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Registered number: 00823259 PEKTRON GROUP LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
PEKTRON GROUP LIMITED COMPANY INFORMATION
Directors | I S Harpham
| J M Hatton
| G Ball
| G Colwill
Company secretary | P D Morgan
Registered number | 00823259
Registered office | Alfreton Road
| Derby
| DE21 4AP
Independent auditors | PKF Smith Cooper Audit Limited
| Statutory Auditors
| Prospect House
| 1 Prospect Place
| Derby
| DE24 8HG
PEKTRON GROUP LIMITED CONTENTS
| Page
Strategic Report | 1 - 3
Directors' Report | 4 - 7
Independent Auditors' Report | 8 - 11
Statement of Comprehensive Income | 12
Balance Sheet | 13
Statement of Changes in Equity | 14
Statement of Cash Flows | 15
Notes to the Financial Statements | 16 - 28
PEKTRON GROUP LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
Business review
Within this report the directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face. We are satisfied with the performance of the Company, even though turnover has decreased, as profitability remains strong with a reasonable gross margin, which is due to the composition of sales. The impact of various external events has seen challenges to the supply chain costs and delivery.
Principal risks and uncertainties
Considering the risks and uncertainties the Company has identified, we are aware that any plans for the future development of the business may be subject to unforeseen events outside our control. The Company remain confident that the uncertainties arising from any uncertainties should be able to be managed. The Company has experienced decreased turnover levels but cashflows remain healthy. The directors have not considered it necessary to prepare formal forecasts for the Company given the overall strength of the cash position of the Company, which retains considerable levels of cash and no external debt.
Financial key performance indicators
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the Company as a whole, these being turnover, gross margin and cash flow. Turnover has decreased by 7.8%, whilst the margin has increased by 1.4%. Overall profitability, excluding exceptionals, has remained fairly stable. Cash being generated from operating activities remains strong.
Other key performance indicators
There are no other KPIs are used by the directors, although customer satisfaction is measured through the Quality Management System monitoring various criteria. Page 1
PEKTRON GROUP LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Directors' statement of compliance with duty to promote the success of the Company
The Directors of Pektron Group Limited consider that they have acted in the way they consider, in good faith, would be the most likely to promote the success of the Company for the benefit of its members as a whole, having regard to matters set out in s172(1)(a-f) of the Companies Act 2006, in the decisions taken during the year ended 31 December 2025. In particular: (a) Likely consequences of any decision in the long-term Our core business model and strategy are designed to secure sustainable long-term growth whilst continuing to deliver strong results in the meantime. (b) The interests of the Company’s employees Our employees are fundamental to the delivery of our strategy. We encourage employee participation and have worked hard on improving the working environment. We have regard for their interests and this has helped shaped our decision-making processes. (c) The need to foster the Company’s business relationships with suppliers, customers and others Engaging with our stakeholders is very much a part of our ethos as it strengthens our relationships and helps us make better business decisions. (d) The impact of the Company’s operations on the community and the environment We are proud to support our local community. In 2025, as part of our Corporate Social Responsibility (CSR) programme, we have donated funds to support local communities, charities and good causes. We have introduced a number of initiatives to minimise our impact on the environment, including energy saving lighting and heating at our premises and a cycle to work scheme open to all our employees. We strive to reduce the use of natural resources and generation of waste. Our environment policy states that our aim is to minimise the impacts of our operations onto the environment to protect the habitat from industrial damage. (e) The desirability of the Company maintaining a reputation for high standards of business conduct The Board is committed to achieving and maintaining high standards of business conduct, corporate governance, integrity and business ethics. A key to maintaining our reputation for high standards is to treat our customers, partners and employees fairly at all times, and our approach to conducting our business is focused on this outcome. We have designed a Risk Management Framework that is both robust and acts as an enabler to our business. This gives the Board confidence that the Company’s strategic and growth objectives can be met within our risk and business conduct framework. Pektron Group Limited has always aimed to operate with the highest integrity. We seek excellence and are proud of our business integrity and commitment to our customers. We measure customer satisfaction through our Quality Management System monitoring various criteria. This indicates that in 2025 all of our targets were achieved. (f) The need to act fairly as between members of the Company. The Company is a private limited company and the interests of the shareholders as a whole are considered so that members are treated fairly. Page 2
PEKTRON GROUP LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 This report was approved by the board on 29 June 2026 and signed on its behalf.
G Ball Director
Page 3
PEKTRON GROUP LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the 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 for the Company's financial statements and then apply them consistently; ∙make judgments 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; ∙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 to 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.
Results and dividends
The profit for the year, after taxation, amounted to £2,600,830 (2024 - £3,093,558). Dividends of £Nil were paid during the year (2024: £1,200,000). No further dividends are proposed for the year.
Directors
The directors who served during the year were:
I S Harpham
J M Hatton
G Ball
G Colwill
Future developments
The business continues to search out and win new business in all areas, however there are no likely future developments that will have a large impact on the business.
Financial instruments
The Company's operations expose it to a variety of financial risks that include the effects of changes in debt market prices, credit risk and foreign exchange risk. The Company has a risk management programme that seeks to limit the adverse effects on financial performance by monitoring levels of finance costs and returns. The Company has implemented policies that require appropriate credit checks before a sale is made. The Company hedges its exposure to foreign currency fluctuations by using bank accounts denominated in dollars and euros. Page 4
PEKTRON GROUP LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Research and development activities
The Company continues to invest in product research and development activities.
Engagement with employees
The Company believes in mutual respect and open, constructive dialogue. The Company believes that upholding human rights and freedoms is essential to running a successful business. The Company balances its commercial activities and providing innovative products to our customers with compliance to applicable laws. The Company prides itself in providing its associates with the professional development, support and resources they need to ensure they are successful in whatever role they fulfil. The key to maintaining a sustainable business is to ensure the efficient and effective use of available resources is balanced with the economic requirements of the business and the expectations of interested parties. The Employee Handbook provides detailed approach to various issues affecting the Company, employees and the local and national environment. All employees are empowered to communicate with Top Management and other managers when they feel the need to do so, without any fear of reprisal, intimidation or harassment. The Company are committed to diversity. All employees at Pektron Group Limited enjoy equal opportunity, regardless of age, gender, race, religion, nationality or sexual orientation.
Engagement with suppliers, customers and others
The Company have included details of engagement with suppliers, customers and others have been included in the Strategic Report using the provisions of section 414(c) of the Companies Act 2006.
Disabled employees
Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the Company continues and the appropriate training is arranged.It is the policy of the Company that the training, career development and promotion of a disabled person should as far as possible, be identical to that of a person who does not suffer a disability. Page 5
PEKTRON GROUP LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Greenhouse gas emissions, energy consumption and energy efficiency action
The Company's greenhouse gas emissions and energy consumption for the year are as follows: [1] Electricity Electricity consumption (mains supply) (purchased) 1 977 878 kWh (2024: 2 110 284 kWh) Greenhouse gas emissions 454 Tonnes CO2 (using supplier published CO2 emissions figures) (2024: 125.25 Tonnes CO2) Methodology - using supplier published data for standard or green tariff to calculate the CO2 emissions. For comparison, using conversion factor UK 2025 average figure 177g/kWh, emissions would be 350 Tonnes CO2. Methodology - using national conversion factors to calculate CO2 emissions. [2] Solar Photo-Voltaic generation 278 783 kWh (2024: 251 541 kWh) Greenhouse gas saving from Solar PV using conversion factor UK average figure = 49.3 Tonnes. Methodology - using national conversion factors UK 2025 average 177g/kWh to calculate CO2 emissions. [3] Gas Consumption (Natural Gas supply) 459 775 kWh (2024: 431 027 kWh) Greenhouse gas emissions 84 Tonnes CO2 (2024: 79 Tonnes) Methodology - using national conversion factors 182.96 g/kWh to calculate CO2 emissions (natural gas). [4] Energy Total electricity consumption [1] + [2] 2 256 661 kWh Total gas consumption [3] 459 775 kWh Total energy consumption [1] + [2] + [3] 2 716 436 kWh Energy efficiency measures: Ratio of total electricity consumption [1] + [2] (kWh) per unit sale. Ratio of electricity per unit sale in 2025 2.95 kWh per unit (comprising 593 g CO2 emissions per sale). Ratio of purchased electricity consumption [1] + [3] purchased Gas consumption in kWh per unit sale. Ratio of purchased energy (electricity + gas) per unit sale in 2025 2.58 + 0.60 = 3.18 kWh energy per unit. Comprising 593 g CO2 emissions from purchased electricity + 110 g CO2 from gas = 703 g CO2 per sale. The Company remain committed to increasing energy efficiency and is reviewing measures to achieve this.
Matters covered in the Strategic Report
The Company has taken advantage of the provisions of section 414(c) of the Companies Act 2006 and have disclosed matters within the Strategic Report, where applicable.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Page 6
PEKTRON GROUP LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditors
Under section 487(2) of the Companies Act 2006, PKF Smith Cooper Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the board on 29 June 2026 and signed on its behalf.
G Ball Director
Page 7
PEKTRON GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEKTRON GROUP LIMITED
Opinion
We have audited the financial statements of Pektron Group Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 Auditors' 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. Page 8
PEKTRON GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEKTRON GROUP LIMITED (CONTINUED)
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report 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.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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. Page 9
PEKTRON GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEKTRON GROUP LIMITED (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the Company and the Industry, we identify identify the key law and regulations affecting the Company. We identified that the principal risk of fraud or non-compliance with laws and regulations related to: • management bias in respect of accounting estimates and judgements made; • management override of control; • posting of unusual journals or transactions. We focussed on those area that could give rise to a material misstatement in the Company financial statements. Our procedures included, but were not limited to: • Enquiry of management/review of correspondence around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud; • Reviewing minutes of meetings of those charged with governance where available; • Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud; • 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 override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias and performing analytical procedures to identify any unexpected or unusual relationships that might indicate material misstatement due to fraud. In particular in relation to depreciation. It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. Page 10
PEKTRON GROUP LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PEKTRON GROUP LIMITED (CONTINUED)
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. James Delve (Senior Statutory Auditor) for and on behalf of PKF Smith Cooper Audit Limited Statutory Auditors Prospect House 1 Prospect Place Derby DE24 8HG 30 June 2026 Page 11
PEKTRON GROUP LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 42,538,239 | 46,148,760
Cost of sales |  | (29,030,696) | (32,140,624)
Gross profit |  | 13,507,543 | 14,008,136
Administrative expenses |  | (13,053,821) | (13,172,613)
Other operating income | 5 | 237,922 | 186,591
Operating profit | 6 | 691,644 | 1,022,114
Interest receivable and similar income | 10 | 2,750,663 | 3,211,132
Interest payable and similar expenses | 11 | (8,285) | (64,201)
Profit before taxation |  | 3,434,022 | 4,169,045
Tax on profit | 12 | (833,192) | (1,075,487)
Profit for the financial year |  | 2,600,830 | 3,093,558
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 16 to 28 form part of these financial statements.
Page 12
PEKTRON GROUP LIMITED REGISTERED NUMBER: 00823259 BALANCE SHEET AS AT 31 DECEMBER 2025
| 2025 | 2025 | 2024 | 2024
Note | £ | £ | £ | £
Fixed assets |  |  |  |  |
Tangible fixed assets |  |  | 3,331,099 |  | 3,934,752
|  |  | 3,331,099 |  | 3,934,752
Current assets |  |  |  |  |
Stocks | 15 | 12,760,152 |  | 13,259,762 |
Debtors: amounts falling due within one year | 16 | 4,376,501 |  | 1,629,973 |
Cash at bank and in hand | 17 | 67,157,983 |  | 68,274,887 |
|  | 84,294,636 |  | 83,164,622 |
Creditors: amounts falling due within one year | 18 | (13,893,435) |  | (15,927,340) |
Net current assets |  |  | 70,401,201 |  | 67,237,282
Provisions for liabilities |  |  |  |  |
Deferred taxation | 19 |  | (18,946) |  | (59,510)
Net assets |  |  | 73,713,354 |  | 71,112,524
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 9,500 |  | 9,500
Profit and loss account | 21 |  | 73,703,854 |  | 71,103,024
|  |  | 73,713,354 |  | 71,112,524
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 June 2026.
G Ball
Director
The notes on pages 16 to 28 form part of these financial statements. Page 13
PEKTRON GROUP LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 9,500 | 69,209,466 | 69,218,966
Comprehensive income for the year |  |  |
Profit for the year | - | 3,093,558 | 3,093,558
Total comprehensive income for the year | - | 3,093,558 | 3,093,558
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (1,200,000) | (1,200,000)
Total transactions with owners | - | (1,200,000) | (1,200,000)
At 1 January 2025 | 9,500 | 71,103,024 | 71,112,524
Comprehensive income for the year |  |  |
Profit for the year | - | 2,600,830 | 2,600,830
Total comprehensive income for the year | - | 2,600,830 | 2,600,830
At 31 December 2025 | 9,500 | 73,703,854 | 73,713,354
| The notes on pages 16 to 28 form part of these financial statements.
Page 14
PEKTRON GROUP LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 2,600,830 | 3,093,558
Adjustments for: |  |
Depreciation of tangible assets | 1,458,449 | 2,021,876
Loss on disposal of tangible assets | (46,410) | (147,711)
Government grants | (237,922) | (186,591)
Interest paid | 8,285 | 64,201
Interest received | (2,750,663) | (3,211,132)
Taxation charge | 833,192 | 1,075,487
Decrease in stocks | 499,610 | 3,750,768
(Increase) in debtors | (2,479,712) | (631,994)
(Decrease) in creditors | (1,905,163) | (6,927,013)
Corporation tax (paid) | (1,031,392) | (1,556,803)
Net cash generated from operating activities | (3,050,896) | (2,655,354)
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (899,336) | (1,307,338)
Sale of tangible fixed assets | 90,950 | 187,819
Sale of fixed asset investments | - | 485,611
Interest received | 2,750,663 | 3,211,132
Net cash from investing activities | 1,942,277 | 2,577,224
Cash flows from financing activities |  |
Dividends paid | - | (1,200,000)
Interest paid | (8,285) | (64,201)
Net cash used in financing activities | (8,285) | (1,264,201)
Net (decrease) in cash and cash equivalents | (1,116,904) | (1,342,331)
Cash and cash equivalents at beginning of year | 68,274,887 | 69,617,218
Cash and cash equivalents at the end of year | 67,157,983 | 68,274,887
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 67,157,983 | 68,274,887
The notes on pages 16 to 28 form part of these financial statements.
Page 15
PEKTRON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Pektron Group Limited is a company limited by shares incorporated and domiciled in England and Wales. The address of the registered office is given on Company information page of the financial statements. The Company's activities are the design and manufacture of electronic components. The financial statements are rounded to the nearest £. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Going concern
The Company has experienced positive levels of turnover and profitability and cashflows remain healthy. The directors have not considered it necessary to prepare formal forecasts for the Company given the overall strength of the cash position of the Company, which retains considerable levels of cash and no external debt. The directors, therefore, consider that they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
| 2.3 | Foreign currency translation
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 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'. Page 16
PEKTRON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. 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 Company 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. Sales are recognised on the dispatch of goods. Aircraft rental is recognised at the point of hire.
| 2.5 | Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
| 2.6 | Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure. Page 17
PEKTRON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.10 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 18
PEKTRON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Motor vehicles | - | 25% | Straight Line
|  |  |  | Aircraft | - | 15% | Straight Line
|  |  |  | Office equipment, plant & machinery | - | 20% | Straight Line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.12 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.13 | Debtors
Short-term debtors are measured at transaction price, less any impairment.
| 2.14 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.15 | Creditors
Short-term creditors are measured at the transaction price. Page 19
PEKTRON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.16 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Page 20
PEKTRON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.17 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgments in applying accounting policies 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 key area of judgement is: Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Design and Manufacturing of electronic components | 42,195,902 | 45,762,064
| Aircraft Rental | 342,337 | 386,696
|  | 42,538,239 | 46,148,760
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Government grants receivable - RDEC | 237,922 | 186,591
6. | Operating profit
| The operating profit is stated after charging/(crediting):
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Research & development charged as an expense | 35,152 | 79,947
| Exchange differences | (17,610) | 99,655
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PEKTRON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements | 14,250 | 14,250
| Fees payable to the Company's auditors and their associates in respect of: |  |
| Taxation compliance services | 2,500 | 2,500
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 11,940,126 | 11,727,108
| Social security costs | 1,384,446 | 1,117,546
| Cost of defined contribution scheme | 497,221 | 497,969
|  | 13,821,793 | 13,342,623
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Management | 42 | 41
|  | Production & Administration | 157 | 175
|  | Research & Development | 75 | 71
|  | Sales & Distribution | 15 | 17
|  |  | 289 | 304
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PEKTRON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 670,346 | 681,154
| Company contributions to defined contribution pension schemes | 15,409 | 15,074
|  | 685,755 | 696,228
| During the year retirement benefits were accruing to 3 directors (2024 - 3) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £203,298 (2024 - £210,608).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2024 - £NIL).
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest receivable | 2,750,663 | 3,211,132
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loan interest payable | 8,285 | 64,201
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PEKTRON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 902,571 | 1,144,105
| Adjustments in respect of previous periods | (28,815) | 26,829
| Total current tax | 873,756 | 1,170,934
| Deferred tax |  |
| Origination and reversal of timing differences | (40,564) | (95,447)
| Total deferred tax | (40,564) | (95,447)
| Taxation on profit on ordinary activities | 833,192 | 1,075,487
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | As restated 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 3,434,022 | 4,169,045
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 858,506 | 1,042,261
| Effects of: |  |
| Expenses not deductible for tax | 3,501 | 12,241
| R&D expenditure credits | - | (5,844)
| Adjustments to tax charge in respect of prior periods | (28,815) | 26,829
| Total tax charge for the year | 833,192 | 1,075,487
| The reconciliation of the tax charge has been restated to reflect disclosure of the R&D credits. There is no impact upon the profit and loss account.
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 24
PEKTRON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
13. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Final dividends paid on ordinary shares | - | 1,200,000
14. | Tangible fixed assets
|  | Motor vehicles | Aircraft | Office equipment, Plant & machinery | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 January 2025 | 1,346,598 | 6,386,760 | 16,559,719 | 24,293,077
| Additions | 362,747 | - | 536,589 | 899,336
| Disposals | (260,966) | - | - | (260,966)
| At 31 December 2025 | 1,448,379 | 6,386,760 | 17,096,308 | 24,931,447
| Depreciation |  |  |  |
| At 1 January 2025 | 658,874 | 6,386,760 | 13,312,691 | 20,358,325
| Charge for the year on owned assets | 299,652 | - | 1,158,797 | 1,458,449
| Disposals | (216,426) | - | - | (216,426)
| At 31 December 2025 | 742,100 | 6,386,760 | 14,471,488 | 21,600,348
| Net book value |  |  |  |
| At 31 December 2025 | 706,279 | - | 2,624,820 | 3,331,099
| At 31 December 2024 | 687,724 | - | 3,247,028 | 3,934,752
15. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 11,832,273 | 12,533,459
| Work in progress (goods to be sold) | 127,564 | 166,004
| Finished goods and goods for resale | 800,315 | 560,299
|  | 12,760,152 | 13,259,762
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PEKTRON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
16. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 40,797 | 36,633
| Other debtors | 3,237,563 | 317,589
| Prepayments and accrued income | 1,098,141 | 1,275,751
|  | 4,376,501 | 1,629,973
Included within other debtors due within one year is a loan to a director, amounting to £216,071 (2024 - £Nil) .Interest is being charged at 3% per annum and there is no fixed date for repayment.
17. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 67,157,983 | 68,274,887
18. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 1,344,316 | 389,966
| Corporation tax | - | 128,741
| Other taxation and social security | 879,445 | 1,159,830
| Other creditors | 9,455,570 | 13,097,449
| Accruals and deferred income | 2,214,104 | 1,151,354
|  | 13,893,435 | 15,927,340
| Included in other creditors are amounts owed to related parties. For further details, see note 23 to the financial statements.
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PEKTRON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
19. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (59,510)
| Charged to profit or loss | 40,564
| At end of year | (18,946)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (31,446) | (72,010)
| Provisions | 12,500 | 12,500
|  | (18,946) | (59,510)
| The expected net reversal of deferred taxation assets and liabilities is not anticipated to be material.
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 9,500 (2024 - 9,500) Ordinary shares of £1.00 each | 9,500 | 9,500
21. | Reserves
Profit and loss account Includes all current and prior period distributable retained profits and losses.
22. | Capital commitments
| At 31 December 2025 the Company had capital commitments as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Contracted for but not provided in these financial statements | 7,508,735 | -
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PEKTRON GROUP LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
23. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £670,290 (2024- £731,747) .Contributions totalling £Nil (2024 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.
24. | Related party transactions
| During the year the Company paid rent of £1,848,788 (2024: £2,111,530) to a company under common control. A management charge of £33,000 (2024: £33,000) was received from this company. At 31 December 2025 the Company owed £7,184,991(2024: £6,532,540 ) to this company. The Company sold goods to a value of £34,748,748 (2024: £39,341,423), and charged management charges of £537,352 (2024: £608,373) to a company under common control. At 31 December 2025 the Company owed £361,316 (2024: £1,700,754) to this company. The Company also sold goods to a value of £3,462,818 (2024: £3,060,231), and charged management charges of £53,549 (2024: £47,323) to a company under common control. At 31 December 2025 the Company owed £310,737 (2024: £1,101,613) to this company. During the year the Company purchased services of £96,360 (2024: £91,907) from a company under common control. At 31 December 2025, £13,264 was owed to (2024: £19,617 owed by) this company. The Company also sold goods to a value of £2,945,206 (2024: £1,326,472), and charged management charges of £45,444 (2024: £20,512) to a company under common control. At 31 December 2025 the Company was owed £673,785 (2024: £210,828) by this company. The Company also sold goods to a value of £337,772 (2024: £1,277,172), and charged management charges of £5,223 (2024: £19,750) to a company under common control. At 31 December 2025 the Company owed £1,611,132 (2024: £1,833,293) to this company. At the year end, there was an amount owing to the shareholders by the Company of £159,020 (2024: £1,745,229). These amounts are unsecured, have no fixed repayment date and accrue interest at a rate of 5% per annum. During the year key management received remuneration of £1,256,363 (2024: £1,177,995). Key management received dividends of £Nil (2024: £1,200,000).
25. | Controlling party
The Company is controlled by N,P and R Morgan.
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