REGISTERED NUMBER: 12278775 (England and Wales)

FOR

Page

Company Information  

1

Group Strategic Report  

2

Report of the Directors  

7

Report of the Independent Auditors  

9

Consolidated Statement of Income and Retained Earnings

12

Consolidated Balance Sheet  

13

Company Balance Sheet  

14

Consolidated Cash Flow Statement  

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

18

DIRECTORS:

P S G Melton

R G Melton

Mrs K H Melton

Mrs K R Melton

REGISTERED OFFICE:

27-29 Old Market

Wisbech

Cambridgeshire

PE13 1NE

REGISTERED NUMBER:

12278775 (England and Wales)

AUDITORS:

Wheelers

Chartered Accountants, Tax Consultants

& Statutory Auditors

27-29 Old Market

Wisbech

Cambridgeshire

PE13 1NE

The directors present their strategic report of the company and the group for the period 1 September 2023 to 27 February 2025.

At the year end, the Stuart Holdings Group comprised seven businesses. This summary sets out the position of the principal entities, with particular focus on the operational and financial factors that contributed to the subsequent administration, liquidation or dissolution of certain group companies.

The group's key financial and other performance indicators during the year were as follows:

27 February 2025

31 August 2023

Change

£

£

Turnover

32,717,006

21,651,976

51.1%

Gross Profit

4,284,039

4,772,931

(10.4%

)

Gross Profit %

13.1%

22.04%

(40.6%

)

Current Ratio

0.78

1.15

(32.7%

)

Quick Ratio

0.71

1.07

(33.6%

)

Capital and Reserves

(135,841

)

2,218,444

(106.1%

)

Average number of employees

144

109

32.1%

The total Capital and Reserves decreased in the year from £2,218,444 to (£135,841) as a result of the loss after tax of £2,182,421  less dividends declared during the year of £171,864.

The above amounts represent an 18-month period compared to a 12-month period and is therefore not comparable.

SDM Fabrication Limited

SDM Fabrication Limited was the group's principal trading business, with turnover of £31 million for the 2024 to 2025 trading period. The 2025 calendar year commenced broadly in line with expectations; however, it became apparent during the year that the number and complexity of contracts being delivered had increased relative to turnover.

The delays contributed to reduced productivity during the second and third quarters of 2024. Some delayed projects recommenced following the 2024 general election, although certain larger anticipated projects remained delayed or were secured by larger competitors seeking to rebuild their own order books.

During the latter part of 2024 and early 2025, the company experienced an increase in the number and complexity of live contracts relative to turnover. Individual project margins were considered favourable on a number of smaller contracts.

In response, management sought to strengthen the delivery and management structure through recruitment and training, with the objective of maintaining delivery standards across multiple project locations.

During the period, market pressures adversely affected margins, while inflationary increases reduced the level of return achieved on contracts as they progressed.

By July 2025, a number of projects were subject to delays and defects, which contributed to an increasing level of delayed customer payments and placed further pressure on working capital.

Significant management and operational resource was deployed to resolve affected projects, recover outstanding payments and improve the company's cash position.

In August and September 2025, three substantial pipeline contracts that had been expected to commence during the Q3 trading period were delayed, with commencement potentially moving into Q1 2026.

As a result, cashflow pressure became increasingly apparent. Management anticipated that the recovery of payments on contracts affected by defects would provide sufficient liquidity and allow time to stabilise delivery on larger live contracts.

By October 2025, the combined effect of delayed payments, reduced margins, delayed pipeline work and delivery pressures placed the company in a position of potential insolvency.

Management explored available options to recover the position. However, a small number of creditors expedited recovery proceedings in respect of monies owed. It was therefore determined that issuing a Notice of Intention to Appoint Administrators would provide the company with protection while all available options were reviewed.

A sale of the business was considered likely to deliver the most favourable outcome for creditors, employees and other stakeholders. Following submission of the Notice of Intention, the matter was reported in the national press, resulting in a materially adverse response from several clients.

Despite management's efforts to reassure clients that the company could continue delivering its contractual obligations, several clients sought to levy damages, suspend contracts and/or terminate contracts.

FRP Advisory marketed the business and received notable interest. However, this did not ultimately result in a viable transaction, partly due to significant TUPE liabilities and potential additional contractual liabilities. The company was therefore placed into administration in November 2025.

Stuart Design & Build Limited

Stuart Design & Build Limited was established to provide specialist project management services for design-and-build turnkey projects, including works outside the structural steelwork activities of SDM Fabrication Limited.

The company had begun to develop its own pipeline of future work. However, following the loss of its primary client, SDM Fabrication Limited, and despite efforts to novate contracts where Stuart Design & Build Limited had led delivery, continued trading was not considered viable.

Stuart Design & Build Limited was placed into liquidation in December 2025.

Stuart Cranes & Plant Limited

Stuart Cranes & Plant Limited was established to maximise utilisation of group plant and equipment by securing external hire work. This enabled group assets to be deployed on projects undertaken by businesses operating in a similar field to SDM Fabrication Limited, without creating a direct conflict of interest.

SDM Fabrication Limited remained the company's largest client. Following the failure of the principal trading business, Stuart Cranes & Plant Limited was no longer viable and was placed into liquidation in November 2025.

SDM Access Solutions Limited

SDM Access Solutions Limited remained dormant, having never traded, and was dissolved in February 2026.

Kimmys Autos Limited

Kimmys Autos Limited was established in 2023 to provide service and maintenance support for SDM Fabrication Limited's operational vehicles, while also developing opportunities within the wider vehicle maintenance sector.

The loss of three group businesses resulted in an immediate reduction of approximately 20% in monthly turnover. This was further affected by the need to relocate the business to alternative premises in December 2025.

Despite these challenges, business performance has largely met expectations. The company has achieved a break-even or profitable position over recent months, and growth is expected to continue in line with projections throughout the current financial year.

The company has a significant loan balance with Stuart Holdings Limited. Although this balance is not expected to reduce in the near term, the company is expected to be able to commence discretionary interest payments against the loan balance during Q4 2026.

It is not currently anticipated that the company will require any further financial support from Stuart Holdings Limited.

Significant achievements during the past 12 months include recent approval as an authorised independent BMW service centre. The company is also negotiating recognition as an approved service and repair centre for a large national association, which is expected to increase workflow and provide the potential for enhanced rates and improved profitability.

SDM Safety Netting & Scaffold Limited

SDM Safety Netting & Scaffold Limited is now well established, with a strong and developing client base. Although the company had traded with SDM Fabrication Limited, that activity had reduced significantly by the time SDM Fabrication Limited entered administration.

The management team has worked to develop new opportunities, and the company is now delivering the expected level of profitability while pursuing a strategy of steady and controlled growth.

The company is focused on strengthening its cash position to ensure that adequate reserves are available to manage potential future market fluctuations.

A significant loan balance remains with Stuart Holdings Limited. However, the company is now making regular interest payments and is expected to be in a position to commence repayments of the loan balance during the latter part of 2027.

We are exceptionally proud to have been able to maintain our FASET (Fall Arrest Safety Equipment Training) accreditation demonstrating our continued commitment to industry standards.

RM Steel Limited (Formerly SDM Profiles Limited)

2025 was a difficult trading year for SDM Profiles Limited, as the company was unable to gain sufficient traction in a competitive supply-only market serving users of steel components. This was partly due to perceived competition with SDM Fabrication Limited.

By July 2025, it was clear that SDM Profiles Limited had effectively become a sole supplier to SDM Fabrication Limited and was unable to achieve a profitable trading outcome. The decision was therefore made to cease normal trading operations, reduce staffing levels, and transfer key staff to SDM Fabrication Limited where a clear business benefit could be demonstrated.

At the point at which SDM Fabrication Limited entered administration, SDM Profiles Limited had a creditor balance of approximately £150,000 and no realistic means of recovering this debt from SDM Fabrication Limited.

During December 2025, a series of negotiations took place with the company's landlords, creditors and the Administrators of SDM Fabrication Limited to determine whether a viable route to recovery could be achieved.

Stuart Holdings Limited provided a limited amount of working capital, the landlords offered an extended rent-free period in respect of the former SDM Fabrication Limited premises, creditors provided extended payment terms, and the Administrators agreed to permit licensed use of certain key SDM Fabrication Limited assets. These measures enabled trading to recommence in January 2026.

In December 2025, the decision was made to change the company name to RM Steel Limited. This was intended to create a degree of visual and commercial separation from the company's recent trading history.

The company has now completed its first six months of trading under the RM Steel Limited name. An initial focus on subcontract fabrication work enabled the business to regain momentum and provided a foundation from which to pursue further opportunities in traditional markets.

Trading turnover for the first six months has fallen slightly short of initial projections, partly due to wider market conditions and anticipated disruption within the steel supply sector following the Government's reduction in steel import quotas, effective from July 2026.

Notwithstanding this, EBITDA performance remains broadly on track. Secured orders through to the financial year end now exceed £3 million, with further anticipated orders expected to increase this figure to approximately £4.5 million.

A further secured pipeline of approximately £3 million beyond the February 2027 accounting period supports a positive longer-term outlook. Recent negotiations to novate contracts from a competitor, which is currently entering a solvent liquidation process, have also provided access to new work opportunities in the residential sector in the South of England, which the company intends to develop further.

The legacy creditor balances that were outstanding at the point of SDM Fabrication Limited's administration have now been cleared. Those creditors continue to provide commercial support, which is particularly valued given their potential exposure arising from the failure of other group businesses.

Working capital continues to be closely managed and monitored. This has been supported in part by clients' willingness to provide favourable payment terms, including deposit payments and early settlements, enabling the business to develop supplier relationships and maintain project delivery expectations.

Following audits completed in June 2026, the company successfully retained key trade-specific accreditations, including BS EN 1090-2 to Execution Class 4 and BS EN ISO 3834, together with ISO 9001 and ISO 14001 accreditations.

The company is currently working towards accreditation under the Constructionline Health & Safety pre-qualification scheme, with the objective of achieving Gold certification by year end. It has also received positive feedback and support from the British Constructional Steelwork Association, which it intends to rejoin in the coming months.

These accreditations are important within the sector, as they provide existing and prospective clients with assurance regarding the company's scope, standards and capabilities, and are expected to support the development of further opportunities within the steelwork sector.

In summary, management is satisfied with the performance achieved since January 2026 and remains grateful for the wide-ranging support received during this period. The team remains fully aware of the continuing challenges facing the business and is focused on maintaining profitable and sustainable trading.

Strategic Oversight

Stuart Holdings Limited retains strategic oversight of the remaining group businesses. However, developing business structures are providing greater autonomy within individual entities, enabling clearer day-to-day operational decision-making and supporting short-term growth and development objectives.

The group ethos underpinning these decisions is based on the following principles:

- Robust accounting and reporting practices that provide historical data, forward-looking insight and support for commercial decision-making.

- The protection and development of business cash balances to ensure that operating entities can accommodate market fluctuations as they arise.

- A culture of open communication, constructive challenge and transparency, with shared ownership of risk management across the workforce.

- A commitment to delivering exceptional service that meets or exceeds client expectations and supports strong commercial returns.

- Adherence to relevant legislation and industry guidance to ensure that high standards are maintained.

- Investment in people, technology and plant to ensure that each business can maximise opportunities within its respective market.

Risks & Uncertainty

The group auditors are expected to refer to the continuing uncertainty associated with the ongoing administration of SDM Fabrication Limited, including the validity of group loan balances and the potential risk that certain group debentures could be found to be non-binding.

Although the Administrators have raised challenges regarding the loan balances and debenture validity, the directors continue to assess these matters and have taken professional advice to facilitate an appropriate response. The group acknowledges the Administrators' need to undertake due diligence in testing this position and remains optimistic that a positive commercial outcome can be achieved.

Kimmys Autos Limited continues to develop a diverse client base with a healthy mix of members of the public, business and national organisations, payments are typically received at point of delivery and as such business risk is considered relatively low subject to the continued maintenance of service levels and the adherence to industry specific legislation.

SDM Safety Netting and Scaffold Limited undertakes works for a similarly diverse range of clients typically with standard purchase orders which incorporate business terms and conditions. The primary business risk is one of customer failure through insolvency.

In view of current market conditions and the increasing number of business failures we are exploring the use of credit insurers to ensure that the business is protected in the event of a client failure.

RM Steel Limited operates in a market which is susceptible to multiple risks:

- Bidding and pricing.

- Supply chain and price volatility.

- Labour and material shortages.

- Contract disputes.

- Compliance and Insurance.

Important lessons have been gained from the events of the past year which have placed our management team in a strong position to identify and mitigate risks ensuring a well-defined scope of work supported by a clear strategy for delivery.

Overtrading is a significant risk particularly to RM Steel Limited and one which we continue to monitor and manage closely, maintaining regular financial reporting and commercial review for potential new projects is essential to ensure that cashflow is sufficiently maintained to facilitate project delivery. By working with clients to deliver favourable payment terms and conditions and negotiating realistic project timeframes we seek to mitigate the risk of cashflow depletion to ensure that we continue to meet our creditor liabilities.

Strategic Targets

Organic sustainable growth is anticipated across all businesses as they continue to develop over the coming year, in support of this growth the group will strive to:

- Maintain regular and robust reporting to facilitate sound commercial decision making.

- Reinforce business management teams through training and investment.

- Invest in the workforce including the development of apprentices within the businesses.

- Seek and maintain relevant and appropriate industry accreditation.

- Undertake regular dialogue with clients and suppliers to ensure sustainable delivery.

- Strive to minimise the environmental impact of our trading activities.

- Encourage engagement in Social Value within the community.

Conclusion

Overall, the group experienced a significant deterioration during 2025 because of delayed customer payments, reduced margins, inflationary cost pressures, delayed pipeline contracts, project delivery issues, creditor recovery action and the resulting loss of intercompany trading activity. These factors directly affected the viability of several group companies and led to the administration, liquidation or dissolution outcomes summarised above.

At the same time, the continuing group businesses are demonstrating evidence of stabilisation and recovery, supported by improved operational autonomy, controlled growth strategies, creditor settlement progress, working capital discipline, retained accreditations, developing order books and a clearer approach to governance and risk management.

ON BEHALF OF THE BOARD:

R G Melton - Director

17 July 2026

The directors present their report with the financial statements of the company and the group for the period 1 September 2023 to 27 February 2025.

PRINCIPAL ACTIVITY

DIVIDENDS

A final dividend of £186.00 per share was paid during the year.

The total distribution of dividends for the period ended 27 February 2025 was £171,864.

EVENTS SINCE THE END OF THE PERIOD

On 27 November 2025 and 8 December 2025, subsequent to the reporting date, two fellow subsidiary companies of the Group entered insolvency processes and one further fellow subsidiary followed on the 15 January 2026.

The insolvency appointments arose following continued trading losses and cash flow pressures within those entities. At the reporting date, although trading conditions were challenging, formal insolvency processes had not commenced.

All subsidiary companies are indebted to the parent company and such balances are secured by debentures granted in favour of the parent company. The recoverability of those balances is dependent upon the outcome of the administration and liquidation processes and the realisation of underlying assets of these fellow subsidiary entities. The administrator of these entities has subsequently raised substantive queries regarding these loan balances and the validity of the debentures in place.

The directors are actively engaging with the appointed administrator and liquidators to maximise asset recoveries. As at the date of approval of these financial statements, the financial effect of the insolvency processes, including the level and timing of any distributions to the parent company, cannot be reliably quantified.

These events have been considered as part of the directors’ assessment of going concern as set out in Note 2.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report.

P S G Melton

R G Melton

Mrs K H Melton

Mrs K R Melton

FINANCIAL INSTRUMENTS

The group's principal financial assets are tangible fixed assets, trade debtors and amounts recoverable on contracts.

The groups's credit risk is principally attributable to its trade debtors and amounts recoverable on contracts.  The amounts presented on the Balance Sheet are net of allowance for doubtful debts.  The group has no significant concentration of credit risk as it has exposure over a large number of customers.

DISCLOSURE IN THE STRATEGIC REPORT

In accordance with Section 414C(11) of the Companies Act 2006 other matters, normally included within this report, are set out in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 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 the group and of the profit or loss of the group for that period.  In preparing these financial statements, the directors are required to:

-

select suitable accounting policies and then apply them consistently;

-

make judgements and accounting estimates that are reasonable and prudent;

-

state whether applicable accounting standards 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 and the 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. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors,  Wheelers, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R G Melton - Director

17 July 2026

Disclaimer of opinion

Basis for disclaimer of opinion

On the 27 November 2025, the predominant trading subsidiary, SDM Fabrication Limited entered administration and another subsidiary Stuart Cranes & Plant Limited entered liquidation on 8 December 2025, together with a further subsidiary, Stuart Design & Build Limited on 15 January 2026.

RM Steel Limited (formerly SDM Profiles Limited), a subsidiary, ceased to trade in September 2025, recommenced trading in January 2026 undertaking similar work that had previously been undertaken by SDM Fabrication Limited.

Although the subsidiaries that have entered administration and liquidation have not prepared financial statements at the entity level they still remained under the control of the parent company Stuart Holdings Limited at the reporting date. As a result the figures that would have formed the financial statements prepared on a basis other than going concern have been consolidated within these group accounts.  These figures include adjustments, including impairment of assets based on expected realisable values and also adjustments for onerous contracts to reflect that they are not a going concern.  These adjustments have been included based on information available at the time of signing of the financial statements from the directors and administrators but also estimates made by them of the position as the administration process is still ongoing.

As detailed in note 2 most subsidiary companies are indebted to the parent company at 27 February 2025.  These balances are secured by way of debentures in favour of the parent company.  The total owing to the parent company at 27 February 2025 was £1,619,079.  The administrator has subsequently raised substantive queries regarding these loan balances and the validity of the debentures in place.  The directors are in the process of obtaining legal advice regarding this matter but are currently not in a position to make an assessment of the effect of these challenges.  The effect of the outcome could be that intercompany balances are to be reclassified  as transactions between different group entities.  In addition movements on these balances subsequent to the balance sheet date may also be subject to reclassification.

Furthermore, if the validity of the debentures and security is found to not be enforceable then this could have a material effect on the remaining group members, if the balances were called upon by the parent company or companies in administration or insolvency processes. Depending upon the outcome of these investigations, it could result in members of the Group and the company impairing intercompany loan balances and may result in the accounts being prepared on a basis other than going concern.

Although the remaining trading entities continue to trade, they are utilising assets under the consent of the administrator on an informal basis.  The transfer of these assets has yet to be formalised and is likely to be dependant on the outcome of the administrators investigations.

We were unable to confirm or verify by alternative means the likely outcome of the position.  The effects are so material and pervasive that we are unable to form an opinion of the going concern basis, the intra-group balances or that recoverable amounts of assets and onerous contracts contained within the financial statements are free from mis-statement.

Opinions on other matters prescribed by the Companies Act 2006

Notwithstanding our disclaimer of an opinion on the financial statements, 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 period 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

Notwithstanding our disclaimer of an opinion on the financial statements, in the light of the knowledge and understanding of the group and its environment obtained in the course of the audit performed subject to the pervasive limitation described above, we have not identified material misstatements in the strategic report or the directors’ report.

Arising from the limitation of our work referred to above:

-   we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

-   we were unable to determine whether adequate accounting records have been kept.

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:

-   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 and returns; or

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

-   the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page eight, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

Our responsibility is to conduct an audit of the group's financial statements in accordance with International Standards on Auditing (UK) and to issue an auditor's report.

However, because of the matter described in the basis of disclaimer section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.

We are independent of the group 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.

Extent to which the audit was considered capable of detecting irregularities

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

We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and determined that the most significant are:

- Those that relate to the reporting framework (United Kingdom Accounting Standards in conformity with the

Companies Act 2006 and FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland").

- Relevant tax compliance regulations in the United Kingdom.

- In addition, we concluded that there are certain laws and regulations that may have an effect on the determination of the amounts and disclosures in the financial statements; and laws and regulations relating to health and safety, employee matters and the environment.

We understood how the group is complying with those frameworks by making enquiries of management.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussion with management and our prior knowledge of the company's activities and controls. We have carried out procedures including a review of journal entries and a review of accounting estimates and judgements.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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.

Robert Booty ACA FCCA CTA (Senior Statutory Auditor)

for and on behalf of Wheelers

Chartered Accountants, Tax Consultants

& Statutory Auditors

27-29 Old Market

Wisbech

Cambridgeshire

PE13 1NE

17 July 2026

TURNOVER

3

32,717,006

21,651,976

Cost of sales

28,432,967

16,879,045

GROSS PROFIT

4,284,039

4,772,931

Administrative expenses

5,827,770

3,033,662

OPERATING (LOSS)/PROFIT

5

(1,543,731

)

1,739,269

Exceptional items

6

911,952

-

(2,455,683

)

1,739,269

Interest receivable and similar income

3,585

4,557

(2,452,098

)

1,743,826

Interest payable and similar expenses

7

189,323

101,501

(LOSS)/PROFIT BEFORE TAXATION

(2,641,421

)

1,642,325

Tax on (loss)/profit

8

(459,000

)

470,500

(LOSS)/PROFIT FOR THE FINANCIAL

PERIOD

(2,182,421

)

1,171,825

Retained earnings at beginning of period

2,217,500

1,217,122

Dividends

10

(171,864

)

(171,447

)

RETAINED EARNINGS FOR THE

GROUP AT END OF PERIOD

(136,785

)

2,217,500

(Loss)/profit attributable to:

Owners of the parent

(2,182,421

)

1,171,825

FIXED ASSETS

Intangible assets

11

7,881

9,167

Tangible assets

12

2,779,646

3,252,280

Investments

13

-

-

2,787,527

3,261,447

CURRENT ASSETS

Stocks

14

481,723

472,326

Debtors

15

3,817,728

4,965,333

Cash at bank and in hand

809,095

1,267,577

5,108,546

6,705,236

CREDITORS

Amounts falling due within one year

16

6,532,776

5,811,152

NET CURRENT (LIABILITIES)/ASSETS

(1,424,230

)

894,084

TOTAL ASSETS LESS CURRENT

LIABILITIES

1,363,297

4,155,531

CREDITORS

Amounts falling due after more than one

year

17

(1,156,230

)

(1,095,089

)

PROVISIONS FOR LIABILITIES

21

(342,908

)

(841,998

)

NET (LIABILITIES)/ASSETS

(135,841

)

2,218,444

CAPITAL AND RESERVES

Called up share capital

22

924

924

Capital redemption reserve

23

20

20

Retained earnings

23

(136,785

)

2,217,500

SHAREHOLDERS' FUNDS

(135,841

)

2,218,444

The financial statements were approved by the Board of Directors and authorised for issue on 17 July 2026 and were signed on its behalf by:

R G Melton - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

300

1,340

300

1,340

CURRENT ASSETS

Debtors

15

1,657,115

862,551

Cash at bank

3,700

179,260

1,660,815

1,041,811

CREDITORS

Amounts falling due within one year

16

179,895

493,543