Company registration number 00974659 (England and Wales)
S J G INTERNATIONAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
S J G INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
M G James
R James
L Simpson
R J Russell
J J Conner
Secretary
M G James
Company number
00974659
Registered office
Tything Road
Arden Forest Industrial Estate
Kinwarton
Alcester
Warwickshire
United Kingdom
B49 6ES
Auditor
Thomas & Young Limited
Carleton House
266-268 Stratford Road
Shirley
Solihull
B90 3AD
Accountants
Thomas & Young Limited
Carleton House
266-268 Stratford Road
Shirley
Solihull
B90 3AD
Bankers
Barclays Bank Plc
38 Hagley Road
Edgbaston Birmingham
B16 8NY
S J G INTERNATIONAL LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10 - 11
Company balance sheet
12 - 13
Group statement of changes in equity
14
Company statement of changes in equity
15
Group statement of cash flows
16
Notes to the financial statements
17 - 35
S J G INTERNATIONAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 1 -

The directors present the strategic report for the year ended 30 September 2025.

Review of the business

SJG International Limited is the main parent company of the group, with Kopak operating as a wholly owned subsidiary. SJG manufactures rubber extrusions and gaskets and also converts PE foam, while Kopak sells rubber extrusions, edge trims, rubber matting, sheeting and related products, primarily from stock.

The group serves a broad range of markets, including construction, leisure, automotive, general engineering, military and aerospace sectors. Its overall business strategy is to diversify as much as possible, spreading risk across different customers and sectors in order to support resilience and long-term stability.

The group delivered an improvement on the previous year despite difficult trading conditions. The addition of Kopak in June 2024 is beginning to gain market share and has also provided SJG with the benefit of new purchasing avenues.

Key operational achievements during the year included the reorganisation of Unit 24, which has created additional space in Units 6 and 12 and enabled improvements to process flow. Primary foam conversion has been moved to Unit 24 to minimise the movement of bulk foam material during processing. Kopak has also been added to the same operating system as SJG, helping to streamline processes and create greater familiarity across the group. In addition, the group has continued its project to update and renew its extrusion lines, representing investment of more than £500,000.

There were no significant acquisitions, disposals or restructurings during the year, with matters now settled following the purchase of Kopak in 2024. Economies of scale have been achieved by utilising staff across both companies where appropriate.

Trading conditions remained difficult due to the global economic situation; however, the group’s strategy of operating across a range of sectors helped to cushion the business from these wider pressures.

S J G INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 2 -
Principal risks and uncertainties

The group continues to monitor a number of principal risks and uncertainties that could affect its performance, operations and future prospects. Economic and market conditions remain a key risk. Global conflicts continue to create uncertainty, while American tariffs are affecting certain customers and markets, including customers connected with JLR, although the group is normally a second-tier rather than first-tier supplier. The potential impact of these conditions includes reduced demand, increased cost pressures and disruption within customer supply chains. The group mitigates this risk by maintaining a diversified customer base across multiple sectors. Customer concentration risk is managed through strong customer relationships and very good customer retention overall. The group benefits from a loyal customer base, and its strategy of serving a wide range of sectors helps to reduce reliance on any single customer or market. Supply chain risks remain relevant, particularly as certain rubbers and plastics have been in limited supply. Any disruption could affect production schedules or increase costs. To mitigate this, the group is holding larger stocks in order to alleviate or negate the impact of supply shortages. Regulatory and compliance risks are addressed through the group’s ISO 9001 approval and through ongoing monitoring of compliance matters with its Quality and Health and Safety consultant. This helps ensure that operational processes remain controlled and compliant with relevant standards. Cybersecurity and IT risks are also monitored closely. The group has gained Cyber Essentials Certification and continues to work with its IT services provider to monitor potential security threats and maintain appropriate safeguards. Recruitment and retention of key personnel remain important to the group’s continued success. Retention of personnel is very good at both SJG and Kopak, with a number of very long-standing employees. The group has also successfully recruited two apprentices and other staff to help future proof the business.

Development and performance

Revenue increased during the year, although margins continued to be squeezed by rising operating costs. The group’s focus remains on increasing and maintaining profitability while continuing to develop the business in a sustainable manner.

A significant event during the year was the recruitment of a Sales Executive from a competitor, with the objective of growing the rubber extrusion side of the business. This appointment supports the group’s wider commercial strategy and focus on developing sales opportunities.

The integration of Kopak has been a great success. The group is now able to support the Kopak business from SJG, helping to provide an improved experience for both customers and suppliers. Compared with the prior year, turnover has increased, but the overall challenge remains focused on improving and maintaining profitability.

Looking ahead, the project to renew the extrusion line is nearing completion, and ongoing improvements to the group’s facilities are planned. These include replacing ageing forklift trucks and extending the tool room to support new work.

S J G INTERNATIONAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 3 -
Key performance indicators

The group monitors a range of key performance indicators that are relevant to the business, including revenue growth, gross profit margin, EBITDA margin, cash generation, customer retention and employee turnover.

Revenue growth has continued to increase year on year at a steady and sustainable rate, in line with the group’s plans. Gross profit margin increased slightly despite difficult trading conditions, and the group’s focus remains on monitoring and improving profitability through process and operating procedure improvements, as these are factors within its control.

EBITDA margin is not yet at the level the group would like; however, continued monitoring and process improvements are expected to help, and the group is also hopeful that global trading conditions will improve. Overall cash generation remains satisfactory despite challenging global trading conditions and continued investment back into the business.

Customer retention remains extremely good, with many long-term customers and strong referrals helping the group to gain new customers. Employee turnover is also low, with both SJG and Kopak benefiting from very long-standing employees. The group maintains a family-orientated ethos, which helps create a supportive culture and assists retention by enabling the business to support employees with both work-related and, where appropriate, non-work-related matters.

On behalf of the board

R James
Director
21 July 2026
S J G INTERNATIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 4 -

The directors present their annual report and financial statements for the year ended 30 September 2025.

Principal activities

The principal activity of the company and group continued to be that of the manufacture of gaskets, jointings and washers.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £3,240. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M G James
R James
L Simpson
R J Russell
J J Conner
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
R James
Director
21 July 2026
S J G INTERNATIONAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 5 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, 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;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

S J G INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF S J G INTERNATIONAL LIMITED
- 6 -
Opinion

We have audited the financial statements of S J G International Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 30 September 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

S J G INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF S J G INTERNATIONAL LIMITED
- 7 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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 directors' r esponsibilities s tatement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included the following.

- Enquiry of management and those charged with governance around actual and potential litigation and claims.

- Assessing the extent of compliance with the laws and regulations considered to have a material effect on the financial statements or the operations of the company through enquiry and inspection.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

S J G INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF S J G INTERNATIONAL LIMITED
- 8 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

The comparative information presented in the consolidated financial statements for the year ended 30 September 20 24 h a s not been audited. T he group qualified for exemption from the requirement for an audit in that year under the provisions of the Companies Act 2006. Accordingly, our opinion on the consolidated financial statements does not extend to the comparative information.

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark McLean FCA (Senior Statutory Auditor)
For and on behalf of Thomas & Young Limited, Statutory Auditor
Chartered Accountants
Carleton House
266-268 Stratford Road
Shirley
Solihull
B90 3AD
21 July 2026
S J G INTERNATIONAL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 9 -
2025
2024
as restated
Notes
£
£
Turnover
3
9,008,671
8,072,133
Cost of sales
(5,509,934)
(5,022,788)
Gross profit
3,498,737
3,049,345
Distribution costs
(59,037)
(61,655)
Administrative expenses
(2,743,578)
(2,445,005)
Exceptional item
4
-
0
(82,226)
Operating profit
5
696,122
460,459
Interest receivable and similar income
8
666
251
Interest payable and similar expenses
9
(70,988)
(13,363)
Amounts written off investments
10
20,000
-
Profit before taxation
645,800
447,347
Tax on profit
11
(273,633)
(59,894)
Profit for the financial year
372,167
387,453
Profit for the financial year is all attributable to the owner of the parent company.
Total comprehensive income for the year is all attributable to the owner of the parent company.
S J G INTERNATIONAL LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2025
30 September 2025
- 10 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Goodwill
13
618,316
539,660
Total intangible assets
618,316
539,660
Tangible assets
14
1,929,895
1,938,764
Investment property
15
450,000
430,000
Investments
16
27
27
2,998,238
2,908,451
Current assets
Stocks
18
1,263,843
921,876
Debtors
19
1,812,364
1,575,679
Cash at bank and in hand
581,665
685,470
3,657,872
3,183,025
Creditors: amounts falling due within one year
20
(1,616,602)
(1,488,039)
Net current assets
2,041,270
1,694,986
Total assets less current liabilities
5,039,508
4,603,437
Creditors: amounts falling due after more than one year
21
(735,205)
(762,667)
Provisions for liabilities
Deferred tax liability
23
305,850
211,244
(305,850)
(211,244)
Net assets
3,998,453
3,629,526
Capital and reserves
Called up share capital
25
500
500
Revaluation reserve
224,205
227,798
Capital redemption reserve
500
500
Profit and loss reserves
3,773,248
3,400,728
Total equity
3,998,453
3,629,526
S J G INTERNATIONAL LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2025
30 September 2025
- 11 -

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 21 July 2026 and are signed on its behalf by:
21 July 2026
R James
Director
Company registration number 00974659 (England and Wales)
S J G INTERNATIONAL LIMITED
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2025
30 September 2025
- 12 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
14
1,923,270
1,937,388
Investment property
15
450,000
430,000
Investments
16
1,261,655
1,111,655
3,634,925
3,479,043
Current assets
Stocks
18
983,637
549,835
Debtors
19
1,519,183
1,343,736
Cash at bank and in hand
351,385
599,794
2,854,205
2,493,365
Creditors: amounts falling due within one year
20
(1,363,868)
(1,408,794)
Net current assets
1,490,337
1,084,571
Total assets less current liabilities
5,125,262
4,563,614
Creditors: amounts falling due after more than one year
21
(735,205)
(762,667)
Provisions for liabilities
Deferred tax liability
23
304,200
210,900
(304,200)
(210,900)
Net assets
4,085,857
3,590,047
Capital and reserves
Called up share capital
25
500
500
Revaluation reserve
224,205
227,798
Capital redemption reserve
500
500
Profit and loss reserves
3,860,652
3,361,249
Total equity
4,085,857
3,590,047
S J G INTERNATIONAL LIMITED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2025
30 September 2025
- 13 -

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £499,050 (2024 - £347,975 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

For the financial year ended 30 September 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The financial statements were approved by the board of directors and authorised for issue on 21 July 2026 and are signed on its behalf by:
21 July 2026
R James
Director
Company registration number 00974659 (England and Wales)
S J G INTERNATIONAL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 14 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 30 September 2024:
Balance at 1 October 2023
500
231,391
500
3,022,642
3,255,033
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
-
387,453
387,453
Dividends
12
-
-
-
(12,960)
(12,960)
Transfers
-
(3,593)
-
3,593
-
Balance at 30 September 2024
500
227,798
500
3,400,728
3,629,526
Year ended 30 September 2025:
Profit and total comprehensive income
-
-
-
372,167
372,167
Dividends
12
-
-
-
(3,240)
(3,240)
Transfers
-
(3,593)
-
3,593
-
Balance at 30 September 2025
500
224,205
500
3,773,248
3,998,453
S J G INTERNATIONAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 15 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 30 September 2024:
Balance at 1 October 2023
500
231,391
500
3,022,642
3,255,033
Year ended 30 September 2024:
Profit and total comprehensive income for the year
-
-
-
347,974
347,974
Dividends
12
-
-
-
(12,960)
(12,960)
Transfers
-
(3,593)
-
3,593
-
Balance at 30 September 2024
500
227,798
500
3,361,249
3,590,047
Year ended 30 September 2025:
Profit and total comprehensive income
-
-
-
499,050
499,050
Dividends
12
-
-
-
(3,240)
(3,240)
Transfers
-
(3,593)
-
3,593
-
Balance at 30 September 2025
500
224,205
500
3,860,652
4,085,857
S J G INTERNATIONAL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 16 -
2025
2024
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
28
597,934
93,492
Interest paid
(70,988)
(13,363)
Income taxes (paid)/refunded
(147,562)
45,760
Net cash inflow from operating activities
379,384
125,889
Investing activities
Additional consideration paid for acquisition of subsidiary
(150,000)
-
Purchase of tangible fixed assets
(328,153)
(359,889)
Proceeds from disposal of tangible fixed assets
48,000
6,876
Purchase of subsidiary less cash acquired
(150,000)
(602,792)
Proceeds from disposal of associates
150,000
-
Interest received
666
251
Net cash used in investing activities
(429,487)
(955,554)
Financing activities
Proceeds from new bank loans
-
880,000
Repayment of bank loans
(50,462)
(29,333)
Payment of finance leases obligations
-
(9,038)
Dividends paid to equity shareholders
(3,240)
(12,960)
Net cash (used in)/generated from financing activities
(53,702)
828,669
Net decrease in cash and cash equivalents
(103,805)
(996)
Cash and cash equivalents at beginning of year
685,470
686,466
Cash and cash equivalents at end of year
581,665
685,470
S J G INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 17 -
1
Accounting policies
Company information

S J G International Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

The group consists of S J G International Limited and all of its subsidiaries.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

S J G INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company S J G International Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 September 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group and parent company ha ve adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

S J G INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 19 -
1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.7
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Plant and equipment
20% straight line
Fixtures and fittings
15-20% straight line
Computers
25-33% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

S J G INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 20 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

S J G INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 21 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

S J G INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 22 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

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

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

S J G INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 23 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

S J G INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 24 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by geographical market
UK
8,531,571
7,492,464
Europe
467,358
559,504
ROW
9,742
20,165
9,008,671
8,072,133
2025
2024
£
£
Other revenue
Interest income
666
251
4
Exceptional item
2025
2024
£
£
Expenditure
Exceptional Item - Bank Fraud
-
82,226
5
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange (gains)/losses
(7,850)
15,404
Fees payable to the group's auditor for the audit of the group's financial statements
8,000
-
Depreciation of tangible fixed assets
302,694
323,735
Profit on disposal of tangible fixed assets
(13,672)
(4,396)
Amortisation of intangible assets
71,344
18,609
Operating lease charges
188,447
133,516
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Production staff
63
67
58
58
S J G INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
6
Employees
(Continued)
- 25 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,051,668
1,857,794
1,867,995
1,794,237
Social security costs
209,608
171,839
198,020
174,387
Pension costs
214,134
209,065
211,265
207,986
2,475,410
2,238,698
2,277,280
2,176,610
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
343,726
336,112
Company pension contributions to defined contribution schemes
124,970
124,456
468,696
460,568
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
90,940
84,698
Company pension contributions to defined contribution schemes
58,522
58,522
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
666
251
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
71,359
12,451
Interest on finance leases and hire purchase contracts
-
912
Other interest
(371)
-
Total finance costs
70,988
13,363
S J G INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 26 -
10
Amounts written off investments
2025
2024
£
£
Changes in the fair value of investment properties
20,000
-
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
178,843
56,254
Adjustments in respect of prior periods
184
1,193
Total current tax
179,027
57,447
Deferred tax
Origination and reversal of timing differences
94,606
2,447
Total tax charge
273,633
59,894

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
645,800
447,347
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2024: 25%)
161,450
111,837
Effects of:
Expenses that are not deductible in determining taxable profit
20,175
21,627
Income not taxable in determining taxable profit
(3,418)
(32,898)
Utilisation of tax losses not previously recognised
-
0
(83,016)
Adjustments in respect of prior years
184
-
0
Permanent capital allowances in excess of depreciation
5,636
5,931
Revaluation of investments
(5,000)
-
0
Other permanent differences
-
0
32,774
Tax under/(over) provided in prior years
-
0
1,192
Deferred tax adjustments in respect of prior years
94,606
2,447
Taxation charge in the financial statements
273,633
59,894
S J G INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 27 -
12
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
3,240
12,960
13
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 October 2024
613,269
Additions
150,000
At 30 September 2025
763,269
Amortisation and impairment
At 1 October 2024
73,609
Amortisation charged for the year
71,344
At 30 September 2025
144,953
Carrying amount
At 30 September 2025
618,316
At 30 September 2024
539,660
Company
Goodwill
£
Cost
At 1 October 2024 and 30 September 2025
55,000
Amortisation and impairment
At 1 October 2024 and 30 September 2025
55,000
Carrying amount
At 30 September 2025
-
0
At 30 September 2024
-
0
S J G INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 28 -
14
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2024
1,100,000
281
4,563,544
288,221
180,702
6,132,748
Additions
-
0
-
0
311,603
15,805
745
328,153
Disposals
-
0
-
0
-
0
-
0
(53,259)
(53,259)
At 30 September 2025
1,100,000
281
4,875,147
304,026
128,188
6,407,642
Depreciation and impairment
At 1 October 2024
220,000
20
3,625,545
258,072
90,347
4,193,984
Depreciation charged in the year
22,000
59
252,622
11,589
16,424
302,694
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(18,931)
(18,931)
At 30 September 2025
242,000
79
3,878,167
269,661
87,840
4,477,747
Carrying amount
At 30 September 2025
858,000
202
996,980
34,365
40,348
1,929,895
At 30 September 2024
880,000
261
937,999
30,149
90,355
1,938,764
Company
Freehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2024
1,100,000
4,562,065
288,221
179,926
6,130,212
Additions
-
0
304,158
15,805
745
320,708
Disposals
-
0
-
0
-
0
(53,259)
(53,259)
At 30 September 2025
1,100,000
4,866,223
304,026
127,412
6,397,661
Depreciation and impairment
At 1 October 2024
220,000
3,625,181
258,072
89,571
4,192,824
Depreciation charged in the year
22,000
251,054
11,020
16,424
300,498
Eliminated in respect of disposals
-
0
-
0
-
0
(18,931)
(18,931)
At 30 September 2025
242,000
3,876,235
269,092
87,064
4,474,391
Carrying amount
At 30 September 2025
858,000
989,988
34,934
40,348
1,923,270
At 30 September 2024
880,000
936,884
30,149
90,355
1,937,388
S J G INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 29 -
15
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 October 2024
430,000
430,000
Net gains or losses through fair value adjustments
20,000
20,000
At 30 September 2025
450,000
450,000

Investment property comprises a factory unit. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

16
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
17
-
0
-
0
4
4
Investments in associates
-
0
-
0
1,261,624
1,111,624
Listed investments
27
27
27
27
27
27
1,261,655
1,111,655
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 October 2024 and 30 September 2025
27
Carrying amount
At 30 September 2025
27
At 30 September 2024
27
S J G INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
16
Fixed asset investments
(Continued)
- 30 -
Movements in fixed asset investments
Company
Shares in subsidiaries and associates
Other investments
Total
£
£
£
Cost or valuation
At 1 October 2024
1,111,628
27
1,111,655
Additions
150,000
-
150,000
At 30 September 2025
1,261,628
27
1,261,655
Carrying amount
At 30 September 2025
1,261,628
27
1,261,655
At 30 September 2024
1,111,628
27
1,111,655
17
Subsidiaries

Details of the company's subsidiaries at 30 September 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Kopak Rubber and Plastics Limited
Tything Road, Arden Forest Industrial Estate, Kinwarton, Alcester, Warwickshire, United Kingdom, B49
10,000 A Ordinary £1 Shares
100.00
-
HT (Europe) Limited
Tything Road, Arden Forest Industrial Estate, Kinwarton, Alcester, Warwickshire, United Kingdom, B49
80 A Ordinary £1 Shares
0
100.00
HT (Europe) Limited
Tything Road, Arden Forest Industrial Estate, Kinwarton, Alcester, Warwickshire, United Kingdom, B49
20 B Ordinary £1 Shares
0
100.00
18
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
983,637
549,835
983,637
549,835
Finished goods and goods for resale
280,206
372,041
-
0
-
0
1,263,843
921,876
983,637
549,835
S J G INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 31 -
19
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,690,411
1,474,575
1,410,222
1,253,926
Other debtors
700
1,900
700
1,900
Prepayments and accrued income
121,253
99,204
108,261
87,910
1,812,364
1,575,679
1,519,183
1,343,736
20
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
22
65,000
88,000
65,000
88,000
Payments received on account
17,994
17,994
-
0
-
0
Trade creditors
981,730
893,042
894,921
752,206
Amounts owed to group undertakings
-
0
-
0
2
2
Amounts owed to undertakings in which the group has a participating interest
-
0
-
0
1,688
279,915
Corporation tax payable
179,027
147,562
110,476
-
0
Other taxation and social security
254,649
242,428
187,481
196,605
Other creditors
53,752
54,021
53,754
53,754
Accruals and deferred income
64,450
44,992
50,546
38,312
1,616,602
1,488,039
1,363,868
1,408,794
21
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
22
735,205
762,667
735,205
762,667
22
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
800,205
850,667
800,205
850,667
Payable within one year
65,000
88,000
65,000
88,000
Payable after one year
735,205
762,667
735,205
762,667

Bank loans are secured by fixed and floating charges over the company's assets including freehold properties.

S J G INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 32 -
23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
305,850
211,244
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
304,200
210,900
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 October 2024
211,244
210,900
Charge to profit or loss
94,606
93,300
Liability at 30 September 2025
305,850
304,200

T he deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

24
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
214,134
209,065

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

25
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
500
500
500
500
S J G INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 33 -
26
Operating lease commitments
As lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within 1 year
141,517
113,405
85,401
63,010
Years 2-5
243,253
241,712
67,653
61,814
After 5 years
135,667
172,667
-
-
520,437
527,784
153,054
124,824
27
Related party transactions

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2025
2024
Balance
Balance
£
£
Group
Other related parties
53,640
53,640
Other information

The company occupies premises owned by its pension scheme. The rent of the property was £57,600 (2024; £57,600).

S J G INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 34 -
28
Cash generated from group operations
2025
2024
£
£
Profit after taxation
372,167
387,453
Adjustments for:
Taxation charged
273,633
59,894
Finance costs
70,988
13,363
Investment income
(666)
(251)
Gain on disposal of tangible fixed assets
(13,672)
(4,396)
Fair value gain on investment properties
(20,000)
-
0
Amortisation and impairment of intangible assets
71,344
18,609
Depreciation and impairment of tangible fixed assets
302,694
323,735
Movements in working capital:
Increase in stocks
(341,967)
(440,865)
(Increase)/decrease in debtors
(236,685)
159,469
Increase/(decrease) in creditors
120,098
(423,519)
Cash generated from operations
597,934
93,492
29
Analysis of changes in net debt - group
1 October 2024
Cash flows
30 September 2025
£
£
£
Cash at bank and in hand
685,470
(103,805)
581,665
Borrowings excluding overdrafts
(850,667)
50,462
(800,205)
(165,197)
(53,343)
(218,540)
30
Prior period adjustment
Reconciliation of changes in equity - group
1 October
30 September
2023
2024
£
£
Adjustments to prior year
Stock undervalued
-
300,000
Equity as previously reported
3,255,033
3,329,526
Equity as adjusted
3,255,033
3,629,526
Analysis of the effect upon equity
Profit and loss reserves
-
300,000
S J G INTERNATIONAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
30
Prior period adjustment
(Continued)
- 35 -
Reconciliation of changes in profit for the previous financial period
2024
£
Adjustments to prior year
Stock undervalued
300,000
Profit as previously reported
87,453
Profit as adjusted
387,453
Reconciliation of changes in equity - company
1 October
30 September
2023
2024
£
£
Adjustments to prior year
Stock undervalued
-
300,000
Equity as previously reported
3,255,033
3,290,047
Equity as adjusted
3,255,033
3,590,047
Analysis of the effect upon equity
Profit and loss reserves
-
300,000
Reconciliation of changes in profit for the previous financial period
2024
£
Adjustments to prior year
Stock undervalued
300,000
Profit as previously reported
47,974
Profit as adjusted
347,974
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