REGISTERED NUMBER: 02980076 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

CRYSTAL UNITS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Directors' Responsibilities Statement

5

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

P Gorsia

V Halai

REGISTERED OFFICE:

100 West Hendon Broadway

London

NW9 7AA

REGISTERED NUMBER:

02980076 (England and Wales)

AUDITORS:

mgr MAP Limited

Chartered Accountants

Statutory Auditors

55 Loudoun Road

St John's Wood

London

NW8 0DL

BANKERS:

Barclays Bank Plc

P O Box 317

Woking

Surrey

GU21 1WT

The directors present their strategic report for the year ended 31 October 2025.

REVIEW OF BUSINESS

The year ended 31 October 2025 was a challenging period for the company, reflecting weaker demand across the construction and glazing sectors together with continued cost pressures within the manufacturing environment. Turnover decreased by 14.9% to £16.4 million (2024: £19.2 million), primarily as a result of lower sales volumes arising from subdued market activity.

Gross profit reduced to £5.5 million (2024: £7.3 million), with the gross margin declining to 33.7% (2024: 38.1%). This reflected the difficult trading environment and a reduction in demand for the company's higher-margin products, as construction projects were delayed following changes to planning regulations. The directors continued to focus on operational efficiency and disciplined control of raw material costs to mitigate these pressures. Administrative expenses fell to £5.9 million (2024: £6.2 million), principally due to the completion of rent review negotiations during the year.As a result, the company recorded an operating loss of £417,000, compared with an operating profit of £1.157 million in the previous year.

Despite the challenging market conditions, management remained focused on operational efficiency, high levels of customer service and strengthening relationships with key customers.

The company also continued to invest in its manufacturing capabilities and production processes to improve productivity and support future growth. While the near-term outlook remains uncertain, the directors believe the company's established market position, experienced workforce and strong customer relationships provide a solid platform from which to benefit when market conditions improve.

PRINCIPAL RISKS AND UNCERTAINTIES

Financial risk management objectives and policies:

Like many businesses the company is exposed to a number of risks and uncertainties and managing these risks is an integral part of the business. The principal financial risks to which the company is exposed are those of liquidity, economic, market and price, credit, interest rate and cash flow . Each of the outlined risks is managed as set out below:

Liquidity risk:

The company manages liquidity risk by maintaining access to a number of sources of funding which are sufficient to meet the anticipated funding requirements. The liquidity risks of the company are monitored on an ongoing basis and close control is maintained on debtor collection and creditor settlement.

Economic, market and price risk:

The economic environment has a direct impact on the company’s performance since the company operates in a highly competitive and price sensitive market. The company manages price risk by negotiating competitive prices with its key suppliers.

Credit risk:

The company is at risk of exposure to financial losses should customers fail to meet their obligations as and when the debts fall due. The company has an established credit policy to ensure that credit is only extended to those customers who meet strict rating requirements. Credit ratings and trade debtor ageing are closely monitored and timely action taken if any risks are identified.

Interest rate risk:

The company borrows at floating rates of interest and where considered necessary, it uses interest rate cap protection to manage exposure to interest rate fluctuations. The interest rate on hire purchase agreements are fixed at the commencement of the agreement.

Cashflow risk:

The company is reliant on timely receipts from customers. The cash flow position is closely monitored by the directors.

Political:

The impact of the Ukraine war has caused energy costs to spiral which has affected the whole glass industry. The company mitigates the risk by carefully monitoring electricity prices and entering into fixed price agreements where possible. Customer pricing is continually reviewed to reflect changing energy prices.

Competition:

The company operates in a highly competitive market. The company mitigates the risk by continuously investing in new plant, developing new product offerings and building long term relationships built upon quality and flexibility.

Development and performance:

The company continues to look to secure additional market share by securing new customers and developing existing relationships.

KEY PERFORMANCE INDICATORS

The directors consider the turnover, gross profit margin and EBITA (profit before tax plus depreciation, interest and tax) to be the key performance indicators.

2025

2024

£‘000

£‘000

Turnover

16,375

19,248

EBITDA

505

2,125

Gross Profit Margin

33.74%

38.11%

The directors monitor and respond to the following areas on a routine basis and are satisfied with current trends:

· sales order intake

· product trends

· production output

· cash flow

· delivery performance

ON BEHALF OF THE BOARD:

V Halai - Director

27 July 2026

The directors present their 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 of sealed glass units.

DIVIDENDS

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

FUTURE DEVELOPMENTS

Looking ahead the company aims to build on its success to date by expanding into more energy efficient products, thus adding further diversity to its suite. Furthermore, the company has invested in cutting edge technology to strengthen its digital sales capacity and this will further enhance growth.

EVENTS AFTER THE REPORTING DATE

The directors were not aware of any events after the reporting date which would materially affect the financial statements.

DIRECTORS

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

P Gorsia

V Halai

Other changes in directors holding office are as follows:

B K Varsani - resigned 4 November 2024

A K Varsani - resigned 4 November 2024

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director 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.

MEDIUM-SIZED COMPANIES EXEMPTION

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

AUDITORS

The auditors, mgr MAP Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

P Gorsia - Director

27 July 2026

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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;

-	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.

Opinion

We have audited the financial statements of Crystal Units 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 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 loss 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Directors' Responsibilities Statement, 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 Directors 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 Directors 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 Directors.

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' Responsibilities Statement set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding and accumulated knowledge of the company we considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud and whether such actions or non-compliance might have a material effect on the financial statements. These included but were not limited to those that relate to the form and content of the financial statements, such as the company's accounting policies, the financial reporting framework, and the UK Companies Act 2006. All team members were briefed to ensure they were aware of any relevant regulations in relation to their work.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates as well as inappropriate revenue cut-off. Our audit procedures included, but were not limited to:

• Agreement of the financial statement disclosures to underlying supporting documentation;

• Identifying and testing journal entries, with a focus on unusual account combinations and journals indicating large or unusual transactions based on our understanding of the business;

• Testing a sample of revenue recognised either side of the period end to ensure revenue has been recognised in the correct period;

• Challenging assumptions, accounting estimates and judgements made by the directors, particularly in relation to useful economic lives of tangible assets;

• Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; and

• Obtaining an understanding of the control environment in monitoring compliance with laws and regulations.

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.

Vasuhi Nadarajah-Pillai (Senior Statutory Auditor)

for and on behalf of mgr MAP Limited

Chartered Accountants

Statutory Auditors

55 Loudoun Road

St John's Wood

London

NW8 0DL

27 July 2026

TURNOVER

16,374,815

19,248,805

Cost of sales

(10,848,922

)

(11,911,961

)

GROSS PROFIT

5,525,893

7,336,844

Administrative expenses

(5,943,280

)

(6,179,616

)

OPERATING (LOSS)/PROFIT

5

(417,387

)

1,157,228

Income from shares in group undertakings

100,000

-

(317,387

)

1,157,228

Interest payable and similar expenses

7

(247,052

)

(98,746

)

(LOSS)/PROFIT BEFORE TAXATION

(564,439

)

1,058,482

Tax on (loss)/profit

8

(195,235

)

310,200

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(759,674

)

1,368,682

(LOSS)/PROFIT FOR THE YEAR

(759,674

)

1,368,682

OTHER COMPREHENSIVE INCOME

Purchase of own shares

(1,100,000

)

(3,350,000

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(1,100,000

)

(3,350,000

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,859,674

)

(1,981,318

)

FIXED ASSETS

Tangible assets

9

3,585,234

4,119,805

Investments

10

3

2

3,585,237

4,119,807

CURRENT ASSETS

Stocks

11

621,077

714,062

Debtors: amounts falling due within one year

12

4,144,142

4,293,382

Debtors: amounts falling due after more than one year

12

-

297,219

Cash at bank and in hand

156,643

787,114

4,921,862

6,091,777

CREDITORS

Amounts falling due within one year

13

(4,737,119

)

(4,094,721

)

NET CURRENT ASSETS

184,743

1,997,056

TOTAL ASSETS LESS CURRENT LIABILITIES

3,769,980

6,116,863

CREDITORS

Amounts falling due after more than one year

14

(840,410

)

(1,327,619

)

NET ASSETS

2,929,570

4,789,244

CAPITAL AND RESERVES

Called up share capital

17

60,100

80,100

Capital redemption reserve

60,000

40,000

Retained earnings

2,809,470

4,669,144

SHAREHOLDERS' FUNDS

23

2,929,570

4,789,244

The financial statements were approved by the Board of Directors and authorised for issue on 27 July 2026 and were signed on its behalf by:

V Halai - Director

P Gorsia - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 November 2023

120,100

6,650,462

-

6,770,562

Changes in equity

Profit for the year

-

1,368,682

-

1,368,682

Own shares acquired

-

(3,350,000

)

-

(3,350,000

)

Total comprehensive income

-

(1,981,318

)

-

(1,981,318

)

Redemption of shares

(40,000

)

-

40,000

-

Balance at 31 October 2024

80,100

4,669,144

40,000

4,789,244

Changes in equity

Deficit for the year

-

(759,674

)

-

(759,674

)

Own shares acquired

-

(1,100,000

)

-

(1,100,000

)

Total comprehensive income

-

(1,859,674

)

-

(1,859,674

)

Redemption of shares

(20,000

)

-

20,000

-

Balance at 31 October 2025

60,100

2,809,470

60,000

2,929,570

Cash flows from operating activities

Cash generated from operations

24

833,775

4,118,075

Interest paid

(152,877

)

(7,425

)

Interest element of finance lease payments paid

(94,175

)

(91,321

)

Tax paid

(23,896

)

69,887

Net cash from operating activities

562,827

4,089,216

Cash flows from investing activities

Purchase of tangible fixed assets

(88,451

)

(306,177

)

Purchase of fixed asset investments

(1

)

(2

)

Sale of tangible fixed assets

12,917

34,931

Loans made to the directors

-

(472,464

)

Dividends received

100,000

-

Net cash from investing activities

24,465

(743,712

)

Cash flows from financing activities

New loans in year

-

1,000,000

Loan repayments in year

(250,000

)

(187,500

)

Capital repayments in year

(661,383

)

(703,540

)

Amount introduced by directors

793,620

-

Purchase of own shares

(1,100,000

)

(3,350,000

)

Net cash from financing activities

(1,217,763

)

(3,241,040

)

(Decrease)/increase in cash and cash equivalents

(630,471

)

104,464

Cash and cash equivalents at beginning of year

25

787,114

682,650

Cash and cash equivalents at end of year

25

156,643

787,114

1.	STATUTORY INFORMATION

Crystal Units Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

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

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover represents amounts receivable for goods net of VAT and trade discounts.

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.

Tangible fixed assets

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

Land and buildings leasehold

-

10% Straight line

Plant and machinery

-

10% Straight line

Fixtures and fittings

-

25% Straight line

Motor vehicles

-

25% on reducing balance

The gain and 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 and loss.

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.

Investments in associates

Interests in subsidiaries, associates and jointly controlled entities 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.

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.

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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

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.

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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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.

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 income statement 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 is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.

Foreign currencies

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.

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 statement of financial position 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 leases asset are consumed.

Employee 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.

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.

Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

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.

3.	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.

4.	EMPLOYEES AND DIRECTORS

31.10.25

31.10.24

£

£

Wages and salaries

4,975,331

5,092,668

Social security costs

610,430

538,232

Other pension costs

70,680

75,713

5,656,441

5,706,613

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

31.10.25

31.10.24

Operations

108

117

Administration

24

22

132

139

31.10.25

31.10.24

£

£

Directors' remuneration

518,777

268,832

Directors' pension contributions to money purchase schemes

8,806

4,403

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

Money purchase schemes

2

2

Information regarding the highest paid director is as follows:

31.10.25

31.10.24

£

£

Emoluments etc

272,530

246,248

Pension contributions to money purchase schemes

4,403

4,403

5.	OPERATING (LOSS)/PROFIT

The operating loss (2024 - operating profit) is stated after charging:

31.10.25

31.10.24

£

£

Other operating leases

1,009,982

1,316,012

Depreciation - owned assets

572,322

438,782

Depreciation - assets on finance leases

218,313

429,426

Loss on disposal of fixed assets

254

11,901

6.	AUDITORS' REMUNERATION

31.10.25

31.10.24

£

£

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

20,000

16,000

Total audit fees

20,000

16,000

Other non- audit services

21,646

10,468

Total non-audit fees

21,646

10,468

Total fees payable

41,646

26,468

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.10.25

31.10.24

£

£

Bank loan interest

114,209

3,586

Invoice finance interest

payable

38,668

3,182

Interest payable

-

657

Hire purchase interest payable

94,175

91,321

247,052

98,746