Company registration number 00965267 (England and Wales)
HADLEIGH CASTINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
HADLEIGH CASTINGS LIMITED
COMPANY INFORMATION
Directors
Mr N E Warnes
Mr D C Hart
Mrs C L Lock
Mr N J Morsman
Mr C P Warnes
Mrs B A Warnes
Mr M Sarginson
Secretary
Mr N E Warnes
Company number
00965267
Registered office
Pond Hall Road
Hadleigh
Ipswich
IP7 5PW
Auditor
Ensors
Connexions
159 Princes Street
Ipswich
IP1 1QJ
HADLEIGH CASTINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 28
HADLEIGH CASTINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report and the financial statements for the year ended 31 December 2025.

Business review and principal risks and uncertainties

Throughout 2025, the company continued to operate in a challenging manufacturing environment, with pressure from overseas competition, customer pricing expectations and continuing cost inflation.

Although the rate of cost inflation moderated compared with the most volatile periods of recent years, energy, labour, materials, compliance and general overhead costs remained significant factors affecting margins.

The directors have continued to monitor these pressures carefully and to respond through pricing discipline, cost control and operational efficiency improvements where possible. Following a particularly strong prior year, the company maintained its focus on quality, reliability and specialist manufacturing capability and continued to support a broad customer base during 2025. Overall sales were lower than in 2024, reflecting wider market conditions.

New enquiries and development work continued during the year, although the conversion of such opportunities into production orders can take a considerable period and remains subject to customer demand and normal commercial lead times.

The company has continued to take a measured approach to investment, balancing the need to improve efficiency and maintain capability with the need to preserve cash and financial resilience.

Capital expenditure during the year included investment in plant, equipment and site infrastructure, with a continued emphasis on projects expected to improve efficiency, capacity, energy performance and long-term competitiveness. The directors continue to review future site and operational requirements to ensure the business remains able to respond appropriately to customer demand, while maintaining a cautious approach to further capital expenditure.

The financial result for the year reflects the lower level of turnover, ongoing cost pressures and the timing of customer programmes. Despite this, the company remained profitable after tax and retained a strong balance sheet.

The directors consider that the business remains well positioned within its specialist market, supported by its established technical knowledge, experienced workforce and long-standing customer relationships.

Looking ahead, the directors are cautiously encouraged by the start to 2026, while remaining mindful of ongoing cost pressures and the need to invest selectively where this supports operational resilience and future performance.

Our balance sheet remained strong, with net current assets of £1.7m and net assets of £4.4m (2024: £4.4m). We have continued to manage our debts during the year and invested £473,000 in tangible fixed assets.

Financial instruments

The company's financial risk management objective is broadly to seek to make neither profit nor loss from exposure to currency or interest rate risks. Its policy is to finance working capital through retained earnings and through borrowings at prevailing market interest rates. Its policy is to finance fixed assets through fixed rate borrowings for a term broadly expected to match the useful economic lives of the assets. The company's exposure to the price risk of financial instruments is therefore minimal. As the counterpart to all financial instruments is its bankers, it is also exposed to minimal credit and liquidity risks in respect of these instruments. The directors do not consider any other risks attaching to the use of financial instruments to be material to an assessment of its financial position or profit.

HADLEIGH CASTINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Future developments

The directors remain committed to developing the business within its established specialist market, while maintaining a cautious approach to investment and working capital management.

Market conditions are expected to remain very competitive, but the company will continue to focus on efficiency, quality, customer service and selective investment in order to support future trading.

The directors anticipate that the business will remain profitable, although performance will continue to depend on customer demand, input costs and wider economic conditions.

Key performance indicators

| 2025 | 202 4
Turnover |  | £6.7m | £9.4m
Gross profit margin % |  | 40.6% | 38.2%
Operating profit margin % |  | -0.6% | 4.7%
Current ratio |  | 2.2 | 2.2

On behalf of the board

Mr N E Warnes
Director
29 June 2026
HADLEIGH CASTINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of principal risks and uncertainties.

Principal activities

The principal activity of the company continued to be that of pattern markers, die and sand castings.

Results and dividends

The loss for the year, before taxation, amounted to £48,776 (The profit for the year in 2024, before taxation, amounted to £444,389).

During the year the company paid dividends of £139,450 (2024: £203,515)

Directors

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

Mr N E Warnes
Mr D C Hart
Mrs C L Lock
Mr N J Morsman
Mr C P Warnes
Mrs B A Warnes
Mr M Sarginson
Post reporting date events

Following the year end, the company entered into a sale and leaseback transaction relating to its solar panel installation. Further details are included in the notes to the financial statements.

Future developments

The company's business activities, together with the factors likely to affect its future development, its financial position, details of its financial instruments and its exposures to price, credit, liquidity and cash flow risk are described in the Strategic Report. The company has sufficient financial resources. As a consequence, the directors believe that the company is well placed to manage its business risks successfully despite the difficult trading conditions. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

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 company’s auditor 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 company’s auditor is aware of that information.

HADLEIGH CASTINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
On behalf of the board
Mr N E Warnes
Director
29 June 2026
HADLEIGH CASTINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

The directors are responsible for preparing the annual report 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 of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

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

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

HADLEIGH CASTINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HADLEIGH CASTINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Hadleigh Castings Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 company's affairs as at 31 December 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The 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:

- the 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.

HADLEIGH CASTINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HADLEIGH CASTINGS LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not 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, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

Our audit was designed, after obtaining suitable knowledge and understanding of the company and the industry that it operates within, to include tests of detail together with an assessment of the control environment, to enable us to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement due to fraud. This included work on areas where we consider there is a higher risk of fraud including transactions with related parties, revenue recognition and areas where there is a risk of management override of systems and controls, and accounting estimates.

We also obtained an understanding of the legal and regulatory framework that the company operates in, through discussions with the directors and other management, and from our own knowledge and experience of the sector.

HADLEIGH CASTINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HADLEIGH CASTINGS LIMITED (CONTINUED)
- 8 -

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company are complying with the legal and regulatory framework both at the planning stage and reminded to remain alert throughout the audit;

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

- audited 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;

- reviewing minutes of those charged with governance;

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud;

- robustly challenged accounting estimates to ensure no indication of management bias.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Christopher Barrett (Senior Statutory Auditor)
For and on behalf of Ensors, Statutory Auditor
Chartered Accountants
Connexions
159 Princes Street
Ipswich
IP1 1QJ
17 July 2026
HADLEIGH CASTINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
6,726,971
9,422,466
Cost of sales
(3,996,945)
(5,820,084)
Gross profit
2,730,026
3,602,382
Distribution costs
(223,980)
(286,016)
Administrative expenses
(2,566,134)
(2,850,240)
Other operating income
21,740
392
Operating (loss)/profit
4
(38,348)
466,518
Interest receivable and similar income
7
7,825
8,553
Interest payable and similar expenses
8
(18,253)
(30,682)
(Loss)/profit before taxation
(48,776)
444,389
Tax on (loss)/profit
9
124,289
(128,584)
Profit for the financial year
75,513
315,805

The profit and loss account has been prepared on the basis that all operations are continuing operations.

HADLEIGH CASTINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,772,079
2,555,023
Investment property
12
484,817
484,817
3,256,896
3,039,840
Current assets
Stocks
15
624,564
562,703
Debtors
16
1,681,020
2,347,955
Cash at bank and in hand
233,964
525,148
2,539,548
3,435,806
Creditors: amounts falling due within one year
17
(888,411)
(1,535,496)
Net current assets
1,651,137
1,900,310
Total assets less current liabilities
4,908,033
4,940,150
Creditors: amounts falling due after more than one year
18
(239,427)
(160,923)
Provisions for liabilities
Deferred tax liability
21
295,517
342,201
(295,517)
(342,201)
Net assets
4,373,089
4,437,026
Capital and reserves
Called up share capital
23
55,602
55,602
Share premium account
69,784
69,784
Revaluation reserve
575,092
580,920
Capital redemption reserve
60,334
60,334
Profit and loss reserves
3,612,277
3,670,386
Total equity
4,373,089
4,437,026

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

The financial statements were approved by the board of directors and authorised for issue on 29 June 2026 and are signed on its behalf by:
Mr N E Warnes
Director
Company registration number 00965267 (England and Wales)
HADLEIGH CASTINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 January 2024
55,602
69,784
624,524
60,334
3,514,492
4,324,736
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
-
315,805
315,805
Dividends
10
-
-
-
-
(203,515)
(203,515)
Transfers
-
-
(43,604)
-
43,604
-
Balance at 31 December 2024
55,602
69,784
580,920
60,334
3,670,386
4,437,026
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
-
-
75,513
75,513
Dividends
10
-
-
-
-
(139,450)
(139,450)
Transfers
-
-
(5,828)
-
5,828
-
Balance at 31 December 2025
55,602
69,784
575,092
60,334
3,612,277
4,373,089
HADLEIGH CASTINGS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
325,154
1,005,998
Interest paid
(18,253)
(30,682)
Income taxes paid
(59,080)
-
0
Net cash inflow from operating activities
247,821
975,316
Investing activities
Purchase of tangible fixed assets
(472,530)
(274,822)
Proceeds from disposal of tangible fixed assets
-
0
82
Repayment of loans
6,144
(6,825)
Interest received
7,825
8,553
Net cash used in investing activities
(458,561)
(273,012)
Financing activities
Repayment of borrowings
-
0
(84,460)
Proceeds from new bank loans
203,775
-
0
Payment of finance leases obligations
(144,769)
(232,231)
Dividends paid
(139,450)
(78,515)
Net cash used in financing activities
(80,444)
(395,206)
Net (decrease)/increase in cash and cash equivalents
(291,184)
307,098
Cash and cash equivalents at beginning of year
525,148
218,050
Cash and cash equivalents at end of year
233,964
525,148
HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
1
Accounting policies
Company information

Hadleigh Castings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pond Hall Road, Hadleigh, Ipswich, IP7 5PW.

1.1
Accounting convention

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. The principal accounting policies adopted are set out below.

Group accounts have not been prepared as the company's subsidiary is permitted to be excluded from group accounts by virtue of sections 402 and 405 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has 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.

1.3
Turnover

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 delivery 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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses. Historic cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Freehold land and buildings were revalued during the year ended 31 March 2009, the company elected to use the fair value of assets at the date of transition to FRS 102 as its deemed cost.

The company adds to the carrying amount of an item of fixed assets the cost replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replacement part is derecognised. Repairs and maintenance are charged to profit and loss during the year in which they are incurred.

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

Freehold land and buildings
2% straight line
Plant and equipment
15% reducing balance
Office equipment
15% reducing balance and 20% straight line
Tools & equipment
15% reducing balance
Motor vehicles
25% reducing balance

Freehold land is not depreciated.

HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -

The assets' residual values, useful lives and depreciation methods are review, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

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 credited or charged to profit or loss.

1.5
Investment properties

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.

1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

1.8
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.

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.

1.9
Cash at bank and in hand

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

1.10
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
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 method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries 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.

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 company 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.

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from related parties and finance leases 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. A m ounts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
1.11
Equity instruments

Equity instruments issued by the company 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 company.

1.12
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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.

1.13
Employee benefits

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.

1.14
Retirement benefits

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

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 s asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Work in progress

In calculating the value of work in progress, standard costing rates for labour and overhead absorption are calculated. These rates are estimates of the actual costs incurred in production. These costing rates are likely to vary depending on the level of output and level of costs in a period and as such are re-assessed on a regular basis by the directors.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Sale of goods
6,726,971
9,422,466
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
5,630,709
8,559,562
Rest of Europe
382,806
698,621
Rest of the world
713,456
164,283
6,726,971
9,422,466
2025
2024
£
£
Other revenue
Interest income
7,825
8,553
HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
4
Operating (loss)/profit
2025
2024
Operating (loss)/profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(7,606)
4,613
Fees payable to the company's auditor for the audit of the company's financial statements
12,860
13,440
Depreciation of tangible fixed assets
255,474
271,176
(Profit)/loss on disposal of tangible fixed assets
-
10,923
Operating lease charges
67,548
67,066
5
Employees

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

2025
2024
Number
Number
Factory and production
76
90
Sales and administration
18
18
Total
94
108

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,961,109
3,899,633
Social security costs
357,202
383,763
Pension costs
81,626
94,840
3,399,937
4,378,236
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
609,684
730,469
Company pension contributions to defined contribution schemes
22,415
23,011
632,099
753,480

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2024 - 6).

HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
6
Directors' remuneration
(Continued)
- 19 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
194,978
198,179
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
7,825
8,553
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
2,147
2,275
Other finance costs
Interest on finance leases and hire purchase contracts
16,106
28,407
18,253
30,682
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
77,605
Adjustments in respect of prior periods
(77,605)
-
0
Total current tax
(77,605)
77,605
Deferred tax
Origination and reversal of timing differences
(46,684)
50,979
Total tax (credit)/charge
(124,289)
128,584
HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Taxation
(Continued)
- 20 -

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

2025
2024
£
£
(Loss)/profit before taxation
(48,776)
444,389
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2024: 25.00%)
(9,267)
111,097
Tax effect of expenses that are not deductible in determining taxable profit
5,609
9,073
Adjustments in respect of prior years
(77,605)
4,636
Permanent capital allowances in excess of depreciation
2,698
3,778
Deferred tax adjustments in respect of prior years
(51,037)
-
0
Movement in deferred tax not recognised
5,616
-
0
Remeasurement of deferred tax for changes in tax rates
(303)
-
0
Taxation (credit)/charge for the year
(124,289)
128,584
10
Dividends
2025
2024
£
£
Interim paid
139,450
203,515
11
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Office equipment
Tools & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2025
1,259,562
3,746,468
562,993
283,452
131,026
5,983,501
Additions
342,852
122,442
7,236
-
0
-
0
472,530
At 31 December 2025
1,602,414
3,868,910
570,229
283,452
131,026
6,456,031
Depreciation and impairment
At 1 January 2025
208,414
2,462,974
516,519
164,546
76,025
3,428,478
Depreciation charged in the year
14,377
193,351
16,201
17,795
13,750
255,474
At 31 December 2025
222,791
2,656,325
532,720
182,341
89,775
3,683,952
Carrying amount
At 31 December 2025
1,379,623
1,212,585
37,509
101,111
41,251
2,772,079
At 31 December 2024
1,051,148
1,283,494
46,474
118,906
55,001
2,555,023
HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
11
Tangible fixed assets
(Continued)
- 21 -

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and equipment
244,749
357,950
Motor vehicles
25,148
44,989
Tools & equipment
33,742
45,567
303,639
448,506

Included in freehold land and buildings is freehold land of £527,823 (2024: £527,823) which is not depreciated.

Included within tangible fixed assets at the year end is a total of £458,971 (2024: £Nil) relating to assets under construction. These assets are not yet available for use and therefore are not being depreciated. Depreciation will commence when the assets are brought into the condition necessary for them to be capable of operating in the manner intended.

HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
12
Investment property
2025
£
Fair value
At 1 January 2025 and 31 December 2025
484,817

The fair value of the investment property of 19 Neptune Square, Ipswich, has been prepared by the directors as at 31 December 2025.

A professional valuation was previously carried out on 15 December 2022 by Watsons Property Group Limited, who are not connected to the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The fair value at the time of the valuation was £484,81 7.

13
Fixed asset investments
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2025 & 31 December 2025
146,093
Impairment
At 1 January 2025 & 31 December 2025
146,093
Carrying amount
At 31 December 2025
-
At 31 December 2024
-
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Hadleigh Patterns Limited
Pond Hall Road, Hadleigh, Ipswich, Suffolk, IP7 5PW
Ordinary £1
100.00

The above company is dormant and made no profit/loss for the year. At the year end the company had total capital and reserves of £Nil.

HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 23 -
15
Stocks
2025
2024
£
£
Raw materials and consumables
176,079
196,057
Work in progress
448,485
366,646
624,564
562,703

Cost of sales represents the amount of stock recognised as an expense during the year.

16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,099,714
1,691,240
Corporation tax recoverable
68,551
9,471
Other debtors
384,316
423,147
Prepayments and accrued income
128,439
224,097
1,681,020
2,347,955

Included other debtors are £59,880 (2024:£61,955) due in more than 1 year.

17
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
19
26,870
-
0
Obligations under finance leases
20
98,401
144,769
Trade creditors
327,236
602,533
Corporation tax
-
0
77,605
Other taxation and social security
251,653
369,104
Other creditors
17,515
31,460
Accruals and deferred income
166,736
310,025
888,411
1,535,496

Net obligations under finance are secured over the assets to which they relate.

HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 24 -
18
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
19
176,905
-
0
Obligations under finance leases
20
62,522
160,923
239,427
160,923
Creditors which fall due after five years are payable as follows:
Payable by instalments
64,719
-

Finance lease creditors are secured on the underlying assets concerned.

19
Loans and overdrafts
2025
2024
£
£
Bank loans
203,775
-
0
Payable within one year
26,870
-
0
Payable after one year
176,905
-
0

The bank loan is repayable in monthly instalments ending on November 2032. Interest charged on this loan is fixed at 6.36% per annum.

20
Finance lease obligations
2025
2024
Amounts due:
£
£
Within one year
98,401
144,769
After more than one year
62,522
160,923
160,923
305,692
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
106,009
160,874
In two to five years
64,420
170,428
170,429
331,302
Less: future finance charges
(9,506)
(25,610)
160,923
305,692
HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
20
Finance lease obligations
(Continued)
- 25 -

Finance lease payments represent rentals payable by the company for certain items of fixed assets. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
296,228
342,796
Other short term differences
(711)
(595)
295,517
342,201
2025
Movements in the year:
£
Liability at 1 January 2025
342,201
Credit to profit or loss
(46,684)
Liability at 31 December 2025
295,517

The deferred tax liability set out above is expected to reverse in due course and relates to accelerated capital allowances.

22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
81,626
94,840

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
23
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4,702
4,702
4,702
4,702
B Ordinary shares of £1 each
4,810
4,810
4,810
4,810
C Ordinary shares of £1 each
4,304
4,304
4,304
4,304
D Ordinary shares of £1 each
41,686
41,686
41,686
41,686
E Ordinary shares of £1 each
100
100
100
100
55,602
55,602
55,602
55,602

All shares rank pari passu.

24
Financial commitments, guarantees and contingent liabilities

As at the reporting date, the company was engaged in discussions with the Health and Safety Executive in relation to an incident that occurred during the year ended 31 December 2023. At this stage, it is not possible to reliably estimate the financial impact, that may arise from this matter. Furthermore, the timing of any potential outflow of economic resources to settle any liability remains uncertain.

25
Operating lease commitments
As lessee

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

2025
2024
£
£
Within 1 year
33,239
35,808
Years 2-5
45,821
72,394
79,060
108,202
26
Capital commitments

Amounts contracted for but not provided in the financial statements:

2025
2024
£
£
Acquisition of tangible fixed assets
149,655
-
HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
27
Events after the reporting date

On 28 January 2026, the company entered into a sale and leaseback transaction relating to its solar panels. The assets were sold for total consideration of £229,375. As part of the agreement, the company has leased back the assets under a finance lease arrangement repayable in monthly instalments ending in January 2033. Interest charged on this agreement is fixed at 5.44% per annum.

As the transaction occurred after the reporting date and does not provide evidence of conditions existing at 31 December 2025, it is treated as a non‑adjusting event in accordance with FRS 102 Section 32. Accordingly, no adjustments have been made to the financial statements for the year ended 31 December 2025.

28
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

During the year the company paid rent to Hadleigh Castings Director's Pension Scheme, a Scheme under common control, of £45,000 (2024: £45,000), no amount outstanding at the year end.

During the year the company paid rent to C P Warnes (director) of £12,000 (2024: £11,675), no amount is outstanding at the year end.

29
Directors' transactions

Dividends totalling £139,450 (2024 - £203,515) were paid in the year in respect of shares held by the company's directors.

Advances or credits have been granted by the company to its directors as follows:

Advances
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr N E Warnes
3.00
197,495
-
7,825
(7,825)
197,495
Mr N E Warnes
-
18,360
-
-
(6,145)
12,215
Mrs C L Lock
-
44,234
-
-
(2,000)
42,234
Mr C P Warnes
-
9,241
2,001
-
-
11,242
Mrs B Warnes
-
100
-
-
-
100
269,430
2,001
7,825
(15,970)
263,286
30
Ultimate controlling party

The company is controlled by Mr N E Warnes as director and majority shareholder.

31
Non-cash flow items

During the year, dividends paid by transfer to Directors' loan accounts was £Nil (2024: £125,000). This amount has not been reflected in the cash flow statement.

HADLEIGH CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 28 -
32
Cash generated from operations
2025
2024
£
£
Profit after taxation
75,513
315,805
Adjustments for:
Taxation (credited)/charged
(124,289)
128,584
Finance costs
18,253
30,682
Investment income
(7,825)
(8,553)
(Gain)/loss on disposal of tangible fixed assets
-
10,923
Depreciation and impairment of tangible fixed assets
255,474
271,176
Movements in working capital:
(Increase)/decrease in stocks
(61,861)
469,954
Decrease/(increase) in debtors
719,871
(436,625)
(Decrease)/increase in creditors
(549,982)
224,052
Cash generated from operations
325,154
1,005,998
33
Analysis of changes in net funds/(debt)
1 January 2025
Cash flows
31 December 2025
£
£
£
Cash at bank and in hand
525,148
(291,184)
233,964
Borrowings excluding overdrafts
-
(203,775)
(203,775)
Lease liabilities
(305,692)
144,769
(160,923)
219,456
(350,190)
(130,734)
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