Company registration number 03203217 (England and Wales)
S.B.E. LTD.
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
S.B.E. LTD.
COMPANY INFORMATION
Directors
H Beseme
M Rattu
Secretary
A Loan
Company number
03203217
Registered office
5th Floor
Ashford Commercial Quarter
1 Dover Place
Ashford
Kent
United Kingdom
TN23 1FB
Auditor
Azets
5th Floor
Ashford Commercial Quarter
1 Dover Place
Ashford
Kent
United Kingdom
TN23 1FB
Business address
Unit A2
Beaver Industrial Estate
Beaver Road
Ashford
Kent
TN23 7SH
Bankers
National Westminster Bank plc
11 The Parade
Canterbury
Kent
United Kingdom
CT1 2SQ
S.B.E. LTD.
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Statement of financial position
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 29
S.B.E. LTD.
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025

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

Fair Review of the Business and Business Development

The business has continued to strengthen under its new parent company, opening opportunities in the CPE (Customer Premises Equipment) sector—an area where SBE previously had limited expertise. The Cordon Group brings extensive knowledge in product line setup, support, and full project management, positioning SBE as a highly competitive player in the market.

Looking ahead, the business plans to expand further into the energy sector, telecom towers, and medical products. With the increasing adoption of connected and electric vehicles, it is crucial for SBE to establish a strong presence in this segment. To support this, we have already developed key relationships within the battery market. Telecom towers, which are already serviced by the parent group, present another avenue for revenue growth this year.

The company continues to diversify, and the medical sector has now become an established area of focus. A high-level market study identified the medical sector as a key growth driver. We are actively strengthening relationships with industry partners to position SBE as the preferred or exclusive partner for medical product suppliers and distributors.

Additionally, SBE has made significant investments in AI and ML, recognising their potential to transform customer service. AI-driven solutions will enhance efficiency, eliminate delays, and reduce costs for both customers and the company, creating a win-win scenario. We are also developing AI-based diagnostic solutions for direct repairs, leveraging historical data to predict repair outcomes and optimize service efficiency.

The company has also expanded its insurance customer portfolio, introducing new product lines that complement our existing offerings. Insurance-related services provide an additional revenue stream and encourage innovation beyond traditional service models, further enhancing our expertise.

However, rising NMW (National Minimum Wage) continues to impact overall business costs. To mitigate this, we are actively engaging with contract customers to adjust service pricing or introduce value-added offerings to offset higher expenses. Aligning staff wages with the NLW (National Living Wage) has contributed to greater staff stability and improved relationships within the workforce.

Principal risks and uncertainties

Staffing Costs and Retention:The rising NMW poses a significant challenge, as further wage adjustments will impact profitability. While this is a legal requirement, not all customers are willing to absorb the increased costs, creating a risk of losing skilled employees who have been with the company for years. To manage this, we have implemented various incentive programs, but the risk remains.

AI Adoption and Workforce Impact: AI is expected to take over many low-level tasks, presenting both an opportunity and a risk. If AI adoption accelerates before we are fully prepared, it could lead to workforce reductions and operational challenges. Additionally, over-reliance on technology remains a concern, as demonstrated by industry-wide AI-related server failures last year.

Market Consolidation: The industry is witnessing increased consolidation, with insurance providers acquiring repair capabilities and OEMs managing high-level repairs in-house. These developments could create additional pressure on the business and remain an ongoing risk.

Development and performance

It is important to note that the net assets has fallen from £8.23m to £7.55m.

- 1 -
S.B.E. LTD.
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Key performance indicators

Turnover decreased from £36m to £29.5m.

Profit before tax of £211k at 31 December 2024 has decreased to a loss before tax of £201k as a result of reduced volume and a £250k dilapidations provision.

The company’s net assets decreased from £8.23m to £7.55m.

The company paid out a dividend of £521k during the year.

Staff numbers decreased this year with an average of 274 employed during 2025 (2024: 288).

Financial Risk Management:

Liquidity Risk:

The company manages liquidity risk by maintaining adequate cash reserves and implementing a monthly cash flow forecasting system, which is monitored weekly.

Credit Risk:

Historically, the company has had no significant unrecognised credit risks. However, given the current economic climate, risk awareness has increased. The company actively monitors the financial stability of potential clients and maintains a strict credit control system, ensuring that doubtful debt provisions remain unnecessary. This is reviewed monthly to minimise risk.

Foreign Exchange Risk:

As part of its cross-border operations, the company holds financial assets and liabilities denominated in foreign currencies. However, the majority of transactions relate to UK operations and are conducted in GBP. Foreign exchange risk remains a concern, and the company follows a policy of minimising foreign currency cash holdings while continuously exploring risk mitigation strategies.

- 2 -
S.B.E. LTD.
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Directors' statement of compliance with duty to promote the success of the Company

In line with the revised governance code, this statement summarises how the Directors have exercised their duties with regard to the matters set out in Section 172(a to f) of the Companies Act 2006, and how they have considered the interests of key stakeholders as they perform their duties as Directors.

General Confirmation of Directors' duties

The Directors are responsible for promoting the success of the Company. The Directors fulfill these duties in part through a governance framework, with clear expectation of the values and behaviours that the Directors are expected to uphold when engaging with each one of its key stakeholders.

Engagement with stakeholders is a key responsibility of those charged with governance. When making decisions and engaging with stakeholder, each director is expected to act in good faith, promoting S.B.E. Ltd's values for the benefit and success of its members as a whole. In so doing, the Directors are mindful of the following areas.

S172(1) (A) "The likely consequences of any decision in the long term"

The board tries to remain mindful of the long-term implications of its strategic decisions, and carefully assesses those decisions and the repercussions of those decisions. The long-term strategy of S.B.E. Ltd is all at the forefront of the Directors minds, as the Company seeks to deliver the most cost effective, efficient and innovative solutions to our customers, and decisions are made to enable this strategy to become reality.

S172(1) (B) "The interests of the company's employees"

The Directors believe that its staff are fundamental to the company's ability to deliver its strategic plans, and are key to the ultimate success of the company. S.B.E. Ltd is committed to its staff, which is demonstrated through employee long service and customer satisfaction. The board is updated regularly on regulatory matters such as Health & Safety, diversity, gender equality and mental health resources, and ensure that pay and benefits reflect the contribution made by employees. Employees are kept up to date with company and wider Group strategies, performance and news.

S172(1) (C) "The need to foster the company's business relationships with suppliers, customers and others"

The board is conscious that to realise S.B.E. Ltd's strategy it needs to rely on strong mutually beneficial relationships with its customers and many other key shareholders.

The board is briefed on major contract negotiations with key customers. Relationships with customers are open, honest and collaborative, and parties are kept up to date through regular meetings. Business unit heads provide regular updates to the board on performance and client focus areas which provide the board with insights into any areas of concern for customers. The servicing and retention of all customers continues to be a key focus area for the Company as well as continuing to deliver to our customers expectations.

The Finance Manager (FM) manages the relationship with the bank and insurers, as well as having responsibility for the Company's cash management and financing activies. The FM provides regular reports to the Board on these activities.

The board promotes all-embracing compliance with relevant regulatory bodies and strives for best practice in both regards. S.B.E. Ltd maintains its tax records proactively to comply with all legislation, engaging with HMRC when required and seeking tax advice from qualified tax professionals. Similarly, legal advice is sought from qualified legal professionals when required.

- 3 -
S.B.E. LTD.
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025

S172(1) (D) "The impact of the company's operations on the community and the environment"

The board is committed to giving back to the communities in which it operates, actively supporting local communities and charities. The board also supports the Operational Team as it complies with environmental reporting requirements and seeks to reduce adverse effects on the environment as the company develops and plans to grow further.

S172(1) (E) "The desirability of the company maintaining a high reputation for high standards of business conduct"

The Directors are informed and monitor compliance with relevant governance standards to ensure that S.B.E. Ltd acts in ways that promote high standards of business conduct.

S172(1) (F) "The need to act fairly as between members of the company"

The Directors recognise that there can be conflicts in interest of differing stakeholders which the board members must negotiate carefully. Decisions are made by the board after carefully weighing up all factors and arriving at an impartial decision which benefits the company and wider group and its overall strategy as a whole, not just one element. The board takes care to consider the needs and interests of all stakeholders, and the impact that any decision they make will have thereon.

As such, the board is actively engaged with its shareholders and understands the importance of the communication of company strategy and direction to all of its shareholders, holding regular board meetings to ensure that all shareholders remain fully informed.

On behalf of the board

H Beseme
Director
24 June 2026
- 4 -
S.B.E. LTD.
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025

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

Principal activities

The principal activity of the company was that of the provision of maintenance and logistical services to the electronics industry.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £520,951. The directors do not recommend payment of a final dividend.

Directors

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

H Beseme
M Rattu
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged.

It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company's performance.

Energy and carbon report

The Company is deemed to be a large company as determined by sections 465 and 466 of the Companies Act 2006 and consumes more than 40,000kWh of energy (in the UK) during the reporting period and therefore must report the following energy data:

2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
155,563
124,331
- Electricity purchased
411,008
468,294
- Fuel consumed for transport
53,257
52,316
619,828
644,941
- 5 -
S.B.E. LTD.
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
28.60
25.14
- Fuel consumed for owned transport
-
-
28.60
25.14
Scope 2 - indirect emissions
- Electricity purchased
87.26
99.43
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
14.30
14.02
Total gross emissions
130.16
138.60
Intensity ratio
Tonnes CO2e per full-time employee
0.43
0.42
Quantification and reporting methodology

We have followed the 2020 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per full time staff member, the recommended ratio for the sector.

Measures taken to improve energy efficiency

The following measures have been introduced

- Automatic AC Turn off after closing

- LED Lighting

- Heating timed on and off

- Using public transport for long journeys

- Getting hybrid cars for car sharing and travelling

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
H Beseme
Director
24 June 2026
- 6 -
S.B.E. LTD.
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -

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

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

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

- select suitable accounting policies and then apply them consistently;

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

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

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

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

S.B.E. LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF S.B.E. LTD.
Opinion
- 8 -

We have audited the financial statements of S.B.E. LTD. (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' true r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

S.B.E. LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF S.B.E. LTD.
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

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

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

- certain disclosures of 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
- 9 -

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

S.B.E. LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF S.B.E. LTD.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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

Christiaan de Lange
Senior Statutory Auditor
For and behalf of Azets Audit Services Limited
7 July 2026
Chartered Accountants
Statutory Auditor
5th Floor
Ashford Commercial Quarter
1 Dover Place
Ashford
Kent
United Kingdom
TN23 1FB
- 10 -
S.B.E. LTD.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
2025
2024
Notes
£
£
Turnover
3
29,525,178
36,058,372
Cost of sales
(23,685,469)
(30,071,539)
Gross profit
5,839,709
5,986,833
Administrative expenses
(6,085,107)
(5,813,447)
Operating (loss)/profit
4
(245,398)
173,386
Interest receivable and similar income
8
55,857
51,046
Interest payable and similar expenses
9
(11,349)
(13,175)
(Loss)/profit before taxation
(200,890)
211,257
Tax on (loss)/profit
10
48,000
(54,204)
(Loss)/profit for the financial year
(152,890)
157,053

The income statement has been prepared on the basis that all operations are continuing operations.

- 11 -
S.B.E. LTD.
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
340,516
388,253
Investments
13
6,242
6,242
346,758
394,495
Current assets
Stocks
15
2,826,104
2,824,442
Debtors
16
6,139,176
5,852,811
Cash at bank and in hand
1,343,777
1,911,123
10,309,057
10,588,376
Creditors: amounts falling due within one year
17
(3,039,780)
(2,684,995)
Net current assets
7,269,277
7,903,381
Total assets less current liabilities
7,616,035
8,297,876
Provisions for liabilities
Deferred tax liability
18
64,000
72,000
(64,000)
(72,000)
Net assets
7,552,035
8,225,876
Capital and reserves
Called up share capital
20
10,000
10,000
Profit and loss reserves
21
7,542,035
8,215,876
Total equity
7,552,035
8,225,876
The financial statements were approved by the board of directors and authorised for issue on 24 June 2026 and are signed on its behalf by:
H Beseme
Director
Company registration number 03203217 (England and Wales)
- 12 -
S.B.E. LTD.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
10,000
8,808,823
8,818,823
Year ended 31 December 2024:
Profit and total comprehensive income
-
157,053
157,053
Dividends
11
-
(750,000)
(750,000)
Balance at 31 December 2024
10,000
8,215,876
8,225,876
Year ended 31 December 2025:
Loss and total comprehensive income
-
(152,890)
(152,890)
Dividends
11
-
(520,951)
(520,951)
Balance at 31 December 2025
10,000
7,542,035
7,552,035
- 13 -
S.B.E. LTD.
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
366
1,821,165
Interest paid
(11,349)
(13,175)
Income taxes paid
(2,204)
(125,241)
Net cash (outflow)/inflow from operating activities
(13,187)
1,682,749
Investing activities
Purchase of tangible fixed assets
(89,065)
(67,374)
Interest received
55,857
51,046
Net cash used in investing activities
(33,208)
(16,328)
Financing activities
Dividends paid
(520,951)
(750,000)
Net cash used in financing activities
(520,951)
(750,000)
Net (decrease)/increase in cash and cash equivalents
(567,346)
916,421
Cash and cash equivalents at beginning of year
1,911,123
994,702
Cash and cash equivalents at end of year
1,343,777
1,911,123
- 14 -
S.B.E. LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
Company information

S.B.E. LTD. is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, Ashford Commercial Quarter, 1 Dover Place, Ashford, Kent, United Kingdom, TN23 1FB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company does not prepare consolidated accounts for the financial period, as the company has no investments in subsidiaries as at the year end.

1.2
Going concern

A true t the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources for the period ahead and that the company will remain in operational existence for the foreseeable future. The directors have considered, as a minimum, a period of at least 12 months from the date of approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover
- 15 -

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Straight line over the lease term
Plant and machinery
20% reducing balance
Fixtures, fittings & equipment
Furniture 15% reducing balance. Equipment 20% reducing balance. Computers 33% straight line.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

S.B.E. LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
1.5
Fixed asset investments

Interests in associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.6
Impairment of fixed assets
- 16 -

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks (which includes raw materials and consumables and work in progress) are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

S.B.E. LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
Basic financial assets
- 17 -

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

S.B.E. LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
Other financial liabilities
- 18 -

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

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

Current tax

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

Deferred tax

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

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

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

S.B.E. LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
1.14
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks

and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income

on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

1.15
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
- 19 -
S.B.E. LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
2
Judgements and key sources of estimation uncertainty
- 20 -

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements have had the most significant effect on amounts recognised in the financial statements.

Stock valuation

Stocks of finished goods are valued at the lower of cost and the estimated selling price. In assessing the value of the company's stock, consideration is given to any impairment in its value as a result of any stock which is likely to have become obsolete or which has an estimated selling price less than its cost price.

Provisions in this respect are calculated based on varying percentages applied to cost depending on the expected required stock levels and the age of the stock. Such provisions are reviewed and adjusted by management on a monthly basis.

Work in progress valuation

In determining the appropriate carrying value of work in progress, the directors are required to exercise judgement in assessing the stage of completion of each repair job a nd the level of recoverability of costs incurred. This assessment involves consideration of the contractual terms, the status of work performed, and any known issues that may impact the ability to bill or recover amounts from customers. The judgement applied has the potential, depending on the number of jobs in progress at year-end, to have a material impact on the timing and amount of revenue and profit recognised.

The directors also assess whether any foreseeable losses should be recognised immediately. This involves judgement regarding expected future costs to complete and the estimated final sales value.

Accrued income provision

The c ompany undertakes repair services for mobile phones and other electronic devices. Income in respect of these repair services is not invoiced until the repairs have been approved by the customer and the value of the work undertaken has been agreed. Therefore, m anagement exercises judgement in determining the extent to which revenue should be recognised before an invoice is issued.

Key areas requiring judgement include assessing whether sufficient repair work has been completed at the reporting date to justify recognising income, determining whether the repair outcome is sufficiently certain for revenue to be measured reliably and evaluating whether any constraints exist on the amount of revenue recognised, such as uncertain customer approval or warranty obligations.

These judgements affect the amount and timing of revenue and accrued income recognised at the year end. Actual results may differ from these estimates and could lead to material adjustments in future periods.

S.B.E. LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Maintenance and logistical services
29,525,178
36,058,372
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
26,107,063
34,616,037
Europe
3,272,846
1,081,751
Rest of the world
145,269
360,584
29,525,178
36,058,372
2025
2024
£
£
Other revenue
Interest income
55,857
51,046
4
Operating (loss)/profit
2025
2024
Operating (loss)/profit for the year is stated after charging:
£
£
Exchange losses
13,297
12,802
Depreciation of owned tangible fixed assets
136,802
213,718
Operating lease charges
243,236
304,026
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
29,500
29,500
For other services
Taxation compliance services
1,500
1,500
All other non-audit services
350
603
1,850
2,103
- 21 -
S.B.E. LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Production
219
230
Administration
55
58
Total
274
288

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
7,433,436
7,391,429
Social security costs
853,353
668,296
Pension costs
191,595
189,049
8,478,384
8,248,774
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
225,000
220,000
Company pension contributions to defined contribution schemes
22,500
22,000
247,500
242,000

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
225,000
220,000
Company pension contributions to defined contribution schemes
22,500
22,000
- 22 -
S.B.E. LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
23,268
51,046
Interest receivable from group companies
32,589
-
0
Total income
55,857
51,046
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
55,857
51,046
9
Interest payable and similar expenses
2025
2024
£
£
Other finance costs:
Other interest
11,349
13,175
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
(40,000)
82,204
Deferred tax
Origination and reversal of timing differences
(8,000)
(28,000)
Total tax (credit)/charge
(48,000)
54,204
- 23 -
S.B.E. LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Taxation
(Continued)

The actual (credit)/charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
(Loss)/profit before taxation
(200,890)
211,257
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(50,223)
52,814
Expenses not deductible for tax purposes
1,483
540
Impact of capital allowances in excess of depreciation
8,740
28,850
Deferred tax movement
(8,000)
(28,000)
Taxation (credit)/charge for the year
(48,000)
54,204
11
Dividends
2025
2024
£
£
Interim paid
520,951
750,000
- 24 -
S.B.E. LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
12
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 January 2025
1,257,672
1,147,117
1,506,122
3,910,911
Additions
54,010
-
0
35,055
89,065
At 31 December 2025
1,311,682
1,147,117
1,541,177
3,999,976
Depreciation and impairment
At 1 January 2025
1,256,806
970,224
1,295,628
3,522,658
Depreciation charged in the year
3,508
61,734
71,560
136,802
At 31 December 2025
1,260,314
1,031,958
1,367,188
3,659,460
Carrying amount
At 31 December 2025
51,368
115,159
173,989
340,516
At 31 December 2024
866
176,893
210,494
388,253
13
Fixed asset investments
2025
2024
Notes
£
£
Investments in associates
14
6,242
6,242
14
Associates

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

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
S B E (Canada) Limited
2300 Hogan Drive, Mississauga, ON, L5N 0C8.
Delivering expertise in the field of reserve logistics for the mobile industry
Ordinary
20.00
-
S B E USA Inc
108 Security Pkwy, New Albany, IN 47150
Delivering expertise in the field of reserve logistics for the mobile industry
Ordinary
-
20.00

The investments in associates are all stated at cost.

- 25 -
S.B.E. LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
15
Stocks
2025
2024
£
£
Raw materials and consumables
2,712,485
2,712,484
Work in progress
113,619
111,958
2,826,104
2,824,442
16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
4,168,180
4,753,867
Corporation tax recoverable
40,000
-
0
Amounts owed by group undertakings
1,659,306
508,405
Amounts owed by undertakings in which the company has a participating interest
20,905
32,276
Prepayments and accrued income
250,785
558,263
6,139,176
5,852,811
17
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
931,352
1,837,541
Amounts owed to group undertakings
989,051
117,799
Corporation tax
-
0
2,204
Other taxation and social security
567,879
423,665
Other creditors
25,947
(953)
Accruals and deferred income
525,551
304,739
3,039,780
2,684,995
18
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
ACAs
68,000
76,000
Unpaid pension contributions
(4,000)
(4,000)
64,000
72,000
- 26 -
S.B.E. LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
18
Deferred taxation
(Continued)
2025
Movements in the year:
£
Liability at 1 January 2025
72,000
Credit to profit or loss
(8,000)
Liability at 31 December 2025
64,000

Deferred tax is carried at the latest known corporation tax rate which is 25% as at 31 December 2025.

19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
191,595
189,049

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
21
Profit and loss reserves
2025
2024
£
£
At the beginning of the year
8,215,876
8,808,823
Adjusted balance
8,215,876
8,808,823
(Loss)/profit for the year
(152,890)
157,053
Dividends declared and paid in the year
(520,951)
(750,000)
At the end of the year
7,542,035
8,215,876
22
Operating lease commitments
As lessee

Operating lease payments represent rentals payable by the company for certain of its properties and equipment. Leases are negotiated for an average term of 5 years and rentals are fixed for an average of 5 years.

- 27 -
S.B.E. LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
22
Operating lease commitments
(Continued)

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
185,750
286,901
Years 2-5
371,437
421,416
557,187
708,317
23
Related party transactions
Transactions with related parties
- 28 -

During the year the company entered into the following transactions with related parties:

As at 31 December 2025, the company was owed £1,532,568 (2024: £508,405) by Cordon Group SAS in respect of an inter-company loan.

The company made sales of £2,047 (2024: £46,446) to S.B.E. France, an entity under group control. In addition, the company made purchases from S.B.E. France amounting to £27,316 (2024: £71,868).

At at the year end, the company was owed £944 by S.B.E. France (2024: £82,866).

The company made sales of £98,383 (2024: £187,284) to SBE (Canada) Limited, an entity where the company holds significant influence.

As at the year end, the company was owed £20,905 (2024: £32,276) by SBE (Canada) Limited.

The company made sales of £31 (2024: £2,137) to Cordon Polska, an entity under group control.

As at the year end, the company was owed nil (2024: £2,137) by Cordon Polska.

The company has taken advantage of the exemption available in FRS 102 whereby it has not disclosed transactions entered into between two or more members of a group, where the subsidiary which is party to the transactions is wholly owned by such a member.

24
Ultimate controlling party

The immediate parent undertaking is S.B.E S.A, a company registered in France. The ultimate parent undertaking at the balance sheet date is Cordon Group S.A.S, also registered in France. The ultimate controlling party is considered to be Mr. S. Cordon who directly and indirectly holds the majority of the share capital in Cordon Group S.A.S.

The accounts of the ultimate parent undertaking, which is the largest group into which the accounts of S.B.E Limited are consolidated, are available to the public at 14 Rue de la Violette, 22100, Quévert, France.

S.B.E. LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
25
Cash generated from operations
2025
2024
£
£
(Loss)/profit after taxation
(152,890)
157,053
Adjustments for:
Taxation (credited)/charged
(48,000)
54,204
Finance costs
11,349
13,175
Investment income
(55,857)
(51,046)
Depreciation and impairment of tangible fixed assets
136,802
213,718
Movements in working capital:
(Increase)/decrease in stocks
(1,662)
620,371
(Increase)/decrease in debtors
(246,365)
1,275,941
Increase/(decrease) in creditors
356,989
(462,251)
Cash generated from operations
366
1,821,165
26
Analysis of changes in net funds
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
1,911,123
(567,346)
1,343,777
- 29 -
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