Company registration number 01352138 (England and Wales)
H. B. PANELCRAFT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
H. B. PANELCRAFT LIMITED
COMPANY INFORMATION
Directors
Mr G M Harwood
Mr P A Harwood
Company number
01352138
Registered office
87 - 89 Wellfield Road
Preston
Lancashire
PR1 8SP
Auditor
Mayes Business Partnership Ltd
Reception 1, First Floor Offices
Red Rose Court
Clayton Business Park
Clayton Le Moors
BB5 5JR
H. B. PANELCRAFT LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
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
Company statement of cash flows
14
Notes to the financial statements
15 - 30
H. B. PANELCRAFT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Principal activities

The principal activities of the company and group continued to be those of repairing accident damaged motor vehicles and commercial vehicle building.

Review of the business

The group maintained a high level of turnover and has produced satisfactory profit in what is a highly competitive industry.

Principal risks and uncertainties

The group's operations expose it to a variety of financial risks that include the effects of changes in market prices and credit risks. The group has in place a risk management programme that seeks to limit adverse effects on the financial performance of the group by monitoring levels of cash and credit scores.

Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the finance department.

The directors will revisit the appropriateness of this policy should the group's operations change in size or nature.

Development and performance

Excluding Director's Remuneration from Cost of Sales from both the current and the previous years, results in a Gross Profit margin for the group of 26.8% in 2025 and 26.3% in 2024.

Overall margins have increased to 25.9% from 25.5% in 2024.

Key performance indicators

The key performance indicator for the group is gross profit which has, as previously mentioned, improved from 2023 to 2024.

On behalf of the board

Mr P A Harwood
Director
1 July 2026
H. B. PANELCRAFT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

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

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £160,000. The directors do not recommend payment of a further dividend.

Directors

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

Mr G M Harwood
Mr P A Harwood
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
Mr P A Harwood
Director
1 July 2026
H. B. PANELCRAFT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

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

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

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

- select suitable accounting policies and then apply them consistently;

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

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

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

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

H. B. PANELCRAFT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF H. B. PANELCRAFT LIMITED
- 4 -
Opinion

We have audited the financial statements of H.B. Panelcraft Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group profit and loss account, 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, the company 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 31 December 2025 and of the group's 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 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.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

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

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

H. B. PANELCRAFT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF H. B. PANELCRAFT LIMITED
- 5 -
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 directors' r eport.

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

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

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

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

(i) Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

(ii) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

(iii) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

(iv) Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

H. B. PANELCRAFT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF H. B. PANELCRAFT LIMITED
- 6 -

(v) Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Due to the sector in which the client operates we have identified that Employment Law, Pensions and Taxation Legislation, Health and Safety Legislation, British Standard Institute accreditation, and compliance with the Vehicle Certification Agency and Vehicle Body Type Approval standards along with the Companies Act 2006, as areas most likely to have a material impact on the financial statements.

Owing to the inherent limitations of an audit there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities 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.

Mr Craig Peter Fishwick FCCA (Senior Statutory Auditor)
For and on behalf of Mayes Business Partnership Ltd, Statutory Auditor
Chartered Certified Accountants
Reception 1, First Floor Offices
Red Rose Court
Clayton Business Park
Clayton Le Moors
BB5 5JR
1 July 2026
H. B. PANELCRAFT LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
10,517,832
12,375,888
Cost of sales
(7,795,486)
(9,218,628)
Gross profit
2,722,346
3,157,260
Administrative expenses
(996,923)
(864,867)
Other operating income
122,965
121,649
Operating profit
4
1,848,388
2,414,042
Interest receivable and similar income
7
373,666
393,818
Interest payable and similar expenses
8
(1,240)
(6,248)
Profit before taxation
2,220,814
2,801,612
Tax on profit
9
(590,275)
(710,384)
Profit for the financial year
23
1,630,539
2,091,228
Profit for the financial year is attributable to:
- Owners of the parent company
1,629,462
2,038,909
- Non-controlling interests
1,077
52,319
1,630,539
2,091,228
H. B. PANELCRAFT LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
£
£
Profit for the year
1,630,539
2,091,228
Other comprehensive income
-
-
Total comprehensive income for the year
1,630,539
2,091,228
Total comprehensive income for the year is attributable to:
- Owners of the parent company
1,629,462
2,038,909
- Non-controlling interests
1,077
52,319
1,630,539
2,091,228
H. B. PANELCRAFT LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
522,558
598,292
Investment property
12
800,000
800,000
1,322,558
1,398,292
Current assets
Stocks
15
49,070
62,435
Debtors
16
1,527,269
1,913,113
Cash at bank and in hand
13,045,347
11,270,982
14,621,686
13,246,530
Creditors: amounts falling due within one year
17
(1,431,357)
(1,589,175)
Net current assets
13,190,329
11,657,355
Total assets less current liabilities
14,512,887
13,055,647
Provisions for liabilities
Deferred tax liability
18
36,548
49,847
(36,548)
(49,847)
Net assets
14,476,339
13,005,800
Capital and reserves
Called up share capital
20
4,374
4,374
Share premium account
21
142,500
142,500
Capital redemption reserve
22
155,630
155,630
Profit and loss reserves
23
13,643,664
12,174,202
Equity attributable to owners of the parent company
13,946,168
12,476,706
Non-controlling interests
530,171
529,094
Total equity
14,476,339
13,005,800

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 1 July 2026 and are signed on its behalf by:
01 July 2026
Mr G M Harwood
Mr P A Harwood
Director
Director
Company registration number 01352138 (England and Wales)
H. B. PANELCRAFT LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
257,846
331,988
Investments
13
978,128
978,128
1,235,974
1,310,116
Current assets
Debtors
16
922,861
1,413,239
Cash at bank and in hand
11,129,304
9,210,299
12,052,165
10,623,538
Creditors: amounts falling due within one year
17
(1,091,579)
(1,136,669)
Net current assets
10,960,586
9,486,869
Total assets less current liabilities
12,196,560
10,796,985
Provisions for liabilities
Deferred tax liability
18
34,351
49,847
(34,351)
(49,847)
Net assets
12,162,209
10,747,138
Capital and reserves
Called up share capital
20
4,374
4,374
Share premium account
21
142,500
142,500
Capital redemption reserve
22
155,630
155,630
Profit and loss reserves
23
11,859,705
10,444,634
Total equity
12,162,209
10,747,138

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £1,575,072 (2024 - £1,811,522 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 1 July 2026 and are signed on its behalf by:
01 July 2026
Mr G M Harwood
Mr P A Harwood
Director
Director
Company registration number 01352138 (England and Wales)
H. B. PANELCRAFT LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 January 2024
4,374
142,500
155,630
10,295,293
10,597,797
476,775
11,074,572
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
2,038,909
2,038,909
52,319
2,091,228
Dividends
10
-
-
-
(160,000)
(160,000)
-
(160,000)
Balance at 31 December 2024
4,374
142,500
155,630
12,174,202
12,476,706
529,094
13,005,800
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
-
1,629,462
1,629,462
1,077
1,630,539
Dividends
10
-
-
-
(160,000)
(160,000)
-
(160,000)
Balance at 31 December 2025
4,374
142,500
155,630
13,643,664
13,946,168
530,171
14,476,339
H. B. PANELCRAFT LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2024
4,374
142,500
155,630
8,793,112
9,095,616
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
-
1,811,522
1,811,522
Dividends
10
-
-
-
(160,000)
(160,000)
Balance at 31 December 2024
4,374
142,500
155,630
10,444,634
10,747,138
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
-
1,575,071
1,575,071
Dividends
10
-
-
-
(160,000)
(160,000)
Balance at 31 December 2025
4,374
142,500
155,630
11,859,705
12,162,209
H. B. PANELCRAFT LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
2,384,048
3,250,548
Interest paid
(1,240)
(6,248)
Income taxes paid
(744,366)
(644,273)
Net cash inflow from operating activities
1,638,442
2,600,027
Investing activities
Purchase of tangible fixed assets
(17,743)
(27,355)
Loans advanced
(60,000)
-
Interest received
373,666
393,818
Net cash generated from investing activities
295,923
366,463
Financing activities
Dividends paid to equity shareholders
(160,000)
(160,000)
Net cash used in financing activities
(160,000)
(160,000)
Net increase in cash and cash equivalents
1,774,365
2,806,490
Cash and cash equivalents at beginning of year
11,270,982
8,464,492
Cash and cash equivalents at end of year
13,045,347
11,270,982
H. B. PANELCRAFT LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
2,397,776
2,250,266
Interest paid
(1,240)
(6,248)
Income taxes paid
(646,002)
(571,473)
Net cash inflow from operating activities
1,750,534
1,672,545
Investing activities
Purchase of tangible fixed assets
(3,528)
(27,355)
Interest received
331,999
367,460
Net cash generated from investing activities
328,471
340,105
Financing activities
Dividends paid to equity shareholders
(160,000)
(160,000)
Net cash used in financing activities
(160,000)
(160,000)
Net increase in cash and cash equivalents
1,919,005
1,852,650
Cash and cash equivalents at beginning of year
9,210,299
7,357,649
Cash and cash equivalents at end of year
11,129,304
9,210,299
H. B. PANELCRAFT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
1
Accounting policies
Company information

H.B. Panelcraft Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 87 - 89 Wellfield Road, Preston, Lancashire, PR1 8SP.

The group consists of H.B. Panelcraft Limited and all of its subsidiaries.

1.1
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 company. Monetary a mounts in these financial statements are rounded to the nearest £.

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

The consolidated group financial statements consist of the financial statements of the parent company H.B. Panelcraft Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

H. B. PANELCRAFT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company H.B. Panelcraft Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

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

H. B. PANELCRAFT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.6
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:

Freehold land and buildings
10% on cost and straight line over 40 years
Leasehold land and buildings
In accordance with the property
Plant and equipment
33% on cost, 25% on cost and 20% on cost
Computers
25% on cost
Motor vehicles
25% on cost

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.

1.7
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.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

H. B. PANELCRAFT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -

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

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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

1.10
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.

H. B. PANELCRAFT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -

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

1.11
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.

Other financial assets

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

Impairment of financial assets

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

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

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

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the 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.

H. B. PANELCRAFT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 20 -
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.

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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

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

Derecognition of financial liabilities

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

1.13
Equity instruments

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

1.14
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.

H. B. PANELCRAFT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 21 -
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.

1.15
Employee benefits

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

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

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

1.16
Retirement benefits

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

1.17
Leases
As lessee

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.

2
Judgements and key sources of estimation uncertainty

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

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

H. B. PANELCRAFT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Accident repair work
8,298,358
8,483,053
Coachwork
2,219,474
3,892,835
10,517,832
12,375,888
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
10,517,832
12,375,888
2025
2024
£
£
Other revenue
Interest income
373,666
393,818
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
9,668
9,309
Depreciation of tangible fixed assets
93,477
88,743
Operating lease charges
130,881
114,497
5
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Directors
2
2
2
2
Office staff
14
13
11
10
Production
69
70
51
51
Total
85
85
64
63
H. B. PANELCRAFT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
5
Employees
(Continued)
- 23 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,811,502
2,924,782
2,151,390
2,126,583
Social security costs
369,565
329,489
292,467
255,293
Pension costs
20,803
21,769
-
0
-
0
3,201,870
3,276,040
2,443,857
2,381,876
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
88,119
94,733

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
373,328
393,818
Other interest income
338
-
Total income
373,666
393,818
8
Interest payable and similar expenses
2025
2024
£
£
Other interest
1,240
6,248
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
603,533
719,394
Adjustments in respect of prior periods
41
-
0
Total current tax
603,574
719,394
H. B. PANELCRAFT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Taxation
2025
2024
£
£
(Continued)
- 24 -
Deferred tax
Origination and reversal of timing differences
(13,299)
(9,010)
Total tax charge
590,275
710,384

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

2025
2024
£
£
Profit before taxation
2,220,814
2,801,612
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
555,204
700,403
Effects of:
Expenses that are not deductible in determining taxable profit
36,338
18,991
Tax under/(over) provided in prior years
41
-
0
Tax at marginal rate
(1,308)
-
0
Deferred tax adjustment
-
0
(9,010)
Taxation charge in the financial statements
590,275
710,384
10
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
160,000
160,000
H. B. PANELCRAFT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
11
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2025
1,045,421
275,720
683,804
50,073
281,414
2,336,432
Additions
-
0
-
0
6,748
-
0
10,995
17,743
At 31 December 2025
1,045,421
275,720
690,552
50,073
292,409
2,354,175
Depreciation and impairment
At 1 January 2025
679,116
244,000
621,362
44,241
149,421
1,738,140
Depreciation charged in the year
13,154
12,000
21,397
1,595
45,331
93,477
At 31 December 2025
692,270
256,000
642,759
45,836
194,752
1,831,617
Carrying amount
At 31 December 2025
353,151
19,720
47,793
4,237
97,657
522,558
At 31 December 2024
366,305
31,720
62,442
5,832
131,993
598,292
Company
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2025
529,080
275,720
525,009
48,304
262,264
1,640,377
Additions
-
0
-
0
3,528
-
0
-
0
3,528
At 31 December 2025
529,080
275,720
528,537
48,304
262,264
1,643,905
Depreciation and impairment
At 1 January 2025
429,080
244,000
461,386
43,652
130,271
1,308,389
Depreciation charged in the year
-
0
12,000
21,263
1,595
42,812
77,670
At 31 December 2025
429,080
256,000
482,649
45,247
173,083
1,386,059
Carrying amount
At 31 December 2025
100,000
19,720
45,888
3,057
89,181
257,846
At 31 December 2024
100,000
31,720
63,623
4,652
131,993
331,988
H. B. PANELCRAFT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
12
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 January 2025 and 31 December 2025
800,000
-

The directors consider that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.

13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
978,128
978,128
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025 and 31 December 2025
978,128
Carrying amount
At 31 December 2025
978,128
At 31 December 2024
978,128
14
Subsidiaries

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

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Fosters Commercials Limited
1
Commercial body building
Ordinary
75.00
Wellfield Business Park Limited
2
Commercial property letting
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Steam Mill, Fylde Road, Ashton-On-Ribble, Preston. PR2 2NJ
2
87-89 Wellfield Road, Ashton, Preston. PR1 8SP
H. B. PANELCRAFT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
15
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Work in progress
49,070
62,435
-
-
16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,064,682
1,579,834
690,172
965,155
Gross amounts owed by contract customers
252,835
212,474
149,986
126,797
Corporation tax recoverable
20,250
-
0
-
0
-
0
Amounts owed by group undertakings
-
0
-
0
-
0
250,000
Other debtors
80,400
-
0
20,400
-
0
Prepayments and accrued income
109,102
120,805
62,303
71,287
1,527,269
1,913,113
922,861
1,413,239
17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade creditors
471,895
307,836
289,826
195,586
Corporation tax payable
330,099
450,641
287,471
352,487
Other taxation and social security
230,118
322,782
192,834
210,981
Other creditors
91,750
116,701
87,642
113,363
Accruals and deferred income
307,495
391,215
233,806
264,252
1,431,357
1,589,175
1,091,579
1,136,669
18
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
36,548
49,847
H. B. PANELCRAFT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
18
Deferred taxation
(Continued)
- 28 -
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
34,351
49,847
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 January 2025
49,847
49,847
Credit to profit or loss
(13,299)
(15,496)
Liability at 31 December 2025
36,548
34,351

The deferred tax liability set out above is expected to reverse within 24 months and relates to accelerated capital allowances that are expected to mature within the same period.

19
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
20,803
21,769

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.

20
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
"A" Ordinary of 10p each
43,740
4,374
4,374
4,374
21
Share premium account
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning and end of the year
142,500
142,500
142,500
142,500
H. B. PANELCRAFT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 29 -
22
Capital redemption reserve
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning and end of the year
155,630
155,630
155,630
155,630
23
Profit and loss reserves
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the year
12,174,202
10,295,293
10,444,634
8,793,112
Profit for the year
1,629,462
2,038,909
1,575,071
1,811,522
Dividends
(160,000)
(160,000)
(160,000)
(160,000)
At the end of the year
13,643,664
12,174,202
11,859,705
10,444,634
24
Events after the reporting date

After the year end a restructure was implemented, as a result of which the two subsidiary companies, Fosters Commercials Limited and Wellfield Business Park Limited, were demerged outside of the H.B. Panelcraft Limited Group. Also as part of the restructure, the land and buildings of H.B. Panelcraft Limited were transferred to a newly formed group company for £2,000,000. This group company was subsequently also demerged.

25
Cash generated from group operations
2025
2024
£
£
Profit after taxation
1,630,539
2,091,228
Adjustments for:
Taxation charged
590,275
710,384
Finance costs
1,240
6,248
Investment income
(373,666)
(393,818)
Depreciation and impairment of tangible fixed assets
93,477
88,743
Movements in working capital:
Decrease in stocks
13,365
16,479
Decrease in debtors
466,094
751,287
Decrease in creditors
(37,276)
(20,003)
Cash generated from operations
2,384,048
3,250,548
H. B. PANELCRAFT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 30 -
26
Cash generated from operations - company
2025
2024
£
£
Profit after taxation
1,575,071
1,811,522
Adjustments for:
Taxation charged
565,490
612,230
Finance costs
1,240
6,248
Investment income
(331,999)
(367,460)
Depreciation and impairment of tangible fixed assets
77,670
75,588
Movements in working capital:
Decrease/(increase) in debtors
490,378
(12,318)
Increase in creditors
19,926
124,456
Cash generated from operations
2,397,776
2,250,266
27
Analysis of changes in net funds - group
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
11,270,982
1,774,365
13,045,347
28
Analysis of changes in net funds - company
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
9,210,299
1,919,005
11,129,304
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