C & W Berry Limited

	Page
Strategic Report	1—4
Directors' Report	5—6
Independent Auditor's Report	7—10
Profit and Loss Account	11
Balance Sheet	12—13
Statement of Changes in Equity	14
Statement of Cash Flows	15
Notes to the Statement of Cash Flows	16
Notes to the Financial Statements	17—26

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

Principal Activity

The company'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 company 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 company 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 company 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 company 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 company’s established relationships with suppliers and customers remain a key strength.

...CONTINUED

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C & W Berry Limited

Strategic Report (continued)

For The Year Ended 31 October 2025

Review of the Business - continued

Future Developments and Outlook

Looking forward, the directors are 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 company’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 company continues to operate from a position of financial strength. The company remains ungeared and is not reliant on external borrowings.

Conclusion

The company 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 company’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 company remain as follows:

Credit risk

The company 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 company’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 company 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 Berry Limited

Strategic Report (continued)

For The Year Ended 31 October 2025

Key Performance Indicators

The company’s principal financial KPIs are:

• Turnover – increased by £5,158,394

• Gross profit – increased by £547,802

• Staff costs – increased by £493,244

• Profit before taxation – increased by £187,799

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 company under s172.

The s172 statement focuses on matters of strategic importance to the company, 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 company'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 directors have 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 directors have due regard for the financial implications to the company including affordability and returns on the investment and will ensure the overall benefits of such commitments outweigh the costs.

The directors 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 company's employees'

The directors recognise the importance of staff to the success of the business. The company regularly updates employees and also posts information on notice boards across the company to keep employees informed.

Employee feedback is encouraged and welcomed by the directors, especially when undertaking major decisions, in this regard, being largely on one site is of great advantage.

The directors understand that the success of the business also relies on strong mutually beneficial relationships with suppliers, customers and other partners. The company ensures its relationships with its suppliers, customers and other partners are amicable, and any potential disputes are resolved in a timely and fair manner.

...CONTINUED

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C & W Berry Limited

Strategic Report (continued)

For The Year Ended 31 October 2025

Section 172(1) Statement - continued

The company 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 company has several longstanding suppliers who they have a strong relationship with and whom the company is in regular contact with at senior levels to ensure the relationship remains strong and mutually beneficial.

The company 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 company to continue to maintain its reputation as a good, fair company for others to do business with.

(d) 'The impact of the company's operations on the community and the environment'

The company considers the impact its operations make on the community and the environment. The company sources all timber from sustainable sources and has waste management procedures in place to increase recycling and protect the environment.

The company 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 company maintaining a reputation for high standards of business conduct'

The company considers that its policies of staff incentivisation, reward and engagement, fair pricing, and an aversion to unnecessary risks ensure the company remains on a sustainable footing while growing the company and maintaining its reputation.

The company 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 company'

The directors consider 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 directors act fairly as between the company'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

Mr D J Berry

Director

16 July 2026

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C & W Berry Limited

Company No. 01464224

Directors' Report For The Year Ended 31 October 2025

Directors' Report

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

Dividends

Equity dividends were paid to the parent undertaking during the year to fund capital projects.

Directors

The directors who held office during the year were as follows:

Mr D J Berry
Mr M Lambert
Mr J R Bond	Appointed	02/01/2026

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 company 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 directors are committed to improving the energy efficiency of the company. As part of this, the company 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 company has committed to install LED lighting for both new installations and for replacement of existing units.

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C & W Berry Limited

Directors' Report (continued)

For The Year Ended 31 October 2025

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

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 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are 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 Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company'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'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 Berry Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of C & W Berry Limited for the year ended 31 October 2025 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes of Equity, 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 company's affairs as at 31 October 2025 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity'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 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. 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 Berry 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records or 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 5—6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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Independent Auditor's Report (continued)

to the Members of

C & W Berry 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

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Independent Auditor's Report (continued)

to the Members of

C & W Berry Limited

Whitehead & Aldrich

Chartered Accountants

5 Ribblesdale Place

Preston

Lancashire

PR1 8BZ

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C & W Berry Limited

Profit and Loss Account

For The Year Ended 31 October 2025

Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER	3	66,687,106	61,528,712
Cost of sales		(57,910,088 )	(53,299,496 )

GROSS PROFIT		8,777,018	8,229,216

Distribution costs		(975,971 )	(905,128 )
Administrative expenses		(5,218,466 )	(5,032,901 )
Other operating income		58,028	31,170

OPERATING PROFIT	5	2,640,609	2,322,357
Other interest receivable and similar income	10	907,639	1,039,088
Interest payable and similar charges	11	-	(996 )

PROFIT BEFORE TAXATION		3,548,248	3,360,449
Tax on Profit	12	(899,763 )	(852,838 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		2,648,485	2,507,611

The notes on pages 16 to 26 form part of these financial statements.

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C & W Berry Limited

Balance Sheet

As At 31 October 2025

Balance Sheet

Registered number: 01464224

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	13		5,183,261		5,033,511

			5,183,261		5,033,511
CURRENT ASSETS
Stocks	14	4,405,737		4,520,335
Debtors	15	22,169,847		18,798,890
Cash at bank and in hand		15,916,874		11,765,662

		42,492,458		35,084,887
Creditors: Amounts Falling Due Within One Year	16	(9,891,492 )		(3,526,856 )

NET CURRENT ASSETS (LIABILITIES)			32,600,966		31,558,031

TOTAL ASSETS LESS CURRENT LIABILITIES			37,784,227		36,591,542

PROVISIONS FOR LIABILITIES
Deferred Taxation	17		(566,000 )		(521,800 )

NET ASSETS			37,218,227		36,069,742

CAPITAL AND RESERVES
Called up share capital	19		4,900		4,900
Capital redemption reserve			100		100
Profit and Loss Account			37,213,227		36,064,742

SHAREHOLDERS' FUNDS			37,218,227		36,069,742

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C & W Berry Limited

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 16 to 26 form part of these financial statements.

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C & W Berry Limited

Statement of Changes in Equity

For The Year Ended 31 October 2025

Statement of Changes in Equity

	Share Capital	Capital Redemption	Profit and Loss Account	Total
	£	£	£	£
As at 1 November 2023	4,900	100	35,057,131	35,062,131
Profit for the year and total comprehensive income	-	-	2,507,611	2,507,611

Dividends paid	-	-	(1,500,000)	(1,500,000)

As at 31 October 2024 and 1 November 2024	4,900	100	36,064,742	36,069,742


Profit for the year and total comprehensive income	-	-	2,648,485	2,648,485

Dividends paid	-	-	(1,500,000)	(1,500,000)

As at 31 October 2025	4,900	100	37,213,227	37,218,227

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C & W Berry Limited

Statement of Cash Flows

For The Year Ended 31 October 2025

Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	5,981,959	3,999,286
Interest paid		-	(996 )
Tax paid		(360,725 )	(1,088,253 )

Net cash generated from operating activities		5,621,234	2,910,037

Cash flows from investing activities
Purchase of tangible assets		(895,020 )	(957,535 )
Proceeds from disposal of tangible assets		17,359	4,584
Interest received		907,639	1,039,088

Net cash generated from investing activities		29,978	86,137

Cash flows from financing activities
Equity dividends paid		(1,500,000 )	(1,500,000 )



Increase in cash and cash equivalents		4,151,212	1,496,174
Cash and cash equivalents at beginning of year	2	11,765,662	10,269,488

Cash and cash equivalents at end of year	2	15,916,874	11,765,662

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C & W Berry Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 October 2025

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2025	2024
	£	£
Profit for the financial year	2,648,485	2,507,611
Adjustments for:
Tax on profit	899,763	852,838
Interest expense	-	996
Interest income	(907,639 )	(1,039,088 )
Depreciation of tangible assets	727,911	682,666
Movements in working capital:
Decrease in stocks	114,598	818,937
(Increase)/decrease in trade and other debtors	(3,847,361 )	2,287,918
Increase/(decrease) in trade and other creditors	6,346,202	(2,112,592 )

Net cash generated from operations	5,981,959	3,999,286

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	15,916,874	11,765,662

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	11,765,662	4,151,212	15,916,874

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C & W Berry Limited

Notes to the Financial Statements

For The Year Ended 31 October 2025

Notes to the Financial Statements

1. General Information

C & W Berry Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01464224 . 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. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.

2.3. 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.

- 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.

2.4. 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.

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C & W Berry Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

2.5. 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.

2.6. 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.

2.7. 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.

2.8. 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.

2.9. 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.

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C & W Berry Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

2.10. 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 company'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.

2.11. Pensions

The company 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.

2.12. Operating Leases

Lease payments are recognised as an expense over the lease term on a straight-line basis.

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.

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C & W Berry Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

4. Other Operating Income

	2025	2024
	£	£
Rental income	29,900	29,900
Other operating income	28,128	1,270

	58,028	31,170

5. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	28,965	38,160
Operating lease rentals	80,125	75,175
Depreciation of tangible fixed assets	727,911	682,666

6. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	22,400	21,700


Other Services
Other non-audit services	1,000	1,000

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.

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C & W Berry Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

8. Average Number of Employees

Average number of employees, including directors, during the year was: 244 (2024: 248)

9. Directors' remuneration

	2025	2024
	£	£
Emoluments	57,185	121,395

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

	2025		2024
Money purchase pension schemes	2		3

In addition to the above directors' emoluments are company contributions to money purchase pension schemes of £48,000 (2024 - £45,000)

10. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	899,155	1,039,088
Corporation tax interest	8,484	-

	907,639	1,039,088

11. Interest Payable and Similar Charges

	2025	2024
	£	£
Corporation tax interest payable	-	996

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%	855,563	769,638
Deferred Tax
Deferred taxation			44,200	83,200


Total tax charge for the period			899,763	852,838

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C & W Berry Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

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	3,548,248	3,360,449

Tax on profit at 25% (UK standard rate)	887,062	840,112
Goodwill/depreciation not allowed for tax	(37,540 )	(72,606 )
Expenses not deductible for tax purposes	6,041	2,132
Capital allowances	49,300	84,500
Short term timing differences	(5,100 )	(1,300 )

Total tax charge for the period	899,763	852,838

13. Tangible Assets

	Land & Property
	Freehold	Leasehold	Investment Properties	Plant and Equipment
	£	£	£	£
Cost or Valuation
As at 1 November 2024	378,223	2,189,679	890,228	3,621,235
Additions	-	67,754	-	692,919
Disposals	-	-	-	(37,578 )

As at 31 October 2025	378,223	2,257,433	890,228	4,276,576

Depreciation
As at 1 November 2024	77,232	666,018	-	2,732,159
Provided during the period	3,604	44,905	-	293,088
Disposals	-	-	-	(30,261 )

As at 31 October 2025	80,836	710,923	-	2,994,986

Net Book Value
As at 31 October 2025	297,387	1,546,510	890,228	1,281,590

As at 1 November 2024	300,991	1,523,661	890,228	889,076

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C & W Berry Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025


	Motor Vehicles	Total
	£	£
Cost or Valuation
As at 1 November 2024	3,094,977	10,174,342
Additions	134,347	895,020
Disposals	(189,244 )	(226,822 )

As at 31 October 2025	3,040,080	10,842,540

Depreciation
As at 1 November 2024	1,665,422	5,140,831
Provided during the period	386,314	727,911
Disposals	(179,202 )	(209,463 )

As at 31 October 2025	1,872,534	5,659,279

Net Book Value
As at 31 October 2025	1,167,546	5,183,261

As at 1 November 2024	1,429,555	5,033,511

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 freehold land and property is land amounting to £197,982 (2024 - £197,982) which has not been depreciated.

14. Stocks

	2025	2024
	£	£
Goods for resale	4,378,461	4,504,802
Other	27,276	15,533

	4,405,737	4,520,335

15. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	10,107,036	9,031,226
Prepayments and accrued income	2,040,250	1,771,020
Other debtors	4,940	2,653

...CONTINUED

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C & W Berry Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

Amount owed by related party	10,017,621	7,517,587
Corporation tax recoverable	-	230,362
Other taxes and social security	-	246,042

	22,169,847	18,798,890

16. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	4,993,672	1,615,743
Amounts owed to group undertakings	3,433,514	1,060,849
Other creditors	11,600	3,500
Corporation tax	264,476	-
Taxation and social security	145,946	-
Accruals and deferred income	1,042,284	846,764

	9,891,492	3,526,856

17. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Accelerated capital allowances	582,400	533,100
Other timing differences	(16,400)	(11,300)

	566,000	521,800

18. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 November 2024	521,800	521,800
Deferred taxation	44,200	44,200

Balance at 31 October 2025	566,000	566,000

19. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
4,900 Ordinary Shares of £ 1 each	4,900	4,900

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C & W Berry Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

20. Capital Commitments

	2025	2024
	£	£
At the end of the period	353,250	118,510

At the end of the period, the company had the above capital commitments contracted for but not provided in these financial statements.

21. Other Commitments

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

22. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company 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.

23. Dividends

	2025	2024
	£	£
On equity shares:
Final dividend paid	1,500,000	1,500,000

Equity dividends were paid to the parent undertaking during the year to fund capital projects.

24. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company.

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C & W Berry Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

25. Related Party Disclosures

Consolidated financial statements of C.W.B.G Limited have been prepared and will be filed with the Registrar of Companies. As a wholly owned subsidiary undertaking of this group, the company is exempt from disclosure of transactions with the parent undertaking.

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.

26. Controlling Parties

The company is a wholly owned subsidiary undertaking of C. W. B. G Limited, a company registered in England and Wales (company registration number - 8261788). The consolidated accounts of this company are available to the public and may be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

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