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REGISTERED NUMBER: 01931775 (England and Wales)

| Report of the Directors and |

| Unaudited Financial Statements |

| for the Year Ended 31 October 2025 |

| for |

| Appletree Joinery Products Limited |

| Appletree Joinery Products Limited (Registered number: 01931775) |

Contents of the Financial Statements

for the Year Ended 31 October 2025

Page |

| Company Information | 1 |

| Report of the Directors | 2 |

| Balance Sheet | 3 |

| Notes to the Financial Statements | 5 |

| Appletree Joinery Products Limited |

Company Information

for the Year Ended 31 October 2025

| DIRECTORS: | F Morrison

| N L Young

| REGISTERED OFFICE: | Howden Road

| Aycliffe Industrial Estate

| NEWTON AYCLIFFE

| Co Durham

| DL5 6EU

| REGISTERED NUMBER: | 01931775 (England and Wales)

| ACCOUNTANTS: | Clive Owen LLP

| Chartered Accountants

| Great North House

| Allington Way

| DARLINGTON

| Co Durham

| DL1 4QB

| Appletree Joinery Products Limited (Registered number: 01931775) |

Report of the Directors

for the Year Ended 31 October 2025

The directors present their report with the financial statements of the company for the year ended 31 October 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacture and sale of joinery products.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2024 to the date of this report.

F Morrison

N L Young

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

F Morrison - Director

30 April 2026

| Appletree Joinery Products Limited (Registered number: 01931775) |

Balance Sheet

31 October 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 868,603 |  | 943,163 |  |

CURRENT ASSETS

Stocks | 5 | 267,231 |  | 306,069 |  |

Debtors | 6 | 1,565,183 |  | 1,392,540 |  |

Cash at bank and in hand | 99,587 |  | 190,688 |  |

1,932,001 |  | 1,889,297 |  |

CREDITORS

Amounts falling due within one year | 7 | (1,759,785 | ) | (1,436,661 | ) |

NET CURRENT ASSETS | 172,216 |  | 452,636 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,040,819 |  | 1,395,799 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (90,386 | ) | (174,391 | ) |

PROVISIONS FOR LIABILITIES | 11 | (69,273 | ) | (94,158 | ) |

NET ASSETS | 881,160 |  | 1,127,250 |  |

CAPITAL AND RESERVES

Called up share capital | 12 | 25,000 |  | 25,000 |  |

Revaluation reserve | 287,382 |  | 292,870 |  |

Retained earnings | 568,778 |  | 809,380 |  |

SHAREHOLDERS' FUNDS | 881,160 |  | 1,127,250 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

| Appletree Joinery Products Limited (Registered number: 01931775) |

Balance Sheet - continued

31 October 2025

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2026 and were signed on its behalf by:

F Morrison - Director

| Appletree Joinery Products Limited (Registered number: 01931775) |

Notes to the Financial Statements

for the Year Ended 31 October 2025

1. | STATUTORY INFORMATION

| Appletree Joinery Products Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| There were no material departures from that standard.

| The principle accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group nor those conducted under normal market conditions..

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Income recognition

| Income is recognised when a contract for the sale of goods is determined as unconditional.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Freehold property | - | 2.5% on cost

| Plant and machinery | - | 10% on cost

| Motor vehicles | - | 25% on cost

| Computer equipment | - | 20% on cost

| Tangible fixed assets are measured at cost less accumulated depreciation and impairment.

| Stocks

| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

| Financial instruments

| Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

| Appletree Joinery Products Limited (Registered number: 01931775) |

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Hire purchase and leasing commitments

| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

| Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

| Grants receivable

| Revenue based grants are credited to the profit and loss account. Capital based grants are credited to the profit and loss account, in equal instalments, over the estimated useful life of the related asset.

| Invoice discounting

| The company utilises an invoice discounting facility. There is full recourse to the company for losses on debts, and so the financed debts continue to be recognised on the balance sheet. Interest and other charges relating to invoice discounting are recognised in the profit and loss account over the relevant period.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 41 (2024 - 50 ) .

| Appletree Joinery Products Limited (Registered number: 01931775) |

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

4. | TANGIBLE FIXED ASSETS

| Freehold |  | Plant and |  | Motor |  | Computer |

| property |  | machinery |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| COST OR VALUATION

| At 1 November 2024 | 700,000 |  | 1,919,639 |  | 24,375 |  | 69,451 |  | 2,713,465 |  |

| Additions | - |  | 14,702 |  | - |  | - |  | 14,702 |  |

| At 31 October 2025 | 700,000 |  | 1,934,341 |  | 24,375 |  | 69,451 |  | 2,728,167 |  |

| DEPRECIATION

| At 1 November 2024 | 136,000 |  | 1,555,043 |  | 15,525 |  | 63,734 |  | 1,770,302 |  |

| Charge for year | 16,000 |  | 67,941 |  | 2,381 |  | 2,940 |  | 89,262 |  |

| At 31 October 2025 | 152,000 |  | 1,622,984 |  | 17,906 |  | 66,674 |  | 1,859,564 |  |

| NET BOOK VALUE

| At 31 October 2025 | 548,000 |  | 311,357 |  | 6,469 |  | 2,777 |  | 868,603 |  |

| At 31 October 2024 | 564,000 |  | 364,596 |  | 8,850 |  | 5,717 |  | 943,163 |  |

| Included in cost or valuation of land and buildings is freehold land of £ 80,000 (2024 - £ 80,000 ) which is not depreciated.

| Cost or valuation at 31 October 2025 is represented by:

| Freehold |  | Plant and |  | Motor |  | Computer |

| property |  | machinery |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ | £ |

| Valuation in 1989 | 20,306 |  | - |  | - |  | - |  | 20,306 |  |

| Valuation in 1993 | 110,000 |  | - |  | - |  | - |  | 110,000 |  |

| Valuation in 1997 | (75,000 | ) | - |  | - |  | - |  | (75,000 | ) |

| Valuation in 2012 | 14,194 |  | - |  | - |  | - |  | 14,194 |  |

| Valuation in 2016 | 150,000 |  | - |  | - |  | - |  | 150,000 |  |

| Cost | 480,500 |  | 1,934,341 |  | 24,375 |  | 69,451 |  | 2,508,667 |  |

700,000 |  | 1,934,341 |  | 24,375 |  | 69,451 |  | 2,728,167 |  |

| If freehold property had not been revalued it would have been included at the following historical cost:

2025 | 2024 |

£ | £ |

| Cost | 480,500 |  | 480,500 |  |

| Aggregate depreciation | 219,882 |  | 209,370 |  |

| Freehold property was valued on 30 April 2016 by the directors, supported by an independent valuation.

| The previous valuations were taken as deemed cost on transition to FRS102 Section 1A.

| The directors consider the value to be unchanged as at 31 October 2025.

| Appletree Joinery Products Limited (Registered number: 01931775) |

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

5. | STOCKS

2025 | 2024 |

£ | £ |

| Stocks | 201,765 |  | 202,520 |  |

| Work-in-progress | 65,466 |  | 103,549 |  |

267,231 |  | 306,069 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 989,416 |  | 933,217 |  |

| Amounts owed by parent undertaking | 444,312 |  | 420,562 |  |

| Other debtors | 34,840 |  | 388 |  |

| Prepayments and accrued income | 96,615 |  | 38,373 |  |

1,565,183 |  | 1,392,540 |  |

| Trade debtors include an amount of £989,416 (2024: £933,217) relating to debtors held under an invoice discounting agreement.

| The debtors held under the invoice discounting agreement are secured against the debt to which they relate.

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 46,992 |  | 46,992 |  |

| Other loans | 17,500 |  | 30,000 |  |

| Hire purchase contracts (see note 9) | 18,750 |  | 31,160 |  |

| Trade creditors | 720,013 |  | 538,900 |  |

| Invoice discounting | 643,740 |  | 368,642 |  |

| Taxation and social security | 85,895 |  | 177,012 |  |

| Other creditors | 1,514 |  | 5,395 |  |

| Accruals and deferred income | 225,381 |  | 238,560 |  |

1,759,785 |  | 1,436,661 |  |

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans | 66,179 |  | 113,361 |  |

| Other loans - 1-2 years | - |  | 17,500 |  |

| Hire purchase contracts (see note 9) | 24,207 |  | 43,530 |  |

90,386 |  | 174,391 |  |

| Appletree Joinery Products Limited (Registered number: 01931775) |

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

9. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Net obligations repayable:

| Within one year | 18,750 |  | 31,160 |  |

| Between one and five years | 24,207 |  | 43,530 |  |

42,957 |  | 74,690 |  |

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 90,232 |  | 7,482 |  |

| Between one and five years | 288,684 |  | 6,859 |  |

378,916 |  | 14,341 |  |

10. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank loans | 113,171 |  | 160,353 |  |

| Hire purchase contracts | 42,957 |  | 74,690 |  |

| Invoice discounting | 643,740 |  | 368,642 |  |

799,868 |  | 603,685 |  |

| Bank loans are secured as a fixed and floating charge over freehold property and other assets of the company. Hire purchase contracts are secured on the assets to which they relate. Invoice discounting is secured on the trade debtors of the company.

11. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 69,273 |  | 94,158 |  |

| Deferred |

| tax |

£ |

| Balance at 1 November 2024 | 94,158 |  |

| Accelerated capital allowances | (24,885 | ) |

| Balance at 31 October 2025 | 69,273 |  |

| Appletree Joinery Products Limited (Registered number: 01931775) |

Notes to the Financial Statements - continued

for the Year Ended 31 October 2025

12. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 25,000 | Ordinary | £1 | 25,000 |  | 25,000 |  |

13. | ULTIMATE CONTROLLING PARENT

| The ultimate controlling parent is Tempest Research Limited. The Registered office address is 17 Devon Gardens, Low Fell, Gateshead, Tyne & Wear, NE9 5BA.