ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Company Registration Number: 07101483

OLDFIELD GROUP (SKIPTON) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

OLDFIELD GROUP (SKIPTON) LIMITED

COMPANY INFORMATION

Directors	M C Bell
	R G Bell
	A J Smith


Registered number	07101483


Registered office	Unit 6a
	Snaygill Industrial Estate
	Keighley Road
	Skipton
	North Yorkshire
	BD23 2QR


Independent auditors	Armstrong Watson Audit Limited
	Chartered Accountants & Statutory Auditors
	Number 3
	Acorn Business Park
	Airedale Business Centre
	Skipton
	North Yorkshire
	BD23 2UE


Bankers	National Westminster Bank PLC
	Exchange Buildings
	88 High Street
	Skipton
	North Yorkshire
	BD23 1JA

OLDFIELD GROUP (SKIPTON) LIMITED

CONTENTS

	Page
Group Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditors' Report	5 - 8
Consolidated Statement of Comprehensive Income	9
Consolidated Statement of Financial Position	10
Company Statement of Financial Position	11
Consolidated Statement of Changes in Equity	12
Company Statement of Changes in Equity	12
Consolidated Statement of Cash Flows	13
Notes to the Financial Statements	14 - 33

OLDFIELD GROUP (SKIPTON) LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

The directors have pleasure in presenting their report and the financial statements of the group for the year ended 31 December 2025.

Business review

The principal activity of the group for the year under review was that of the sale of electrical and lighting supplies and solar panels. The group trades from various branches located in Skipton, Keighley, Clitheroe, Kendal and Guiseley.
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and the group's position at the year end. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties faced.

Principal risks and uncertainties

The business environment in which the group operates continues to be challenging. The electrical wholesale industry in the UK is highly competitive. The group manages such risks by appropriate quality and service programmes and through negotiated agreements with its major suppliers.
With these risks and uncertainties in mind, the directors are aware that any plans for the future development of the business may be subject to unforeseen future events outside of their control.
Financial risk
The group's operations expose it to a variety of financial risks that include the effect of changes in credit, liquidity and interest rate risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group. The group does not use derivative financial instruments to manage interest rate costs.
Credit risk
The group has implemented policies that require appropriate credit checks on corporate customers before sales are made.
Liquidity risk
The directors believe that the group has sufficient funds available to support its activities in the future. The directors manage liquidity through a combination of working capital management, cash reserves and debt financing mainly in the form of invoice discounting facilities.

Page 1

OLDFIELD GROUP (SKIPTON) LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Financial key performance indicators

The directors consider the key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, being turnover, gross margin and profitability before taxation.
During the year turnover has increased from £20,076,610 in 2024 to £21,827,716 in 2025.
Gross profit has increased from £6,331,730 in 2024 to £6,815,839 in 2025.
Overall, profit before taxation has decreased from £1,329,057 in 2024 to £1,127,092 in 2025.
After taxation and dividends, shareholders' funds have increased from £3,488,480 to £3,687,935 at the year end which continues to demonstrate the strong growth and strength of the group as a whole.

This report was approved by the board and signed on its behalf.

................................................

R G Bell

Director

Date: 8 July 2026

Page 2

OLDFIELD GROUP (SKIPTON) 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 Group Strategic Report, the Directors' Report and the consolidated 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 the Group 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 for the Group's financial statements and then apply them consistently;

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

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group 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 £799,455 (2024 - £950,757).

The directors have not recommended a final dividend.

Directors

The directors who served during the year were:

M C Bell

R G Bell

A J Smith

Matters covered in the Group Strategic Report

Information is not shown in the directors' report because it is shown in the strategic report under s414C(11). The strategic report includes a business review, principal risks and uncertainties and financial key performance indicators.

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 and the Group'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 and the Group's auditors are aware of that information.

Page 3

OLDFIELD GROUP (SKIPTON) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Auditors

Under section 487(2) of the Companies Act 2006, Armstrong Watson 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 and signed on its behalf.

................................................

R G Bell

Director

Date: 8 July 2026

Page 4

OLDFIELD GROUP (SKIPTON) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLDFIELD GROUP (SKIPTON) LIMITED

Opinion

We have audited the financial statements of Oldfield Group (Skipton) Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 Group's or the 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.

Page 5

OLDFIELD GROUP (SKIPTON) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLDFIELD GROUP (SKIPTON) LIMITED (CONTINUED)

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.

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 Group 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 Group 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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' Responsibilities Statement set out on page 3, 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 the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Page 6

OLDFIELD GROUP (SKIPTON) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLDFIELD GROUP (SKIPTON) 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 Group 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

•the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

•we identified the laws and regulations applicable to the group and company through discussions with directors and other management and review of appropriate industry knowledge;

•we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

•identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Group and Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

•making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

•considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

•performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships;

•tested journal entries to identify unusual transactions; and tested the operating effectiveness of key controls over purchase cycles on a sample basis.

•reviewed the application of accounting policies with focus on those with heightened estimation uncertainty.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

•agreeing financial statement disclosures to underlying supporting documentation; and

•enquiring of management as to actual and potential litigation and claims.

Page 7

OLDFIELD GROUP (SKIPTON) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLDFIELD GROUP (SKIPTON) LIMITED (CONTINUED)

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.

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.

Rohan Day (Senior Statutory Auditor)

for and on behalf of

Armstrong Watson Audit Limited

Chartered Accountants & Statutory Auditors

Skipton

8 July 2026

Page 8

OLDFIELD GROUP (SKIPTON) LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	21,827,716	20,076,610
Cost of sales		(15,011,877)	(13,744,880)
Gross profit		6,815,839	6,331,730
Administrative expenses		(5,612,231)	(4,893,261)
Other operating income	5	4,682	4,781
Operating profit	6	1,208,290	1,443,250
Interest receivable and similar income	10	13,592	9,591
Interest payable and similar expenses	11	(94,790)	(123,784)
Profit before taxation		1,127,092	1,329,057
Tax on profit	13	(327,637)	(378,300)
Profit for the financial year		799,455	950,757

Profit for the year attributable to:
Owners of the Parent Company		799,455	950,757

There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2025 (2024:£NIL).

The notes on pages 14 to 33 form part of these financial statements.

Page 9

OLDFIELD GROUP (SKIPTON) LIMITED

REGISTERED NUMBER: 07101483

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	14		2,963,792		3,041,560
			2,963,792		3,041,560
Current assets
Stocks	16	1,629,517		1,664,737
Debtors: amounts falling due within one year	17	4,084,156		4,142,831
Cash at bank and in hand	18	58,612		173,608
		5,772,285		5,981,176
Creditors: amounts falling due within one year	19	(4,109,174)		(4,355,305)
Net current assets			1,663,111		1,625,871
Total assets less current liabilities			4,626,903		4,667,431
Creditors: amounts falling due after more than one year	20		(809,181)		(1,046,631)
Provisions for liabilities
Deferred tax	24	(129,787)		(132,320)
			(129,787)		(132,320)
Net assets			3,687,935		3,488,480

Capital and reserves
Called up share capital	25	104	104
Profit and loss account		3,687,831	3,488,376
		3,687,935	3,488,480

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

R G Bell

Director

Date: 8 July 2026

The notes on pages 14 to 33 form part of these financial statements.

Page 10

OLDFIELD GROUP (SKIPTON) LIMITED

REGISTERED NUMBER: 07101483

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	14		2,492,043		2,470,700
Investments	15		7,000		7,000
			2,499,043		2,477,700
Current assets
Debtors: amounts falling due within one year	17	526,520		504,374
Cash at bank and in hand	18	21,698		14,097
		548,218		518,471
Creditors: amounts falling due within one year	19	(1,998,244)		(1,902,601)
Net current liabilities			(1,450,026)		(1,384,130)
Total assets less current liabilities			1,049,017		1,093,570

Creditors: amounts falling due after more than one year	20		(739,804)		(845,709)
Provisions for liabilities
Deferred taxation	24	(33,562)		(30,098)
			(33,562)		(30,098)
Net assets			275,651		217,763

Capital and reserves
Called up share capital	25		104		104
Profit and loss account brought forward		217,659		155,015
Profit for the year		657,888		682,644
Dividends paid		(600,000)		(620,000)
Profit and loss account carried forward			275,547		217,659
			275,651		217,763

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

R G Bell

Director

Date: 8 July 2026

The notes on pages 14 to 33 form part of these financial statements.

Page 11

OLDFIELD GROUP (SKIPTON) LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Profit and loss account	Equity attributable to owners of Parent Company	Total equity
	£	£	£	£
At 1 January 2024	104	3,157,619	3,157,723	3,157,723

Profit for the year	-	950,757	950,757	950,757
Dividends: Equity capital	-	(620,000)	(620,000)	(620,000)

At 1 January 2025	104	3,488,376	3,488,480	3,488,480

Profit for the year	-	799,455	799,455	799,455
Dividends: Equity capital	-	(600,000)	(600,000)	(600,000)
At 31 December 2025	104	3,687,831	3,687,935	3,687,935

The notes on pages 14 to 33 form part of these financial statements.

COMPANY 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	104	155,015	155,119
Comprehensive income for the year
Profit for the year	-	682,644	682,644
Dividends: Equity capital	-	(620,000)	(620,000)

At 1 January 2025	104	217,659	217,763
Comprehensive income for the year
Profit for the year	-	657,888	657,888
Dividends: Equity capital	-	(600,000)	(600,000)
At 31 December 2025	104	275,547	275,651

The notes on pages 14 to 33 form part of these financial statements.

Page 12

OLDFIELD GROUP (SKIPTON) LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	799,455	950,757
Adjustments for:
Depreciation of tangible assets	308,196	323,207
Loss on disposal of tangible assets	(13,159)	(78,358)
Interest paid	94,791	123,784
Interest received	(13,592)	(9,591)
Taxation charge	327,637	378,300
Decrease/(increase) in stocks	35,220	(119,637)
Decrease/(increase) in debtors	58,670	(562,389)
Increase in creditors	346,736	459,243
Corporation tax (paid)	(271,225)	(487,027)
Net cash generated from operating activities	1,672,729	978,289

Cash flows from investing activities
Purchase of tangible fixed assets	(260,769)	(460,407)
Sale of tangible fixed assets	43,500	134,875
Interest received	13,592	9,591
HP interest paid	(17,769)	(17,769)
Net cash from investing activities	(221,446)	(333,710)
Cash flows from financing activities
Repayment of loans	(241,368)	(234,713)
Repayment of other loans	(168,000)	(168,000)
Repayment of/new finance leases	(98,425)	110,441
Movements on invoice discounting	(427,062)	444,483
Dividends paid	(600,000)	(620,000)
Interest paid	(77,022)	(106,015)
Net cash used in financing activities	(1,611,877)	(573,804)
Net (decrease)/increase in cash and cash equivalents	(160,594)	70,775
Cash and cash equivalents at beginning of year	(74,406)	(145,181)
Cash and cash equivalents at the end of year	(235,000)	(74,406)

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	58,612	173,608
Bank overdrafts	(293,612)	(248,014)
	(235,000)	(74,406)

Page 13

OLDFIELD GROUP (SKIPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Oldfield Group (Skipton) Limited is the holding company to a trading group, operating from its registered office of Unit 6, Snaygill Industrial Estate, Keighley Road, Skipton, North Yorkshire, BD23 2QR.
The company is a private company limited by shares and domiciled in the United Kingdom. The company is a tax resident in the United Kingdom.
The principal activity of Oldfield Electrical Supplies Limited is the sale of electrical and lighting supplies and solar panels. The company operates from various branches located in Skipton, Keighley, Clitheroe, Kendal and Guiseley.
Eleconline Limited, Oldfield Home Controls Limited and Oldfield Lighting Supplies Limited are all dormant companies.
These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates.

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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

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

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2015.

Page 14

OLDFIELD GROUP (SKIPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.3

Going concern

The directors believe that the Group has adequate resources to continue in operational existence for a period of no less than 12 months from the approval of the financial statements.
The parent company is showing a net current liability position in their individual financial statements as at 31 December 2025 of £1,450,026. Oldfield Electrical Supplies Limited has agreed to defer its intercompany balance at the year end in favour of other creditors in order to maintain the company as a going concern. The directors and shareholders have indicated their continued support for all entities within the group in order to further support the group's trading activities.
After consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements.

2.4

Revenue

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

Sale of goods

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

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

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

∙the amount of revenue can be measured reliably;

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

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

Rendering of services

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

∙the amount of revenue can be measured reliably;

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

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

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

2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 15

OLDFIELD GROUP (SKIPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

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 Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

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

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.10

Pensions

Defined contribution pension plan

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

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

Page 16

OLDFIELD GROUP (SKIPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.11

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 reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 reporting date.

2.12

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 17

OLDFIELD GROUP (SKIPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.12

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 methods listed below.

Depreciation is provided on the following basis:

Freehold property	-	2% straight line
Leasehold property improvements	-	Over the term of the lease
Plant and machinery	-	25% reducing balance, 20% & 33% straight line
Motor vehicles	-	25% reducing balance
Fixtures and fittings	-	33% on cost
Computer equipment	-	20% on cost, 25% reducing balance

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.

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.14

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 reporting 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.

2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.16

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 Consolidated 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 Group's cash management.

Page 18

OLDFIELD GROUP (SKIPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

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

2.19

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

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

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 Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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.

Page 19

OLDFIELD GROUP (SKIPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.19

Financial instruments (continued)

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.

2.20

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.	Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.
Judgements and estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The group makes estimates and assumptions concerning the future. The resulting accounting estimates will be, by definition, seldom equal to the related actual results.
The directors consider the key accounting estimates to be provision for trade debtors, useful life and residual value of tangible fixed assets, and provision for obsolete stock.
Provisions for trade debtors are reviewed by the directors on an ongoing basis who use their specific industry knowledge and experience to ensure the correct judgements.
The useful lives and residual values of tangible fixed assets are reviewed on an ongoing basis by the directors.
Provisions for obsolete stock are reviewed by the directors on an ongoing basis who use their specific industry knowledge and experience to ensure the correct judgements.

	Sale of electrical and lighting supplies and solar panels	21,827,716	20,076,610

All turnover arose within the United Kingdom.

Page 20

OLDFIELD GROUP (SKIPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

5.	Other operating income
		2025	2024
		£	£

	Sundry income	4,682	4,781

	Depreciation of tangible fixed assets	308,196	323,757
	Other operating lease rentals	71,040	68,540

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements

24,220

24,000

8.	Employees
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Wages and salaries	3,423,195	3,059,487	33,843	46,572
Social security costs	408,584	327,423	-	-
Cost of defined contribution scheme	137,033	99,830	50,000	26,667
	3,968,812	3,486,740	83,843	73,239

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	Company	Company
	2025	2024	2025	2024
	No.	No.	No.	No.

Management and administration	71	72	3	3

Page 21

OLDFIELD GROUP (SKIPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

9.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	31,800	45,951
Group contributions to defined contribution pension schemes	50,000	26,667
	81,800	72,618

During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.

10.	Interest receivable
		2025	2024
		£	£

Other interest receivable

13,592

9,591

11.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	67,437	94,278
Other loan interest payable	4,993	11,737
Finance leases and hire purchase contracts	22,360	17,769
	94,790	123,784

12.	Dividends
		2025	2024
		£	£

Dividends on equity capital

600,000

620,000

Page 22

OLDFIELD GROUP (SKIPTON) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Corporation tax
Current tax on profits for the year	340,904	334,970
Adjustments in respect of previous periods	(10,734)	(2,278)
	330,170	332,692

Total current tax	330,170	332,692

	Origination and reversal of timing differences	(2,533)	45,608
	Total deferred tax	(2,533)	45,608


	Tax on profit	327,637	378,300

Profit on ordinary activities before tax

1,127,092

1,329,057

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	281,773	332,264
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	28,066	14,884
Capital allowances for year in excess of depreciation	15,903	33,893
Adjustments to tax charge in respect of prior periods	(10,734)	(2,279)
Movement in deferred tax not recognised	13,297	-
Marginal relief	(668)	(462)
Total tax charge for the year	327,637	378,300

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 23