REGISTERED NUMBER: NI025278 (Northern Ireland)

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 October 2025

for

In-Doors Manufacturing Limited

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

15

DIRECTOR:

JP O'Neill

REGISTERED OFFICE:

49 Creagh Road

Toomebridge

Co. Antrim

BT41 3SE

REGISTERED NUMBER:

NI025278 (Northern Ireland)

AUDITORS:

Dundas Gallagher

Chartered Accountants and Statutory Auditors

Thistlebank House

2 Old Henry Street

Enniskillen

Co. Fermanagh

BT74 7JX

BANKERS:

Bank of Ireland

11 Market Street

Magherafelt

Co. Derry

BT45 6EE

SOLICITORS:

Simmons Meglaughlin & Orr

20 Northland Row

Dungannon

Co. Tyrone

BT71 6BL

The director presents his strategic report for the year ended 31 October 2025.

REVIEW OF BUSINESS

Turnover in the year increased by 12.5% to £6.7m (2024: £5.9m). Gross margin has remained at 30%. Overall, the company made a profit before tax of £338,527 compared to £358,166 in the previous year.

PRINCIPAL RISKS AND UNCERTAINTIES

Principal risks

The market for the company's products and services remains competitive. New markets and customers are continually being developed which serves to spread risk. The risks to the company are mainly credit risk, liquidity risk and interest rate risk.

Credit risk

The company's credit risk is primarily attributable to its trade debtors. Credit risk is managed by running credit checks on new customers and by monitoring customer payment patterns.

Liquidity risk

The company takes a proactive approach to managing financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. Continuity of funding is ensured by matching the source of funding to the purpose of those funds.

Interest rate risk

The company finances its operations through a mixture of retained earnings, loans and hire purchase agreements. The company's exposure is minimised as all finance is tied into fixed interest contracts. Interest rate risk can be managed through the ongoing review of potential borrowing requirements.

ON BEHALF OF THE BOARD:

JP O'Neill - Director

21 July 2026

The director presents his report with the financial statements of the company for the year ended 31 October 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacture and sale of doors for kitchen and bedroom furniture.

DIVIDENDS

An interim dividend of 0.32 per share was paid on 31 March 2025. The director recommends a final dividend of 0.96 per share, making a total of 1.28 per share for the year ended 31 October 2025.

The total distribution of dividends for the year ended 31 October 2025 will be £ 64,000 .

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR

JP O'Neill held office during the whole of the period from 1 November 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

-	select suitable accounting policies and then apply them consistently;

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

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

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Dundas Gallagher, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

JP O'Neill - Director

21 July 2026

Opinion

We have audited the financial statements of In-Doors Manufacturing Limited (the 'company') for the year ended 31 October 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 October 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 Auditors' 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, 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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by auditing standards).

We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation.

We considered that extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

With the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of these was limited to enquiry of the officers.

We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

We addressed the risk of fraud through management override of controls, by testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Ruairi Dundas (Senior Statutory Auditor)

for and on behalf of Dundas Gallagher

Chartered Accountants and Statutory Auditors

Thistlebank House

2 Old Henry Street

Enniskillen

Co. Fermanagh

BT74 7JX

21 July 2026

TURNOVER

6,709,531

5,963,732

Cost of sales

4,639,926

4,180,321

GROSS PROFIT

2,069,605

1,783,411

Distribution costs

303,221

267,780

Administrative expenses

1,277,489

966,893

1,580,710

1,234,673

488,895

548,738

Other operating income

42,604

46,300

OPERATING PROFIT

4

531,499

595,038

Interest payable and similar expenses

6

192,972

236,872

PROFIT BEFORE TAXATION

338,527

358,166

Tax on profit

7

125,444

76,047

PROFIT FOR THE FINANCIAL YEAR

213,083

282,119

PROFIT FOR THE YEAR

213,083

282,119

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

213,083

282,119

FIXED ASSETS

Tangible assets

9

4,018,057

4,214,030

CURRENT ASSETS

Stocks

10

2,218,802

2,294,241

Debtors

11

406,609

393,529

Cash at bank

157,909

43,989

2,783,320

2,731,759

CREDITORS

Amounts falling due within one year

12

1,733,698

1,914,365

NET CURRENT ASSETS

1,049,622

817,394

TOTAL ASSETS LESS CURRENT LIABILITIES

5,067,679

5,031,424

CREDITORS

Amounts falling due after more than one year

13

(227,803

)

(446,016

)

PROVISIONS FOR LIABILITIES

17

(204,801

)

(79,357

)

ACCRUALS AND DEFERRED INCOME

18

(140,416

)

(160,475

)

NET ASSETS

4,494,659

4,345,576

CAPITAL AND RESERVES

Called up share capital

19

50,001

50,001

Revaluation reserve

20

2,190,221

2,235,851

Retained earnings

20

2,254,437

2,059,724

SHAREHOLDERS' FUNDS

4,494,659

4,345,576

The financial statements were approved by the director and authorised for issue on 21 July 2026 and were signed by:

JP O'Neill - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 November 2023

50,001

1,764,975

2,281,481

4,096,457

Changes in equity

Dividends

-

(33,000

)

-

(33,000

)

Total comprehensive income

-

282,119

-

282,119

Transfer from revaluation

reserve to retained earnings

-

45,630

(45,630

)

-

Balance at 31 October 2024

50,001

2,059,724

2,235,851

4,345,576

Changes in equity

Dividends

-

(64,000

)

-

(64,000

)

Total comprehensive income

-

213,083

-

213,083

Transfer from revaluation

reserve to retained earnings

-

45,630

(45,630

)

-

Balance at 31 October 2025

50,001

2,254,437

2,190,221

4,494,659

Cash flows from operating activities

Cash generated from operations

1

815,620

664,686

Interest paid

(173,325

)

(217,545

)

Interest element of hire purchase payments paid

(19,647

)

(19,327

)

Net cash from operating activities

622,648

427,814

Cash flows from investing activities

Purchase of tangible fixed assets

(24,297

)

(55,347

)

Sale of tangible fixed assets

-

75,000

Net cash from investing activities

(24,297

)

19,653

Cash flows from financing activities

Loan repayments in year

(263,335

)

(208,606

)

Capital repayments in year

(121,916

)

(129,419

)

Amount introduced by directors

-

238

Amount withdrawn by directors

(61,039

)

-

Equity dividends paid

(64,000

)

(33,000

)

Net cash from financing activities

(510,290

)

(370,787

)

Increase in cash and cash equivalents

88,061

76,680

Cash and cash equivalents at beginning of year

2

(305,170

)

(381,850

)

Cash and cash equivalents at end of year

2

(217,109

)

(305,170

)

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

31.10.25

31.10.24

£

£

Profit before taxation

338,527

358,166

Depreciation charges

220,270

236,604

Profit on disposal of fixed assets

-

(75,000

)

Government grants

(25,230

)

(29,788

)

Finance costs

192,972

236,872

726,539

726,854

Decrease/(increase) in stocks

75,439

(9,184

)

Decrease in trade and other debtors

47,006

138,721

Decrease in trade and other creditors

(33,364

)

(191,705

)

Cash generated from operations

815,620

664,686

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 October 2025

31.10.25

1.11.24

£

£

Cash and cash equivalents

157,909

43,989

Bank overdrafts

(375,018

)

(349,159

)

(217,109

)

(305,170

)

Year ended 31 October 2024

31.10.24

1.11.23

£

£

Cash and cash equivalents

43,989

3,973

Bank overdrafts

(349,159

)

(385,823

)

(305,170

)

(381,850

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.11.24

Cash flow

At 31.10.25

£

£

£

Net cash

Cash at bank

43,989

113,920

157,909

Bank overdrafts

(349,159

)

(25,859

)

(375,018

)

(305,170

)

88,061

(217,109

)

Debt

Finance leases

(260,512

)

121,916

(138,596

)

Debts falling due within 1 year

(785,152

)

153,079

(632,073

)

Debts falling due after 1 year

(307,420

)

110,256

(197,164

)

(1,353,084

)

385,251

(967,833

)

Total

(1,658,254

)

473,312

(1,184,942

)

1.	STATUTORY INFORMATION

In-Doors Manufacturing Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the period.

The following judgement has had the most significant effect on amounts recognised in the financial statements:

Tangible assets

Long life assets comprising of property, plant and machinery represent a significant portion of total assets. The annual depreciation charges depend primarily on the estimated lives of each type of asset and in certain circumstances, estimated residual value. The directors regularly review these useful lives and change them if necessary to reflect current conditions. The directors do not believe that there is any impairment in the current year.

Stock

The Company reviews inventory at each reporting date to assess whether a provision is required for slow-moving, obsolete or damaged stock. The provision is based on management's assessment of the expected recoverability of inventory, taking into account factors such as inventory age, historical usage and sales, current market conditions, and future demand.

As a provision is based on estimates of future recoverability, actual outcomes may differ from those estimated and could result in adjustments to the carrying value of inventory in future periods.

Turnover

The company's turnover is generated through the manufacture and wholesale distribution of kitchen and bathroom doors and units throughout the UK and Ireland.

Turnover represents the net invoiced sales value of goods, excluding value added tax. Turnover is recognised at the point of invoice which is generated upon the despatch of goods.

Tangible fixed assets

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter:

Freehold property

- 2% on cost

Plant and machinery

- 12.5% on reducing balance

Fixtures and fittings

- 20% on reducing balance

Motor vehicles

- 25% on reducing balance

Stocks

Raw materials are valued at the lower of cost and net realisable value. Work-in-progress is valued at the lower of cost and net realisable value using the retail method apportioned by the stage of completion. Finished goods are valued at the lower of cost and net realisable value using the retail method.

Financial instruments

The company has applied the provisions of section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 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 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

Financial assets including trade debtors arising from goods sold to customers on short-term credit are initially measured at the undiscounted amount of cash receivable from that debtor, which is normally the transaction price, and subsequently carried at amortised cost using the effective interest rate method unless the arrangement constitutes a financing transaction. If payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate, this constitutes a financing transaction and is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 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 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 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 assets, 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, held 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 entirely 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 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 present value of the future payments 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 the 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 FRS102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through 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 company's contractual obligations expire or are discharged or cancelled.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the average exchange rate for the period. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The director has prepared the financial statements on a going concern basis. The company has made an accounting profit of £213,083 for the financial year to 31 October 2025 (2024: £282,119).

In recent years, the company has invested heavily in the development of new products and production processes. During this period of development and implementation, the company has faced extremely difficult economic conditions. The company has also had to address specific issues with material quality and supply chain disruption. The director has introduced specific measures in response to these issues and the company is now featuring increasing profitability, margins and liquidity. The company has appropriate finance arrangements to manage its financial commitments and working capital requirements, with strong post year end management accounts and financial projections.

The preparation of the financial statements on a going concern basis is deemed to be appropriate.

Impairment of assets

At each reporting year end date, the directors review the carrying amount of the 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 it belongs.

3.	EMPLOYEES AND DIRECTORS

31.10.25

31.10.24

£

£

Wages and salaries

2,841,231

2,558,037

Other pension costs

71,475

70,342

2,912,706

2,628,379

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

31.10.25

31.10.24

Selling

4

4

Production

68

69

Administration

13

12

85

85

31.10.25

31.10.24

£

£

Director's remuneration

16,840

14,311

4.	OPERATING PROFIT

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

31.10.25

31.10.24

£

£

Hire of plant and machinery

28,480

13,987

Depreciation - owned assets

142,425

144,447

Depreciation - assets on hire purchase contracts

77,845

92,157

Profit on disposal of fixed assets

-

(75,000

)

Foreign exchange differences

76,690

(13,073

)

5.	AUDITORS' REMUNERATION

31.10.25

31.10.24

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

8,500

8,500

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.10.25

31.10.24

£

£

Bank interest

173,325

217,545

Hire purchase

19,647

19,327

192,972

236,872

7.

TAXATION

Analysis of the tax charge

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

31.10.25

31.10.24

£

£

Deferred tax

125,444

76,047

Tax on profit

125,444

76,047

8.

DIVIDENDS

31.10.25

31.10.24

£

£

Ordinary shares of £1 each

Final

48,000

33,000

Interim

16,000

-

64,000

33,000