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Registered number: 08261788
C.W.B.G Limited
Strategic Report, Director's Report and
Financial Statements
For The Year Ended 31 October 2025
C.W.B.G Limited
Contents
Contents

| Page
--- | ---
Strategic Report | 1—5
Director's Report | 6—8
Independent Auditor's Report | 9—12
Consolidated Profit and Loss Account | 13
Consolidated Balance Sheet | 14—15
Company Balance Sheet | 16—17
Consolidated Statement of Changes in Equity | 18
Company Statement of Changes in Equity | 19
Consolidated Statement of Cash Flows | 20
Notes to the Consolidated Statement of Cash Flows | 21
Notes to the Financial Statements | 22—35

Page 1
C.W.B.G Limited
Strategic Report
For The Year Ended 31 October 2025
Strategic Report
The director presents his strategic report for the year ended 31 October 2025.
Principal Activity
The group's principal activity continues to be that of timber, builders', plumbers' and electrical merchants.
Review of the Business
The financial year to 31 October 2025 was characterised by a stabilising, albeit still cautious, UK economic environment. Inflation moderated from the highs seen in prior years and interest rates began to decline during the year. However, borrowing costs remained elevated relative to longer-term norms and continued to influence business and consumer confidence.
The UK construction market showed early signs of recovery but activity remained inconsistent and, therefore, unpredictable. The housebuilding sector, in particular, continued to be constrained by affordability pressures, planning delays and cost inflation, resulting in cautious levels of new site starts and investment.
Against this backdrop, the group delivered a resilient financial performance.
The financial statements highlight continued cost pressures within the business. Staff costs increased to £10,769,995 (2024: £10,276,751) reflecting wage inflation, the competitive labour market within the sector and, more generally, the significant increase in employment taxes imposed by the new Labour government. Other cost categories, including distribution and property-related expenses, also increased broadly in line with the growth in activity.
Despite these pressures, the group maintained profitability through effective cost control, strong customer demand and the benefit of its diversified customer base.
Market Conditions and Supply Chain Management
Throughout the year, building material prices showed a degree of stabilisation compared with the volatility experienced in previous periods, although selective price fluctuations remained across certain product lines.
The wider construction environment remained mixed. Overall construction output showed only modest growth in 2025, with recovery heavily dependent on improvements in private housing and broader economic confidence.
In response, the group continued to adopt a proactive approach to stock management and supplier engagement. Its extensive storage capacity and strong liquidity position enabled it to maintain high levels of stock availability and mitigate the impact of supply chain disruption where necessary.
This strategy continues to support customer service levels and provides a degree of protection against short-term price and availability volatility.
Operational Developments
The group continued to focus on operational efficiency, customer service and maintaining a comprehensive product offering.
Investment in infrastructure, stock and systems has enabled the business to support increased turnover while maintaining service standards. The group’s established relationships with suppliers and customers remain a key strength.
...CONTINUED
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C.W.B.G Limited
Strategic Report (continued)
For The Year Ended 31 October 2025
Review of the Business - continued
Future Developments and Outlook
Looking forward, the director is hopeful that economic conditions are gradually improving, supported by lower inflation and the easing of interest rates. However, uncertainty remains, particularly in relation to fiscal policy, consumer confidence and the pace of recovery within the housebuilding sector.
Industry forecasts suggest a modest recovery in construction activity, with stronger growth expected over the medium term as housing demand and infrastructure investment increase.
However, the pace of recovery in private housebuilding is expected to remain gradual, with developers continuing to manage risk, cash flow and site viability carefully.
Against this backdrop, the group’s strong balance sheet, liquidity and diversified operations provide a stable platform from which to navigate market conditions and support future growth.
Balance Sheet and Financial Position
The group continues to operate from a position of financial strength. The group remains ungeared and is not reliant on external borrowings.
Conclusion
The group delivered improved financial results during the year in the context of a gradually stabilising but still uncertain economic environment.
While the construction and housebuilding sectors remain subject to short-term pressures, the group’s strong financial position, operational resilience and established market presence place it in a good position to manage ongoing uncertainty and benefit from a recovery in demand over the medium term.
Principal Risks and Uncertainties
The principal risks and uncertainties facing the group remain as follows:
Credit risk
The group maintains a rigorous credit control function and a diversified customer base.
Liquidity and cash flow risk
Daily cash monitoring and a diversified banking strategy, alongside utilisation of auto-switching facilities, underpin our robust liquidity position.
Market and economic risk
Demand for the group’s products and services largely comes from a well-diversified section of the construction, housebuilding, RMI and home improvement sectors.
Interest rate and cost risk
Although interest rates reduced during the year, financing costs remain elevated for many businesses and, together with wage inflation and supplier pricing, continue to impact the operating environment.
Competition risk
The group operates in a competitive marketplace and continues to focus on service, pricing and product availability to maintain its market position.
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C.W.B.G Limited
Strategic Report (continued)
For The Year Ended 31 October 2025
Future Developments
During the year, one of the group’s larger registered social housing customers re-tendered their RMI building materials supply contract. The group competed with several national merchants for the contract and the directors are pleased to report that the contract was retained for an initial, minimum, five-year period.
This contract has the potential to significantly increase in value due to the fact that the client is intending to contract back in services in certain geographical areas which were previously contracted out.
Key Performance Indicators
The group’s principal financial KPIs are:
• Turnover – increased by £5,158,394
• Gross profit – increased by £563,896
• Staff costs – increased by £493,244
• Profit before taxation – increased by £249,309
These indicators are monitored by the board to assess performance and inform decision-making.
Section 172(1) Statement
The revised UK Corporate Governance code ('2018 Code') was published in July 2018 and applies to accounting periods beginning on or after 1 January 2019. The Companies (Miscellaneous Reporting) Regulations 2018 ('2018 MRR') require directors to explain how they considered the interests of key stakeholders and the broader matters set out in section 172(1) (a) to (f) of the Companies Act 2006 ('s172') when performing their duty to promote the success of the group under s172.
The s172 statement focuses on matters of strategic importance to the group, and the level of information disclosed is consistent with the size and the complexity of the business.
When making decisions, each director ensures that they act in a way they consider, in good faith, would most likely promote the group's success for the benefit of its members as a whole, and, in doing so have regard (among other matters) to:
(a) 'The likely consequences of any decision in the long term'
The director has regard to the long term implications of the decisions they make, and have a policy of sustaining a diverse and comprehensive product range to enable it to take advantage of swings in the market.
When making decisions on capital commitments the director has due regard for the financial implications to the group including affordability and returns on the investment and will ensure the overall benefits of such commitments outweigh the costs.
The director will also ensure any adverse impact on their employees by any decisions made are minimal to the best of their ability.
(b) 'The interests of the group's employees'
The director recognises the importance of staff to the success of the business. The group regularly updates employees and also posts information on notice boards across the group to keep employees informed.
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C.W.B.G Limited
Strategic Report (continued)
For The Year Ended 31 October 2025
Section 172(1) Statement - continued
Employee feedback is encouraged and welcomed by the director, especially when undertaking major decisions, in this regard, being largely on one site is of great advantage.
(c) 'The need to foster the group's business relationships with suppliers, customers and others'
The director understand's that the success of the business also relies on strong mutually beneficial relationships with suppliers, customers and other partners. The group ensures its relationships with its suppliers, customers and other partners are amicable, and any potential disputes are resolved in a timely and fair manner.
The group is a member of a buying group with other companies, who pool their resources together to achieve a fair deal from suppliers, in addition the group has several longstanding suppliers who they have a strong relationship with and whom the group is in regular contact with at senior levels to ensure the relationship remains strong and mutually beneficial.
The group closely monitors its bad debt risk and will speak to the customer in the first instance to agree a mutual way forward, only taking further action if such an agreement can't be found. This has enabled the group to continue to maintain its reputation as a good, fair group for others to do business with.
(d) 'The impact of the group's operations on the community and the environment'
The group considers the impact its operations make on the community and the environment. The group sources all timber from sustainable sources and has waste management procedures in place to increase recycling and protect the environment.
The group has due regard for neighbouring businesses and residences when making changes, including the effect of goods traffic on the area.
(e) 'The desirability of the group maintaining a reputation for high standards of business conduct'
The group considers that its policies of staff incentivisation, reward and engagement, fair pricing, and an aversion to unnecessary risks ensure the group remains on a sustainable footing while growing the group and maintaining its reputation.
The group always endeavours to ensure equal opportunity for employees, to ensure a safe and healthy working environment and to ensure the business is run ethically.
(f) 'The need to act fairly as between members of the group'
The director consider's which courses of action best enable delivery of its strategy and aims, after weighing up all relevant factors and taking into consideration the impact on stakeholders.
In doing so, the director acts fairly as between the group's members, ensuring all members have the chance to express their views before a decision is made that impacts them.
On behalf of the board
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C.W.B.G Limited
Strategic Report (continued)
For The Year Ended 31 October 2025

Mr D J Berry Director
16 July 2026

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C.W.B.G Limited
Company No. 08261788
Director's Report For The Year Ended 31 October 2025
Director's Report
The director presents his report and the financial statements for the year ended 31 October 2025.
Change of Company Name
On the company changed its name from to C.W.B.G Limited .
Dividends
Particulars of recommended dividends are detailed in note 24 to the financial statements.
Political Donations and Expenditure
Political donations amounted to £NIL .
Political expenditure amounted to £NIL .
Financial Instruments
Directors
The director who held office during the year were as follows:

Mr D J Berry

Qualifying Third-party and Pension Scheme Indemnity Provision
Research and Development
Post Balance Sheet Events
Employees
The group continues to develop a policy of direct and systematic communication on all relevant matters including the company's business and current market issues with employees. The group holds monthly department head meetings which are minuted and, as well as meeting minutes being displayed on all department notice boards, department heads are requested to discuss topics covered with their colleagues and to encourage constructive feed back. In addition, all directors' doors are open to all staff who may wish to consult on any business or personal issue. The group always strives to involve staff in any decisions which may affect them personally or their health, happiness or well-being in the workplace.
Employment of disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the abilities of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the group continues and that appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee Engagement Statement
Statement of Engagement with Suppliers, Customers and Others in a Business Relationship with the Group
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C.W.B.G Limited
Director's Report (continued)
For The Year Ended 31 October 2025
Branches Outside the UK
Streamlined Energy and Carbon Reporting
Methodologies for energy and emissions calculations
The UK Government's Streamlined Energy and Carbon Reporting (SECR) policy came into effect on 1st April 2019. This regulation requires large unquoted companies to report on UK energy use, and the associated greenhouse gas (GHG) emissions, that relate to the consumption of fuel for the purposes of transport and the purchase of gas, electricity and other fuels by the group for its own use.
We have measured our direct emissions from fuel and processes and those emissions from purchased gas and electricity for the assets we operated for the period 1 November 2024 to 31 October 2025.
Energy usage for operated assets - Associated GHG emissions: 1,257.8 tCO2e
Intensity ratio - we have produced 18.9 tonnes of CO2 per £1 million of sales.
Energy usage and consumption data was gathered throughout the year and this data was input into a carbon footprint calculator in order to calculate the associated greenhouse gas emissions.
Data was gathered for the consumption of energy as follows:
- Annual purchase of electricity for our own use in kWh
- Annual purchase of gas for our own use in kWh
- Annual purchase of fuel for our own use in Ltrs
Principal measures taken to increase energy efficiency
The director is committed to improving the energy efficiency of the group. As part of this, the group reviews its motor vehicle fleet on a regular basis, phasing out older, less fuel efficient vehicles and replacing when necessary, with new more efficient vehicles. Where appropriate we are also replacing older diesel powered fork-lift trucks and side-loaders with rechargeable electric powered alternatives. The group has committed to install LED lighting for both new installations and for replacement of existing units.
Additional note to the Report of the Directors
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the director consider them to be of strategic importance to the business.
Statement of Director's Responsibilities
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the director 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 the financial statements the director is required to:
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C.W.B.G Limited
Director's Report (continued)
For The Year Ended 31 October 2025
Statement of Director's Responsibilities - continued

- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Director's Report is approved:

- so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
- they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

Independent Auditors
The auditors, Whitehead & Aldrich, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board

Mr D J Berry Director
16 July 2026

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Independent Auditor's Report
to the Members of
C.W.B.G Limited
Independent Auditor's Report
Opinion
We have audited the financial statements of C.W.B.G Limited (the "parent company") and its subsidiaries (the "group") for the year ended 31 October 2025 which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
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 October 2025 and of the group's profit/(loss) 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 director's 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 and parent company's ability to continue as a going concern for a period of at least 12 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 director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, 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 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.
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Independent Auditor's Report (continued)
to the Members of
C.W.B.G Limited
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:

- the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's 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 or returns; or
- certain disclosures of director's 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 Director's Responsibilities Statement set out on page 6—8, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director 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 director is responsible for assessing the group 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 the parent company or to cease operations, or have no realistic alternative but to do so.
Page 10
Page 11
Independent Auditor's Report (continued)
to the Members of
C.W.B.G Limited
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:
- Enquiries with management, including directors, about any known or suspected instancies of non-compliance with laws or regulations and fraud.
- Challenging assumptions and judgements made by management in their significant accounting estimates.
- Auditing the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness.
Because of the field in which the client operates, we identified the following areas as those most likely to have a material impact on the financial statements: Compliance with the UK Companies Act, compliance with the Taxes Acts and employment law.
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISA's (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use Of Our Report
This report is made solely to the 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 that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Hughes-Deane FCA (Senior Statutory Auditor) for and on behalf of Whitehead & Aldrich , Statutory Auditor
16 July 2026

...CONTINUED
Page 11
Page 12
Independent Auditor's Report (continued)
to the Members of
C.W.B.G Limited

Whitehead & Aldrich Chartered Accountants 5 Ribblesdale Place Preston Lancashire PR1 8BZ

Page 12
Page 13
C.W.B.G Limited
Consolidated Profit and Loss Account
For The Year Ended 31 October 2025
Consolidated Profit and Loss Account

| 2025 |  | 2024
--- | --- | --- | ---
| Notes | £ |  | £
TURNOVER | 3 | 66,687,106 |  | 61,528,712
Cost of sales |  | (57,962,273 ) |  | (53,367,775 )
GROSS PROFIT |  | 8,724,833 |  | 8,160,937
Distribution costs |  | (975,971 ) |  | (905,128 )
Administrative expenses |  | (3,932,171 ) |  | (3,746,497 )
Other operating income |  | 578,693 |  | 561,954
OPERATING PROFIT | 5 | 4,395,384 |  | 4,071,266
Other interest receivable and similar income | 10 | 1,011,846 |  | 1,089,867
Interest payable and similar charges | 11 | - |  | (2,212 )
PROFIT BEFORE TAXATION |  | 5,407,230 |  | 5,158,921
Tax on Profit | 12 | (1,382,857 ) |  | (1,321,859 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT |  | 4,024,373 |  | 3,837,062

The notes on pages 21 to 35 form part of these financial statements.
Page 13
Page 14
C.W.B.G Limited
Consolidated Balance Sheet
As At 31 October 2025
Consolidated Balance Sheet
Registered number: 08261788

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 13 |  | 15,773,871 |  | 15,027,310
|  |  | 15,773,871 |  | 15,027,310
CURRENT ASSETS
Stocks | 15 | 4,405,737 |  | 4,520,335 |
Debtors | 16 | 22,210,432 |  | 18,462,006 |
Cash at bank and in hand |  | 18,645,285 |  | 15,195,971 |
|  | 45,261,454 |  | 38,178,312 |
Creditors: Amounts Falling Due Within One Year | 17 | (6,798,902 ) |  | (2,699,872 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 38,462,552 |  | 35,478,440
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 54,236,423 |  | 50,505,750
PROVISIONS FOR LIABILITIES
Deferred Taxation | 18 |  | (570,100 ) |  | (526,000 )
NET ASSETS |  |  | 53,666,323 |  | 49,979,750
CAPITAL AND RESERVES
Called up share capital | 20 |  | 2,252 |  | 2,252
Revaluation reserve | 25 |  | 2,347,220 |  | 2,347,220
Capital redemption reserve |  |  | 933 |  | 933
Profit and Loss Account |  |  | 51,315,918 |  | 47,629,345
SHAREHOLDERS' FUNDS |  |  | 53,666,323 |  | 49,979,750

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Page 15
C.W.B.G Limited
Consolidated Balance Sheet (continued)
As At 31 October 2025
On behalf of the board

Mr D J Berry Director
16 July 2026

The notes on pages 21 to 35 form part of these financial statements.
Page 15
Page 16
C.W.B.G Limited
Company Balance Sheet
As At 31 October 2025
Company Balance Sheet
Registered number: 08261788

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 13 |  | 10,590,610 |  | 9,993,799
Investments | 14 |  | 13,522,216 |  | 13,522,216
|  |  | 24,112,826 |  | 23,516,015
CURRENT ASSETS
Debtors | 16 | 3,543,927 |  | 1,127,436 |
Cash at bank and in hand |  | 2,727,619 |  | 3,429,445 |
|  | 6,271,546 |  | 4,556,881 |
Creditors: Amounts Falling Due Within One Year | 17 | (410,960 ) |  | (637,472 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 5,860,586 |  | 3,919,409
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 29,973,412 |  | 27,435,424
PROVISIONS FOR LIABILITIES
Deferred Taxation | 18 |  | (4,100 ) |  | (4,200 )
NET ASSETS |  |  | 29,969,312 |  | 27,431,224
CAPITAL AND RESERVES
Called up share capital | 20 |  | 2,252 |  | 2,252
Share premium account |  |  | 13,414,806 |  | 13,414,806
Capital redemption reserve |  |  | 933 |  | 933
Profit and Loss Account |  |  | 16,551,321 |  | 14,013,233
SHAREHOLDERS' FUNDS |  |  | 29,969,312 |  | 27,431,224

Page 16
Page 17
C.W.B.G Limited
Company Balance Sheet (continued)
As At 31 October 2025
In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 2,875,888 (2024: £ 2,829,451 profit).
On behalf of the board

Mr D J Berry Director
16 July 2026

The notes on pages 21 to 35 form part of these financial statements.
Page 17
Page 18
C.W.B.G Limited
Consolidated Statement of Changes in Equity
For The Year Ended 31 October 2025
Consolidated Statement of Changes in Equity

| Share Capital | Revaluation reserve | Capital Redemption | Profit and Loss Account | Total
--- | --- | --- | --- | --- | ---
| £ | £ | £ | £ | £
As at 1 November 2023 | 2,317 | 2,347,220 | 868 | 46,250,333 | 48,600,738
Profit for the year and total comprehensive income | - | - | - | 3,837,062 | 3,837,062
Dividends paid | - | - | - | (347,550) | (347,550)
Purchase of own shares | (65 ) | - | 65 | (2,110,500 ) | (2,110,500)
As at 31 October 2024 and 1 November 2024 | 2,252 | 2,347,220 | 933 | 47,629,345 | 49,979,750
Profit for the year and total comprehensive income | - | - | - | 4,024,373 | 4,024,373
Dividends paid | - | - | - | (337,800) | (337,800)
As at 31 October 2025 | 2,252 | 2,347,220 | 933 | 51,315,918 | 53,666,323

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C.W.B.G Limited
Company Statement of Changes in Equity
For The Year Ended 31 October 2025
Company Statement of Changes in Equity

| Share Capital | Share Premium | Capital Redemption | Profit and Loss Account | Total
--- | --- | --- | --- | --- | ---
| £ | £ | £ | £ | £
As at 1 November 2023 | 2,317 | 13,414,806 | 868 | 13,641,832 | 27,059,823
Profit for the year and total comprehensive income | - | - | - | 2,829,451 | 2,829,451
Dividends paid | - | - | - | (347,550) | (347,550)
Purchase of own shares | (65 ) | - | 65 | (2,110,500 ) | (2,110,500)
As at 31 October 2024 and 1 November 2024 | 2,252 | 13,414,806 | 933 | 14,013,233 | 27,431,224
Profit for the year and total comprehensive income | - | - | - | 2,875,888 | 2,875,888
Dividends paid | - | - | - | (337,800) | (337,800)
As at 31 October 2025 | 2,252 | 13,414,806 | 933 | 16,551,321 | 29,969,312

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C.W.B.G Limited
Consolidated Statement of Cash Flows
For The Year Ended 31 October 2025
Consolidated Statement of Cash Flows

| 2025 |  | 2024
| Notes | £ |  | £
Cash flows from operating activities
Net cash generated from operations | 1 | 5,378,472 |  | 8,279,409
Interest paid |  | - |  | (2,212 )
Tax paid |  | (1,065,726 ) |  | (1,287,844 )
Net cash generated from operating activities |  | 4,312,746 |  | 6,989,353
Cash flows from investing activities
Purchase of tangible assets |  | (1,554,837 ) |  | (958,755 )
Proceeds from disposal of tangible assets |  | 17,359 |  | 4,584
Interest received |  | 1,011,846 |  | 1,089,867
Net cash (used in)/generated from investing activities |  | (525,632 ) |  | 135,696
Cash flows from financing activities
Purchase/redemption of own shares |  | - |  | (2,110,500 )
Equity dividends paid |  | (337,800 ) |  | (347,550 )
Net cash used in financing activities |  | (337,800 ) |  | (2,458,050 )
Increase in cash and cash equivalents |  | 3,449,314 |  | 4,666,999
Cash and cash equivalents at beginning of year | 2 | 15,195,971 |  | 10,528,972
Cash and cash equivalents at end of year | 2 | 18,645,285 |  | 15,195,971

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C.W.B.G Limited
Notes to the Consolidated Statement of Cash Flows
For The Year Ended 31 October 2025
Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Profit for the financial year | 4,024,373 |  | 3,837,062
Adjustments for:
Tax on profit | 1,382,857 |  | 1,321,859
Interest expense | - |  | 2,212
Interest income | (1,011,846 ) |  | (1,089,867 )
Depreciation of tangible assets | 790,917 |  | 740,182
Movements in working capital:
Decrease in stocks | 114,598 |  | 818,937
(Increase)/decrease in trade and other debtors | (3,891,187 ) |  | 2,362,028
Increase in trade and other creditors | 3,968,760 |  | 286,996
Net cash generated from operations | 5,378,472 |  | 8,279,409

2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Cash at bank and in hand | 18,645,285 |  | 15,195,971

3. Analysis of changes in net funds

| As at 1 November 2024 | Cash flows | As at 31 October 2025
--- | --- | --- | ---
| £ | £ | £
Cash at bank and in hand | 15,195,971 | 3,449,314 | 18,645,285

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C.W.B.G Limited
Notes to the Financial Statements
For The Year Ended 31 October 2025
Notes to the Financial Statements
1. General Information
C.W.B.G Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08261788 . The registered office is Wellfield Sawmills King Street, Leyland, Preston, Lancashire, PR25 2LE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit and loss and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 October 2025.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group 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. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
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C.W.B.G Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2025
2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
2.4. Financial Reporting Standard 102 - Reduced Disclosure Exemptions
The parent company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d);
- the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44, 11.45, 11.47, 11.48 (a) (iii), 11.48 (a) (iv), 11.48 (b) and 11.48 (c);
- the requirements of Section 12 Other Financial Instruments Issues paragraphs 12.27, 12.29 (a), 12.29 (b), 12.29A and 12.30;
- the requirements of Section 26 Share-based Payment paragraphs 26.18 (b), 26.19 to 26.21 and 26.23;
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

2.5. Going Concern Disclosure
The director has not identified any material uncertainties related to events or conditions that may cast significant doubt about the group and parent company's ability to continue as a going concern.
2.6. Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements and estimations that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
- The estimated useful life of the tangible fixed assets and the depreciation rates used thereon.
- The valuation of investment property.
- The net realisable value of slow moving stock.
...CONTINUED
Page 23
Page 24
C.W.B.G Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2025
2.6. Significant judgements and estimations - continued
- The recoverability of the debtors.
- Rebates receivable are determined using established methodologies and are only recognised in the profit and loss where any related performance conditions have been met. Rebate agreements normally cover the calendar year, therefore requiring estimation of rebates receivable at the year end. Where estimation is used in the calculation of rebates receivable it is done on a consistent and prudent basis and having regard to rebates actually received after year end.
2.7. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.8. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold | - 2% on building's cost
Leasehold | - 2% on cost
Plant and Equipment | - 20% on written down value
Motor Vehicles | - 25% on written down value
Computer Equipment | - 20% on cost

No depreciation is provided on freehold land.
2.9. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
Properties rented to another group member are accounted for under property, plant and equipment and applying the cost model in accordance with FRS 102 Section 17.
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C.W.B.G Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2025
2.10. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.11. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.12. Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
2.13. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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C.W.B.G Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2025
2.14. Pensions
The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.15. Operating Leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term.
3. Turnover
Analysis of turnover by class of business is as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Sale of goods | 66,687,106 |  | 61,528,712

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
4. Other Operating Income

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Rental income | 550,565 |  | 560,684
Other operating income | 28,128 |  | 1,270
| 578,693 |  | 561,954

5. Operating Profit
The operating profit is stated after charging:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Bad debts | 33,796 |  | 49,179
Operating lease rentals | 80,125 |  | 75,125
Depreciation of tangible fixed assets | 790,917 |  | 740,182

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C.W.B.G Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2025
6. Auditor's Remuneration
Remuneration received by the group's auditors and their associates during the year was as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Audit Services
Audit of the group and company's financial statements | 35,245 |  | 31,750
Other Services
Other non-audit services | 2,000 |  | 2,000

7. Staff Costs
Staff costs, including directors' remuneration, were as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Wages and salaries | 9,346,405 |  | 9,003,392
Social security costs | 1,091,947 |  | 908,428
Other pension costs | 331,643 |  | 364,931
| 10,769,995 |  | 10,276,751

The number of employees below has not been analysed into categories because, in the directors' opinion, this would not be practicable because of the nature and variety of work performed by individual employees.
8. Average Number of Employees
Group
Average number of employees, including directors, during the year was: 244 (2024: 248)
Company
Average number of employees, including directors, during the year was: 1 (2024: 2)
244 248
1 2
9. Director's remuneration

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Emoluments | 5,000 |  | 53,116

The number of directors to whom retirement benefits were accruing was as follows:

| 2025 |  | 2024
--- | --- | --- | ---
Money purchase pension schemes | 1 |  | 2

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C.W.B.G Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2025
10. Interest Receivable and Similar Income

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Bank interest receivable | 1,003,362 |  | 1,089,867
Corporation tax interest | 8,484 |  | -
| 1,011,846 |  | 1,089,867

11. Interest Payable and Similar Charges

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Corporation tax interest payable | - |  | 2,212

12. Tax on Profit
The tax charge on the profit for the year was as follows:

| Tax Rate | 2025 |  | 2024
--- | --- | --- | --- | ---
| 2025 | 2024 | £ |  | £
Current tax
UK Corporation Tax | 25.0% | 25.0% | 1,338,757 |  | 1,238,959
Deferred Tax
Deferred taxation | 44,100 |  | 82,900
Total tax charge for the period | 1,382,857 |  | 1,321,859

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

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Profit before tax | 5,407,230 |  | 5,158,921
Tax on profit at 25% (UK standard rate) | 1,351,808 |  | 1,289,730
Goodwill/depreciation not allowed for tax | (22,342 ) |  | (58,532 )
Expenses not deductible for tax purposes | 9,291 |  | 7,761
Capital allowances | 49,200 |  | 84,200
Short term timing differences | (5,100 ) |  | (1,300 )
Total tax charge for the period | 1,382,857 |  | 1,321,859

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C.W.B.G Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2025
13. Tangible Assets
Group

| Land & Property
--- | ---
| Freehold | Leasehold | Investment Properties | Plant and Equipment
| £ | £ | £ | £
Cost or Valuation
As at 1 November 2024 | 5,826,504 | 2,189,679 | 5,927,723 | 3,642,058
Additions | 657,603 | 67,754 | - | 695,133
Disposals | - | - | - | (37,578 )
As at 31 October 2025 | 6,484,107 | 2,257,433 | 5,927,723 | 4,299,613
Depreciation
As at 1 November 2024 | 580,376 | 666,018 | - | 2,741,815
Provided during the period | 64,005 | 44,905 | - | 295,693
Disposals | - | - | - | (30,261 )
As at 31 October 2025 | 644,381 | 710,923 | - | 3,007,247
Net Book Value
As at 31 October 2025 | 5,839,726 | 1,546,510 | 5,927,723 | 1,292,366
As at 1 November 2024 | 5,246,128 | 1,523,661 | 5,927,723 | 900,243

| Motor Vehicles | Total
--- | --- | ---
| £ | £
Cost or Valuation
As at 1 November 2024 | 3,094,977 | 20,680,941
Additions | 134,347 | 1,554,837
Disposals | (189,244 ) | (226,822 )
As at 31 October 2025 | 3,040,080 | 22,008,956
Depreciation
As at 1 November 2024 | 1,665,422 | 5,653,631
Provided during the period | 386,314 | 790,917
Disposals | (179,202 ) | (209,463 )
As at 31 October 2025 | 1,872,534 | 6,235,085
Net Book Value
As at 31 October 2025 | 1,167,546 | 15,773,871
As at 1 November 2024 | 1,429,555 | 15,027,310

Page 29
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C.W.B.G Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2025
The directors believe the fair value of the investment property at 31st October 2025 is equivalent to the original cost and have therefore not obtained an independent valuation.
Included in the above is land amounting to £2,900,891 (2024 - £2,900,891) which has not been depreciated.
Property rented to another group member is accounted for under property, plant and equipment and applying the cost model in accordance with FRS 102 Section 17. Had the freehold land and buildings been carried at historical cost (£4,763,219) less depreciation (£1,053,579) the carrying amount would have been £3,709,640.
Company

| Land & Property
--- | ---
| Freehold | Investment Properties | Plant and Equipment | Total
| £ | £ | £ | £
Cost
As at 1 November 2024 | 5,448,281 | 5,037,495 | 20,823 | 10,506,599
Additions | 657,603 | - | 2,214 | 659,817
As at 31 October 2025 | 6,105,884 | 5,037,495 | 23,037 | 11,166,416
Depreciation
As at 1 November 2024 | 503,144 | - | 9,656 | 512,800
Provided during the period | 60,401 | - | 2,605 | 63,006
As at 31 October 2025 | 563,545 | - | 12,261 | 575,806
Net Book Value
As at 31 October 2025 | 5,542,339 | 5,037,495 | 10,776 | 10,590,610
As at 1 November 2024 | 4,945,137 | 5,037,495 | 11,167 | 9,993,799

The directors believe the fair value of the investment property at 31st October 2025 is equivalent to the original cost and have therefore not obtained an independent valuation.
Included in the above is land amounting to £2,702,909 (2024 - £2,702,909) which has not been depreciated.
Property rented to another group member is accounted for under property, plant and equipment and applying the cost model in accordance with FRS 102 Section 17.
Page 30
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C.W.B.G Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2025
14. Investments
Company

| Subsidiaries
--- | ---
| £
Cost or Valuation
As at 1 November 2024 | 13,522,216
As at 31 October 2025 | 13,522,216
Provision
As at 1 November 2024 | -
As at 31 October 2025 | -
Net Book Value
As at 31 October 2025 | 13,522,216
As at 1 November 2024 | 13,522,216

Investments in subsidiary undertakings as at 31st October 2025 were as follows:

Subsidiary undertaking | Holding | Proportion Held | Nature of business
C&W Berry Limited | Ordinary shares | 100% | Builder's merchants
C&W Berry Commercial Finance Limited | Ordinary shares | 100% | Finance company

The subsidiary undertakings are included in the consolidated accounts. The registered office and place of business addresses being Wellfield Sawmills, King Street, Leyland, PR25 2LE.
15. Stocks

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Finished goods | 4,378,461 |  | 4,504,802
Other | 27,276 |  | 15,533
| 4,405,737 |  | 4,520,335

Page 31
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C.W.B.G Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2025
16. Debtors

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Due within one year
Trade debtors | 10,195,126 |  | 9,089,810 |  | 88,090 |  | 58,584
Prepayments and accrued income | 1,992,745 |  | 1,709,195 |  | 22,323 |  | 8,003
Other debtors | 4,940 |  | 2,653 |  | - |  | -
Amount owed by related party | 10,017,621 |  | 7,517,587 |  | - |  | -
Other taxes and social security | - |  | 142,761 |  | - |  | -
Amounts owed by group undertakings | - |  | - |  | 3,433,514 |  | 1,060,849
| 22,210,432 |  | 18,462,006 |  | 3,543,927 |  | 1,127,436

17. Creditors: Amounts Falling Due Within One Year

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Trade creditors | 5,014,297 |  | 1,641,073 |  | 20,625 |  | 25,330
Corporation tax | 361,990 |  | 88,959 |  | 97,514 |  | 319,321
Other taxes and social security | 239,232 |  | - |  | 93,286 |  | 103,281
Other creditors | 65,649 |  | 45,549 |  | 54,049 |  | 42,049
Accruals and deferred income | 1,117,734 |  | 924,291 |  | 145,278 |  | 147,355
Amounts owed to subsidiaries | - |  | - |  | 208 |  | 136
| 6,798,902 |  | 2,699,872 |  | 410,960 |  | 637,472

18. Deferred Taxation
The provision for deferred tax is made up as follows:

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Accelerated capital allowances | 586,500 |  | 537,300 |  | 4,100 |  | 4,200
Other timing differences | (16,400) |  | (11,300) |  | - |  | -
| 570,100 |  | 526,000 |  | 4,100 |  | 4,200

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C.W.B.G Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2025
19. Provisions for Liabilities

Group
| Deferred Tax | Total
--- | --- | ---
| £ | £
As at 1 November 2024 | 526,000 | 526,000
Deferred taxation | 44,100 | 44,100
Balance at 31 October 2025 | 570,100 | 570,100

Company
| Deferred Tax | Total
--- | --- | ---
| £ | £
As at 1 November 2024 | 4,200 | 4,200
Deferred taxation | (100 ) | (100 )
Balance at 31 October 2025 | 4,100 | 4,100

20. Share Capital

| 2025 |  | 2024
--- | --- | --- | ---
Allotted, called up and fully paid | £ |  | £
2,252 Ordinary Shares of £ 1 each | 2,252 |  | 2,252

21. Capital Commitments

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
At the end of the period | 1,028,250 |  | 118,510 |  | 675,000 |  | -

At the end of the period, the group had the above capital commitments contracted for but not provided in these financial statements.
Page 33
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C.W.B.G Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2025
22. Other Commitments
As lessee
The total of future minimum lease payments under non-cancellable operating leases are as following:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Not later than one year | 80,125 |  | 80,125
Later than one year and not later than five years | 277,500 |  | 289,500
Later than five years | 3,740,004 |  | 3,808,129
| 4,097,629 |  | 4,177,754

As lessor
The total of future minimum lease payments receivable under non-cancellable operating leases are as following:

| 2025 |  | 2024
| £ |  | £
Not later than one year | 333,806 |  | 348,724
Later than one year and not later than five years | 370,929 |  | 661,561
Later than five years | - |  | -
| 704,735 |  | 1,010,285

23. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £331,643 (2024: £364,931).
At the balance sheet date contributions of £122,664 (2024: £103,603) were due to the fund and are included in creditors.
24. Dividends

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
On equity shares:
Final dividend paid | 337,800 |  | 347,550

Page 34
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C.W.B.G Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2025
25. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs.
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company.
Revaluation reserve - This reserve records the value of asset revaluations and fair value movement on assets. In accordance with paragraph 16.4A of FRS 102 the company has elected to account for property rented to other group companies under property, plant and equipment and to apply the cost model in accordance with FRS 102 Section 17. It has further elected to use the fair value of its intra-group investment property as its deemed cost. As a result the gains have been presented within the revaluation reserve.
26. Post Balance Sheet Events
On 25th November 2025 the company purchased 692 of its own shares at market value.
On 2nd April 2026 C & W Berry Trading Limited became a wholly owned subsidiary of C.W.B.G. Limited.
27. Related Party Disclosures
C & W Berry Trading Limited
This company is a related party by virtue of the fact the two companies have the following common director:
Mr. D. J. Berry
The debtor balance of £10,017,621 owed by this company was repaid in November 2025.
28. Controlling Parties
The company is controlled by Mr. D. J. Berry.
Page 35