REGISTERED NUMBER: 04936450 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 October 2025

for

Global Machinery Solutions Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

9

Statement of Financial Position

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

J K Buckle

E C M Baker

G Westwood

S J Edwards

REGISTERED OFFICE:

Dairy Farm Office

Dairy Road

Semer

Ipswich

Suffolk

IP7 6RA

REGISTERED NUMBER:

04936450 (England and Wales)

AUDITORS:

Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

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

REVIEW OF BUSINESS

For the year ended 31 October 2025 revenues were £19.9m (2024 - £16.6m) with gross margin 11.8% (2024 - 8.3%)

The principal activity of the business remains importing machinery for industrial use and re-selling as an authorised and exclusive dealership, and providing ongoing service and hire. The company moved towards a refocus on forestry, recycling (combining aggregates and confi-shred) and the construction industries.

The company's focus was on building these three main divisions and putting structure and resources in place to create a road map for the next five years. This also enabled the business to reduce stocking exposure and consolidate. The business strongly recognises the importance of face to face relationships and how these affect customers purchasing requirements. The company has spent time analysing the required resources to properly farm the distribution territories, as well ensuring it carries suitable product lines to support our current and future customers, and achieve sustainable profitability with current, up to date stock.

Overall sales improved on the previous year, largely driven by the construction sector led by infrastructure projects through East Anglia and a new Sany Telehandler line. Growth was also experienced in the recycling sector with enhanced product ranges from Pronar. The new Pezzolato line in forestry was launched, with the first machines delivered and orders in place for 2026. Given what the business perceives as 2025 experiencing tough market conditions faced by customers and industries which we operate within, the company was pleased with the revenue growth and improved gross margin.

The company maintains sustainable levels of wholegood stock to meet customer requirements around delivery expectations. The company has found customers require a shorter lead time from point of order to necessary delivery to fulfil their contracts which places a strong emphasis on the necessity for accurate forecasts, strong supplier relationships and standardised, suitably configured machinery. The business intends to carry decent levels of machinery stock aided by a combination of well secured payment terms and supply chain relationships. The company is well placed to provide services via maintenance contracts and strong engineering -in-house resources.

Demand in the aftersales sector was similar to 2024 but did see a reduction in the confi-shred market which the business considers to be a reducing industry due to digitalisation and the strong drive to a paperless society. In other sectors the company achieved similar results to that over the prior year, as customers decided to replace having sweated assets out further than usual throughout the turbulent period of 2023-2024. The company has a strong focus with on service plans, ranging from parts contracts, service contracts and full repair and maintenance agreements.

Despite the ongoing cost of running a business within the capital equipment sector, and challenges faced in a time of uncertainty and competition, the board of directors are confident in the structure and management level within the business, our product lines and offerings, and thus are expecting growth throughout further years of trading.

PRINCIPAL RISKS AND UNCERTAINTIES

Other than the financial risks detailed below, other risks to the company include, but are not limited to, the failure to comply with legislative and regulatory requirements including environmental and litigation failures, business continuity and the actions of customers and competitors. The company has implemented risk controls and loss mitigation plans against these to address where possible.

FINANCIAL RISK MANAGEMENT POLICIES

The overall aim of the company financial risk management policy is to minimise potential adverse effects on financial performance and net assets. In the course of the business, the company is exposed primarily to foreign exchange risk, liquidity risk and credit risk. Interest rate is not considered significant as the company does not have any liabilities that accrue significant interest and interest income on bank deposits is not material.

The company manages the principal financial risk within policies and operating parameters approved by the board of directors. The company does not enter into speculative transactions.

i) Foreign currency risk

The company operates domestically and overseas. The company does hedge certain cash flows when the directors believe this to be appropriate.

ii) Liquidity risk

The company's policy on liquidity risk is to ensure that sufficient cash is available to fund on-going operations without the need to carry significant net debt. Where appropriate financing can be negotiated, assets may be purchased under finance lease agreement. The extent of this financing is not considered material.

iii) Credit risk

Credit risk arises on financial instruments such as trade receivables. Policies and procedures exist to ensure that

customers have an appropriate credit history. Machinery is generally not released to customers until payment is received in full. Overall, the company considers that it is not exposed to a significant amount of credit risk.

ON BEHALF OF THE BOARD:

E C M Baker - Director

14 July 2026

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 sourcing and trading in equipment and machinery to be used in the recycling industry.

DIVIDENDS

No dividends will be distributed for the year ended 31 October 2025.

RESEARCH AND DEVELOPMENT

The company remains committed to research and development in pursuit of its strategy and objectives and undertakes work together with its primary suppliers in these areas whenever it is anticipated that a competitive advantage is to be achieved in terms of its principal activity of the import, sub-assembly, stocking, distribution, and export of various forestry, confi-shred, recycling, and construction equipment.

DIRECTORS

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

J K Buckle

E C M Baker

G Westwood

Other changes in directors holding office are as follows:

C L Flowers - resigned 30 April 2025

S J Edwards was appointed as a director after 31 October 2025 but prior to the date of this report.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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, Hardcastle Burton LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

E C M Baker - Director

14 July 2026

Opinion

We have audited the financial statements of Global Machinery Solutions Limited (the 'company') for the year ended 31 October 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity 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 October 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 four, 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:

Our approach was as follows:-

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that related to the reporting framework (FRS 102 and Companies Act 2006).

We obtained an understanding to how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through correspondence with management and a review of any correspondence received from regulatory bodies.

We assessed the susceptivity of the company's financial statements to material misstatement, including how fraud might occur by meeting with management from various parts of the business to understand the systems and controls of the company.

Based on our understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved; journal entry testing; focusing on manual journals and journals indicating large or unusual transactions based on our understanding of the business; enquiries of management and focused testing in relation to revenue and management override.

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.

Denise Lindsell FCA (Senior Statutory Auditor)

for and on behalf of Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

20 July 2026

TURNOVER

3

18,723,809

1,143,416

19,867,225

Cost of sales

(16,435,463

)

(1,094,447

)

(17,529,910

)

GROSS PROFIT

2,288,346

48,969

2,337,315

Administrative expenses

(2,087,755

)

(94,219

)

(2,181,974

)

200,591

(45,250

)

155,341

Other operating income

17,500

-

17,500

OPERATING PROFIT/(LOSS)

5

218,091

(45,250

)

172,841

Interest receivable and similar income

13,305

-

13,305

Interest payable and similar expenses

6

(101,478

)

-

(101,478

)

PROFIT/(LOSS) BEFORE TAXATION

129,918

(45,250

)

84,668

Tax on profit/(loss)

7

-

-

-

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

129,918

(45,250

)

84,668

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR

84,668

TURNOVER

3

14,732,477

1,828,448

16,560,925

Cost of sales

(13,772,253

)

(1,412,407

)

(15,184,660

)

GROSS PROFIT

960,224

416,041

1,376,265

Administrative expenses

(2,533,002

)

(283,542

)

(2,816,544

)

OPERATING (LOSS)/PROFIT

5

(1,572,778

)

132,499

(1,440,279

)

Interest payable and similar expenses

6

(218,734

)

-

(218,734

)

(LOSS)/PROFIT BEFORE TAXATION

(1,791,512

)

132,499

(1,659,013

)

Tax on (loss)/profit

7

-

-

-

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(1,791,512

)

132,499

(1,659,013

)

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

(1,659,013

)

FIXED ASSETS

Intangible assets

8

11,002

14,222

Tangible assets

9

937,109

2,117,918

Investments

10

1

1

948,112

2,132,141

CURRENT ASSETS

Stocks

11

8,896,163

9,781,501

Debtors

12

2,541,476

2,233,129

Cash at bank and in hand

236,716

296,187

11,674,355

12,310,817

CREDITORS

Amounts falling due within one year

13

4,945,998

5,265,428

NET CURRENT ASSETS

6,728,357

7,045,389

TOTAL ASSETS LESS CURRENT LIABILITIES

7,676,469

9,177,530

CREDITORS

Amounts falling due after more than one year

14

1,032,617

2,618,346

NET ASSETS

6,643,852

6,559,184

CAPITAL AND RESERVES

Called up share capital

17

1,784,800

1,784,800

Share premium

6,400,000

6,400,000

Retained earnings

(1,540,948

)

(1,625,616

)

SHAREHOLDERS' FUNDS

6,643,852

6,559,184

The financial statements were approved by the Board of Directors and authorised for issue on 14 July 2026 and were signed on its behalf by:

E C M Baker - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 November 2023

1,784,800

33,397

6,400,000

8,218,197

Changes in equity

Total comprehensive loss

-

(1,659,013

)

-

(1,659,013

)

Balance at 31 October 2024

1,784,800

(1,625,616

)

6,400,000

6,559,184

Changes in equity

Total comprehensive income

-

84,668

-

84,668

Balance at 31 October 2025

1,784,800

(1,540,948

)

6,400,000

6,643,852

1.	STATUTORY INFORMATION

Global Machinery Solutions 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.

The presentation currency of the financial statements is the Pound Sterling (£).

The principal place of business is Global Way, Long Bennington, Newark, Nottinghamshire, NG23 5TU.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The balance sheet for 31 October 2025 shows net current assets of £6,728,357 (2024: £7,045,389) and net assets of £6,643,852 (2024: £6,559,184). The directors have reviewed the cash flow projections and lending requirements for the 12 month period from the date of approval of these financial statements. The company has obtained continued financial support from its parent company, Heathpatch Limited, who have confirmed their ability to provide financial support. The cash flow projections indicate that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the accounts.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirement of paragraph 33.7.

Preparation of consolidated financial statements

The financial statements contain information about Global Machinery Solutions Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Heathpatch Limited, Dairy Farm Office, Semer, Ipswich, Suffolk, IP7 6RA.

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.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions which impact on the reported amounts of assets and liabilities. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Company's machinery which is available for hire has been recognised in stock. The machinery held in stock is on the basis it is also available for sale. The machines are assessed for impairment at each reporting date and impairment losses are recognised if their carrying amounts exceed their recoverable amounts. The recoverable amounts of the machines are determined as the higher of their selling prices less costs to sell and values in use i.e. the future net hire income.

Turnover

Revenue from the sale of goods is recognised when significant risks and rewards of the ownership of the goods have been transferred to the buyer.

Hire and service income is recognised on a straight-line basis over the period of the agreement, as the services are provided. Income is measured at the fair value of the consideration receivable, net of any discounts or rebates, and is recognised in the accounting period to which the service relates.

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.

Website development is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

20% on cost and 10% on cost

Plant and machinery

-

20% on cost and Straight line over 6 years

Fixtures and fittings

-

20% on cost

Motor vehicles

-

20% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are initially recognised at cost and are reviewed annually for impairments.

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.

Cost is determined on a first in first out basis and includes all direct costs incurred. Net realisable value is based upon estimated selling price allowing for further costs of completion and disposal.

Impairment is recognised on stock hired to customers at an annual rate of 16.67%. The impairment charge is applied on a monthly basis for the period during which the stock is on hire.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

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

Basic financial liabilities

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

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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.

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 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.

3.

TURNOVER

The turnover and profit (2024 - loss) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.10.25

31.10.24

£

£

United Kingdom

19,011,344

14,636,157

EU & Europe

673,515

1,727,656

Rest of the world

182,366

197,112

19,867,225

16,560,925

4.	EMPLOYEES AND DIRECTORS

31.10.25

31.10.24

£

£

Wages and salaries

2,061,818

2,442,508

Social security costs

267,753

288,166

Other pension costs

104,246

52,307

2,433,817

2,782,981

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

31.10.25

31.10.24

Sales staff

9

11

Office staff

19

17

Production / site staff

14

24

42

52

31.10.25

31.10.24

£

£

Directors' remuneration

175,650

185,000

Directors' pension contributions to money purchase schemes

48,935

2,642

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

Money purchase schemes

2

2

5.	OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging/(crediting):

31.10.25

31.10.24

£

£

Other operating leases

138,943

152,216

Depreciation - owned assets

188,051

278,223

Depreciation - assets on hire purchase contracts

104,351

220,077

Profit on disposal of fixed assets

(66,256

)

(72,059

)

Website development amortisation

3,220

3,753

Auditors' remuneration

44,239

24,053

Foreign exchange differences

10,205

(13,666

)

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.10.25

31.10.24

£

£

Bank loan interest

-

15,516

Other loan interest payable

79,494

151,073

Hire purchase

21,984

52,145

101,478

218,734

7.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 October 2025 nor for the year ended 31 October 2024.

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:

31.10.25

31.10.24

£

£

Profit/(loss) before tax

84,668

(1,659,013

)

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

21,167

(414,753

)

Effects of:

Expenses not deductible for tax purposes

13,423

1,229

Movement in deferred tax not provided

(34,590

)

413,524

Total tax charge

-

-

No liability to UK corporation tax arose for the year ended 31 October 2025 nor the year ended 31 October 2024, due to losses of approximately £1.3m (2024: £2.0m).

8.	INTANGIBLE FIXED ASSETS

Website

development

£

COST

At 1 November 2024

25,475

Disposals

(9,375

)

At 31 October 2025

16,100

AMORTISATION

At 1 November 2024

11,253

Amortisation for year

3,220

Eliminated on disposal

(9,375

)

At 31 October 2025

5,098

NET BOOK VALUE

At 31 October 2025

11,002

At 31 October 2024

14,222

9.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 November 2024

462,834

1,429,232

48,953

1,357,024

3,298,043

Additions

-

22,992

-

116,457

139,449

Disposals

-

(1,173,381

)

(1,790

)

(430,555

)

(1,605,726

)

At 31 October 2025

462,834

278,843

47,163

1,042,926

1,831,766

DEPRECIATION

At 1 November 2024

101,985

382,788

34,601

660,751

1,180,125

Charge for year

48,414

41,973

6,957

195,058

292,402

Eliminated on disposal

-

(240,221

)

(1,790

)

(335,859

)

(577,870

)

At 31 October 2025

150,399

184,540

39,768

519,950

894,657

NET BOOK VALUE

At 31 October 2025

312,435

94,303

7,395

522,976

937,109

At 31 October 2024

360,849

1,046,444

14,352

696,273

2,117,918