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REGISTERED NUMBER: 05142333 (England and Wales)

| GROUP STRATEGIC REPORT, |

| REPORT OF THE DIRECTORS AND |

| CONSOLIDATED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30 NOVEMBER 2025 |

| FOR |

| STARBANK HOLDINGS LIMITED |

STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 5 |

| Consolidated Statement of Comprehensive Income | 8 |

| Consolidated Balance Sheet | 9 |

| Company Balance Sheet | 10 |

| Consolidated Statement of Changes in Equity | 11 |

| Company Statement of Changes in Equity | 12 |

| Consolidated Cash Flow Statement | 13 |

| Notes to the Consolidated Cash Flow Statement | 14 |

| Notes to the Consolidated Financial Statements | 15 |

| STARBANK HOLDINGS LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 30 NOVEMBER 2025

| DIRECTORS: | Mr G Darbyshire

| Mr P G Darbyshire

| Mrs W K Elsworthy

| Mrs M K Darbyshire

| SECRETARY: | Mrs M K Darbyshire

| REGISTERED OFFICE: | Unit 2 Anglezarke Road

| Sankey Valley Industrial Estate

| Newton Le Willows

| Merseyside

| WA12 8DJ

| REGISTERED NUMBER: | 05142333 (England and Wales)

| AUDITORS: | Livesey Spottiswood Ltd

| Chartered Accountants and

| Statutory Auditors

| 17 George Street

| St Helens

| Merseyside

| WA10 1DB

| BANKERS: | HSBC Bank plc

| Central Lancashire Commercial Centre

| Beech House

| Caxton Road, Fulwood

| Preston

| PR2 9NZ

| SOLICITORS: | Tickle Hall Cross

| Carlton Chambers

| 25 Hardshaw Street

| St Helens

| Merseyside

| WA10 1RP

STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2025

The directors present their strategic report of the company and the group for the year ended 30 November 2025.

During the year, the group's principal activity continued to be that of laminate fabricators and postformers.

REVIEW OF BUSINESS

The directors are pleased to report an extremely positive turnaround in sales and profits for the year ended 30 November 2025, following a particularly challenging prior year.

With the issues relating to the new machinery now resolved and delayed customer projects progressing once again, we are pleased to confirm that sales and profits were at record levels for the organisation.

Sales & Profit

The directors consider turnover and operating profit to be key indicators of financial performance.

Turnover increased by 21.1% during the year to a record £10,887,657, compared with the previous year's turnover of £8,989,416. This growth was driven by delayed projects progressing during the year, together with increased business from both new and existing clients. Growth in the second half of the financial year was particularly strong, and the directors are confident that this momentum will continue into the new financial year, delivering further growth in turnover.

Operating profit increased significantly from £631,111 (7.0% of turnover) in the previous year to a record £1,574,858 (14.5% of turnover).

In recognition of these excellent results, the directors introduced a company profit sharing scheme for employees of Starbank Panel Products Ltd, under which 5% of total profit were distributed amongst all colleagues. The scheme will be offered again next year to reward and incentivise colleagues as the business continues to pursue sustainable growth and improved profitability.

Cash Flow

Cashflow remained positive throughout the year, improving as the year progressed despite all capital investment during the year being funded through cashflow. The cashflow forecast for the coming year is looking very positive.

Production

Another busy year of investment in new plant and machinery began with the removal of the existing Storage Retrieval System and one of the two Schelling Beam Saws, making way for their modern replacements. Once this phase was complete, the second Schelling Beam Saw was removed in preparation for the installation of a further new Beam Saw in the first quarter of the new financial year.

Both Beam Saws will be fully integrated with the new Storage Retrieval System, delivering significant improvements in efficiency and productivity. The upgraded storage system provides approximately 40% more board storage capacity, while four indeed stations offer greater flexibility for loading stock or feeding boards directly to the saws on larger projects. In addition, the new saws feature automatic panel labelling to further enhance operational efficiency.

The project was completed smoothly, with no major disruption to production or impact on output.

Human Resources

During 2025, we built on the recruitment successes of the previous year, welcoming several new employees to the Starbank team. As the business continues to grow, succession planning and skills development remain key priorities to ensure we have the capability to support future expansion.

Towards the end of the financial year, the directors approved the introduction of a third shift within the CNC department, requiring the recruitment of an additional team. Recruitment and interviews took place in the early part of the new financial year and the new shift was fully resourced and operational by the end of February 2026. This investment will provide significant additional capacity in one of our busiest departments.

Recruitment will remain a key priority throughout 2026 as we continue to support the anticipated growth in turnover.

Investment / Development

With the installation of the two new Beam Saws and Storage Retrieval System taking place immediately after the removal of the existing equipment, the directors felt it was prudent to allow production time to fully integrate and optimise the new machinery before committing to any further major capital investment.

STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2025

However, during the year the group acquired the assets and welcomed three employees from a fire door customer that entered administration. The additional skills, expertise and machinery gained through this acquisition will enable Starbank to offer a more comprehensive product offering to its fire door customers.

Carbon reduction & ESG

The organisation has secured another 24-month, 100% renewable energy supply contract with British Gas which will commence in April 2027 when the existing contract finishes. This will ensure that all of the electricity used within the business continues to come from renewable energy.

The IT manager has been trialling energy sensors on the submeters in the LV room, which generate data that will be used to populate an energy dashboard he has developed. The aim is to identify further energy savings by targeting waste areas. This will be an ongoing project to deliver future reductions in energy consumption.

There has been major investment in the biomass system with the installation of a new electrostatic filter, to ensure emissions are maintained at a very low level. Other upgrades to the system are also planned for the current year.

PRINCIPAL RISKS AND UNCERTAINTIES

The business remains vigilant against risk, and we will ensure that we act quickly to mitigate any risks we identify. The business strategy map plays a key role in identifying and mitigating risk, this is reviewed monthly by the management team.

ON BEHALF OF THE BOARD:

Mr P G Darbyshire - Director

15 July 2026

STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 30 NOVEMBER 2025

The directors present their report with the financial statements of the company and the group for the year ended 30 November 2025.

DIVIDENDS

The total distribution of dividends for the year ended 30th November 2025 will be £455,000 (2024 - £520,000).

DIRECTORS

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

Mr G Darbyshire

Mr P G Darbyshire

Mrs W K Elsworthy

Mrs M K Darbyshire

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS

A qualifying third party indemnity provision as defined in section 234 of the Companies Act 2006, applicable to all of the company's directors was in place during the financial year and continues to be in force as at the date these financial statements were approved.

DISCLOSURE IN THE STRATEGIC REPORT

The group has chosen in accordance with section 414C of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the group strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

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.

ON BEHALF OF THE BOARD:

Mrs W K Elsworthy - Director

15 July 2026

REPORT OF THE INDEPENDENT AUDITORS TO THE SHAREHOLDERS OF

STARBANK HOLDINGS LIMITED

Opinion

We have audited the financial statements of Starbank Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025 which comprise the Consolidated Statement of 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 30 November 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE SHAREHOLDERS OF

STARBANK HOLDINGS LIMITED

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 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Discussions with management and those involved in the financial reporting process including consideration of known or suspected instances of non-compliance with laws and regulations central to the company's ability to operate, and fraud;

- Evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities; and

- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or of significant monetary amounts.

There are inherent limitations in the audit procedures described above. 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. Also, 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 deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE SHAREHOLDERS OF

STARBANK HOLDINGS LIMITED

Use of our report

This report is made solely to the company's shareholders, 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 shareholders 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 shareholders as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew McMinnis FCA FCCA (Senior Statutory Auditor)

for and on behalf of Livesey Spottiswood Ltd

Chartered Accountants and

Statutory Auditors

17 George Street

St Helens

Merseyside

WA10 1DB

21 July 2026

STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |

CONSOLIDATED

STATEMENT OF COMPREHENSIVE

INCOME

FOR THE YEAR ENDED 30 NOVEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

TURNOVER | 3 | 10,887,657 |  | 8,989,416 |  |

Cost of sales | (6,921,815 | ) | (5,970,263 | ) |

GROSS PROFIT | 3,965,842 |  | 3,019,153 |  |

Administrative expenses | (3,152,861 | ) | (3,094,834 | ) |

812,981 |  | (75,681 | ) |

Other operating income | 761,877 |  | 706,792 |  |

OPERATING PROFIT | 5 | 1,574,858 |  | 631,111 |  |

Unrealised gain on revaluation of land and buildings | 6 | - |  | 3,412,627 |  |

1,574,858 |  | 4,043,738 |  |

Interest receivable and similar income | 20,203 |  | 57,128 |  |

1,595,061 |  | 4,100,866 |  |

Interest payable and similar expenses | 7 | (117,742 | ) | (124,948 | ) |

PROFIT BEFORE TAXATION | 1,477,319 |  | 3,975,918 |  |

Tax on profit | 8 | (247,026 | ) | (883,522 | ) |

PROFIT FOR THE FINANCIAL YEAR | 1,230,293 |  | 3,092,396 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,230,293 |  | 3,092,396 |  |

Profit attributable to:

Owners of the parent | 1,230,293 |  | 3,092,396 |  |

Total comprehensive income attributable to:

Owners of the parent | 1,230,293 |  | 3,092,396 |  |

STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |

CONSOLIDATED BALANCE SHEET

30 NOVEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 11 | 12,049,841 |  | 12,438,203 |  |

Investments | 12 | - |  | - |  |

12,049,841 |  | 12,438,203 |  |

CURRENT ASSETS

Stocks | 13 | 516,603 |  | 428,337 |  |

Debtors | 14 | 2,581,809 |  | 1,617,272 |  |

Cash at bank and in hand | 1,659,977 |  | 1,699,266 |  |

4,758,389 |  | 3,744,875 |  |

CREDITORS

Amounts falling due within one year | 15 | (3,193,054 | ) | (2,499,859 | ) |

NET CURRENT ASSETS | 1,565,335 |  | 1,245,016 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 13,615,176 |  | 13,683,219 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (1,130,870 | ) | (1,668,749 | ) |

PROVISIONS FOR LIABILITIES | 20 | (2,109,075 | ) | (2,414,532 | ) |

NET ASSETS | 10,375,231 |  | 9,599,938 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 1,000 |  | 1,000 |  |

Revaluation reserve | 22 | 2,139,169 |  | 2,183,125 |  |

Capital redemption reserve | 22 | 850,000 |  | 850,000 |  |

Retained earnings | 22 | 7,385,062 |  | 6,565,813 |  |

SHAREHOLDERS' FUNDS | 10,375,231 |  | 9,599,938 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 15 July 2026 and were signed on its behalf by:

Mr P G Darbyshire - Director

STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |

COMPANY BALANCE SHEET

30 NOVEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 11 | 7,233,171 |  | 7,139,436 |  |

Investments | 12 | 859,000 |  | 859,000 |  |

8,092,171 |  | 7,998,436 |  |

CURRENT ASSETS

Debtors | 14 | 251,618 |  | 190,577 |  |

Cash at bank | 176,685 |  | 83,337 |  |

428,303 |  | 273,914 |  |

CREDITORS

Amounts falling due within one year | 15 | (1,288,284 | ) | (333,124 | ) |

NET CURRENT LIABILITIES | (859,981 | ) | (59,210 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 7,232,190 |  | 7,939,226 |  |

CREDITORS

Amounts falling due after more than one year | 16 | (636,233 | ) | (1,385,566 | ) |

PROVISIONS FOR LIABILITIES | 20 | (951,232 | ) | (1,022,144 | ) |

NET ASSETS | 5,644,725 |  | 5,531,516 |  |

CAPITAL AND RESERVES

Called up share capital | 21 | 1,000 |  | 1,000 |  |

Revaluation reserve | 22 | 2,139,169 |  | 2,183,125 |  |

Capital redemption reserve | 22 | 850,000 |  | 850,000 |  |

Retained earnings | 22 | 2,654,556 |  | 2,497,391 |  |

SHAREHOLDERS' FUNDS | 5,644,725 |  | 5,531,516 |  |

Company's profit for the financial year | 568,209 |  | 3,223,189 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 15 July 2026 and were signed on its behalf by:

Mr P G Darbyshire - Director

STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 NOVEMBER 2025

| Called up |  | Capital |

| share |  | Retained |  | Revaluation |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 December 2023 | 1,000 |  | 6,176,542 |  | - |  | 850,000 |  | 7,027,542 |  |

Changes in equity

Dividends paid | - |  | (520,000 | ) | - |  | - |  | (520,000 | ) |

Total comprehensive income | - |  | 909,271 |  | 2,183,125 |  | - |  | 3,092,396 |  |

Balance at 30 November 2024 | 1,000 |  | 6,565,813 |  | 2,183,125 |  | 850,000 |  | 9,599,938 |  |

Changes in equity

Dividends paid | - |  | (455,000 | ) | - |  | - |  | (455,000 | ) |

Total comprehensive income | - |  | 1,274,249 |  | (43,956 | ) | - |  | 1,230,293 |  |

Balance at 30 November 2025 | 1,000 |  | 7,385,062 |  | 2,139,169 |  | 850,000 |  | 10,375,231 |  |

STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 NOVEMBER 2025

| Called up |  | Capital |

| share |  | Retained |  | Revaluation |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | reserve |  | equity

£ | £ | £ | £ | £ |

Balance at 1 December 2023 | 1,000 |  | 1,977,327 |  | - |  | 850,000 |  | 2,828,327 |  |

Changes in equity

Dividends paid | - |  | (520,000 | ) | - |  | - |  | (520,000 | ) |

Total comprehensive income | - |  | 1,040,064 |  | 2,183,125 |  | - |  | 3,223,189 |  |

Balance at 30 November 2024 | 1,000 |  | 2,497,391 |  | 2,183,125 |  | 850,000 |  | 5,531,516 |  |

Changes in equity

Dividends paid | - |  | (455,000 | ) | - |  | - |  | (455,000 | ) |

Total comprehensive income | - |  | 612,165 |  | (43,956 | ) | - |  | 568,209 |  |

Balance at 30 November 2025 | 1,000 |  | 2,654,556 |  | 2,139,169 |  | 850,000 |  | 5,644,725 |  |

STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 NOVEMBER 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 2,241,278 |  | 1,878,764 |  |

Interest paid | (33,526 | ) | (31,242 | ) |

Interest element of hire purchase payments paid | (84,216 | ) | (93,706 | ) |

Tax paid | (18,937 | ) | - |  |

Net cash from operating activities | 2,104,599 |  | 1,753,816 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (813,782 | ) | (410,078 | ) |

Sale of tangible fixed assets | 115,520 |  | 3,713 |  |

Interest received | 20,203 |  | 57,128 |  |

Net cash from investing activities | (678,059 | ) | (349,237 | ) |

Cash flows from financing activities

Loan repayments in year | (85,009 | ) | (87,292 | ) |

Capital repayments in year | (934,568 | ) | (957,599 | ) |

Amount introduced by directors | - |  | 1,000 |  |

Amount withdrawn by directors | (1,000 | ) | - |  |

Equity dividends paid | (455,000 | ) | (520,000 | ) |

Net cash from financing activities | (1,475,577 | ) | (1,563,891 | ) |

Decrease in cash and cash equivalents | (49,037 | ) | (159,312 | ) |

Cash and cash equivalents at beginning of year | 2 | 1,699,266 |  | 1,855,613 |  |

Effect of foreign exchange rate changes | 9,748 |  | 2,965 |  |

Cash and cash equivalents at end of year | 2 | 1,659,977 |  | 1,699,266 |  |

STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 NOVEMBER 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 1,477,319 |  | 3,975,918 |  |

| Depreciation charges | 989,608 |  | 1,055,073 |  |

| Loss on disposal of fixed assets | 97,016 |  | 8,281 |  |

| Exchange rate variances | (9,748 | ) | (2,965 | ) |

| Gain on revaluation of land & buildings | - |  | (3,412,627 | ) |

| Finance costs | 117,742 |  | 124,948 |  |

| Finance income | (20,203 | ) | (57,128 | ) |

2,651,734 |  | 1,691,500 |  |

| Increase in stocks | (88,266 | ) | (102,255 | ) |

| (Increase)/decrease in trade and other debtors | (964,537 | ) | 632,626 |  |

| Increase/(decrease) in trade and other creditors | 642,347 |  | (343,107 | ) |

| Cash generated from operations | 2,241,278 |  | 1,878,764 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 30 November 2025

| 30/11/25 |  | 1/12/24

£ | £ |

| Cash and cash equivalents | 1,659,977 |  | 1,699,266 |  |

| Year ended 30 November 2024

| 30/11/24 |  | 1/12/23

£ | £ |

| Cash and cash equivalents | 1,699,266 |  | 1,855,613 |  |

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1/12/24 | Cash flow | At 30/11/25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 1,699,266 |  | (39,289 | ) | 1,659,977 |  |

1,699,266 |  | (39,289 | ) | 1,659,977 |  |

| Debt

| Finance leases | (1,880,111 | ) | 934,568 |  | (945,543 | ) |

| Debts falling due within 1 year | (92,050 | ) | (2,650 | ) | (94,700 | ) |

| Debts falling due after 1 year | (723,892 | ) | 87,659 |  | (636,233 | ) |

(2,696,053 | ) | 1,019,577 |  | (1,676,476 | ) |

| Total | (996,787 | ) | 980,288 |  | (16,499 | ) |

STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

1. | STATUTORY INFORMATION

| Starbank Holdings 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 General Information page.

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention.

| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

| Basis of consolidation

| The financial statements include the results of the company and its subsidiary. In the company's financial statements, investments in subsidiary undertakings are stated at cost less provision for permanent diminution in value.

| Critical accounting judgements and key sources of estimation uncertainty

| In the application of the company's accounting policies as set out below, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

| The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

| Valuation of land and buildings

| As described in note 11 to the financial statements, land and buildings are stated at revalued amounts based on a valuation performed by an independent professional valuer with experience in the location and category of property valued. The valuer used an open market basis for the valuation.

| Depreciation

| The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives of the assets. These are amended when necessary to reflect current estimates based on technological advancement, future investment, economic utilisation and the physical condition of the assets. See note 11 for the carrying amount of the tangible fixed assets and the accounting policies for the depreciation rates for each class of assets.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

| Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

| Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

| Land and buildings |  | - 2% Straight line (excluding land) |

| Property improvements |  | - 2% - 5% Straight line and Straight line over 15 years |

| Plant and machinery |  | - 20% on reducing balance and 15% on reducing balance |

| Fixtures and fittings |  | - 15% on reducing balance |

| Motor vehicles |  | - 25% on reducing balance |

| Computer equipment |  | - Straight line over 3 years |

| Assets are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the average cost formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

| Taxation

| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

| Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

| Research and development

| Expenditure on research and development is written off in the year in which it is incurred.

| 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

| Rentals payable under operating leases are charged against profits on a straight line basis over the periods of the leases. Assets acquired under finance leases and hire purchase contracts are capitalised as tangible fixed assets and depreciated in accordance with the accounting policy on depreciation. The related obligations, net of finance costs allocated to future periods, are included in creditors. Finance costs are charged against profits on a straight line basis over the periods of the contracts.

STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement benefits

| When employees have rendered services to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

| The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

| Debtors and creditors receivable / payable within one year

| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

| Related parties

| For the purposes of these financial statements, a party is considered to be related to the company if:

| 1. the party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in making financial and operating decisions, or has joint control over the company;

| 2. the company and the party are subject to common control;

| 3. the party is an associate of the company or a joint venture in which the company is a venturer;

| 4. the party is a member of key management personnel of the company or the company's parent, or close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;

| 5. the party is a close family member of a party referred to in (1) or is an entity under the control, joint control or significant influence of such individuals; or

| 6. the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.

| Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.

| Government grants

| Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

3. | TURNOVER

| During the year the turnover exported overseas was less than 1% (2024 < 1%).

4. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 2,636,696 |  | 2,548,803 |  |

| Social security costs | 307,543 |  | 252,979 |  |

| Other pension costs | 518,046 |  | 408,471 |  |

3,462,285 |  | 3,210,253 |  |

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

| 2025 |  | 2024

| Office and management | 29 |  | 30 |  |

| Production | 51 |  | 52 |  |

80 |  | 82 |  |

| The key management personnel of the group comprise the Senior Management Team. The total remuneration paid in respect of the group's key management personnel was £346,259 (2024 - £291,295).

STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

4. | EMPLOYEES AND DIRECTORS - continued

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 25,140 |  | 69,501 |  |

| Directors' pension contributions to money purchase schemes | 162,000 |  | 120,000 |  |

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

| Money purchase schemes | 2 |  | 2 |  |

5. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Hire of plant and machinery | 14,042 |  | 13,707 |  |

| Other operating leases | 57,407 |  | 56,981 |  |

| Depreciation - owned assets | 654,170 |  | 518,860 |  |

| Depreciation - assets on hire purchase contracts | 335,438 |  | 536,215 |  |

| Loss on disposal of fixed assets | 97,016 |  | 8,281 |  |

| Auditors' remuneration | 15,750 |  | 14,950 |  |

| Foreign exchange differences | (9,748 | ) | (2,965 | ) |

6. | EXCEPTIONAL ITEMS

| 2025 |  | 2024

£ | £ |

| Unrealised gain on revaluation of land and buildings | - |  | 3,412,627 |  |

7. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Bank loan interest | 33,526 |  | 31,242 |  |

| Hire purchase interest | 84,216 |  | 93,706 |  |

117,742 |  | 124,948 |  |

STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

8. | TAXATION

| Analysis of the tax charge

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

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 552,484 |  | 18,938 |  |

| Prior periods | (1 | ) | - |  |

| Total current tax | 552,483 |  | 18,938 |  |

| Deferred tax:

| In respect of accelerated capital allowances | (290,806 | ) | 136,876 |  |

| In respect of revalued land and buildings | (14,651 | ) | 727,708 |  |

| Total deferred tax | (305,457 | ) | 864,584 |  |

| Tax on profit | 247,026 |  | 883,522 |  |

| 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

£ | £ |

| Profit before tax | 1,477,319 |  | 3,975,918 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 369,330 |  | 993,980 |  |

| Effects of:

| Expenses not deductible for tax purposes | 300 |  | 2,875 |  |

| Capital allowances in excess of depreciation | - |  | (57,142 | ) |

| Depreciation in excess of capital allowances | 182,854 |  | - |  |

| Utilisation of tax losses | - |  | (67,620 | ) |

| Adjustments to tax charge in respect of previous periods | (1 | ) | - |  |

| Unrealised gain on revaluation of land and buildings | - |  | (853,157 | ) |

| Movement in deferred tax - Accelerated capital allowances | (290,806 | ) | 136,878 |  |

| Movement in deferred tax - On revalued land and buildings | (14,651 | ) | 727,708 |  |

| Total tax charge | 247,026 |  | 883,522 |  |

9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

10. | DIVIDENDS PAID

| 2025 |  | 2024

£ | £ |

| Ordinary shares of £1 each |

| Dividends paid | 455,000 |  | 520,000 |  |

STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

11. | TANGIBLE FIXED ASSETS

| Group

| Land and |  | Property |  | Plant and

| buildings |  | improvements |  | machinery

£ | £ | £ |

| COST

| At 1 December 2024 | 6,209,208 |  | 1,953,322 |  | 8,858,014 |  |

| Additions | 30,291 |  | - |  | 731,113 |  |

| Disposals | - |  | (62,923 | ) | (794,813 | ) |

| At 30 November 2025 | 6,239,499 |  | 1,890,399 |  | 8,794,314 |  |

| DEPRECIATION

| At 1 December 2024 | 40,728 |  | 396,939 |  | 4,728,643 |  |

| Charge for year | 122,436 |  | 70,941 |  | 655,143 |  |

| Eliminated on disposal | - |  | (12,676 | ) | (645,355 | ) |

| At 30 November 2025 | 163,164 |  | 455,204 |  | 4,738,431 |  |

| NET BOOK VALUE

| At 30 November 2025 | 6,076,335 |  | 1,435,195 |  | 4,055,883 |  |

| At 30 November 2024 | 6,168,480 |  | 1,556,383 |  | 4,129,371 |  |

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 December 2024 | 429,741 |  | 783,051 |  | 209,953 |  | 18,443,289 |  |

| Additions | - |  | 42,500 |  | 9,878 |  | 813,782 |  |

| Disposals | - |  | (59,994 | ) | - |  | (917,730 | ) |

| At 30 November 2025 | 429,741 |  | 765,557 |  | 219,831 |  | 18,339,341 |  |

| DEPRECIATION

| At 1 December 2024 | 316,979 |  | 333,633 |  | 188,164 |  | 6,005,086 |  |

| Charge for year | 16,915 |  | 112,602 |  | 11,571 |  | 989,608 |  |

| Eliminated on disposal | - |  | (47,163 | ) | - |  | (705,194 | ) |

| At 30 November 2025 | 333,894 |  | 399,072 |  | 199,735 |  | 6,289,500 |  |

| NET BOOK VALUE

| At 30 November 2025 | 95,847 |  | 366,485 |  | 20,096 |  | 12,049,841 |  |

| At 30 November 2024 | 112,762 |  | 449,418 |  | 21,789 |  | 12,438,203 |  |

| Land and buildings have previously been revalued to reflect a valuation undertaken on 21 August 2024 by Lamb & Swift Commercial , independent specialist property consultants. The valuation is based on the open market value of the property.

| The historical cost of the land and buildings included at valuation amounts to £3,309,130 (2024 - £3,278,839). Accumulated depreciation thereon amounts to £85,021 (2024 - £21,192).

| The historical cost of land and buildings includes land with a value of £100,000 (2024 - £100,000) on which no depreciation charge is made.

STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

11. | TANGIBLE FIXED ASSETS - continued

| Group

| The net book value of tangible fixed assets includes £2,201,895 (2024 - £3,256,107) in respect of assets held under hire purchase contracts.

| Company

| Land and |  | Property |  | Plant and |  | Motor |

| buildings |  | improvements |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 December 2024 | 6,209,207 |  | 1,084,964 |  | 40,169 |  | 70,473 |  | 7,404,813 |  |

| Additions | 30,291 |  | 245,128 |  | - |  | - |  | 275,419 |  |

| At 30 November 2025 | 6,239,498 |  | 1,330,092 |  | 40,169 |  | 70,473 |  | 7,680,232 |  |

| DEPRECIATION

| At 1 December 2024 | 40,728 |  | 196,523 |  | 11,976 |  | 16,150 |  | 265,377 |  |

| Charge for year | 122,436 |  | 40,028 |  | 5,639 |  | 13,581 |  | 181,684 |  |

| At 30 November 2025 | 163,164 |  | 236,551 |  | 17,615 |  | 29,731 |  | 447,061 |  |

| NET BOOK VALUE

| At 30 November 2025 | 6,076,334 |  | 1,093,541 |  | 22,554 |  | 40,742 |  | 7,233,171 |  |

| At 30 November 2024 | 6,168,479 |  | 888,441 |  | 28,193 |  | 54,323 |  | 7,139,436 |  |

| Land and buildings have previously been revalued to reflect a valuation undertaken on 21 August 2024 by Lamb & Swift Commercial , independent specialist property consultants. The valuation is based on the open market value of the property.

| The historical cost of the land and buildings included at valuation amounts to £3,309,130 (2024 - £3,278,839). Accumulated depreciation thereon amounts to £85,021 (2024 - £21,192).

| The historical cost of land and buildings includes land with a value of £100,000 (2024 - £100,000) on which no depreciation charge is made.

| The net book value of tangible fixed assets includes £301,444 (2024 - £319,176) in respect of assets held under hire purchase contracts.

12. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 December 2024

| and 30 November 2025 | 859,000 |  |

| NET BOOK VALUE

| At 30 November 2025 | 859,000 |  |

| At 30 November 2024 | 859,000 |  |

STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

12. | FIXED ASSET INVESTMENTS - continued

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiary

| Starbank Panel Products Limited

| Registered office: Unit 2 Anglezarke Road, Sankey Valley Industrial Estate, Newton Le Willows, Merseyside, WA12 8DJ.

| Nature of business: Laminate fabricators and postformers

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

2025 | 2024 |

£ | £ |

| Aggregate capital and reserves | 5,589,505 |  | 4,927,421 |  |

| Profit/(loss) for the year | 662,084 |  | (130,793 | ) |

13. | STOCKS

| Group |

2025 | 2024 |

£ | £ |

| Raw materials | 333,133 |  | 283,818 |  |

| Work-in-progress | 91,122 |  | 36,980 |  |

| Finished goods | 92,348 |  | 107,539 |  |

516,603 |  | 428,337 |  |

14. | DEBTORS

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Amounts falling due within one year: |

| Trade debtors | 2,036,796 |  | 1,154,681 |  | 104,637 |  | 34,046 |  |

| Other debtors | 232,642 |  | 102,608 |  | - |  | - |  |

| Prepayments | 165,840 |  | 203,452 |  | 450 |  | - |  |

2,435,278 |  | 1,460,741 |  | 105,087 |  | 34,046 |  |

| Amounts falling due after more than one year: |

| Amounts due from related parties | 146,531 |  | 156,531 |  | 146,531 |  | 156,531 |  |

| Aggregate amounts | 2,581,809 |  | 1,617,272 |  | 251,618 |  | 190,577 |  |

STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 17) | 94,700 |  | 92,050 |  | 94,700 |  | 92,050 |  |

| Hire purchase contracts (see note 18) | 450,906 |  | 935,254 |  | 8,866 |  | 106,390 |  |

| Trade creditors | 1,103,856 |  | 739,618 |  | 600 |  | - |  |

| Amounts owed to group undertakings | - |  | - |  | 817,529 |  | - |  |

| Corporation tax | 552,484 |  | 18,938 |  | 222,570 |  | 18,938 |  |

| Social security and other taxes | 423,608 |  | 313,407 |  | 31,799 |  | 32,229 |  |

| Other creditors | 28,693 |  | 48,608 |  | 5,625 |  | 11,628 |  |

| Directors' current accounts | - |  | 1,000 |  | - |  | - |  |

| Accruals and deferred income | 538,807 |  | 350,984 |  | 106,595 |  | 71,889 |  |

3,193,054 |  | 2,499,859 |  | 1,288,284 |  | 333,124 |  |

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

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans (see note 17) | 636,233 |  | 723,892 |  | 636,233 |  | 723,892 |  |

| Hire purchase contracts (see note 18) | 494,637 |  | 944,857 |  | - |  | 8,865 |  |

| Amounts owed to group undertakings | - |  | - |  | - |  | 652,809 |  |

1,130,870 |  | 1,668,749 |  | 636,233 |  | 1,385,566 |  |

17. | LOANS

| An analysis of the maturity of loans is given below:

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Amounts falling due within one year or on demand: |

| Bank loans | 94,700 |  | 92,050 |  | 94,700 |  | 92,050 |  |

| Amounts falling due between one and two years: |

| Bank loans | 97,900 |  | 95,100 |  | 97,900 |  | 95,100 |  |

| Amounts falling due between two and five years: |

| Bank loans | 318,300 |  | 309,200 |  | 318,300 |  | 309,200 |  |

| Amounts falling due in more than five years: |

| Repayable by instalments

| Bank loans | 220,033 |  | 319,592 |  | 220,033 |  | 319,592 |  |

| The bank loans are repayable by monthly instalments of £2,966 and £6,912 respectively. Interest is charged on the bank loans at 5.99% and 3.01% respectively.

STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

18. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Gross obligations repayable:

| Within one year | 510,947 |  | 1,018,889 |  |

| Between one and five years | 567,264 |  | 1,078,211 |  |

1,078,211 |  | 2,097,100 |  |

| Finance charges repayable:

| Within one year | 60,041 |  | 83,635 |  |

| Between one and five years | 72,627 |  | 133,354 |  |

132,668 |  | 216,989 |  |

| Net obligations repayable:

| Within one year | 450,906 |  | 935,254 |  |

| Between one and five years | 494,637 |  | 944,857 |  |

945,543 |  | 1,880,111 |  |

| Company

| Hire purchase |

| contracts |

2025 | 2024 |

£ | £ |

| Gross obligations repayable:

| Within one year | 9,667 |  | 115,996 |  |

| Between one and five years | - |  | 9,666 |  |

9,667 |  | 125,662 |  |

| Finance charges repayable:

| Within one year | 801 |  | 9,606 |  |

| Between one and five years | - |  | 801 |  |

801 |  | 10,407 |  |

| Net obligations repayable:

| Within one year | 8,866 |  | 106,390 |  |

| Between one and five years | - |  | 8,865 |  |

8,866 |  | 115,255 |  |

STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

18. | LEASING AGREEMENTS - continued

| Group

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 44,756 |  | 29,319 |  |

| Between one and five years | 5,348 |  | 11,661 |  |

50,104 |  | 40,980 |  |

| Operating leases - lessor (Group)

| Total future minimum lease payments receivable under non-cancellable operating leases are as follows:

|  | 2025 |  |  | 2024 |  |

|  | £ |  |  | £ |  |

| Not later than one year |  | 124,466 |  |  | 156,314 |  |

| Between 1 and 5 years |  | 241,280 |  |  | - |  |

|  | 365,746 |  |  | 156,314 |  |

| Operating leases - lessor (Company)

| Total future minimum lease payments receivable under non-cancellable operating leases are as follows:

|  | 2025 |  |  | 2024 |  |

|  | £ |  |  | £ |  |

| Not later than one year |  | 157,333 |  |  | 189,181 |  |

| Between 1 and 5 years |  | 241,280 |  |  | - |  |

|  | 398,613 |  |  | 189,181 |  |

19. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Bank loans | 730,933 |  | 815,942 |  | 730,933 |  | 815,942 |  |

| Hire purchase contracts | 945,543 |  | 1,880,111 |  | 8,866 |  | 115,255 |  |

1,676,476 |  | 2,696,053 |  | 739,799 |  | 931,197 |  |

| Bank loans are secured by a legal charge dated 23 September 2014 over the freehold and leasehold property known as Junction Lane, Sankey Valley Industrial Estate, Newton-Le-Willows, together with a first fixed charge over all other assets of the company.

| There are unlimited cross guarantees with Starbank Panel Products Limited.

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

STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

20. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Deferred tax

| Accelerated capital allowances | 1,396,018 |  | 1,686,824 |  | 238,175 |  | 294,436 |  |

| On revalued land and buildings | 713,057 |  | 727,708 |  | 713,057 |  | 727,708 |  |

2,109,075 |  | 2,414,532 |  | 951,232 |  | 1,022,144 |  |

| Group

| Deferred |

| tax |

£ |

| Balance at 1 December 2024 | 2,414,532 |  |

| Movement in the year | (305,457 | ) |

| Balance at 30 November 2025 | 2,109,075 |  |

| Company

| Deferred |

| tax |

£ |

| Balance at 1 December 2024 | 1,022,144 |  |

| Movement in year | (70,912 | ) |

| Balance at 30 November 2025 | 951,232 |  |

21. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

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

| value: | £ | £ |

| 500 | Ordinary | £1 | 500 |  | 500 |  |

| 300 | Ordinary "A" | £1 | 300 |  | 300 |  |

| 200 | Ordinary "B" | £1 | 200 |  | 200 |  |

1,000 |  | 1,000 |  |

STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

22. | RESERVES

| Group

| Capital |

| Retained |  | Revaluation |  | redemption |

| earnings |  | reserve |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 December 2024 | 6,565,813 |  | 2,183,125 |  | 850,000 |  | 9,598,938 |  |

| Profit for the year | 1,230,293 |  | - |  | - |  | 1,230,293 |  |

| Dividends paid | (455,000 | ) | - |  | - |  | (455,000 | ) |

| Transfer for depreciation charged on revalued land and buildin gs | 58,607 |  | (58,607 | ) | - |  | - |  |

| Deferred tax movement on revalued land and buildings | (14,651 | ) | 14,651 |  | - |  | - |  |

| At 30 November 2025 | 7,385,062 |  | 2,139,169 |  | 850,000 |  | 10,374,231 |  |

| Company

| Capital |

| Retained |  | Revaluation |  | redemption |

| earnings |  | reserve |  | reserve |  | Totals

£ | £ | £ | £ |

| At 1 December 2024 | 2,497,391 |  | 2,183,125 |  | 850,000 |  | 5,530,516 |  |

| Profit for the year | 568,209 |  | - |  | - |  | 568,209 |  |

| Dividends paid | (455,000 | ) | - |  | - |  | (455,000 | ) |

| Transfer for depreciation charged on revalued land and buildin gs | 58,607 |  | (58,607 | ) | - |  | - |  |

| Deferred tax movement on revalued land and buildings | (14,651 | ) | 14,651 |  | - |  | - |  |

| At 30 November 2025 | 2,654,556 |  | 2,139,169 |  | 850,000 |  | 5,643,725 |  |

23. | PENSION COMMITMENTS

| The group operates a personal pension plan for directors and employees. The scheme and its assets are managed by independent fund managers and are held separately from those of the company. The pension charge represents the amount paid by the group and amounted to £518,046 (2024 - £408,471). At 30 November 2025, the amount outstanding was £23,068 (2024 - £21,069).

24. | CAPITAL COMMITMENTS

2025 | 2024 |

£ | £ |

| Contracted but not provided for in the

| financial statements | 196,830 |  | 980,148 |  |

25. | RELATED PARTY DISCLOSURES

| During the year, the company paid dividends of £455,000 (2024 - £520,000) to its directors and their families.

| During the year, the company provided financial support amounting to £Nil (2024 - £156,531) to Hard Rock Energy Limited, a company in which the directors, Mr P Darbyshire and Mrs W K Elsworthy are also directors and shareholders.The balance owed at the year end was £146,531 (2024 - £156,531).

STARBANK HOLDINGS LIMITED (REGISTERED NUMBER: 05142333) |

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

26. | ULTIMATE CONTROLLING PARTY

| The ultimate controlling parties are Mr G Darbyshire and Mrs M K Darbyshire by virtue of their shareholdings in the group, however, the day to day running of the company and group is maintained by Mr P G Darbyshire.