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REGISTERED NUMBER: 03144443 (England and Wales)

Unaudited Financial Statements

for the Period 8 April 2025 to 31 March 2026

for

DIRECT ADHESIVES LIMITED

DIRECT ADHESIVES LIMITED (REGISTERED NUMBER: 03144443)

Contents of the Financial Statements

FOR THE PERIOD 8 APRIL 2025 TO 31 MARCH 2026

Page |

Company Information | 1 |

Chartered Accountants' Report | 2 |

Balance Sheet | 3 |

Notes to the Financial Statements | 5 |

DIRECT ADHESIVES LIMITED

Company Information

FOR THE PERIOD 8 APRIL 2025 TO 31 MARCH 2026

| DIRECTORS: | S J Walker

| Mrs A S Walker

| R M Phillips

| SECRETARY: | Mrs A S Walker

| REGISTERED OFFICE: | Unit 11

| Chartmoor Road

| Leighton Buzzard

| Bedfordshire

| LU7 4WG

| REGISTERED NUMBER: | 03144443 (England and Wales)

| ACCOUNTANTS: | Johnsons, Chartered Accountants

| 1-2 Craven Road

| Ealing

| London

| W5 2UA

Chartered Accountants' Report to the Board of Directors

on the Unaudited Financial Statements of

Direct Adhesives Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Direct Adhesives Limited for the period ended 31 March 2026 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Direct Adhesives Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Direct Adhesives Limited and state those matters that we have agreed to state to the Board of Directors of Direct Adhesives Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Direct Adhesives Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Direct Adhesives Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Direct Adhesives Limited. You consider that Direct Adhesives Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Direct Adhesives Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Johnsons, Chartered Accountants

1-2 Craven Road

Ealing

London

W5 2UA

1 July 2026

DIRECT ADHESIVES LIMITED (REGISTERED NUMBER: 03144443)

Balance Sheet

31 MARCH 2026

| 2026 | 2025 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 28,392 |  | 28,392 |  |

Tangible assets | 5 | 189,049 |  | 172,805 |  |

Investments | 6 | 3,140,264 |  | 2,115,264 |  |

3,357,705 |  | 2,316,461 |  |

CURRENT ASSETS

Stocks | 1,350,552 |  | 1,328,525 |  |

Debtors | 7 | 1,664,973 |  | 1,468,072 |  |

Cash at bank and in hand | 357,782 |  | 225,045 |  |

3,373,307 |  | 3,021,642 |  |

CREDITORS

Amounts falling due within one year | 8 | 4,358,782 |  | 3,216,633 |  |

NET CURRENT LIABILITIES | (985,475 | ) | (194,991 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,372,230 |  | 2,121,470 |  |

CREDITORS

Amounts falling due after more than one year | 9 | (60,829 | ) | (47,870 | ) |

PROVISIONS FOR LIABILITIES | (31,541 | ) | (25,713 | ) |

NET ASSETS | 2,279,860 |  | 2,047,887 |  |

CAPITAL AND RESERVES

Called up share capital | 98 |  | 98 |  |

Capital redemption reserve | 2 |  | 2 |  |

Retained earnings | 2,279,760 |  | 2,047,787 |  |

SHAREHOLDERS' FUNDS | 2,279,860 |  | 2,047,887 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2026 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

DIRECT ADHESIVES LIMITED (REGISTERED NUMBER: 03144443)

Balance Sheet - continued

31 MARCH 2026

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

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

S J Walker - Director

DIRECT ADHESIVES LIMITED (REGISTERED NUMBER: 03144443)

Notes to the Financial Statements

FOR THE PERIOD 8 APRIL 2025 TO 31 MARCH 2026

1. | STATUTORY INFORMATION

| Direct Adhesives Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| BASIS OF PREPARING THE FINANCIAL STATEMENTS

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| TURNOVER

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| INTANGIBLE ASSETS

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Computer software is being amortised evenly over its estimated useful life of five years.

| TANGIBLE FIXED ASSETS

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Plant and Machinery - reducing balance 20%

| Fixtures and Fittings - reducing balance 20%

| Motor Vehicles - reducing balance 25%

| INVESTMENTS IN SUBSIDIARIES

| Investments in subsidiary undertakings are recognised at cost.

| STOCKS

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

| TAXATION

| Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| DEFERRED TAX

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

DIRECT ADHESIVES LIMITED (REGISTERED NUMBER: 03144443)

Notes to the Financial Statements - continued

FOR THE PERIOD 8 APRIL 2025 TO 31 MARCH 2026

2. | ACCOUNTING POLICIES - continued

| PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the period was 15 (2025 - 15 ) .

4. | INTANGIBLE FIXED ASSETS

| Other

| intangible

| assets

£ |

| COST

| At 8 April 2025

| and 31 March 2026 | 28,392 |  |

| NET BOOK VALUE

| At 31 March 2026 | 28,392 |  |

| At 7 April 2025 | 28,392 |  |

5. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 8 April 2025 | 725,390 |  |

| Additions | 58,174 |  |

| At 31 March 2026 | 783,564 |  |

| DEPRECIATION

| At 8 April 2025 | 552,585 |  |

| Charge for period | 41,930 |  |

| At 31 March 2026 | 594,515 |  |

| NET BOOK VALUE

| At 31 March 2026 | 189,049 |  |

| At 7 April 2025 | 172,805 |  |

DIRECT ADHESIVES LIMITED (REGISTERED NUMBER: 03144443)

Notes to the Financial Statements - continued

FOR THE PERIOD 8 APRIL 2025 TO 31 MARCH 2026

6. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertaking

£ |

| COST

| At 8 April 2025 | 2,115,264 |  |

| Additions | 1,025,000 |  |

| At 31 March 2026 | 3,140,264 |  |

| NET BOOK VALUE

| At 31 March 2026 | 3,140,264 |  |

| At 7 April 2025 | 2,115,264 |  |

7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2026 | 2025 |

£ | £ |

| Trade debtors | 1,554,236 |  | 1,364,380 |  |

| Other debtors | 110,737 |  | 103,692 |  |

1,664,973 |  | 1,468,072 |  |

8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2026 | 2025 |

£ | £ |

| Bank loans and overdrafts | 21,179 |  | 48,000 |  |

| Hire purchase contracts (see note 10) | 3,761 |  | - |  |

| Trade creditors | 1,610,127 |  | 1,437,168 |  |

| Amounts owed to group undertakings | 1,626,924 |  | 1,376,924 |  |

| Taxation and social security | 176,109 |  | 85,161 |  |

| Other creditors | 920,682 |  | 269,380 |  |

4,358,782 |  | 3,216,633 |  |

| Included in other creditors are 50 preference shares with a value of £50. These preference shares are redeemable at any time at the option of the company, with a redemption price of £1 per share.

9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2026 | 2025 |

£ | £ |

| Bank loans | - |  | 8,000 |  |

| Hire purchase contracts (see note 10) | 19,959 |  | - |  |

| Other creditors | 40,870 |  | 39,870 |  |

60,829 |  | 47,870 |  |

DIRECT ADHESIVES LIMITED (REGISTERED NUMBER: 03144443)

Notes to the Financial Statements - continued

FOR THE PERIOD 8 APRIL 2025 TO 31 MARCH 2026

10. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2026 | 2025 |

£ | £ |

| Net obligations repayable:

| Within one year | 3,761 |  | - |  |

| Between one and five years | 19,959 |  | - |  |

23,720 |  | - |  |

| Non-cancellable |

| operating leases |

2026 | 2025 |

£ | £ |

| Within one year | 17,138 |  | 28,957 |  |

| Between one and five years | 21,774 |  | 22,776 |  |

38,912 |  | 51,733 |  |

11. | RELATED PARTY DISCLOSURES

| Kenyon Group Limited

| A 100% owned subsidiary

| During the financial year, Direct Adhesives Ltd received a loan of £250,000 (2025 - £1,376,924) during the year from Kenyon Group Limited. The total amount now owed to Kenyon Group Limited is £1,626,924. This is included in Amounts owed by/to Kenyons Group at 31/03/2026.

| The loan is interest-free and repayable on demand.