Company registration number 04133477 (England and Wales)
PRO-ROLL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PRO-ROLL LIMITED
COMPANY INFORMATION
Directors
Mr S T Havenhand
Mrs G M Havenhand
Secretary
Mrs G M Havenhand
Company number
04133477
Registered office
Pluto Works
Penistone Road
Sheffield
South Yorkshire
S6 1LP
Auditor
Sumer Auditco Limited
Albert Works
Sidney Street
Sheffield
S1 4RG
PRO-ROLL LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 23
PRO-ROLL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Review of the business

The year ended 31 December 2025 has seen a period of continued managed growth whilst expanding company operations to include a new site and equipment.

In April 2025 the company acquired a further facility in Sheffield and has introduced additional manufacturing capability to include forging and press operations.

The capital investment of £9.9m has been funded by a combination of own funds and support from the company’s bank and asset finance team.

The results for 2025 are impacted by the refurbishment cost of the new site and the embedding of new processes in line with the company’s operational standards. Despite the incremental cost of the expansion and the investment of senior management time, the business has grown turnover across its main sectors, and the directors are pleased with the performance in the year.

There is continued focus on aerospace and defence along with biomedical, oilfield and construction. The customer base has expanded to include additional Tier 1 suppliers into the targeted sectors and whilst exports have decreased this year, this remains a key focus for the business going forward.

Principal risks and uncertainties

The key markets are currently subject to uncertainty arising from geopolitical unrest. At the date of publication, the issues arising outside of the UK have not had any significant impact on the order book or supply of materials. Whilst it is not possible to assess the future potential for disruption and its effect on supply and demand within the business, all possible steps are taken to protect the business against decline or surge in any one sector.

The cost of energy and related standing charges is a continual challenge and will increase as we introduce new production processes.

Recruitment, retention and development of skills is an industry wide challenge, and the business continues to focus on bringing in new talent and training within the business, thus not restricting recruitment to the metals sector.

The capital investment has increased gearing within the business significantly and the cash generation required to service the debt is substantial, with amounts due within one year on bank loans and finance leases is £0.8m. The directors monitor cash generation and working capital requirement closely and have controls in place to identify any issues on a timely basis to ensure that any necessary actions can be taken.

Development and performance

The capital investment plan is to introduce further processing capabilities at the new site and to relocate some of the activities including the head office function. Critical melt and rolling capabilities will continue at the Wadsley Bridge site.

The timing of the relocation and investment will be largely dependent upon the availability of suitable processing equipment.

Expansion of operations and forecast growth in revenue will drive investment in personnel both within operations and the administrative function and the business is expanding its in house training and development activity to support the investment in people.

PRO-ROLL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Key performance indicators

Key performance indicators used by management are as follows:

- Turnover £13.5m (2024: £11.9m)

- Gross profit £5.1m (2024: £3.8m)

- Gross margin 37.5% (2024: 32%)

- Operating profit £2.1m (2024: £1.7m)

Conclusion

A strong performance has been achieved, with a strong forward order book and increasing opportunities arising from the investment in the new site. This provides as stable a basis as possible for managing the uncertainties which may arise in 2026 and beyond.

On behalf of the board

Mrs G M Havenhand
Director
17 July 2026
PRO-ROLL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2025. The financial statements for the prior year have not been audited.

Principal activities

The principal activity of the company continued to be that of processors of high quality special steels and high grade special alloys (incorporating melting, hot rolling, heat treatment, straightening and machining).

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £225,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S T Havenhand
Mrs G M Havenhand
Auditor

Sumer Auditco Limited were appointed as auditor to the company following BHP LLP becoming part of the Sumer Group on 31 December 2025, which required a change in audit firm to comply with applicable regulatory requirements.

In accordance with section 487(2) of the Companies Act 2006, Sumer Auditco Limited are deemed to be reappointed annually.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 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 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; and

- 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

PRO-ROLL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
On behalf of the board
Mrs G M Havenhand
Director
17 July 2026
PRO-ROLL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PRO-ROLL LIMITED
- 5 -
Opinion

We have audited the financial statements of Pro-Roll Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

PRO-ROLL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PRO-ROLL LIMITED (CONTINUED)
- 6 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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 and returns; or

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

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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

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

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry in which the company operates;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislatio n;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

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

PRO-ROLL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PRO-ROLL LIMITED (CONTINUED)
- 7 -

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

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

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

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

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

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

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 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.

Terri Pierpoint (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Chartered Accountants
Albert Works
Sidney Street
Sheffield
S1 4RG
17 July 2026
PRO-ROLL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
as restated
Notes
£
£
Turnover
3
13,514,432
11,896,206
Cost of sales
(8,446,615)
(8,089,448)
Gross profit
5,067,817
3,806,758
Administrative expenses
(3,032,617)
(2,104,062)
Other operating income
54,149
27,200
Operating profit
4
2,089,349
1,729,896
Interest receivable and similar income
7
1,507
20,269
Interest payable and similar expenses
8
(369,015)
(107,747)
Profit before taxation
1,721,841
1,642,418
Tax on profit
9
(424,783)
(419,500)
Profit for the financial year
1,297,058
1,222,918
PRO-ROLL LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
12
13,628,620
4,470,607
Current assets
Stocks
13
1,295,227
3,518,208
Debtors
14
596,192
1,622,008
Cash at bank and in hand
325,039
872,314
2,216,458
6,012,530
Creditors: amounts falling due within one year
15
(2,756,373)
(4,553,658)
Net current (liabilities)/assets
(539,915)
1,458,872
Total assets less current liabilities
13,088,705
5,929,479
Creditors: amounts falling due after more than one year
16
(6,582,965)
(767,797)
Provisions for liabilities
Deferred tax liability
21
1,035,000
763,000
(1,035,000)
(763,000)
Net assets
5,470,740
4,398,682
Capital and reserves
Called up share capital
19
56,000
56,000
Profit and loss reserves
5,414,740
4,342,682
Total equity
5,470,740
4,398,682

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 17 July 2026 and are signed on its behalf by:
Mrs G M Havenhand
Director
Company registration number 04133477 (England and Wales)
PRO-ROLL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 31 December 2024:
Balance at 1 January 2024
56,000
3,311,333
3,367,333
Effect of prior period adjustment
-
(191,569)
(191,569)
As restated
56,000
3,119,764
3,175,764
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,222,918
1,222,918
Balance at 31 December 2024
56,000
4,342,682
4,398,682
Year ended 31 December 2025:
Profit and total comprehensive income
-
1,297,058
1,297,058
Dividends
10
-
(225,000)
(225,000)
Balance at 31 December 2025
56,000
5,414,740
5,470,740
PRO-ROLL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
3,679,480
667,897
Interest paid
(369,015)
(107,747)
Income taxes paid
(262,717)
(505,065)
Net cash inflow from operating activities
3,047,748
55,085
Investing activities
Purchase of tangible fixed assets
(8,828,785)
(878,410)
Proceeds from disposal of tangible fixed assets
-
0
129,068
Interest received
1,507
20,269
Net cash used in investing activities
(8,827,278)
(729,073)
Financing activities
Repayment of borrowings
-
0
(280,000)
Proceeds from new bank loans
6,300,000
-
0
Repayment of bank loans
(692,270)
(144,334)
Payment of finance leases obligations
(150,475)
-
0
Dividends paid
(225,000)
-
0
Net cash generated from/(used in) financing activities
5,232,255
(424,334)
Net decrease in cash and cash equivalents
(547,275)
(1,098,322)
Cash and cash equivalents at beginning of year
872,314
1,970,636
Cash and cash equivalents at end of year
325,039
872,314
PRO-ROLL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

Pro-Roll Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pluto Works, Penistone Road, Sheffield, South Yorkshire, S6 1LP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
2% straight line
Plant and equipment
10% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

PRO-ROLL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

PRO-ROLL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.8
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.9
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Valuation of stock and WIP

The main area which requires the application of judgement and estimates is in the valuation of stock and WIP. As a bespoke manufacturer, there is an inherent risk which does not crystallise until the product passes final testing. If issues arise at this stage, additional processing may be required, the cost of which cannot be determined with reasonable certainty at the balance sheet date.

To fairly state the value of stock and WIP before the risk crystallises, the directors elect to carry stock and WIP at a value based on material cost and subcontract processing costs only, with the internal costs of labour and overhead charged to profit and loss account in the period in which the costs are incurred.

PRO-ROLL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 15 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
12,578,954
10,736,671
Europe
575,238
440,235
Rest of the world
360,240
719,300
13,514,432
11,896,206
2025
2024
£
£
Other revenue
Interest income
1,507
20,269
Grants released
24,480
27,200
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(3,959)
-
0
Government grants
(24,480)
(27,200)
Fees payable to the company's auditor for the audit of the company's financial statements
25,000
-
0
Depreciation of tangible fixed assets
375,513
273,146
Impairment of tangible fixed assets
382,981
-
0
(Profit)/loss on disposal of tangible fixed assets
-
16,818
Operating lease charges
144,495
117,783
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Management
2
2
Admin
10
8
Operations
36
32
Total
48
42
PRO-ROLL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
5
Employees
(Continued)
- 16 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,259,310
2,053,164
Social security costs
68,339
76,715
2,327,649
2,129,879
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
179,645
346,901

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
n/a
173,451

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
1,507
20,269
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,507
20,269
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
369,015
107,747
PRO-ROLL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
172,566
282,500
Adjustments in respect of prior periods
(19,783)
-
0
Total current tax
152,783
282,500
Deferred tax
Origination and reversal of timing differences
272,000
137,000
Total tax charge
424,783
419,500

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

2025
2024
£
£
Profit before taxation
1,721,841
1,642,418
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
430,460
410,605
Tax effect of expenses that are not deductible in determining taxable profit
2,472
8,041
Change in unrecognised deferred tax assets
20,172
(11,266)
Adjustments in respect of prior years
(19,783)
-
0
Under/(over) provided in prior years
-
0
12,903
Additional reduction for land remediation expenditure
(1,208)
(783)
Fixed asset differences
36,175
-
0
Chargeable losses
(43,505)
-
0
Taxation charge for the year
424,783
419,500
10
Dividends
2025
2024
£
£
Final paid
225,000
-
0
PRO-ROLL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
Notes
£
£
In respect of:
Property, plant and equipment
12
382,981
-
0
Recognised in:
Administrative expenses
382,981
-
12
Tangible fixed assets
Freehold buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2025
1,854,377
4,459,115
124,851
93,659
151,563
6,683,565
Additions
7,450,170
2,456,852
5,295
4,190
-
0
9,916,507
At 31 December 2025
9,304,547
6,915,967
130,146
97,849
151,563
16,600,072
Depreciation and impairment
At 1 January 2025
224,143
1,779,136
80,064
72,864
56,751
2,212,958
Depreciation charged in the year
144,701
194,379
6,484
6,247
23,702
375,513
Impairment losses
-
0
382,981
-
0
-
0
-
0
382,981
At 31 December 2025
368,844
2,356,496
86,548
79,111
80,453
2,971,452
Carrying amount
At 31 December 2025
8,935,703
4,559,471
43,598
18,738
71,110
13,628,620
At 31 December 2024
1,630,234
2,679,979
44,787
20,795
94,812
4,470,607

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and equipment
1,087,722
-
0

More information on impairment movements in the year is given in note 11.

Included within plant and equipment are assets under construction with a carrying amount of £2,898,304 (2024: £827,747)

PRO-ROLL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
13
Stocks
2025
2024
£
£
Finished goods and goods for resale
1,295,227
3,518,208
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
525,246
1,564,945
Prepayments and accrued income
70,946
57,063
596,192
1,622,008
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
17
539,404
141,000
Obligations under finance leases
18
306,924
-
0
Trade creditors
523,084
805,538
Corporation tax
172,566
282,500
Other taxation and social security
297,926
367,167
Other creditors
788,649
2,857,445
Accruals and deferred income
127,820
100,008
2,756,373
4,553,658

The bank loans and overdraft are secured by fixed and floating charges over the assets of the company. Interest is charged on the bank loan at 2.25% per annum over base rate.

16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
5,732,325
522,999
Obligations under finance leases
18
630,323
-
0
Government grants
22
220,317
244,798
6,582,965
767,797
Creditors which fall due after five years are payable as follows:
Payable by instalments
3,574,708
250,666

The bank loans and overdraft are secured by fixed and floating charges over the assets of the company. Interest is charged on the bank loan at 2.25% per annum over base rate.

PRO-ROLL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
17
Loans and overdrafts
2025
2024
£
£
Bank loans
6,271,729
663,999
Payable within one year
539,404
141,000
Payable after one year
5,732,325
522,999

The long-term loans are secured by fixed and floating charges over the assets of the company.

18
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
306,924
-
0
After more than one year
630,323
-
0
937,247
-
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
306,924
-
0
In two to five years
630,323
-
0
937,247
-
0

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
56,000
56,000
56,000
56,000
PRO-ROLL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
20
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
15,320
15,320
Years 2-5
46,002
61,280
61,322
76,600
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
1,035,000
763,000
2025
Movements in the year:
£
Liability at 1 January 2025
763,000
Charge to profit or loss
272,000
Liability at 31 December 2025
1,035,000
22
Government grants
2025
2024
£
£
Arising from government grants
220,317
244,798
23
Related party transactions
Transactions with related parties

During the year, the company paid management fees of £376 (2024: £317) to Little Matlock Hamlet Management Limited, a company in which G Havenhand is a director on the basis of shared grounds of association with the mill.

PRO-ROLL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
24
Cash generated from operations
2025
2024
£
£
Profit after taxation
1,297,058
1,222,918
Adjustments for:
Taxation charged
424,783
419,500
Finance costs
369,015
107,747
Investment income
(1,507)
(20,269)
(Gain)/loss on disposal of tangible fixed assets
-
16,818
Depreciation and impairment of tangible fixed assets
758,494
273,146
Movements in working capital:
Decrease/(increase) in stocks
2,222,981
(2,299,813)
Decrease in debtors
1,025,816
1,760,314
Decrease in creditors
(2,392,679)
(785,264)
Decrease in deferred income
(24,481)
(27,200)
Cash generated from operations
3,679,480
667,897
25
Analysis of changes in net funds/(debt)
1 January 2025
Cash flows
New leases
31 December 2025
£
£
£
£
Cash at bank and in hand
872,314
(547,275)
-
325,039
Borrowings excluding overdrafts
(663,999)
(5,607,730)
-
(6,271,729)
Lease liabilities
-
150,475
(1,087,722)
(937,247)
208,315
(6,004,530)
(1,087,722)
(6,883,937)
26
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2024
£
£
£
Fixed assets
Tangible assets
4,866,758
(396,151)
4,470,607
Capital and reserves
Revaluation reserve
174,022
(174,022)
-
0
Profit and loss reserves
4,564,811
(222,129)
4,342,682
Total equity
4,794,833
(396,151)
4,398,682
PRO-ROLL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
26
Prior period adjustment
(Continued)
- 23 -
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2024
£
£
£
Administrative expenses
(2,073,502)
(30,560)
(2,104,062)
Profit for the financial period
1,253,478
(30,560)
1,222,918
Notes to reconciliation
Recogntion of freehold property depreciation

This adjustment relates to a change of depreciation policy on freehold buildings.

27
Events after the reporting date

Subsequent to the year end, Pro-Roll entered into a loan agreement with National Westminster Bank Plc for a facility of £700,000 to support the development of freehold property. The loan agreement was executed in July 2026 and provides funding repayable over a 15-year period. As the loan was entered into after 31 December 2025, no adjustment has been made to the amounts recognised in these financial statements.

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