REGISTERED NUMBER: 06729061 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2025

for

Wetherby Group of Companies Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

9

Report of the Independent Auditors

11

Consolidated Income Statement

15

Consolidated Other Comprehensive Income

16

Consolidated Balance Sheet

17

Company Balance Sheet

18

Consolidated Statement of Changes in Equity

19

Company Statement of Changes in Equity

20

Consolidated Cash Flow Statement

21

Notes to the Consolidated Cash Flow Statement

22

Notes to the Consolidated Financial Statements

24

DIRECTORS:

A J Chalmers

P Ciborowski

F Kloebbe

T Raghavan

SECRETARY:

C F Sowerby

REGISTERED OFFICE:

Wetherby Stone Products Ltd

Dalton Airfield Industrial Estate

Dalton

Thirsk

North Yorkshire

YO7 3HE

REGISTERED NUMBER:

06729061 (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 of the company and the group for the year ended 31 December 2025.

Wetherby Group of Companies is a leading manufacturing group specialising in performance building products and systems for both the private and commercial sectors. With an innovative and technology-led focus, we provide coloured and insulated render systems, exterior paints, and coatings for the new build and refurbishment market.

In addition to our manufacturing, we are involved in property activities leveraging our expertise in performance building products to enhance our property portfolio and create high-quality spaces that meet the needs of modern working environments for our trading activities.

At Wetherby Group of Companies, our passion is creating high-performance quality products that give you just what you're looking for-products that you can work with all day, every day, allowing you to complete your projects faster and easier than ever before, with less risk. Our products are trusted and loved by contractors.

At our UK technology and performance centre, formulated by some of the brightest chemists in the industry, our market-leading technology products and systems are developed with a focus on performance, durability, standards, and ease of use. Additionally, all our processes are managed and monitored internally to the highest standards, from the factory floor to delivery.

Fully accredited and tested, our products and systems are certified with the British Board of Agrément, UKCA, ETAG 004, and MOAT 22 standards to ensure they perform in the most demanding weather conditions and protect buildings for a lifetime ahead.

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

We Create Functional & Beautiful Building Façades

We are an innovation and technology-led manufacturer of performance building products and systems, specialising in coloured and insulated render, exterior paints, and coatings for the new build and refurbishment market in the UK.

Our products and systems are developed in line with performance, durability, standards, and ease of use. Focussed on the needs of buildings and the applicators, we create our market leading technology products that contractors love to use and can trust.

Our Passion - Your Façade

We are committed to investing in research, product development and product safety. Our customers always come first, and we are committed to providing rendering and coating installers with the best support for their daily business.

We work with customers in partnership, providing exceptional quality products and excellent technical service. Our passion is creating products contractors love to use and trust - creating beautiful colourful buildings, with systems that will protect and keep families warm and dry, whilst also protecting the environment.

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.

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 2000 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.

Specification & Technical Advice Support

We know that supporting our customers and applicators with detailed specifications, system drawings and certifications, alongside product understanding, training and site support is vital; therefore, we have a dedicated and highly skilled team that are always available at our technical service centre.

Always guiding and helping, we are an extension of our customers' and applicators' business. We add real value and reduce any project risk, always working in the very best interest of our customers and applicators, to ensure success is achieved on every project.

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.

National Distribution Partners

Our products and systems are available direct from our national distribution warehouse in North Yorkshire, which holds up to 3000 pallets ready to be delivered to our distribution partners across the UK.

Our distribution partners are technical specialists in our products and systems and provide the very best added-value service available in the market to our contractors, alongside delivering our products and systems direct to sites the next working day.

Approved Network of Quality Installers

Our approved network of contractors are committed to following the guidelines and principles of our charter, which is to always operate in the best interest of the client and customer alongside the highest standards in respect of Health & Safety, the standard of work, training, and the environment.

Our approved members provide house builders, homeowners, and main contractors with a high level of reassurance that they will undertake a high-quality level of workmanship and treat your customers fairly - conducting all in accordance with a stringent code of conduct and customer charter - a condition of our membership.

Always supporting contractors and customers from our Training Academy to further strengthen the quality of our network of approved contractors. Our state-of-the-art training facility combines practical and theoretical training in the full range of our brands products and systems.

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.

Using our in-house hygrothermal chamber, we can simulate and test extreme weather conditions to ensure our current products and systems outperform ETAG 004, MOAT 22 and UKCA standards whilst developing innovative new products to bring to the sector.

Our QUV accelerated weathering testing machine, will expose a product to alternating cycles of UV light and moisture at controlled, elevated temperatures. This process will reproduce the potential long-term damage of years of exposure in just a few weeks or months, to ensure all our products have long-term product stability to exceed it expected life cycle.

To ensure our systems outperform the standards required by independent regulators, official organisations, and our clients, our team of some of the most experienced and knowledgeable chemists in the UK, will use multiple methods to conduct testing for the adhesion to the substrate, impact resistance, flexibility, water uptake and much more.

As well as guaranteeing all incoming raw materials are at the highest quality grade available, we ensure the finished product and system are to our high standards and certified and approved by the relevant test and certification bodies - indicating a high-quality, experienced, and reliable business and product.

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. Although total group turnover dropped slightly, our strategic approach to pricing and key supplier relationships contributed to an increase in our gross margin percentage year-on-year.

2025

2024

£

£

Turnover

19,818,243

20,321,022

Gross Profit

7,904,466

7,663,080

Gross Profit %

39.88%

37.71%

Profit Before Taxation

5,507,525

4,601,229

Profit Before Taxation %

27.79%

22.64%

EBITDA

5,702,429

5,025,613

EBITDA %

28.77%

24.73%

The EBITDA for the year included a gain on revaluation of the group's operating site at Dalton. Without that gain the EBITDA comparison is a drop from 2024's final figure.

This performance strengthened the balance sheet, with net assets now in excess of £20m.

With the partnership with Henkel announced in February 2026, the group is now well placed to continue its strategic and controlled growth profile. As well as continuing to develop its own products, the partnership will open potential new product and market opportunities for the business. Further significant capital investment from cash reserves is planned and the group 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.

The group will also continue to invest in staff and operational resources from cash reserves where appropriate to support a return to continuing our growth strategy.

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, our partnership with Henkel, Düsseldorf, Germany - a global leader in adhesives, sealants and coatings - was announced in early 2026. 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 and the group for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of manufacturing specialising in performance building products and systems.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 was £672,206, (2024: £839,050).

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 , D A Chalmers Groves and A S J Chalmers ceased to be directors after 31 December 2025 but prior to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT

The following information, which would otherwise be disclosed in the directors' report, is instead disclosed in the strategic report, as permitted by s414C(11) of the Companies Act 2006:

- Principal risks and uncertainties

- Future developments

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group'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 Group of Companies Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2025 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records 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 nine, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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.

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 key areas of uncertainty within these financial statements are disclosed within note 2.

- 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

19,818,243

20,321,022

Cost of sales

(11,913,777

)

(12,657,942

)

GROSS PROFIT

7,904,466

7,663,080

Administrative expenses

(4,034,135

)

(3,539,765

)

3,870,331

4,123,315

Other operating income

279,994

253,806

OPERATING PROFIT

5

4,150,325

4,377,121

Interest receivable and similar income

270,747

230,818

4,421,072

4,607,939

Gain/loss on revaluation of investment property

1,088,114

-

5,509,186

4,607,939

Interest payable and similar expenses

6

(1,661

)

(6,710

)

PROFIT BEFORE TAXATION

5,507,525

4,601,229

Tax on profit

7

(1,189,808

)

(1,124,309

)

PROFIT FOR THE FINANCIAL YEAR

4,317,717

3,476,920

Profit attributable to:

Owners of the parent

2,466,608

1,469,001

Non-controlling interests

1,851,109

2,007,919

4,317,717

3,476,920

PROFIT FOR THE YEAR

4,317,717

3,476,920

OTHER COMPREHENSIVE INCOME

Loss on revaluation of fixed assets

(666,266

)

-

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(666,266

)

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,651,451

3,476,920

Total comprehensive income attributable to:

Owners of the parent

1,800,342

1,469,001

Non-controlling interests

1,851,109

2,007,919

3,651,451

3,476,920

FIXED ASSETS

Intangible assets

11

120,400

143,107

Tangible assets

12

5,971,015

6,858,682

Investments

13

-

-

Investment property

14

1,888,114

800,000

7,979,529

7,801,789

CURRENT ASSETS

Stocks

15

2,432,527

2,289,468

Debtors

16

2,308,826

2,719,872

Cash at bank and in hand

11,558,433

9,128,702

16,299,786

14,138,042

CREDITORS

Amounts falling due within one year

17

(3,451,065

)

(4,125,225

)

NET CURRENT ASSETS

12,848,721

10,012,817

TOTAL ASSETS LESS CURRENT LIABILITIES

20,828,250

17,814,606

PROVISIONS FOR LIABILITIES

20

(661,792

)

(627,393

)

NET ASSETS

20,166,458

17,187,213

CAPITAL AND RESERVES

Called up share capital

21

60,008

60,008

Revaluation reserve

22

532,964

1,199,230

Capital redemption reserve

22

39,992

39,992

Investment property

revaluations

22

346,836

30,450

Retained earnings

22

10,286,499

8,548,236

11,266,299

9,877,916

NON-CONTROLLING INTERESTS

23

8,900,159

7,309,297

TOTAL EQUITY

20,166,458

17,187,213

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

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

16,869

22,022

Investments

13

301

301

Investment property

14

6,353,845

5,928,152

6,371,015

5,950,475

CURRENT ASSETS

Debtors

16

42,245

33,333

Cash at bank

568,657

748,260

610,902

781,593

CREDITORS

Amounts falling due within one year

17

(506,358

)

(485,897

)

NET CURRENT ASSETS

104,544

295,696

TOTAL ASSETS LESS CURRENT LIABILITIES

6,475,559

6,246,171

PROVISIONS FOR LIABILITIES

20

(477,134

)

(369,697

)

NET ASSETS

5,998,425

5,876,474

CAPITAL AND RESERVES

Called up share capital

21

60,008

60,008

Capital redemption reserve

22

39,992

39,992

Investment property

revaluations

22

1,546,066

1,229,680

Retained earnings

22

4,352,359

4,546,794

5,998,425

5,876,474

Company's profit for the financial year

533,910

521,647

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

Called up

Capital

share

Retained

Revaluation

redemption

capital

earnings

reserve

reserve

£

£

£

£

Balance at 1 January 2024

60,008

7,269,095

1,199,230

39,992

Changes in equity

Dividends

-

(189,860

)

-

-

Total comprehensive income

-

1,469,001

-

-

Balance at 31 December 2024

60,008

8,548,236

1,199,230

39,992

Changes in equity

Transfer between reserves

-

(316,386

)

-

-

Dividends

-

(411,959

)

-

-

Total comprehensive income

-

2,466,608

(666,266

)

-

Balance at 31 December 2025

60,008

10,286,499

532,964

39,992

Investment

property

Non-controlling

Total

revaluations

Total

interests

equity

£

£

£

£

Balance at 1 January 2024

30,450

8,598,775

5,950,568

14,549,343

Changes in equity

Dividends

-

(189,860

)

(649,190

)

(839,050

)

Total comprehensive income

-

1,469,001

2,007,919

3,476,920

Balance at 31 December 2024

30,450

9,877,916

7,309,297

17,187,213

Changes in equity

Transfer between reserves

316,386

-

-

-

Dividends

-

(411,959

)

(260,247

)

(672,206

)

Total comprehensive income

-

1,800,342

1,851,109

3,651,451

Balance at 31 December 2025

346,836

11,266,299

8,900,159

20,166,458