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T B Davies (Cardiff) Limited

Audited Financial Statements for the Year Ended 31 December 2025

T B Davies (Cardiff) Limited

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | F Camilleri

| P J Gray

| M T Gray

| M P Gray

| D J Gray

| SECRETARY: | M T Gray

| REGISTERED OFFICE: | Lewis Road

| Cardiff

| CF24 5EB

| REGISTERED NUMBER: | 00534073 (England and Wales)

| AUDITORS: | BPU Limited

| Chartered Accountants

| Statutory Auditor

| Radnor House

| Greenwood Close

| Cardiff Gate Business Park

| Cardiff

| CF23 8AA

T B Davies (Cardiff) Limited (Registered number: 00534073)

Balance Sheet

31 December 2025

2025 | 2024 |

| Notes | £ | £ | £ | £

FIXED ASSETS

Tangible assets | 3 | 368,231 |  | 366,495 |  |

Investments | 4 | 20,584 |  | 20,584 |  |

388,815 |  | 387,079 |  |

CURRENT ASSETS

Stocks | 1,228,672 |  | 870,598 |  |

Debtors | 5 | 1,211,727 |  | 1,211,434 |  |

Investments | 6 | 615,982 |  | 560,362 |  |

Cash at bank and in hand | 109,264 |  | 127,368 |  |

3,165,645 |  | 2,769,762 |  |

CREDITORS

Amounts falling due within one year | 7 | 1,981,630 |  | 1,596,443 |  |

NET CURRENT ASSETS | 1,184,015 |  | 1,173,319 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,572,830 |  | 1,560,398 |  |

CREDITORS

Amounts falling due after more than one year | 8 | 96,608 |  | 156,565 |  |

NET ASSETS | 1,476,222 |  | 1,403,833 |  |

CAPITAL AND RESERVES

Called up share capital | 30,000 |  | 30,000 |  |

Retained earnings | 1,446,222 |  | 1,373,833 |  |

SHAREHOLDERS' FUNDS | 1,476,222 |  | 1,403,833 |  |

T B Davies (Cardiff) Limited (Registered number: 00534073)

Balance Sheet - continued

31 December 2025

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 21 July 2026 and were signed on its behalf by:

D J Gray - Director

T B Davies (Cardiff) Limited (Registered number: 00534073)

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| Turnover

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

| 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.

| Plant and machinery | - | at rates varying between 10% and 33.33%

| Motor vehicles | - | 20% reducing balance

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Stocks

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

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & 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.

T B Davies (Cardiff) Limited (Registered number: 00534073)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

1. | ACCOUNTING POLICIES - continued

| 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.

| Hire purchase and leasing commitments

| Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives.

| The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

| Pension costs

| 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.

| Investments

| Listed investments are stated at fair value. Unlisted investments are stated at cost less any provision for permanent diminution in value.

| Cash and cash equivalents

| Cash and cash equivalents in the balance sheet comprise cash at bank and in hand.

| Bank overdrafts

| Bank overdrafts are presented in current liabilities to the extent that there is no right of offset with cash balances.

2. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 24 (2024 - 25 ) .

T B Davies (Cardiff) Limited (Registered number: 00534073)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | TANGIBLE FIXED ASSETS

Plant and | Motor |

machinery | vehicles | Totals |

| £ | £ | £

| COST

| At 1 January 2025 | 486,732 |  | 167,036 |  | 653,768 |  |

| Additions | 107,314 |  | - |  | 107,314 |  |

| At 31 December 2025 | 594,046 |  | 167,036 |  | 761,082 |  |

| DEPRECIATION

| At 1 January 2025 | 255,974 |  | 31,299 |  | 287,273 |  |

| Charge for year | 80,786 |  | 24,792 |  | 105,578 |  |

| At 31 December 2025 | 336,760 |  | 56,091 |  | 392,851 |  |

| NET BOOK VALUE

| At 31 December 2025 | 257,286 |  | 110,945 |  | 368,231 |  |

| At 31 December 2024 | 230,758 |  | 135,737 |  | 366,495 |  |

| Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and | Motor |

machinery | vehicles | Totals |

| £ | £ | £

| COST

| At 1 January 2025

| and 31 December 2025 | 155,711 |  | 109,538 |  | 265,249 |  |

| DEPRECIATION

| At 1 January 2025

| and 31 December 2025 | 64,919 |  | 10,512 |  | 75,431 |  |

| NET BOOK VALUE

| At 31 December 2025 | 90,792 |  | 99,026 |  | 189,818 |  |

| At 31 December 2024 | 90,792 |  | 99,026 |  | 189,818 |  |

T B Davies (Cardiff) Limited (Registered number: 00534073)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

4. | FIXED ASSET INVESTMENTS

Shares in |

group | Other |

undertakings | investments | Totals |

| £ | £ | £

| COST OR VALUATION

| At 1 January 2025

| and 31 December 2025 | 84 |  | 20,500 |  | 20,584 |  |

| NET BOOK VALUE

| At 31 December 2025 | 84 |  | 20,500 |  | 20,584 |  |

| At 31 December 2024 | 84 |  | 20,500 |  | 20,584 |  |

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

Shares in |

group | Other |

undertakings | investments | Totals |

| £ | £ | £

| Valuation in 2024 | - |  | (3,626 | ) | (3,626 | ) |

| Cost | 84 |  | 24,126 |  | 24,210 |  |

84 |  | 20,500 |  | 20,584 |  |

5. | DEBTORS

2025 | 2024 |

| £ | £

| Amounts falling due within one year:

| Trade debtors | 1,030,121 |  | 937,079 |  |

| Other debtors & prepayments | 174,906 |  | 248,755 |  |

1,205,027 |  | 1,185,834 |  |

| Amounts falling due after more than one year:

| Other debtors | 6,700 |  | 25,600 |  |

| Aggregate amounts | 1,211,727 |  | 1,211,434 |  |

6. | CURRENT ASSET INVESTMENTS

2025 | 2024 |

| £ | £

| Listed investments | 615,982 |  | 560,362 |  |

T B Davies (Cardiff) Limited (Registered number: 00534073)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

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

2025 | 2024 |

| £ | £

| Hire purchase contracts (see note 9) | 59,865 |  | 54,722 |  |

| Trade creditors | 985,357 |  | 618,379 |  |

| Amounts owed to group undertakings | 84 |  | 84 |  |

| Taxes & social security costs | 58,852 |  | 87,720 |  |

| Other creditors & accruals | 877,472 |  | 835,538 |  |

1,981,630 |  | 1,596,443 |  |

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

2025 | 2024 |

| £ | £

| Hire purchase contracts (see note 9) | 96,608 |  | 156,565 |  |

9. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Hire purchase |

| contracts |

2025 | 2024 |

| £ | £

| Net obligations repayable:

| Within one year | 59,865 |  | 54,722 |  |

| Between one and five years | 96,608 |  | 156,565 |  |

156,473 |  | 211,287 |  |

Non-cancellable |

operating leases |

2025 | 2024 |

| £ | £

| Within one year | 218,103 |  | 220,822 |  |

| Between one and five years | 744,860 |  | 842,122 |  |

| In more than five years | - |  | 120,315 |  |

962,963 |  | 1,183,259 |  |

T B Davies (Cardiff) Limited (Registered number: 00534073)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

10. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

| £ | £

| Hire purchase contracts | 156,473 |  | 211,287 |  |

| The hire purchase contracts are secured over the assets to which they relate.

11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Nicholas Matthew Toye FCA (Senior Statutory Auditor)

| for and on behalf of BPU Limited

12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 31 December 2025 and 31 December 2024:

2025 | 2024 |

| £ | £

| P J Gray

| Balance outstanding at start of year | 58 |  | 2,189 |  |

| Amounts advanced | 7,921 |  | 2,471 |  |

| Amounts repaid | (7,139 | ) | (4,602 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 840 |  | 58 |  |

| D J Gray

| Balance outstanding at start of year | 1,427 |  | 1,665 |  |

| Amounts advanced | 29,406 |  | 17,287 |  |

| Amounts repaid | (26,420 | ) | (17,525 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 4,413 |  | 1,427 |  |

T B Davies (Cardiff) Limited (Registered number: 00534073)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

| M T Gray

| Balance outstanding at start of year | - |  | 128 |  |

| Amounts advanced | 525 |  | 50 |  |

| Amounts repaid | (200 | ) | (178 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 325 |  | - |  |

| F Camilleri

| Balance outstanding at start of year | - |  | - |  |

| Amounts advanced | 3,563 |  | - |  |

| Amounts repaid | (3,270 | ) | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 293 |  | - |  |

13. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling party is T B Davies (Holdings) Limited.

| Consolidated financial statements are not prepared as the group qualifies as small.