Company registration number 02275157 (England and Wales)
SHEARLINE HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2025
SHEARLINE HOLDINGS LIMITED
COMPANY INFORMATION
Director
D H Littlechild
Company number
02275157
Registered office
Cambridgeshire Business Park
Angel Drove
Ely
Cambridgeshire
CB7 4EX
Auditor
Whitings LLP
Chartered Accountants & Statutory Auditors
Greenwood House
Greenwood Court
Skyliner Way
Bury St Edmunds
Suffolk
IP32 7GY
SHEARLINE HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 31
SHEARLINE HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 APRIL 2025
- 1 -

The directors present their strategic report for the period ended 3 0 April 202 5. The aim is to present a balanced and comprehensive review of the development and performance of the business during the period and its position at the period end. The review is consistent with the size of the business and is written in the context of the risks and uncertainties we face.

Principal activities

The principal activity of the group during the year continued to be the manufacturing of metal based products to customer specifications, selling predominantly in the UK.

Review of the business

The principal activity of the group during the period continued to be the manufacturing of metal based products to customer specifications, selling predominantly in the UK.

During the period, the reporting end date was changed from 31 December 2024 to 30 April 2025. Due to this, the financial statements to 30 April 2025 are for a period of 16 months, and accordingly, the comparatives are not entirely comparable.

Revenue on an annual basis has dropped during the current period compared to the prior year. Gross profit on an annual basis has unfortunately seen a reduction due to fluctuating material prices and our own increased energy charges.

At the time of reporting the company has appointed business turnaround specialists to initiate a structured turnaround plan. It is envisaged that the turnaround will be completed over a twelve-month period. A key element of the turnaround plan is to increase the gross margin via operational cost savings and pricing increases. Therefore, the directors are confident for the future prospects of the company.

We have continued to invest in accordance with the planned capital investment programme in order to maintain and exceed customer service levels.

We have assessed that the group is able to continue to meet its debts as they fall due and therefore have prepared these financial statements on the going concern basis. Further detail regarding our assessment can be found in note 1.4.

Principal risks and uncertainties

The key business risks and uncertainties affecting the group are those relating to price competition from competitors within the industry and liquidity.

To minimise exposure, processes within our business are regularly challenged to remain competitive, without eroding margins.

The group actively maintains a mix of long term and short term debt finance that ensures there are sufficient funds available for both daily operations and continued investment.

Regular cash flow forecasts are produced in order to monitor the Group’s cash flow requirements and the liquidity of the business.

SHEARLINE HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 2 -
Key performance indicators

There are a number of performance indicators that are used to monitor the business on a regular basis. The key indicators for the purpose of the strategic report are detailed below.

Period Ended Year Ended

30th April 2025 31st December 2023

£ £

Turnover 11,135,398 9,182,139

Gross Profit 3,161,018 2,655,486

Pre tax loss: (62 0,7 70) (146,532)

On behalf of the board

D H Littlechild
Director
9 July 2026
SHEARLINE HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 30 APRIL 2025
- 3 -

The director presents his annual report and financial statements for the period ended 30 April 2025.

Results and dividends

The results for the period are set out on page 8.

Director

The director who held office during the period and up to the date of signature of the financial statements was as follows:

D H Littlechild
J S Littlechild
(Resigned 11 February 2025)
Post reporting date events

There have been no significant events affecting the Group since the year end.

Future developments

As well as continuing to invest in the group infrastructure and our people, investment will also be made in raising the group's profile.

Auditor

The auditor, Whitings LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of director's responsibilities

The director is responsible for preparing the Strategic Report, the Annual Report and the financial statements in accordance with applicable law and regulations.

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

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

SHEARLINE HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 4 -
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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
D H Littlechild
Director
9 July 2026
SHEARLINE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SHEARLINE HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Shearline Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 April 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 group's and the parent company's affairs as at 30 April 2025 and of the group's loss for the period 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 group and parent 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.

Material uncertainty related to going concern

We draw attention to note 1.4 in the financial statements, which explains that the group is loss-making and has a bank loan due within 12 months of approval of these financial statements. In the event that this is required to be repaid, the group would not have sufficient resources to meet these obligations.

As stated in note 1.4, these events or conditions, along with the other matters as set out in note 1.4, indicate that a material uncertainty exists that may cast significant doubt on the company and the group's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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.

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 director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

SHEARLINE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SHEARLINE HOLDINGS LIMITED
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

- T he information given in the strategic report and the director's r eport for the financial period for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the director's 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 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 director

As explained more fully in the director's r esponsibilities s tatement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the group 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 director either intends to liquidate the parent company or to cease operations, or has 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management about any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace, and fraud;

- Enquiry of management around actual and potential litigation and claims;

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

- Challenging assumptions and judgements made by management in their significant accounting estimates, such as valuation of investment property; and

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

SHEARLINE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SHEARLINE HOLDINGS LIMITED
- 7 -

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities 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.

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jaimie King ACA (Senior Statutory Auditor)
For and on behalf of Whitings LLP, Statutory Auditor
Chartered Accountants
Greenwood House
Greenwood Court
Skyliner Way
Bury St Edmunds
Suffolk
IP32 7GY
14 July 2026
SHEARLINE HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 APRIL 2025
- 8 -
Period
Year
ended
ended
30 April
31 December
2025
2023
Notes
£
£
Turnover
3
11,135,398
9,182,139
Cost of sales
(7,974,380)
(6,526,653)
Gross profit
3,161,018
2,655,486
Administrative expenses
(3,430,225)
(2,628,313)
Other operating income
25,381
12,323
Operating (loss)/profit
4
(243,826)
39,496
Fair value loss on investment property
12
(121,389)
-
Interest receivable and similar income
7
86
103
Interest payable and similar expenses
8
(255,641)
(186,131)
Loss before taxation
(620,770)
(146,532)
Tax on loss
9
123,940
41,618
Loss for the financial period/year
(496,830)
(104,914)
Loss for the financial period/year is all attributable to the owners of the group.

There were no recognised gains and losses for 202 5 or 202 3 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 202 5 (202 3:£NIL).

The notes on pages 14 to 31 form part of these financial statements.

SHEARLINE HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 30 APRIL 2025
30 April 2025
- 9 -
30 April 2025
31 December 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,215,517
2,711,660
Investment property
12
1,200,000
1,321,389
3,415,517
4,033,049
Current assets
Stocks
15
1,368,898
1,438,558
Debtors
16
1,988,138
1,585,837
Cash at bank and in hand
55,470
82,591
3,412,506
3,106,986
Creditors: amounts falling due within one year
17
(3,873,050)
(2,124,647)
Net current (liabilities)/assets
(460,544)
982,339
Total assets less current liabilities
2,954,973
5,015,388
Creditors: amounts falling due after more than one year
18
(434,960)
(1,874,605)
Provisions for liabilities
Deferred tax liability
21
104,057
227,997
(104,057)
(227,997)
Net assets
2,415,956
2,912,786
Capital and reserves
Called up share capital
23
2,500
2,500
Share premium account
1,000
1,000
Profit and loss reserves
2,412,456
2,909,286
Total equity
2,415,956
2,912,786

The notes on pages 14 to 31 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 9 July 2026 and are signed on its behalf by:
09 July 2026
D H Littlechild
Director
Company registration number 02275157 (England and Wales)
SHEARLINE HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2025
30 April 2025
- 10 -
30 April 2025
31 December 2023
Notes
£
£
£
£
Fixed assets
Investment property
12
1,200,000
1,321,389
Investments
13
552,235
2,000
1,752,235
1,323,389
Current assets
Debtors
16
58,000
70,500
Cash at bank and in hand
598
3,379
58,598
73,879
Creditors: amounts falling due within one year
17
(1,017,280)
(366,599)
Net current liabilities
(958,682)
(292,720)
Total assets less current liabilities
793,553
1,030,669
Creditors: amounts falling due after more than one year
18
-
(974,673)
Net assets
793,553
55,996
Capital and reserves
Called up share capital
23
2,500
2,500
Share premium account
1,000
1,000
Profit and loss reserves
790,053
52,496
Total equity
793,553
55,996

The notes on pages 14 to 31 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 9 July 2026 and are signed on its behalf by:
09 July 2026
D H Littlechild
Director
Company registration number 02275157 (England and Wales)
SHEARLINE HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2025
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
2,500
1,000
3,014,200
3,017,700
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
-
(104,914)
(104,914)
Balance at 31 December 2023
2,500
1,000
2,909,286
2,912,786
Period ended 30 April 2025:
Loss and total comprehensive income for the period
-
-
(496,830)
(496,830)
Balance at 30 April 2025
2,500
1,000
2,412,456
2,415,956

The notes on pages 14 to 31 form part of these financial statements.

SHEARLINE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 APRIL 2025
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2023
2,500
1,000
31,402
34,902
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
21,094
21,094
Balance at 31 December 2023
2,500
1,000
52,496
55,996
Period ended 30 April 2025:
Profit and total comprehensive income for the period
-
-
737,557
737,557
Balance at 30 April 2025
2,500
1,000
790,053
793,553

The notes on pages 14 to 31 form part of these financial statements.

SHEARLINE HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 APRIL 2025
- 13 -
2025
2023
Notes
£
£
£
£
Cash flows from operating activities
Loss for the financial year
(496,830)
(104,914)
Depreciation of tangible assets
11
526,810
445,140
Loss/(Profit) on disposal of tangible assets
12,265
(767)
Fair value loss on investment property
12
121,389
-
Interest and other expense
255,641
186,131
Interest and other income
(86)
(103)
Taxation charge
9
(123,940)
(41,618)
Decrease/(increase) in stocks
69,660
489,074
Decrease/(increase) in debtors
(402,301)
93,260
Increase/(decrease) in creditors
603,269
109,674
Net cash inflow from operating activities
565,877
1,175,877
Investing activities
Purchase of tangible fixed assets
(42,932)
(142,621)
Proceeds from disposal of tangible fixed assets
-
767
Interest received
86
103
Net cash used in investing activities
(42,846)
(141,751)
Financing activities
Movement on invoice discounting
388,207
(389,300)
Repayment of bank loans
(207,368)
(151,181)
Payment of finance leases obligations
(486,808)
(338,331)
Interest paid
(244,183)
(169,759)
Net cash used in financing activities
(550,152)
(1,048,571)
Net decrease in cash and cash equivalents
(27,121)
(14,444)
Cash and cash equivalents at beginning of period
82,591
97,035
Cash and cash equivalents at end of period
55,470
82,591

The notes on pages 14 to 31 form part of these financial statements.

SHEARLINE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2025
- 14 -
1
Accounting policies
Company information

Shearline Holdings Limited is a holding company. The company is a private company limited by shares and is incorporated in England. The address of its registered office is Precision House, Cambridgeshire Business Park, Angel Drove, Ely, Cambridgeshire, CB7 4EX.

The principal activity of the group is the manufacturing and machining of metal products.

1.1
Reporting period

During the period, the reporting end date was changed from 31 December 2024 to 30 April 2025. Due to this, the financial statements to 30 April 2025 are for a period of 16 months, and the comparatives are not entirely comparable.

1.2
Basis of preparation

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 group. Monetary a mounts in these financial statements are rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 2).

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

The following principal accounting policies have been applied:

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Shearline Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

SHEARLINE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 15 -
1.4
Going concern

The Company has a bank loan due for repayment within 12 months of the approval of these financial statements which at the balance sheet date totalled £940,415 (202 3 - £1,057,116). The Company’s ability to repay this loan is dependent on the disposal of investment property, which is currently on the market for sale. The bank loan is secured against the investment property as well as security provided by a director, and a cross guarantee against Group companies. The directors intend to seek extension of the loan term should the property not sell, but as at the time of approval of these financial statements, this has not been formally agreed. The Group’s banker at the time of approval of these financial statements, remains supportive of the Group in respect of this loan, and their intentions to settle the loan with the proceeds of the sale.

The Group has reported a loss before tax of £620,770 (202 3 – £146,532). At that date, the Group had net current liabilities of £460,544 (202 3 – net current assets of £982,339). This has created uncertainty about the Group’s ability to continue to meet its debts as they fall due.

The directors have prepared cash flow forecasts which have provided the directors with sufficient comfort that the financial statements should be prepared on the going concern basis. These forecasts are highly sensitive to the level of sales forecast, and are reliant on the continued support of the Group’s banker, significant financial support of a director, and an extension of the bank loan within the company. A director has also provided a letter of support to indicate his intention to support the group if required. The directors recognise that due to the above circumstances, the existence of a material uncertainty which may cast significant doubt over the group’s ability to continue as a going concern exists.

1.5
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

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

- the Group has transferred the significant risks and rewards of ownership to the buyer;

- the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the Group will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Group will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

SHEARLINE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 16 -
1.6
Intangible fixed assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

1.7
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:

Plant and machinery
5 to 15 years
Fixtures and fittings
3 to 7 years
Motor vehicles
5 years

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 recognised in the profit and loss account.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

Fair value is determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset.

1.9
Fixed asset investments

The investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

1.10
Stocks

Stocks 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.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

SHEARLINE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 17 -
1.11
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.

1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include 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 m ethod 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.

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 group 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 group after deducting all of its liabilities.

SHEARLINE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 18 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
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 profit and loss account 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 group’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 profit and loss account, 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 if, and only if, there is 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.

1.14
Provisions

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

SHEARLINE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 19 -
1.15
Retirement benefits

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

1.16
Leases

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 balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss 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 profit or loss 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 d asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.17
Foreign exchange

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

SHEARLINE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
1
Accounting policies
(Continued)
- 20 -
1.18

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

2
Judgements and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

Stock provisions:-

The Group manufactures items to order and as a result it is necessary to consider the recoverability of the cost of the stock and the associated provisioning required. When calculating stock provision, management considers evidence of impairment, as well as appying assumptions around anticipated saleability of finished goods and future usage of raw materials.

Useful economic lives of tangible fixed assets:-

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisation and the physical condition of the asset.

Investment properties:-

Investment properties are valued annually by the directors. There is, however, an inevitable degree of judgment involved in that each property is unique and value can only ultimately be reliably tested in the market itself.

3
Turnover and other revenue
Period ended 30 April 2025
Year ended 31 December 2023
£
£
Turnover analysed by class of business
Manufacturing and machining of metal products
11,006,698
9,086,402
Rental income
128,700
95,737
11,135,398
9,182,139
SHEARLINE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
3
Turnover and other revenue
(Continued)
- 21 -
Period ended 30 April 2025
Year ended 31 December 2023
£
£
Turnover analysed by geographical market
United Kingdom
10,190,285
8,502,714
Rest of Europe
404,104
123,944
Rest of the world
541,009
555,481
11,135,398
9,182,139
Period ended 30 April 2025
Year ended 31 December 2023
£
£
Other Operating Income
Sundry income
25,381
12,323
4
Operating (loss)/profit
Period ended 30 April 2025
Year ended 31 December 2023
£
£
Operating (loss)/profit for the period is stated after charging:
Exchange losses
10,277
8,104
Fair value loss on investment property
121,389
-
Fees payable to the group's auditor for the audit of the group's financial statements
23,800
22,900
Operating lease charges
207,000
276,856
5
Employees

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

Group
Company
Period ended 30 April
Year ended 31 December
Period ended 30 April
Year ended 31 December
2025
2023
2025
2023
Number
Number
Number
Number
Administration
7
5
2
2
Manufacturing
106
111
-
-
Total
113
116
2
2
SHEARLINE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
5
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

Group
Company
Period ended 30 April
Year ended 31 December
Period ended 30 April
Year ended 31 December
2025
2023
2025
2023
£
£
£
£
Wages and salaries
4,720,733
3,683,101
-
0
-
0
Social security costs
484,897
357,061
-
-
Pension costs
284,253
167,305
-
0
-
0
5,489,883
4,207,467
-
0
-
0
6
Director's remuneration
Period ended 30 April 2025
Year ended 31 December 2023
£
£
Remuneration for qualifying services
184,568
127,701
Company pension contributions to defined contribution schemes
12,469
4,687
197,037
132,388

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

Directors' remuneration includes £61,584 paid in respect of loss of office. Assets valued at £19,000 were also transferred to the director, and are not included in the above.

7
Interest receivable and similar income
Period ended 30 April 2025
Year ended 31 December 2023
£
£
Interest income
Other interest income
86
103
SHEARLINE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 23 -
8
Interest payable and similar expenses
Period ended 30 April 2025
Year ended 31 December 2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
94,654
78,650
Other interest on financial liabilities
11,459
16,373
106,113
95,023
Other finance costs:
Interest on finance leases and hire purchase contracts
53,604
41,119
Other interest
95,924
49,989
Total finance costs
255,641
186,131
9
Taxation
Period ended 30 April 2025
Year ended 31 December 2023
£
£
Deferred tax
Origination and reversal of timing differences
(123,940)
(41,618)

The actual credit for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:

Period ended 30 April 2025
Year ended 31 December 2023
£
£
Loss before taxation
(620,770)
(146,532)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(155,193)
(27,841)
Tax effect of expenses that are not deductible in determining taxable profit
584
210
Other non-reversing timing differences
-
0
(23)
Changes in provisions leading to an increase in tax charge
322
(13,964)
Fair value loss not deductible in determining taxable profit
30,347
-
Taxation credit
(123,940)
(41,618)

The Group has trade related tax losses of £1,505,554 (2023 - £1,456,374) available for offset against future taxable profits.

SHEARLINE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 24 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2024 and 30 April 2025
235,633
Amortisation and impairment
At 1 January 2024 and 30 April 2025
235,633
Carrying amount
At 30 April 2025
-
0
At 31 December 2023
-
0
Company
Goodwill
£
Cost
At 1 January 2024 and 30 April 2025
235,633
Amortisation and impairment
At 1 January 2024 and 30 April 2025
235,633
Carrying amount
At 30 April 2025
-
0
At 31 December 2023
-
0
SHEARLINE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 25 -
11
Tangible fixed assets
Group
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
9,082,767
816,860
171,175
10,070,802
Additions
30,737
12,195
-
0
42,932
Disposals
-
0
-
0
(45,990)
(45,990)
At 30 April 2025
9,113,504
829,055
125,185
10,067,744
Depreciation and impairment
At 1 January 2024
6,847,382
401,115
110,645
7,359,142
Depreciation charged in the period
374,888
121,447
30,475
526,810
Eliminated in respect of disposals
-
0
-
0
(33,725)
(33,725)
At 30 April 2025
7,222,270
522,562
107,395
7,852,227
Carrying amount
At 30 April 2025
1,891,234
306,493
17,790
2,215,517
At 31 December 2023
2,235,385
415,745
60,530
2,711,660
The company had no tangible fixed assets at 30 April 2025 or 31 December 2023.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
Period ended 30 April
Year ended 31 December
Period ended 30 April
Year ended 31 December
2025
2023
2025
2023
£
£
£
£
Plant and machinery
1,177,896
1,412,417
-
0
-
0
Fixtures and fittings
210,885
266,199
-
0
-
0
Motor vehicles
17,792
60,530
-
0
-
0
1,406,573
1,739,146
-
-
SHEARLINE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 26 -
12
Investment property
Group
Company
£
£
Fair value
At 31st December 2023
1,321,389
1,321,389
At 30th April 2025
1,200,000
1,200,000

T he 202 5 valuations were made by the directors, on an open market value basis. The directors have recognised a fair value loss of £121,389 on the property during the current accounting period.

13
Fixed asset investments
Group
Company
30 April
31 December
30 April
31 December
2025
2023
2025
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
552,235
2,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
2,000
Additions
550,235
At 30 April 2025
552,235
Carrying amount
At 30 April 2025
552,235
At 31 December 2023
2,000
14
Subsidiaries

Details of the company's subsidiaries at 30 April 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Shearline Precision Engineering Limited
Precision House, St Thomas Place, Ely, Cambridgeshire, CB7 4EX
Manufacturing and machining of metal products
Ordinary
100.00
Hybrid Laser Tech Limited
Precision House, St Thomas Place, Ely, Cambridgeshire, CB7 4EX
Scribing and profiling ceramic components
Ordinary
100.00

During the current period the Company acquired 100% holding of Hybrid Laser Tech Limited from its immediate subsidiary, Shearline Precision Engineering Limited for a consideration of £550,235.

SHEARLINE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 27 -
15
Stocks
Group
Company
30 April
31 December
30 April
31 December
2025
2023
2025
2023
£
£
£
£
Raw materials and consumables
430,256
403,135
-
-
Work in progress
640,136
582,267
-
-
Finished goods and goods for resale
298,506
453,156
-
0
-
0
1,368,898
1,438,558
-
-

A net impairment loss of £44,098 (2023 - £95,627) has been recognised in respect of slow-moving and obsolete stock.

16
Debtors
Group
Company
30 April
31 December
30 April
31 December
2025
2023
2025
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,587,438
1,391,125
-
0
-
0
Other debtors
65,104
76,522
58,000
70,500
Prepayments and accrued income
335,596
118,190
-
0
-
0
1,988,138
1,585,837
58,000
70,500

Included within trade debtors are balances totaling £1,459,088 (202 3 - £1,307,339) that are subject to factoring arrangements. The trade debtor balances have been transferred to the counterparty, though the transaction does not qualify for derecognition on the basis that the risks and rewards of ownership are retained by the company. The associated liability is recognised in creditors.

17
Creditors: amounts falling due within one year
Group
Company
30 April
31 December
30 April
31 December
2025
2023
2025
2023
Notes
£
£
£
£
Bank loans
19
1,008,415
150,443
940,415
82,443
Obligations under finance leases
20
266,376
378,879
-
0
-
0
Proceeds of factored debts
961,900
573,693
-
0
-
0
Trade creditors
842,334
359,003
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
73,565
280,262
Other taxation and social security
365,660
318,934
-
0
-
0
Other creditors
272,668
189,207
500
500
Accruals and deferred income
155,697
154,488
2,800
3,394
3,873,050
2,124,647
1,017,280
366,599
SHEARLINE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
17
Creditors: amounts falling due within one year
(Continued)
- 28 -

Proceeds of factored debts are secured against the trade debtors of the company that they relate to.

Obligations under hire purchase and finance leases are secured on the assets concerned.

Amounts owed to group companies are interest free and have no fixed repayment terms.

18
Creditors: amounts falling due after more than one year
Group
Company
30 April
31 December
30 April
31 December
2025
2023
2025
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
56,667
1,122,007
-
0
974,673
Obligations under finance leases
20
378,293
752,598
-
0
-
0
434,960
1,874,605
-
0
974,673
19
Loans and overdrafts
Group
Company
30 April
31 December
30 April
31 December
2025
2023
2025
2023
£
£
£
£
Bank loans
1,065,082
1,272,450
940,415
1,057,116
Payable within one year
1,008,415
150,443
940,415
82,443
Payable after one year
56,667
1,122,007
-
0
974,673

Certain bank loans are secured against the investment property. These loans have a lump sum payment with an interest rate at 4.44% .p.a above base rate and are payable within one year from the period end.

Other bank borrowings have a term of 72 months, the first 12 months are interest only and this was paid by the Government. Over the remaining 60 months, the loan is repayable by monthly instalments. Interest is charged at a fixed rate of 2.62% over base rate. This loan is due for full repayment by February 2027.

SHEARLINE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 29 -
20
Finance lease obligations
Group
Company
30 April
31 December
30 April
31 December
2025
2023
2025
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
347,996
413,592
-
0
-
0
In two to five years
401,963
935,125
-
0
-
0
749,959
1,348,717
-
-
Less: future finance charges
(105,290)
(217,240)
-
0
-
0
644,669
1,131,477
-
0
-
0
The analysis of finance lease obligations for the period/year-end is as follows:
Group
Company
30 April
31 December
30 April
31 December
2025
2023
2025
2023
Amounts due:
£
£
£
£
Within one year
266,376
378,879
-
-
In two to five years
378,293
752,598
-
-
644,669
1,131,477
-
-
21
Deferred taxation

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

Liabilities
Liabilities
30 April
31 December
2025
2023
Group
£
£
Accelerated capital allowances
487,547
586,140
Tax losses
(376,329)
(358,849)
Other short term timing differences
(7,161)
706
104,057
227,997
The company has no deferred tax assets or liabilities.
SHEARLINE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
21
Deferred taxation
(Continued)
- 30 -
Group
Company
Movements in the period:
£
£
Liability at 1 January 2024
227,997
-
Credit to profit or loss
(123,940)
-
Liability at 30 April 2025
104,057
-
22
Retirement benefit schemes
Period ended 30 April
Year ended 31 December
2025
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
284,253
167,304

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Contributions totalling £25,494 (2023 - £29,170) were payable to the fund at the reporting date.

23
Share capital
30 April
31 December
30 April
31 December
Group and company
2025
2023
2025
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.1p each
2,500,000
2,500,000
2,500
2,500
24
Related party transactions

The Group has taken advantage of exemptions from the disclosure of transactions with other group companies.

All directors of the Group are considered to be key management personnel.

SHEARLINE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 APRIL 2025
- 31 -
25
Directors' transactions

A director has provided a guarantee of £1,850,000 in respect of bank borrowings of the group.

The group owed £257,690 (2023 - £176,411) to directors at the balance sheet date. Interest has been charged at an average rate of 6%. During the year rent of £240,000 (2023 - £319,000) has been paid to a director by the group.

During the period, a director issued a rent concession for a seven month period totalling £186,666. This was a temporary concession and rent at the original value has since been reinstated.

26
Controlling party

The ultimate controlling party is Mr D H Littlechild.

27
Analysis of changes in net debt - group
1 January 2024
Cash flows
30 April 2025
£
£
£
Cash at bank and in hand
82,591
(27,121)
55,470
Debt due after 1 year
(1,122,007)
1,065,340
(56,667)
Debt due within 1 year
(339,651)
(941,432)
(1,281,083)
Finance leases
(1,131,477)
486,808
(644,669)
(2,510,544)
583,595
(1,926,949)
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