REGISTERED NUMBER: 01324871 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2025

for

Wetherby Stone Products Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

8

Report of the Independent Auditors

10

Statement of Income and Retained Earnings

14

Balance Sheet

15

Notes to the Financial Statements

16

DIRECTORS:

A J Chalmers

P Ciborowski

F Kloebbe

T Raghavan

SECRETARY:

C F Sowerby

REGISTERED OFFICE:

Dalton Airfield

Industrial Estate Dalton

Thirsk

North Yorkshire

YO7 3HE

REGISTERED NUMBER:

01324871 (England and Wales)

SENIOR STATUTORY AUDITOR:

Simon Hook FCCA

AUDITORS:

Clive Owen LLP

Chartered Accountants and Statutory Auditors

Kepier House

Belmont Business Park

Durham

DH1 1TW

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

Introduction

Wetherby Stone Products Ltd is a leading manufacturer of performance building products with an innovative and technology-led focus, we manufacture coloured renders and exterior paints, and coatings for the new build and refurbishment market.

Health & Safety

The most important job of the day for all our employees is to go home safely to their families therefore, we are committed to maintaining a safe and healthy workplace for all employees, contractors, and visitors. We prioritize the well-being of our workforce by implementing robust health and safety policies that comply with UK regulations. Our proactive approach includes regular risk assessments, training programs, and the promotion of a culture of safety awareness. We continuously monitor and review our practices to ensure they remain effective and relevant, fostering an environment where everyone can thrive. By investing in health and safety, we not only protect our people but also enhance our operational efficiency and reputation.

Our Core company pillars:

- Efficiency and Profitability

- Growth and Diversification

- Innovation

- Sustainability

- Customer and Brand

- People and Culture

Manufacturing Capabilities

Our modern and highly efficient manufacturing facilities ensure that we have the capacity and capabilities to provide security of supply to our customers and supply chain, using computer controlled and fully automated equipment with a capacity of up to 2,000 tons per week.

All our products are manufactured and then filled into waterproof packaging, meaning that when on-site the product is fully protected from the rain and all products can be stored outside. All packaging has up to 30% recycled content and is 100% recyclable.

Innovation & Technology

We continue to play a significant role in the UK in the development and innovation of modern render and coating systems, with technology that is designed for modern methods of construction and traditional buildings.

Our products and systems are formulated to protect buildings and the environment, and we are amongst the best in our respective fields of business, not only focussing on the technology to ensure our products' performance but also the technology that ensures our products are the very best to use.

A Team of Talent & Strength

Our people are at the core of everything we do, a group of highly skilled and experienced individuals that collectively make up our team, who constantly focus on the needs of our business customers, and quality at every level.

Our mission is to maintain our productivity, quality and service levels by making our employees feel valued, not just like a number. We will work together to cherish the human spirit, understanding that our people are the heart of our success.

Quality Testing & Certification

We continue to play a significant role in the development of the UK construction market with innovative and market-leading products and systems. Ongoing quality control and testing are built into the core of our business to ensure we continually meet and surpass all standards whilst working to a highly effective and traceable quality and testing management systems.

Environment & Sustainability

The reality is that 11% of global emissions come from the production and transportation of building materials. The materials you choose play a big part in this - resources are becoming scarce, the world is out of balance, and emissions need to drop to net zero by 2050.

We take our sustainability and the decisions we make for the environment extremely seriously because we continue to play our part - to ensure our planet and all ecosystems are rebalanced and thriving once more. Our ecorend bags and buckets are waterproof, have up to 30% recycled content and are fully recyclable, unlike plastic-lined paper bags, which have a higher risk of raw material wastage through packaging damage and go into landfills across the UK. Over 90% of our raw materials are sourced locally, reducing our carbon footprint whilst supporting UK businesses, and our head office and UK manufacturing plant use energy conservation techniques to drive our consumption down.

We generate on site power from our solar panels at our site in Dalton, North Yorkshire, which will generate c.45% of our annual electricity requirement whilst also contributing back into the local grid at times when generation exceeds our consumption needs.

But our journey to becoming net zero by 2050 doesn't stop here; we are continuing to enhance and develop our business operation and resourcefulness, from solar systems and ISO 50001 to local, national and international environmental initiatives. Selecting products and a business that supports sustainability and is actively making a difference is part of the future - let's make it happen together.

REVIEW OF BUSINESS

Turnover and volumes dropped slightly in 2025 against a backdrop of a challenging market and unfavourable economic conditions. However, we retain our commitment to investing in both staff and infrastructure to support our ongoing journey to continue to take market share and get back on our growth trajectory as the market and general economy improve. The outlook for 2026 shows positive signs that conditions will begin to recover, particularly in the second half of the year.

Key financial figures are:

2025

2024

£

£

Turnover

15,041,401

15,755,859

Gross Profit

4,827,592

5,061,477

Gross Profit %

32.10%

32.12%

Profit Before Taxation

2,607,853

3,291,653

Profit Before Taxation

17.34%

20.89%

EBITDA

2,755,496

3,612,114

EBITDA %

18.32%

22.93%

Despite the downturn in business levels the gross profit margin was maintained, whilst the EBITDA percentage was still around 20%. The drop in profit before tax and EBITDA percentages is due to the investment in 2025 in additional resources which leaves us in a strong position for the anticipated growth in 2026.

Strong cash control helped the balance sheet grew to almost £10m by the end of 2025.

With the joint venture with Henkel announced in February 2026, the company is now well placed to continue its strategic and controlled growth profile from previous years. As well as continuing to develop its own products, the JV will open potential new product and market opportunities for the business. Further significant capital investment from cash reserves is planned and the company will continue to operate without any external debt despite these significant capital investments. The planned capital investment will include additional plant and machinery, as well as development of new and innovative products to bring to market.

Future developments

Our business model for the future is centred on strengthening the solid foundation we have established over the years. We aim to expand our brands, enhance our product offerings, and deepen our relationships with customers, all while maintaining our commitment to providing the highest quality products and exceptional service levels available in the market. We believe that fair pricing is essential to building trust and loyalty among our customers and contractors, and we will continue to uphold this principle.

As we look ahead, within the competitive and fragmented market in which we operate, our strategy is centred on gaining increased market share. We recognise the importance of remaining competitive in a dynamic landscape and are committed to delivering targeted marketing strategies and enhanced customer engagement initiatives. These efforts will enable us to penetrate new segments of the market while further strengthening our position within existing ones.

We will continue to invest in cutting-edge innovation and technology. This includes exploring new product and system technology aligned with certification and advancements that enhance our production processes, improve efficiency, and drive sustainability.

We are also committed to expanding our production capacity to meet the increasing demand for our products, ensuring that we can deliver on our promises to customers without compromise.

Moreover, we understand that our people are our greatest asset. Therefore, we will invest in their development by providing ongoing training and professional growth opportunities. By fostering a culture of continuous improvement and empowering our team members, we will cultivate a workforce that is not only skilled but also motivated to achieve our collective goals.

And as a final pillar supporting our growth ambitions, in 2025 we signed an exclusive agreement to enter into a due diligence process with Henkel, Düsseldorf, Germany - a global leader in adhesives, sealants and coatings - with the intention of forming a strategic joint venture. This partnership will enable both companies to accelerate their core businesses by combining Wetherby Laroc's strong local brands and market presence with Henkel's global innovation and advanced technology capabilities.

In summary, our future development strategy represents a comprehensive and integrated approach-combining global reach, strategic partnerships, brand enhancement, market expansion, technological innovation, and a strong commitment to our people. We are confident in the opportunities ahead and remain fully focused on delivering sustainable growth, long-term value, and continued success in the years to come.

Market Analysis

In 2025, the UK render and coatings market is entering a more complex and transitional phase. While long-term demand drivers remain intact, short-term pressures-particularly in housing delivery, regulatory processes, and programme execution-are reshaping how growth is realised.

Slower House Building, and Retrofit Demand

House building activity has softened compared to 2024, with mainly higher interest rates, tighter financing conditions, and developer caution impacting new starts. Government housing targets remain ambitious, but delivery continues to lag behind policy intent.

EWI Market Disruption: ECO4 Quality Issues and High-Rise Delays

Despite strong long-term fundamentals, the External Wall Insulation (EWI) market is experiencing short-term disruption and reduced momentum in 2025.

Under the ECO4 programme, increased scrutiny around installation quality, compliance, and outcomes has led to:

- Project delays and rework requirements

- Greater auditing and validation processes

- Reduced installation rates as stakeholders prioritise quality over volume

This has created a slowdown in delivery across parts of the retrofit market, particularly where installer capability and oversight have been inconsistent.

In parallel, the high-rise recladding and remediation segment-a major potential growth area for EWI-continues to face delays due to:

- Ongoing regulatory clarification linked to the Building Safety Act

- Extended consultation periods and evolving compliance frameworks

- Complex approval processes involving multiple stakeholders

As a result, projects are progressing more slowly than anticipated, with many schemes remaining in planning or design phases rather than moving to execution.

Collectively, these factors are temporarily suppressing EWI volumes, while increasing the importance of quality assurance, system certification, and contractor competence.

Acceleration of Sustainability as a Commercial Requirement

Sustainability has moved beyond a strategic ambition to a core commercial and regulatory requirement. Developers, contractors, and asset owners are under increasing pressure to demonstrate measurable reductions in embodied and operational carbon.

This is driving:

- Greater specification of low-carbon renders and coatings

- Increased demand for low carbon mineral-based, breathable, and recyclable materials

- More scrutiny on Environmental Product Declarations (EPDs) and lifecycle performance

Sustainability is now a key differentiator in winning projects, not just a compliance exercise.

Expansion of Local and Regional Manufacturing

The shift towards localised manufacturing and supply chains has strengthened further in 2025. Rising geopolitical uncertainty, logistics costs, and carbon considerations continue to push manufacturers to regionalise production.

For the render and coatings sector, this translates into:

- Increased investment in UK-based production capacity

- Greater emphasis on supply chain transparency

- Reduced reliance on imported materials

This trend is improving our resilience but also increasing competition among domestic manufacturers.

Insulation and System-Based Solutions Gain Traction

The insulation market continues to expand, but importantly, the shift is now towards integrated system solutions rather than standalone products. External Wall Insulation (EWI) systems, render-insulation combinations, and façade systems are gaining prominence.

Key drivers include:

- Stricter energy efficiency standards

- Government-backed retrofit programmes

- Rising energy costs influencing consumer behaviour

There is also growing demand for technically robust, warrantied systems, placing pressure on manufacturers to provide full-system accountability rather than individual components.

Regulatory Pressure Intensifies (Post-Grenfell Environment)

Regulation is now one of the primary forces shaping the market. The Building Safety Act and ongoing updates to fire and energy regulations are significantly influencing product selection and system design.

Impacts include:

- Increased demand for tested and certified systems

- Greater focus on non-combustible and fire-compliant materials

- More complex approval and specification processes

- Slower project mobilisation due to extended compliance pathways

Ongoing Supply Chain Stabilisation with Cost Sensitivity

Supply chains in 2025 are more stable than in previous years, but cost volatility remains a concern. Energy prices, raw material costs, and labour shortages continue to affect pricing structures.

We are responding by:

- Strengthening supplier partnerships

- Holding more strategic inventory

- Passing through selective cost increases where the market allows

At the same time, contractors and clients are increasingly price-sensitive, creating margin pressure across the sector.

Conclusion

In 2025, the UK render and coatings market is characterised by a shift from volume-driven growth to value- and quality-driven performance. While new-build activity has slowed and EWI faces short-term disruption, opportunities remain strong in retrofit, system-based solutions, and sustainability-led innovation.

However, success will increasingly depend on:

- Delivering consistent quality and compliance, particularly in regulated programmes

- Navigating regulatory complexity and delayed project cycles

- Providing fully certified, system-based solutions rather than standalone products

- Delivering a balanced commercial and quality-driven offering aligned to market needs

The market is rebalancing and professionalising where necessary, with clear advantages for businesses that can combine technical credibility, system performance, and local supply chain reliability.

PRINCIPAL RISKS AND UNCERTAINTIES

Liquidity:

The Company has significant cash reserves and no external debt. This insulates the business from changes in interest rates whilst allowing investment decisions to be made without the need for third party involvement. The cashflow forecast is monitored monthly and cash deposits are held on terms that allow access in the event of any unforeseen requirements or possible opportunities to exploit.

Debtors:

Whilst the Company does not have over reliance on any one individual customer, the threat of a bad debt is always a possibility. The Company makes a general provision each year which is carried to the balance sheet if not required and held as security against any future bad debt scenario. We have a robust credit control process and customer credit terms are reviewed regularly in the light of debtor performance and changes in credit worthiness as monitored through our credit reporting agency.

Economy:

External economic factors are outside of the Company's control. However, we closely monitor the economic trends and developments and assess any likely impact on, or opportunity for, the business.

Market:

The market in which we operate is constantly evolving and changing as economic and political factors sway. Whilst we maintain our focus on delivering excellent products and service levels, we are also continually looking to diversify our offering to spread the potential impact of market changes.

Personnel:

We are rightly proud of the team we have built and the part they play in the success of the business. This does make our staff attractive to competitors and the opens up the threat of losing a key member of staff. To limit this possibility, and any potential impact, we have a strong staff incentive scheme and build succession planning in key areas. The length of service of staff, and our low turnover rates , are testimony to our culture of valuing and rewarding staff.

ON BEHALF OF THE BOARD:

A J Chalmers - Director

8 July 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of manufacture of coloured and insulated render systems, exterior paints and coatings for the new build and refurbishment market.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 was £260,247 (2024: £549,917).

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

A J Chalmers has held office during the whole of the period from 1 January 2025 to the date of this report.

Other changes in directors holding office are as follows:

P Ciborowski , F Kloebbe and T Raghavan were appointed as directors after 31 December 2025 but prior to the date of this report.

I R J Chalmers , J K Chalmers , A S J Chalmers and A Rawsthorne ceased to be directors after 31 December 2025 but prior to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT

Future developments and financial risk management objectives and policies, which would otherwise be disclosed in the directors' report, are instead disclosed in the strategic report, as permitted by section 414C(11) of the Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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;

-	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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Clive Owen LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

A J Chalmers - Director

8 July 2026

Opinion

We have audited the financial statements of Wetherby Stone Products Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, 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, 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page eight, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Auditors' 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 a Report of the Auditors 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, to detect material misstatements in respect of irregularities, including fraud. Our audit must be alert to the risk of manipulation of the financial statements and seek to understand the incentives and opportunities for management to achieve this.

We undertake the following procedures to identify and respond to these risks of non-compliance:

- Understanding the key legal and regulatory frameworks that are applicable to the group. We communicated identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. We determined the most significant of these to be financial reporting legislation, taxation legislation, health & safety, employment law and company law.

- Enquiry of directors and management as to policies and procedures to ensure compliance and any known instances of non-compliance.

- Enquiry of directors and management as to areas of the financial statements susceptible to fraud and how these risks are managed.

- Challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. The financial statements do not include any key accounting estimates.

- Identifying and testing unusual journal entries, with a particular focus on manual journal entries.

Through these procedures we did not become aware of actual or suspected non-compliance.

We planned and performed our audit in accordance with auditing standards but owing to the inherent limitations of procedures required in these areas, there is an unavoidable risk that we may not have detected a material misstatement in the accounts. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve concealment, collusion, forgery, misrepresentations, or override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Simon Hook FCCA (Senior Statutory Auditor)

for and on behalf of Clive Owen LLP

Chartered Accountants and Statutory Auditors

Kepier House

Belmont Business Park

Durham

DH1 1TW

9 July 2026

TURNOVER

3

15,041,401

15,755,859

Cost of sales

(10,213,809

)

(10,694,382

)

GROSS PROFIT

4,827,592

5,061,477

Administrative expenses

(3,492,389

)

(3,042,214

)

1,335,203

2,019,263

Other operating income

1,008,232

747,776

OPERATING PROFIT

5

2,343,435

2,767,039

Income from shares in group undertakings

60,000

360,060

Interest receivable and similar income

206,079

171,264

2,609,514

3,298,363

Interest payable and similar expenses

6

(1,661

)

(6,710

)

PROFIT BEFORE TAXATION

2,607,853

3,291,653

Tax on profit

7

(619,088

)

(719,189

)

PROFIT FOR THE FINANCIAL YEAR

1,988,765

2,572,464

Retained earnings at beginning of year

8,221,788

6,199,241

Dividends

8

(260,247

)

(549,917

)

RETAINED EARNINGS AT END OF YEAR

9,950,306

8,221,788

FIXED ASSETS

Intangible assets

10

60,341

71,731

Tangible assets

11

1,140,162

1,305,744

Investments

12

51

51

1,200,554

1,377,526

CURRENT ASSETS

Stocks

13

1,769,625

1,618,572

Debtors

14

2,181,955

2,670,668

Cash at bank and in hand

7,270,063

5,373,978

11,221,643

9,663,218

CREDITORS

Amounts falling due within one year

15

(2,298,738

)

(2,592,368

)

NET CURRENT ASSETS

8,922,905

7,070,850

TOTAL ASSETS LESS CURRENT LIABILITIES

10,123,459

8,448,376

PROVISIONS FOR LIABILITIES

18

(172,553

)

(225,988

)

NET ASSETS

9,950,906

8,222,388

CAPITAL AND RESERVES

Called up share capital

19

600

600

Retained earnings

20

9,950,306

8,221,788

SHAREHOLDERS' FUNDS

9,950,906

8,222,388

The financial statements were approved by the Board of Directors and authorised for issue on 8 July 2026 and were signed on its behalf by:

A J Chalmers - Director

1.	STATUTORY INFORMATION

Wetherby Stone 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 the provisions of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

The principal 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.

Going concern

The company meets its day to day working capital requirements through cash generated from operations. The company's forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance.

Although the forecasts prepared taking account of the matters above support the ability of the company to remain a going concern and to be able to trade and meets its debts as they fall due the underlying trading assumptions used in forecasting are extremely judgemental and difficult to predict and could be subject to significant variation.

However, based on the factors set out above the directors believe that the company has adequate financial resources to continue in operational existence for at least twelve months from the date of signing the financial statements Therefore the directors believe it remains appropriate to prepare the financial statements on a going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group.

The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 'Statement of Cash Flows': Presentation of a statement of cash flow and related notes and disclosures;

•Section 33 'Related Party Disclosures': Compensation for key management personnel.

Significant judgements and estimates

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 the 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 when 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.

Significant judgements in applying the company's accounting policies

In preparing these financial statements the directors do not consider there were any significant area of judgement that were required in applying the company's accounting policies as set out in this note.

Key sources of estimation uncertainty

Estimates included within these financial statements include depreciation charges, asset impairments such as provisions against debtors and stock. None of these estimates are considered to carry significant estimation uncertainty, or to bear significant risk of causing a material misstatement to the carrying amounts of assets and liabilities within the next financial year.

Turnover

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

Turnover represents the sale of goods and is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on delivery of goods.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software - straight line over 5 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Assets under construction

-

not provided

Plant and machinery

-

20% on cost and 10% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

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

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.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less impairment.

Stocks

Stocks are valued at the lower of cost and selling price less estimated costs to sell, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only enters into basic financial assets and liabilities, including trade and other debtors and creditors, debtors and creditors due from fellow group companies and cash and bank balances. These are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction or debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Such assets and liabilities are subsequently carried at amortised cost using the effective interest method.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing commitments

Rentals paid under operating leases are charged to profit or loss 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.

Dividends

Dividend income is recognised when the right to receive payment is established.

Dividends and other distributions to the group's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes of equity.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2025

2024

as restated

£

£

United Kingdom

14,981,880

15,744,711

Europe

59,521

11,148

15,041,401

15,755,859

4.	EMPLOYEES AND DIRECTORS

2025

2024

as restated

£

£

Wages and salaries

1,595,935

1,570,107

Social security costs

203,494

145,510

Other pension costs

36,319

30,037

1,835,748

1,745,654

The average number of employees during the year was as follows:

2025

2024

as restated

Directors

5

5

Management

6

6

Administration

22

19

Production

20

19

53

49

2025

2024

as restated

£

£

Directors' remuneration

120,725

28,422

Directors' pension contributions to money purchase schemes

3,953

49

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

Money purchase schemes

1

1

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

as restated

£

£

Hire of plant and machinery

-

11,102

Other operating leases

69,716

58,136

Depreciation - owned assets

334,169

292,230

(Profit)/loss on disposal of fixed assets

(1,207

)

7,265

Computer software amortisation

17,891

14,256

Auditor's remuneration

14,000

12,000

Foreign exchange differences

141

916

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

as restated

£

£

Bank loan interest

1,661

6,710

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

as restated

£

£

Current tax:

UK corporation tax

672,523

758,143

Deferred tax

(53,435

)

(38,954

)

Tax on profit

619,088

719,189

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

as restated

£

£

Profit before tax

2,607,853

3,291,653

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

651,963

822,913

Effects of:

Expenses not deductible for tax purposes

15,950

19,547

Income not taxable for tax purposes

(25,502

)

(90,015

)

Research and development enhanced expenditure

(23,323

)

(33,256

)

Total tax charge

619,088

719,189