Bradburn & Hardiman UK Ltd

	Page
Strategic Report	1—2
Directors' Report	3—4
Independent Auditor's Report	5—7
Consolidated Statement of Comprehensive Income	8
Consolidated Balance Sheet	9
Company Balance Sheet	10
Consolidated Statement of Changes in Equity	11
Company Statement of Changes in Equity	12
Consolidated Statement of Cash Flows	13
Notes to the Consolidated Statement of Cash Flows	14
Notes to the Financial Statements	15—25

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

Review of the Business

Demand for the company's services remained high during the year ended 31 October 2025, driven by ever increasing demand for warehouse storage capacity and distribution logistics, the company is well positioned to meet customers requirements with an outstanding reputation for delivering customer focused solutions, the company has also maintained and strengthened its market position by developing relationships with all stakeholders including suppliers, customers and employees. The directors have made strategic investments in critical areas which will ensure the continued development of the company

including Sales Marketing and project design, contract operations, project delivery and IT business processes and accounting

systems.

The year ended 31 October 2025 delivered an outstanding financial performance with turnover of £16.1m with contributions from all revenue streams. The operating profit margin was maintained across all activities. Company overhead cost increased in proportion to staffing levels with some exceptional one off investment costs which where associated with the implementation of new project accounting processes, delivering a final profit before tax of £2.2m.

Capital expenditure during the year was principally on tools equipment and development of the Goliath Racking Repair System.

Principal Risks and Uncertainties

Reduced capital investment - External political influences and the uncertainty for investors impacting negatively on large projects, the company mitigates against down turn in large projects creating and increasing revenue from the repair business
Market share - Continued development of innovative products and services to maintain and increase the groups market share and lead at the forefront of new ideas
Health and safety - Continued development and implementation of health and safety and environmental control systems to manage HSE risks
Staffing - Continued staff and IT development programmes to increase productivity and efficiency within the business and reduce the risk of staff turnover

Future Developments

The group has a number of future development plans which include products, IT and services. PD Industrial continued development of the Theia inspection portal which offers clients the opportunity for efficiency and cost savings has huge potential. The company will continue the development of the Zeus management system, improving efficiency within the business and reducing costs. Together with Goliath racking repair, we are also developing a number of safety products partnered for racking protection, including the Goliath racking repair system. These products will reduce damage within the clients storage facility and improve customers operational costs, they will be an additional driver to increasing future turnover and profitability.

Dividends

The value of dividends paid amounted to £1,005,000 .

The directors recommended a final dividend of £NIL .

Post Balance Sheet Events

Since the year end, the company transferred assets and liabilities related to the Goliath development to a new group company, created solely for the development, production and sales of the Goliath Racking Repair system.

Key Performance Indicators

Key performance indicators targeting both financial and operational parameters are monitored, these include sales input targets for monthly gross profit, operational project budgets against actual costs, project completion dates and final gross profit achieved. Staff bonuses and commissions payments are triggered on satisfactory KPI results. Staff motivation has been a key to the growth and development of the business during the year and will continue in the coming year. The directors can report that the gross profit margin target of 31% throughout the year ended 31 October 2025 has been achieved and are confident that margins can be maintained in the coming year.

Financial risk management

...CONTINUED

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Bradburn & Hardiman UK Ltd

Strategic Report (continued)

For The Year Ended 31 October 2025

Key Performance Indicators - continued

Cash flow within the company remains strong with strictly controlled credit management, stage payment financing for projects and wide use of credit risk data ensured bad debt is well managed for both new and existing customers. Project costs are monitored against budgets throughout the project and extensive cash flow reports are produced on a regular basis to monitor and predict movement and demands on cash. The directors are confident that the company has the liquidity and resources to meet its financial obligations.

Environmental and Social Governance Policies

The directors are committed to identifying and implementing measures to reduce the companies environmental impact and promote a culture of social governance within the organisation. Policies have been formulated at board level and communicated throughout the organisation which include procedures to ensure compliance with statutory requirements for Anti Slavery, social inclusion, anti corruption and staff welfare.

A programme of measures has been implemented throughout the year to identify and address business activities to reduce the environmental impact including, reducing waste output, waste recycling and Fuel efficient replacement vehicles . The directors carry out regular reviews to monitor progress. The Company is subject to 3rd party independent audit and accreditation areas of compliance include Health Safety, Environmental, business management systems and records.

On behalf of the board

P Bradburn

Director

16/07/2026

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Bradburn & Hardiman UK Ltd

Company No. 09260292

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.

Principal Activity

The group's principal activities continue to be that of the provision of warehouse infrastructure and services including the design, procurement, supply and installation of storage system, mezzanine floors, office partitioning, storage safety inspections, remedial works, online racking inspections and damage tracking portals.

Directors

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

P Bradburn

D P Hardiman

Matters covered in the Strategic Report

The company has chosen, in accordance with s414C(11) of the Companies Act, to set out in the company's strategic report information which would otherwise be required by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008' to be contained in the directors' report. Information on principal risks and uncertainties, and future developments has been included in the strategic report.

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 the group and of the profit or loss of the group 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 and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.

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 and group's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

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Bradburn & Hardiman UK Ltd

Directors' Report (continued)

For The Year Ended 31 October 2025

Independent Auditors

The auditors, James, Holyoak & Parker Limited, 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

P Bradburn

Director

16/07/2026

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Independent Auditor's Report

to the Members of

Bradburn & Hardiman UK Ltd

Independent Auditor's Report

Opinion

We have audited the financial statements of Bradburn & Hardiman UK Ltd (the "parent company") and its subsidiaries (the "group") for the year ended 31 October 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the group's and of the parent company's affairs as at 31 October 2025 and of the group's profit/(loss) for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent company's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

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

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The 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.

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.

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Independent Auditor's Report (continued)

to the Members of

Bradburn & Hardiman UK Ltd

Matters on Which We Are Required to Report by Exception

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

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

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records 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 3—4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.

We review financial statement disclosures and undertake testing to supporting documentation to assess compliance with applicable laws and regulations.

We perform audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business.

We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

We enquire of management around actual and potential litigation and claims.

We conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern.

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.

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Independent Auditor's Report (continued)

to the Members of

Bradburn & Hardiman UK Ltd

Mr Robert Humphreys BEng FCA (Senior Statutory Auditor)

for and on behalf of James, Holyoak & Parker Limited , Statutory Auditor

08/07/2026

James, Holyoak & Parker Limited

1 Knights Court

Archers Way

Shrewsbury

Shropshire

SY1 3GA

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Bradburn & Hardiman UK Ltd

Consolidated Statement of Comprehensive Income

For The Year Ended 31 October 2025

Consolidated Statement of Comprehensive Income

		2025	2024
	Notes	£	£
TURNOVER	3	16,084,186	13,432,296
Cost of sales		(11,106,075 )	(8,706,436 )

GROSS PROFIT		4,978,111	4,725,860

Administrative expenses		(2,684,851 )	(3,244,171 )
Other operating expenses		-	(160,891 )

OPERATING PROFIT	4	2,293,260	1,320,798
Loss on disposal of fixed assets		(22,789 )	-
Other interest receivable and similar income	9	3,390	-
Interest payable and similar charges	10	(3,691 )	(9,335 )

PROFIT BEFORE TAXATION		2,270,170	1,311,463
Tax on Profit	11	(570,222 )	(498,444 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		1,699,948	813,019
OTHER COMPREHENSIVE INCOME FOR THE YEAR		-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO THE OWNERS OF THE PARENT		1,699,948	813,019

The consolidated statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

The notes on pages 14 to 25 form part of these financial statements.

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Bradburn & Hardiman UK Ltd

Consolidated Balance Sheet

As At 31 October 2025

Consolidated Balance Sheet

Registered number: 09260292

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	12		202,634		175,475
Tangible Assets	13		301,615		382,514

			504,249		557,989
CURRENT ASSETS
Stocks	15	75,404		83,710
Debtors	16	2,751,352		2,903,494
Cash at bank and in hand		2,908,340		1,824,209

		5,735,096		4,811,413
Creditors: Amounts Falling Due Within One Year	17	(2,919,775 )		(2,711,342 )

NET CURRENT ASSETS (LIABILITIES)			2,815,321		2,100,071

TOTAL ASSETS LESS CURRENT LIABILITIES			3,319,570		2,658,060

Creditors: Amounts Falling Due After More Than One Year			-		(26,515 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	19		(59,603 )		(66,526 )

NET ASSETS			3,259,967		2,565,019

CAPITAL AND RESERVES
Called up share capital	20		10		10
Profit and Loss Account			3,259,957		2,565,009

SHAREHOLDERS' FUNDS			3,259,967		2,565,019

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

P Bradburn

Director

16/07/2026

The notes on pages 14 to 25 form part of these financial statements.

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Bradburn & Hardiman UK Ltd

Company Balance Sheet

As At 31 October 2025

Company Balance Sheet

Registered number: 09260292

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Investments	14		4		4

			4		4
CURRENT ASSETS
Debtors	16	213,060		2,371,578
Cash at bank and in hand		1,810,150		2,803

		2,023,210		2,374,381
Creditors: Amounts Falling Due Within One Year	17	(765,645 )		(1,139,176 )

NET CURRENT ASSETS (LIABILITIES)			1,257,565		1,235,205

TOTAL ASSETS LESS CURRENT LIABILITIES			1,257,569		1,235,209

NET ASSETS			1,257,569		1,235,209

CAPITAL AND RESERVES
Called up share capital	20		10		10
Profit and Loss Account			1,257,559		1,235,199

SHAREHOLDERS' FUNDS			1,257,569		1,235,209

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 1,027,360 (2024: £ 1,900,395 profit/(loss)).

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

P Bradburn

Director

16/07/2026

The notes on pages 14 to 25 form part of these financial statements.

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Bradburn & Hardiman UK Ltd

Consolidated Statement of Changes in Equity

For The Year Ended 31 October 2025

Consolidated Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 November 2023	10	3,551,990	3,552,000
Profit for the year and total comprehensive income	-	813,019	813,019

Dividends paid	-	(1,800,000)	(1,800,000)

As at 31 October 2024 and 1 November 2024	10	2,565,009	2,565,019


Profit for the year and total comprehensive income	-	1,699,948	1,699,948

Dividends paid	-	(1,005,000)	(1,005,000)

As at 31 October 2025	10	3,259,957	3,259,967

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Bradburn & Hardiman UK Ltd

Company Statement of Changes in Equity

For The Year Ended 31 October 2025

Company Statement of Changes in Equity

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 November 2023	10	1,134,804	1,134,814
Profit for the year and total comprehensive income	-	1,900,395	1,900,395

Dividends paid	-	(1,800,000)	(1,800,000)

As at 31 October 2024 and 1 November 2024	10	1,235,199	1,235,209


Profit for the year and total comprehensive income	-	1,027,360	1,027,360

Dividends paid	-	(1,005,000)	(1,005,000)

As at 31 October 2025	10	1,257,559	1,257,569

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Bradburn & Hardiman UK Ltd

Consolidated Statement of Cash Flows

For The Year Ended 31 October 2025

Consolidated Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	2,512,547	1,764,418
Interest paid		(3,691 )	(9,335 )
Tax paid		(210,629 )	(1,039,336 )

Net cash generated from operating activities		2,298,227	715,747

Cash flows from investing activities
Purchase of intangible assets		(74,862 )	(92,470 )
Purchase of tangible assets		(121,570 )	(329,813 )
Proceeds from disposal of tangible assets		29,401	-
Interest received		3,390	-

Net cash used in investing activities		(163,641 )	(422,283 )

Cash flows from financing activities
Equity dividends paid		(1,005,000 )	(1,800,000 )
Repayment of bank borrowings		(45,455 )	(45,454 )
Amount withdrawn by directors		-	(9,415)

Net cash used in financing activities		(1,050,455 )	(1,854,869 )



Increase/(decrease) in cash and cash equivalents		1,084,131	(1,561,405 )
Cash and cash equivalents at beginning of year	2	1,824,209	3,385,614

Cash and cash equivalents at end of year	2	2,908,340	1,824,209

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Bradburn & Hardiman UK Ltd

Notes to the Consolidated Statement of Cash Flows

For The Year Ended 31 October 2025

Notes to the Consolidated Statement of Cash Flows

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

	2025	2024
	£	£
Profit for the financial year	1,699,948	813,019
Adjustments for:
Tax on profit	570,222	498,444
Interest expense	3,691	9,335
Interest income	(3,390 )	-
Amortisation of intangible assets	47,703	31,993
Depreciation of tangible assets	150,279	97,420
Loss on disposal of tangible assets	22,789	-
Movements in working capital:
Decrease/(increase) in stocks	8,306	(46,322 )
Decrease in trade and other debtors	42,385	1,389,974
Decrease in trade and other creditors	(29,386 )	(1,029,445 )

Net cash generated from operations	2,512,547	1,764,418

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	2,908,340	1,824,209

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	1,824,209	1,084,131	2,908,340
Debts falling due within one year	(45,455 )	18,940	(26,515 )
Debts falling due after more than one year	(26,515)	26,515	-

	1,752,239	1,129,586	2,881,825

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Bradburn & Hardiman UK Ltd

Notes to the Financial Statements

For The Year Ended 31 October 2025

Notes to the Financial Statements

1. General Information

Bradburn & Hardiman UK Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09260292 . The registered office is Unit 2 Calibre Industrial Park Laches Close, Four Ashes, Wolverhampton, Staffordshire, WV10 7DZ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention 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.

The financial statements are presented in Sterling (£), which is the functional currency of the group.

2.2. Basis Of Consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of the business combinations using the purchase method. In the balance sheet, the aquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3. Going Concern Disclosure

After making enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. On this basis the directors are confident that the group has adequate resources to continue in operation and, accordingly, have adopted the going concern basis in preparing the financial statements.

2.4. Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the group and turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisifed:

the group has transferred the significant risks and rewards of ownership to the buyer;
the group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Redendering of services

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

the amount of turnover can be measured reliably;
it is probable that the group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

When the outcome of a contract can be estimated reliably, contract revenue and contract costs are recognised on a contract by contract basis using the stage of completion basis.

...CONTINUED

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Bradburn & Hardiman UK Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

2.4. Turnover - continued

The stage of completion of individual contracts is calculated on the proportion of total costs incurred at the reporting date as compared to the projected total costs at completion.

Profit on long term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit is calculated on a prudent basis to reflect the proportion of the work carried out at the year-end, by recording turnover and related costs as contract activity progresses. Turnover and cost of sales are calculated as a percentage of direct costs used. Turnover derived from variations on contracts are recognised only when then have been agreed by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

2.5. Intangible Fixed Assets and Amortisation - Other Intangible

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Amortisation is provided on the following bases:

Software - 20% reducing balance

The carrying value of intangible assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.

2.6. Research and Development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred.

Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a reduced balance basis over their useful economic lives, which is 5 years. If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.7. Tangible Fixed Assets and Depreciation

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Leasehold property improvements	33% straight line
Plant & Machinery	33% straight line
Motor Vehicles	25% reducing balance
Computer Equipment	33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the consolidated statement of comprehensive income.

At each balance sheet date, the directors review the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estmated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the directors estimate the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately in the consolidated statement of comprehensive income.

Page 16

Page 17

Bradburn & Hardiman UK Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

2.8. Investments

Investments in subsidiaries are measured at cost and reviewed annually for signs of impairment. If an impairment loss is identified, this is recognised immediately in the consolidated statement of comprehensive income and the value of the investment is reduced accordingly.

2.9. Stocks and Work in Progress

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the consolidated statement of comprehensive income.

2.10. 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.

2.11. Financial Instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost.

The group considers evidence of impairment for all individual trade and other debtors and amounts owed by group undertakings, and any subsequent impairment is recognised in the consolidated statement of comprehensive income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

2.12. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

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Page 18

Bradburn & Hardiman UK Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

2.13. Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in the consolidated statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.

2.14. Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.15. Exceptional Items

Exceptional items are transactions that fall within the ordinary activities of the group but are presented separately due to their size or incidence.

2.16. Amounts recoverable on long term contracts and payments on account

Amounts recoverable on long term contracts (AROC) represent the gross unbilled amount for contract work performed to date. They are measured at cost plus profit recognised to date (see turnover accounting policy) less a provision for foreseeable losses and less progress billed.

AROC is presented in debtors on the balance sheet. If payments received from customers exceed income recognised, then the difference is presented in payments received on account on the balance sheet. Payments on account are presented in creditors due within one year on the balance sheet.

2.19. Operating leases

Rentals paid under operating leases are charged to the consolidated statement of comprehensive income on a straight-line basis over the lease term.

2.20. Borrowing costs

All borrowing costs are recognised in the consolidated statement of comprehensive income in the year in which they are incurred.

3. Turnover

Analysis of turnover by class of business is as follows:

	2025	2024
	£	£
Provision of warehouse infrastructure and services	16,084,186	13,432,296

Analysis of turnover by geographical market is as follows:

	2025	2024
	£	£
United Kingdom	16,084,186	13,432,296

	16,084,186	13,432,296

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Bradburn & Hardiman UK Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

4. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	(12,087)	60,833
Research and Development Costs	92,569	-
Operating lease rentals	42,233	59,924
Depreciation of tangible fixed assets	150,279	97,420
Amortisation of intangible fixed assets	47,703	31,993

5. Auditor's Remuneration

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

	2025	2024
	£	£
Audit Services
Audit of the group and company's financial statements	5,500	3,500


Other Services
Auditing accounts of associates	25,000	30,000

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	1,549,537	2,079,878
Social security costs	170,508	232,509
Other pension costs	29,287	30,437

	1,749,332	2,342,824

7. Average Number of Employees

Group

Average number of employees, including directors, during the year was: 31 (2024: 34)

Company

Average number of employees, including directors, during the year was: 2 (2024: 2)

8. Directors' remuneration

	2025	2024
	£	£
Emoluments	-	1,360,000
Company contributions to money purchase pension schemes	-	1,211

	-	1,361,211

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Bradburn & Hardiman UK Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

9. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	3,263	-
Other interest receivable	127	-

	3,390	-

10. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	3,691	7,649
Other finance charges	-	1,686

	3,691	9,335

11. 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%	583,024	459,817
Deferred Tax
Deferred taxation			(12,802 )	38,627


Total tax charge for the period			570,222	498,444

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	2,270,170	1,311,463

Tax on profit at 25% (UK standard rate)	567,543	327,866
Expenses not deductible for tax purposes	5,345	43,177
Difference in tax rates	(949 )	-
Tax losses for which no deferred tax was recognised	(1,717 )	2,401
Current tax from unrecognised tax loss or credit	-	125,000

Total tax charge for the period	570,222	498,444

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Bradburn & Hardiman UK Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

12. Intangible Assets

Group

	Software
	£
Cost
As at 1 November 2024	289,639
Additions	74,862

As at 31 October 2025	364,501

Amortisation
As at 1 November 2024	114,164
Provided during the period	47,703

As at 31 October 2025	161,867

Net Book Value
As at 31 October 2025	202,634

As at 1 November 2024	175,475

Company

The company had no intangible fixed assets as at 31 October 2025 or 31 October 2024.

13. Tangible Assets

Group

	Land & Property
	Leasehold property improvements	Plant & Machinery	Motor Vehicles	Total
	£	£	£	£
Cost
As at 1 November 2024	133,454	319,823	427,538	880,815
Additions	-	26,888	94,682	121,570
Disposals	-	(31,128 )	(92,133 )	(123,261 )

As at 31 October 2025	133,454	315,583	430,087	879,124

Depreciation
As at 1 November 2024	133,454	247,313	117,534	498,301
Provided during the period	-	37,870	112,409	150,279
Disposals	-	(19,463 )	(51,608 )	(71,071 )

As at 31 October 2025	133,454	265,720	178,335	577,509

Net Book Value
As at 31 October 2025	-	49,863	251,752	301,615

As at 1 November 2024	-	72,510	310,004	382,514

Company

The company had no tangible fixed assets as at 31 October 2025 or 31 October 2024.

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Bradburn & Hardiman UK Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

14. Investments

Company

	Subsidiaries
	£
Cost or Valuation
As at 1 November 2024	4

As at 31 October 2025	4

Provision
As at 1 November 2024	-

As at 31 October 2025	-

Net Book Value
As at 31 October 2025	4

As at 1 November 2024	4

Subsidiaries

Details of the group's subsidiaries as at 31 October 2025 are as follows:

Name of undertaking	Registered Office	Class of shares held	Direct holding	Indirect holding
PD Industrial Limited	Unit 2 Calibre Industrial Park, Laches Close, Four Ashes, Wolverhampton, Staffordshire, WV10 7DZ	Ordinary	100.00%	-
PD Employees Limited	Unit 2 Calibre Industrial Park, Laches Close, Four Ashes, Wolverhampton, Staffordshire, WV10 7DZ	Ordinary	100.00%	-

15. Stocks

	2025	2024
	£	£
Finished goods and goods for resale	75,404	83,710

16. Debtors

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Due within one year
Trade debtors	1,790,137	1,916,489	-	-
Amounts recoverable on contracts	626,135	605,722	-	-
Prepayments and accrued income	113,542	84,143	-	-
Other debtors	102,480	181,504	54,932	54,936
Corporation tax recoverable assets	-	115,636	-	-
Deferred tax current asset	5,879	-	-	-
Amounts owed by subsidiaries	-	-	158,128	2,316,642
Amounts owed by associates	113,179	-	-	-

	2,751,352	2,903,494	213,060	2,371,578

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Bradburn & Hardiman UK Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

Intercompany balances and amounts owed by related parties are unsecured, repayable on demand and do not bear any interest.

Trade debtors are stated after provisions for impairment of £Nil (2024: £45,000).

17. Creditors: Amounts Falling Due Within One Year

	Group		Company
	2025	2024	2025	2024
	£	£	£	£
Trade creditors	1,411,543	1,550,895	-	-
Bank loans and overdrafts	26,515	45,455	-	-
Payments on account	683,308	413,258	-	-
Amounts owed to group undertakings	-	-	-	82,633
Amounts owed to participating interests	-	244,771	397,423	756,309
Other creditors	-	1,320	-	-
Corporation tax	256,759	-	-	-
Taxation and social security	404,923	374,569	359,222	291,234
Accruals and deferred income	136,727	81,074	9,000	9,000

	2,919,775	2,711,342	765,645	1,139,176

Intercompany balances and amounts owed to related parties are unsecured, repayable on demand and do not bear any interest.

18. Loans

An analysis of the maturity of loans is given below:

	Group
	2025	2024
	£	£
Amounts falling due within one year or on demand:
Bank loans	26,515	45,455

	Group
	2025	2024
	£	£
Amounts falling due between one and five years:
Bank loans	-	26,515

The bank loan balance outstanding at 31 October 2025 is £21,655 (2024: £71,970). The bank loan is made up of the Coronavirus Business Interruption Loan which is repayable in equal monthly instalments of £3,788 until May 2026. Interest is based on a floating rate basis, under which the interest will never be less than the margin of 2.67% per annum.

A fixed and floating charge over all current and future assets of the company is registered by Lloyds Bank PLC, in respect of these bank borrowings.

19. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	59,603	66,526

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Bradburn & Hardiman UK Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

20. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
4 Ordinary Shares of £ 1.00 each	4	4
1 Ordinary A shares of £ 1.00 each	1	1
1 Ordinary B shares of £ 1.00 each	1	1
1 Ordinary C shares of £ 1.00 each	1	1
1 Ordinary D shares of £ 1.00 each	1	1
1 Ordinary E shares of £ 1.00 each	1	1
1 Ordinary F shares of £ 1.00 each	1	1

	10	10

Ordinary shares have full voting rights, and have full rights to dividends and capital distribution.

Ordinary A, B, C, and D shares rank pari passu, have non-voting rights and have full rights to dividends and capital distribution.

Ordinary E and F shares have non-voting rights and have full rights to dividends.

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	35,000	33,000
Later than one year and not later than five years	53,000	88,000

	88,000	121,000

22. Pension Commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.

During the year the charge to profit or loss in respect of defined contribution schemes was £29,287 (2024: £30,437).

At the balance sheet date contributions of £Nil (2024: £23,518) were due to the fund and are included in creditors.

23. Dividends

	2025	2024
	£	£
On equity shares:
Final dividend paid	1,005,000	1,800,000

Dividends paid of £502,500 (2024: £900,000) per Ordinary share were paid during the year.

24. Reserves

Profit and loss account

The profit and loss account includes all current and prior years retained profits and losses.

Page 24

Page 25

Bradburn & Hardiman UK Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 October 2025

25. Related Party Disclosures

The group has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.

The company has taken advantage of the exemption conferred by FRS 102 section 33 not to disclose transactions with its wholly owned subsidiaries.

During the year, the group was charged £Nil (2024: £Nil) by companies under common control.

At the balance sheet date, amounts of £113,179 (2024: £Nil) were due from and amounts of £Nil (2024: £244,771) were owed to companies under common control by the company.

During the year, the group paid £Nil (2024: £160,891) to HMRC on behalf of a company under common control. At 31 October 2025, this amount was provided for as it was deemed irrecoverable.

All amounts owed by and to companies under common control are interest free, have no fixed repayment date and are unsecured.

During the year, amounts of £Nil (2024: £9,415) were advanced to the directors by the group. At the year end £Nil (2024: £103,852) was due from the directors to the group and was included within other debtors.

The directors consider key management personnel to be the directors who together have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the company and group is £Nil (2024: £680,000).

26. Controlling Parties

The group is under the control of directors and shareholders.

Page 25