LIABILITIES

Trade and other payables

20

3,316,600

6,162,977

Financial liabilities - borrowings

Lease liabilities

21, 22

79,942

78,148

Tax payable

399,872

765,516

Provisions

24

419,939

-

4,216,353

7,006,641

TOTAL LIABILITIES

4,597,916

7,490,476

TOTAL EQUITY AND LIABILITIES

21,617,684

23,519,302

The financial statements were approved by the Board of Directors and authorised for issue on 1 July 2026 and were signed on its behalf by:

N G Roberts - Director

ASSETS

NON-CURRENT ASSETS

Goodwill

10

-

Owned

Intangible assets

11

-

Property, plant and equipment

12

-

Right-of-use

Investments

13

55

CURRENT ASSETS

Trade and other receivables

15

75,011

TOTAL ASSETS

75,066

EQUITY

SHAREHOLDERS' EQUITY

Called up share capital

18

66

Retained earnings

19

750

TOTAL EQUITY

816

LIABILITIES

CURRENT LIABILITIES

Trade and other payables

20

74,250

TOTAL LIABILITIES

74,250

TOTAL EQUITY AND LIABILITIES

75,066

The financial statements were approved by the Board of Directors and authorised for issue on 1 July 2026 and were signed on its behalf by:

N G Roberts - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

Balance at 1 November 2023

66

7,899,887

7,899,953

6,431,111

14,331,064

Changes in equity

Total comprehensive income

-

931,504

766,258

1,697,762

Balance at 31 October 2024

66

8,831,391

8,831,457

7,197,369

16,028,826

Changes in equity

Total comprehensive income

-

541,695

449,247

990,942

Balance at 31 October 2025

66

9,373,086

9,373,152

7,646,616

17,019,768

Called up

share

Retained

Total

capital

earnings

equity

£

Balance at 1 November 2023

66

750

816

Changes in equity

Balance at 31 October 2024

66

750

816

Changes in equity

Balance at 31 October 2025

66

750

816

Cash flows from operating activities

Cash generated from operations

1

1,182,939

4,110,792

Interest paid

(20,233

)

(14,630

)

Tax paid

(759,028

)

(492,968

)

Net cash from operating activities

403,678

3,603,194

Cash flows from investing activities

Purchase of intangible fixed assets

-

(4,906

)

Purchase of tangible fixed assets

(87,959

)

(219,877

)

Sale of tangible fixed assets

3,373

68,083

Interest received

258,165

275,528

Net cash from investing activities

173,579

118,828

Cash flows from financing activities

Loans to related parties

(2,168,852

)

(1,500,000

)

Payment of lease liabilities

(78,149

)

(34,735

)

Amount introduced by directors

2,069,693

1,506,728

Amount withdrawn by directors

(2,543,670

)

(1,127,669

)

Net cash from financing activities

(2,720,978

)

(1,155,676

)

(Decrease)/increase in cash and cash equivalents

(2,143,721

)

2,566,346

Cash and cash equivalents at
beginning of year

2

8,518,324

5,951,978

Cash and cash equivalents at end of
year

2

6,374,603

8,518,324

Cash flows from operating activities

Cash generated from operations

1

-

Increase in cash and cash equivalents

-

Cash and cash equivalents at
beginning of year

2

-

Cash and cash equivalents at end of
year

2

-

1.	RECONCILIATION OF PROFIT BEFORE INCOME TAX TO CASH GENERATED FROM OPERATIONS

Group

2025

2024

as

restated

£

Profit before income tax

1,361,997

2,308,872

Depreciation charges

289,205

257,980

Loss/(profit) on disposal of fixed assets

24,078

(18,228

)

Increase in provisions

419,939

-

Finance costs

20,233

14,630

Finance income

(258,165

)

(275,528

)

1,857,287

2,287,726

Decrease/(increase) in inventories

1,614,105

(652,569

)

Decrease/(increase) in trade and other receivables

105,692

(475,881

)

(Decrease)/increase in trade and other payables

(2,394,145

)

2,951,516

Cash generated from operations

1,182,939

4,110,792

Company

2025

2024

as

restated

£

Profit before income tax

-

Cash generated from operations

-

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statements of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Group

Company

Year ended 31 October 2025

31.10.25

1.11.24

31.10.25

1.11.24

£

Cash and cash equivalents

6,374,603

8,518,324

-

Year ended 31 October 2024

31.10.24

1.11.23

31.10.24

1.11.23

as restated

£

Cash and cash equivalents

8,518,324

5,951,978

-

1.	STATUTORY INFORMATION

Capital27 Limited 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.	ACCOUNTING POLICIES

Basis of preparation

These financial statements have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.

Basis of consolidation

The consolidated financial statements incorporate the financial statements of Capital27 Limited and entities controlled by Capital27 Limited. Consolidation has been performed on the acquisition basis of accounting. Uniform accounting policies are adopted throughout the Group.

Going concern

The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). They have been prepared under the assumption the Group operates on a going concern basis, which assumes the Group will be able to discharge its liabilities as they fall due. In confirming the validity of the going concern basis of preparation, the Group has considered the following specific factors:

-

the Group reported a profit of £1m (2024: £1.7m) for the year and had an excess of current
assets over current liabilities of £11.5m (2024: £10.4m).

-

management prepares a forecasted cashflow and continue to to monitor actual performance

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

Business combinations

The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the:

-

fair values of the assets transferred

-

liabilities incurred to the former owners of the acquired business

-

equity interests issued by the group or fair value of any asset or liability resulting from a
contingent consideration arrangement, and

-

fair value of any pre-existing equity interest in the subsidiary.

Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest's proportionate share of the acquired entity's net identifiable assets.

Acquisition-related costs are expensed as incurred.

The excess of the consideration transferred, amount of any non-controlling interest in the acquired entity, and acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase.

Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity's incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions.

Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss.

If the business combination is achieved in stages, the acquisition date carrying value of the acquirer's previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.

Investment in subsidiaries

The consolidated financial statements incorporate the financial statements of the company and entities

(including special purpose entities) controlled by the group (its subsidiaries). Control is achieved where the group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in total comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate using accounting policies consistent with those of the parent. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.

Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements.

Critical accounting estimates and assumptions

The group 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:

(i) Impairment of intangible assets

Intangible assets are reviewed for impairment at each balance sheet date. An impairment loss is recognised in the statement of profit or loss when the asset's carrying value in the statement of financial position exceeds its fair value. The value in use of an asset is the expected future cash flows that the asset in its current condition will produce, discounted to present value using an appropriate discount rate

(ii) Useful economic life of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimates useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed 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.

(iii) Stock provisioning

The group's products are subject to changing industry demands and market trends. As a result it is

necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of stock and work in progress.

(iv) Impairment of debtors

The group makes an estimate of the recoverable value of trade and other debtors. When assessing

impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for customer returns, rebates or other similar allowances and is net of value added taxes. Revenue includes revenue earned from the sale of goods.

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

-

the group has transferred to the buyer the significant risks and rewards of ownership of the
goods;

-

the group retains neither continuing managerial involvement to the degree associated with
ownershipnor effective control over the goods sold;

-

the amount of revenue can be measured reliably;

-

it is probable that the economic benefits associated with the transaction can be measured
reliably.

Specifically, revenue from the sale of goods is primarily recognised upon delivery of the goods to the customer.

Cash and cash equivalents

Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value.

In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position.

Goodwill

Goodwill arising on the acquisition of subsidiary undertakings and businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired.. Provision is made for any impairment.

Intangible assets

Intangible assets are initially measured at costs. After initial recognition they are measured at cost less any accumulated amortisation and any accumulated impairment losses. Intangible assets are amortised over a period of 4 years.

Property, plant and equipment

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

(i) Depreciation and residual values

Depreciation assets is calculated, using the straight-line and reducing balance methods, to allocate the cost of their residual values over their estimated useful lives, as follows:

Freehold property

- 2% on straight line basis

Short leasehold

- 10% on straight line basis

Improvements to property

- 10% on straight line basis

Plant and machinery

- 20% on straight line basis and 15% on reducing balance

Fixtures and fittings

- 33% on straight line basis and 15% on reducing balance

Motor vehicles

- 33% on straight line basis and 25% on reducing balance

Computer equipment

- 25% on straight line basis and 20% on reducing balance

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any changes is accounted for prospectively.

(ii) Subsequent additions and major components

Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably.

The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset when they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Repairs and maintenance costs are expensed as incurred.

(iii) Assets in the course of construction

Assets in the course of construction are stated at cost. These assets are not depreciated until they are available for use.

(iv) Derecognition

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Financial instruments

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Inventories

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Inventories are recognised as an expense in the period in which the related revenue is recognised. These are valued on a FIFO basis.

Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the inventory to its present location and condition.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified inventory is reduced to its selling price less costs to complete and sell and an impairment is recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

Taxation

Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date.

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.

Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leases

Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.

Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

Employee benefit costs

The company provides a range of benefits to employees, including paid holiday arrangements and defined

benefit and defined contribution pension plans.

(i) Short term benefits

Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

(ii) Defined contribution pension plans

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 obligations are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

For all other financial assets, objective evidence of impairment could include:

-

significant financial difficulty of the issuer or counterparty; or

-

breach of contract, such as a default or delinquency in interest or principal payments; or

-

it becoming probable that the borrower will enter bankruptcy or financial re-organisation; or

-

the disappearance of an active market for that financial asset because of financial difficulties.

For certain categories of financial asset, such as trade receivables, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the company's past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period, as well as observable changes in national or local economic conditions that correlate with default on receivables.

For financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost, the amount of the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods.

The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss.

For financial assets measured at amortised cost, if, in a subsequent period, the amount of the impairment loss decreased and the decrease can be related objectively to an event occurring after the impairment was recognised the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.

Provisions and contingencies

(i) Provisions

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one time included in the same class of obligations may be small.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.

(ii) Contingencies

Contingent liabilities are not recognised. Contingent liabilities arise as a result of past events when (a) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (b) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company's control. Contingent liabilities are disclosed in the financial statements unless the probability of an outflow of resources is remote.

Contingent assets are recognised in the financial statements when an inflow of economic benefit is virtually certain.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Distributions to equity holders

Dividends and other distributions to company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the companies shareholders. These amounts are recognised in the statement of changes in equity.

Related parties

For the purposes of these financial statements, a party is considered to be related to the company if:

(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the Company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control control over the company;

(ii) the company and the party are subject to common control;

(iii) the party is an associate of the company or a joint venture in which the company is a venturer;

(iv) the party is a member of key management personnel of the company or the company's parent, or close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;

(v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or

(vi) the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.

Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.

Operating segments

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker ('CODM'). The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors of the group. The Group has two reporting segments, being distribution of prestressing wire and strand and pressed steel products.

Impact of new or revised accounting standards

New Standards adopted as at 1 January 2025

Some accounting pronouncements which have become effective from 1 January 2025 and have therefore been adopted do not have a significant impact on the Group’s financial results or position.

Standards, amendments and interpretations to existing Standards that are not yet effective and have not been adopted early by the Group

At the date of authorisation of these consolidated financial statements, several new, but not yet effective, Standards and amendments to existing Standards, and Interpretations have been published by the IASB or IFRIC. None of these Standards or amendments to existing Standards have been adopted early by the Group and no Interpretations have been issued that are applicable and need to be taken into consideration by the Group at either reporting date.

Management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. New Standards, amendments and Interpretations not adopted in the current year have not been disclosed as they are not expected to have a material impact on the Group’s consolidated financial statements.

3.

REVENUE

Segmental reporting

The Chief Operating Decision Maker ("CODM") has been identified as the Directors. The CODM reviews the Group's internal reporting in order to assess performance and allocate resources. The CODM has determined that there are two operating segment being prestressing wire and press steel products.

Period ended 31 October 2025

Prestressing
steel products

Pressed steel
components

Specialist steel
products

Total

£

Revenue

11,310,633

3,566,971

1,002,640

15,880,244

Depreciation and amortisation

121,012

167,258

605

288,875

Operating profit

825,624

245,842

52,600

1,124,066

Financial income

204,636

68,018

416

273,070

Financial expenses

2,681

17,272

280

20,233

Profit before tax

1,027,579

296,588

52,736

1,376,903

Trade receivables

1,796,140

466,727

179,551

2,442,418

Total assets

17,868,634

2,822,304

594,689

21,285,627

Segment liabilities

2,542,215

1,168,071

543,610

4,253,896

Period ended 31 October 2024

Prestressing
steel products

Pressed steel
components

Specialist steel
products

Total

£

Revenue

11,810,404

3,194,196

585,701

15,590,301

Depreciation and amortisation

92,068

165,409

504

257,981

Operating profit

1,316,454

717,220

14,300

2,047,974

Financial income

202,631

72,837

30

275,498

Financial expenses

4,679

9,951

-

14,630

Profit before tax

1,514,436

780,106

14,330

2,308,872

Trade receivables

2,070,347

430,717

84,291

2,585,355

Total assets

19,232,503

3,501,633

431,747

23,165,883

Segment liabilities

5,697,349

1,019,848

419,860

7,137,057

Sales made to countries outside of the UK are not material to the group.

4.	EMPLOYEES AND DIRECTORS

2025

2024

as

restated

£

Wages and salaries

1,561,520

1,402,344

Social security costs

160,776

170,854

Other pension costs

218,589

52,081

1,940,885

1,625,279

The average number of employees during the year was as follows:

2025

2024

as

restated

Directors

5

Admin

7

Management and design

5

Finance

1

Production

32

30

50

48

2025

2024

as

restated

£

Directors' remuneration

108,985

140,000

Directors' pension contributions to money purchase schemes

164,237

4,516

5.	NET FINANCE INCOME

2025

2024

as

restated

£

Finance income:

Deposit account interest

258,165

275,528

Finance costs:

Lease liability interest

8,450

9,951

Other interest

11,783

4,679

20,233

14,630

Net finance income

237,932

260,898

6.	PROFIT BEFORE INCOME TAX

The profit before income tax is stated after charging/(crediting):

2025

2024

as

restated

£

Depreciation - owned assets

202,291

184,038

Depreciation - assets on finance leases

79,288

71,748

Loss/(profit) on disposal of fixed assets

24,078

(18,228

)

Computer software amortisation

824

2,195

Auditors' remuneration

48,557

50,996

Foreign exchange differences

283

(206

)

7.	INCOME TAX

Analysis of tax expense

2025

2024

as

restated

£

Current tax:

Tax

393,384

601,875

Deferred tax

(22,329

)

9,235

Total tax expense in consolidated statement of profit or loss

371,055

611,110

Factors affecting the tax expense

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

as

restated

£

Profit before income tax

1,361,997

2,308,872

Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2024 - 24.977 %)

340,499

576,687

Effects of:

Charges paid

(2,326

)

(4,416

)

Expenses not deductible for tax

9,120

20,973

Depreciation in excess of capital allowances

18,914

22,423

(Profit)/loss on disposal of assets

6,020

(4,557

)

IFRS 16 Transitional adjustment

(1,172

)

-

Tax expense

371,055

611,110

8.	PROFIT OF PARENT COMPANY

As permitted by Section 408 of the Companies Act 2006, the income statement of the parent company is not presented as part of these financial statements. The parent company's profit for the financial year was £Nil (2024- £Nil).

9.	PRIOR YEAR ADJUSTMENT

During the year it was identified that tax was payable under Section 455 of the Corporation Tax Act 2010 in respect of a balance owed to the group's subsidiary Megasteel Limited at 31 October 2024 by a partnership outside of the group under common control. This liability has been recognised by way of a prior year adjustment to increase tax receivable within current assets by £353,419 and tax payable within current liabilities by a corresponding amount of £353,419. There was no impact on retained earnings as a result of these adjustments.

10.

GOODWILL

Group

£

COST

At 1 November 2024

and 31 October 2025

986,090

NET BOOK VALUE

At 31 October 2025

986,090

At 31 October 2024

986,090

11.	INTANGIBLE ASSETS

Group

Computer

software

£

COST

At 1 November 2024

and 31 October 2025

54,455

AMORTISATION

At 1 November 2024

51,160

Amortisation for year

824

At 31 October 2025

51,984

NET BOOK VALUE

At 31 October 2025

2,471

At 31 October 2024

3,295

12.	PROPERTY, PLANT AND EQUIPMENT

Group

Improvements

Freehold

Short

to

Plant and

property

leasehold

property

machinery

£

COST

At 1 November 2024

4,273,778

740,585

48,070

635,520

Additions

-

25,606

Disposals

-

(84,322

)

At 31 October 2025

4,273,778

740,585

48,070

576,804

DEPRECIATION

At 1 November 2024

156,316

387,926

7,211

143,657

Charge for year

93,356

70,532

4,807

71,250

Eliminated on disposal

-

(56,871

)

At 31 October 2025

249,672

458,458

12,018

158,036

NET BOOK VALUE

At 31 October 2025

4,024,106

282,127

36,052

418,768

At 31 October 2024

4,117,462

352,659

40,859

491,863

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

COST

At 1 November 2024

50,664

76,772

33,398

5,858,787

Additions

3,658

54,250

4,444

87,958

Disposals

-

(84,322

)

At 31 October 2025

54,322

131,022

37,842

5,862,423

DEPRECIATION

At 1 November 2024

558

-

9,887

705,555

Charge for year

2,947

31,994

6,693

281,579

Eliminated on disposal

-

(56,871

)

At 31 October 2025

3,505

31,994

16,580

930,263

NET BOOK VALUE

At 31 October 2025

50,817

99,028

21,262

4,932,160

At 31 October 2024

50,106

76,772

23,511

5,153,232

13.	INVESTMENTS

Company

Shares in

group

undertaking

£

COST

At 1 November 2024

and 31 October 2025

55

NET BOOK VALUE

At 31 October 2025

55

At 31 October 2024

55

The group's subsidiaries at the balance sheet date included in the consolidated accounts are the following:

Company name

Registered office

Nature of
business

Class of
shares held

% Held

Engineering Acquisitions
Limited

Rodbourne Rail
Business Centre,
Grange Lane,
Malmesbury SN16
0ES

Holding
company

ordinary

55%

Megasteel Limited

The Old Byre
Rodbourne Rail
Farm, Grange Lane,
Malmesbury SN16
0ES

Wholesale of
prestressing
wire

ordinary

55%

Sweetnam & Bradley Limited

Industrial Estate,
Gloucester Road,
Malmesbury,
Wiltshire, England,
SN16 0DY

Manufacture
of pressed
steel
products

ordinary

55%

Megasteel Ropes Limited

Industrial
Estate,Gloucester
RoadMalmesbury,
Wilshire, England,
SN16 0DY

Wholesale of
prestressing
wire

ordinary

28%

14.	INVENTORIES

Group

2025

2024

as

restated

£

Stocks

2,694,859

4,308,964

The stock balance contains no impairment provision in either the current or prior periods.

15.	TRADE AND OTHER RECEIVABLES

Group

Company

2025

2024

2025

2024

as
restated

£

Current:

Trade debtors

2,442,418

2,585,356

-

Other debtors

3,747,461

1,579,627

75,011

Directors' current accounts

21,745

-

Prepayments

62,458

24,194

-

6,274,082

4,189,177

75,011

Trade and other debtors are held under standard commercial terms and conditions. The trade debtor balance contains no impairment provision in either the current or prior periods.

16.	CASH AND CASH EQUIVALENTS

Group

2025

2024

as

restated

£

Bank accounts

6,374,603

8,518,324

17.	NON-CONTROLLING INTERESTS

£

As at 31 October 2024

7,197,369

Share of profit of subsidiaries for the year

449,247

Share of dividends

-

As at 31 October 2025

7,646,616

18.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

value:

£

6

Ordinary A

£1

6

Ordinary B

£1

6

18

Ordinary C

£1

18

Ordinary D

£1

18

Ordinary E

£1

18

66

The holders of each class of ordinary shares are entitled to full voting, dividend and capital distribution rights, including on winding up. The shares do not confer any rights of redemption.

19.

RESERVES

Group

Retained

earnings

£

At 1 November 2024

8,831,391

Profit for the year

541,695

At 31 October 2025

9,373,086

Company

Retained

earnings

£

At 1 November 2024

750

Profit for the year

-

At 31 October 2025

750

20.	TRADE AND OTHER PAYABLES

Group

Company

2025

2024

2025

2024

as
restated

£

Current:

Trade creditors

2,633,713

5,034,842

-

Amounts owed to group undertakings

-

74,250

Social security and other taxes

72,998

86,492

-

Other creditors

64,840

15,422

-

Accruals and deferred income

99,840

129,745

-

Directors' current accounts

-

452,232

-

VAT

445,209

444,244

-

3,316,600

6,162,977

74,250

21.

FINANCIAL LIABILITIES - BORROWINGS

Group

2025

2024

as

restated

£

Current:

Leases (see note 22)

79,942

78,148

Non-current:

Leases (see note 22)

254,771

334,714

Terms and debt repayment schedule

Group

1 year or

less

1-2 years

2-5 years

Totals

£

Leases

79,942

82,367

172,404

334,713

22.

LEASING

Group

Right-of-use assets

Property, plant and equipment

2025

2024

as

restated

£

COST

At 1 November 2024

784,363

740,585

Additions

-

43,778

784,363

DEPRECIATION

At 1 November 2024

389,142

317,394

Charge for year

79,288

71,748

468,430

389,142

NET BOOK VALUE

315,933

395,221

Group

Lease liabilities

Minimum lease payments fall due as follows:

2025

2024

as

restated

£

Gross obligations repayable:

Within one year

89,000

Between one and five years

267,000

356,000

445,000

Finance charges repayable:

Within one year

9,058

10,852

Between one and five years

12,229

21,286

21,287

32,138

Net obligations repayable:

Within one year

79,942

78,148

Between one and five years

254,771

334,714

334,713

412,862

23.	FINANCIAL INSTRUMENTS

The carrying value of the groups financial assets and liabilities are summarised by category below:

2025

2024

£

Financial Assets

Measured at undiscounted amount receivable

- Trade debtors, other debtors and accrued income

6,232,986

4,164,983

- Cash at bank and in hand

6,374,603

8,518,324

12,607,589

12,683,307

Financial Liabilities

Measured at undiscounted amount payable

- Trade creditors, other creditors, accruals and leases

3,133,106

6,045,103

3,133,106

6,045,103

Prepayments and deferred income are excluded from the above as this analysis is required only for financial instruments.

Financial risk factors

The company is exposed to the following risks:

Market risk

The group holds no investments in equity outside of the group or other securities and has no borrowing.

Foreign currency risk

The group primarily transacts in Sterling therefore exposure to currency risk is limited.

Credit risk

The group may offer credit terms to its customers which allow payment of debt after delivery of the goods or services. The group is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is mitigated by strong on-going customer relationships and by ongoing credit checks.

Further disclosures regarding trade and other receivables, which are neither past due or impaired, are provided in note 14.

Liquidity risk

The objective of the group in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The group expects to meet its financial obligations through normal operating cash flows.

24.	PROVISIONS

Group

2025

2024

as

restated

£

Other provisions

419,939

-

Analysed as follows:

Current

419,939

-

2025

2024

£

Provided for during the period

419,939

-

Other provisions relate to the estimate of potential cost of repairing or replacing goods supplied that may fail.

25.	DEFERRED TAX

Group

2025

2024

as

restated

£

Balance at 1 November

149,121

139,887

Accelerated capital allowances

(22,329

)

9,234

Balance at 31 October

126,792

149,121

26.	PENSION COMMITMENTS

During the year pension contributions of £214,352 (2024: £52,081) were made on behalf of the employees. At the year end outstanding pension contributions payable amounted to £837 (2024: Nil).

27.	ULTIMATE PARENT COMPANY

Capital27 Ltd is the ultimate parent of the group and there is no one ultimate controlling party of Capital27 Ltd.

28.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2025 and 31 October 2024:

2025

2024

as

restated

£

N G Roberts

Balance outstanding at start of year

(452,232

)

(73,173

)

Amounts advanced

2,411,274

1,376,029

Amounts repaid

(1,937,297

)

(1,755,088

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

21,745

(452,232

)

29.	RELATED PARTY DISCLOSURES

The remuneration of directors and other members of key management during the year was as follows:

2025

2024

£

Salaries and other short term benefits

273,222

144,516

Included in other debtors is an amount of £3,668,852 (2024 - £1,500,000) owed by an entity that is controlled by the directors.