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

The group consists of five companies which are as follows:

• JD Roebuck Holdings Limited

• Gresham UK Holdings Limited

• Gresham Office Furniture Limited

• Roebuck Property Holdings Limited

• Roebuck Property Construction Limited

The company's principal activity is that of a holding company, investment properties and other investments. The group's principal activities are as follows:

• Design, manufacture and sale of office furniture

• Rental of investment properties

The consolidated financial statements present the accounts of the group as a single entity for the period ended 31 October 2025.

The year ended 31 October 2025 was one of significant investment and transformation for the group.

The commercial office furniture market remained challenging throughout the year as economic uncertainty continued to influence customer confidence and investment decisions. These market conditions resulted in lower sales than the previous year and, consequently, a reduction in profitability.

Despite these headwinds, the Directors took the decision to continue investing in the long-term future of the business rather than prioritising short-term financial performance. During the year we successfully implemented a new Enterprise Resource Planning (ERP) system and completed significant investment in our manufacturing facilities. Together, these projects represent one of the largest operational investment programmes undertaken by the Company in recent years.

These investments have strengthened the operational foundations of the business and provide enhanced visibility, improved planning capability and increased manufacturing efficiency. Whilst many of the benefits will be realised progressively over the coming years, the Directors believe these investments position the Group well for future growth and improved profitability.

Although trading conditions remain uncertain, we enter the new financial year with confidence in the long-term prospects of the business and believe the investments completed during the year provide a strong platform for sustainable growth.

Our Business

The Group's main business is design, manufacture and supply of high-quality workplace furniture throughout the United Kingdom, serving customers across both the public and private sectors.

The Group's strategy is centred upon innovative product design, manufacturing excellence and exceptional customer service, supported by continual investment in technology, people and operational capability.

Market Environment

The commercial office furniture market remained challenging throughout the year as businesses continued to adopt a cautious approach to capital expenditure and workplace investment. This resulted in lower levels of demand across much of the sector.

Against this backdrop, revenue reduced to £25.6 million compared with £32.6 million in the previous financial year. The Group reported an operating profit of £0.13 million (2024: £1.90 million) and a loss before taxation of £53k.

Whilst these financial results were below the Directors' expectations, they should be considered in the context of the significant strategic investments undertaken during the year and the long-term benefits these are expected to deliver.

Investing for the Future

Throughout the year, the Board remained committed to strengthening the long-term competitiveness of the business.

Rather than reducing investment in response to weaker market conditions, the Group continued to invest significantly in technology and manufacturing capability.

A key milestone during the year was the successful implementation of a new Enterprise Resource Planning (ERP) system. This investment has transformed the Group's core business systems, providing enhanced operational visibility, improved management information and greater integration across all areas of the organisation.

Alongside this, substantial investment was made in modern manufacturing machinery, increasing production capability whilst creating opportunities to improve productivity, efficiency and product quality.

Together, these investments represent a significant step in the Group's long-term development. They establish a stronger operational platform from which the Group can continue to improve customer service, streamline processes, enhance manufacturing efficiency and support sustainable future growth.

The Directors expect the benefits of these investments to become increasingly evident over the coming years as the systems and equipment become fully embedded within the business.

Financial performance

The Directors monitor a range of financial and operational measures when assessing business performance.

Although turnover reduced significantly during the year, the Group maintained a gross margin of 40.87%, consistent with the previous year. This reflects continued pricing discipline, careful management of product mix and the resilience of the Group's manufacturing operation despite challenging market conditions.

Administrative expenses reduced compared with the previous year as management maintained a disciplined approach to overhead expenditure whilst continuing to invest in the future of the business. The increase in finance costs reflects the funding required to support the Group's investment programme.

The Group continues to maintain a strong balance sheet with shareholders' funds of £19.6 million and net current liabilities of £0.47 million. These provide a solid financial foundation from which to support future growth.

Position at the end of the year

The Group current assets ratio is 0.96 compared to 1.69 in the previous year and this is considered sufficient to service finance and loan commitments and liabilities as they fall due.

Our People

The successful delivery of the Group's transformation programme would not have been possible without the commitment, professionalism and adaptability of its employees.

The implementation of a new ERP system and the introduction of significant new manufacturing equipment represented substantial organisational change across every area of the business. Employees embraced these changes whilst continuing to maintain the high standards of quality, service and customer support for which Gresham is recognised.

The Directors would like to express their sincere appreciation to all employees for their dedication and contribution throughout the year.

Principal Risks and Uncertainties

The Directors regularly review the principal risks facing the business and ensure appropriate mitigation strategies remain in place.

Market Risk

Demand for commercial office furniture continues to be influenced by wider economic conditions and business investment. The Group mitigates this through continual product innovation, maintaining a diverse customer base and investing in operational efficiency.

Operational Risk

Maintaining efficient manufacturing operations remains fundamental to the Group's success. Continued investment in manufacturing technology, integrated business systems and employee development enhances operational resilience and supports continuous improvement.

Credit Risk

The Group operates robust credit management procedures, including credit assessment of new customers and continuous monitoring of outstanding balances. Exposure to bad debts remains low.

Liquidity Risk

Cash flow, working capital and funding facilities are closely monitored to ensure the Group maintains sufficient liquidity to support day-to-day operations and future investment.

Health, Safety and Environmental Management

The Group remains committed to maintaining the highest standards of health, safety and environmental performance. Certification to ISO 14001 and ISO 45001 continues to support responsible manufacturing and the Group's commitment to continuous improvement.

Outlook

The Directors believe that 2025 represents an important milestone in the Group's long-term development.

The successful implementation of a new ERP system together with substantial investment in modern manufacturing technology has created a significantly stronger operational platform for the future. As these investments become fully embedded within the business, the Directors expect to realise further improvements in operational efficiency, manufacturing productivity, management information and customer service.

The Group will continue to invest in innovation, product development and operational excellence whilst maintaining a disciplined approach to financial management and sustainable growth.

Although economic conditions remain uncertain, the Directors remain confident in the long-term prospects of the business. Gresham enters the new financial year with enhanced operational capability, a strong balance sheet, an experienced workforce and a clear strategy focused on delivering sustainable, profitable growth.

On behalf of the board

The director presents his annual report and financial statements for the year ended 31 October 2025.

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £681,714. The director does not recommend payment of a further dividend.

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

The group made no political contributions in the current or previous period.

The research and development activities of the group are concentrated on the development of new products, new processes and the continual development of existing products, with increased investment in plant and machinery.

The group intends to keep its innovative and competitive edge by extending its product range. The group also intends to consolidate its position in those markets where the company gained a foothold during the year under consideration.

The directors consider that the group has performed well over the period and are confident that the group will continue to develop and grow despite the high competition within the industry.

The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The director is responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group 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;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

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

The group has chosen in accordance with the Companies Act 2006, s. 414C(11) to set out in the group'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 been done so in respect of :

-Financial risk management objectives and policies

-Information on exposure to credit risk and liquidity risk

We have audited the financial statements of JD Roebuck Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2025 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group's and the parent company's affairs as at 31 October 2025 and of the group's 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director 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 director is 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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• The strategic report and the director's report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

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

• adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent company financial statements are not in agreement with the accounting records and returns; or

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

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

As explained more fully in the director's responsibilities statement, 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 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 director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

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.

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

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

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; 

• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection; 

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

The income statement has been prepared on the basis that all operations are continuing operations.

As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s profit for the year was £353,465 (2024 - £1,444,980 profit).

JD Roebuck Holdings Limited (“the company”) (Company number 08302113) is a company limited by shares, domiciled and incorporated in England and Wales. The registered office and principal place of business is Platinum Park, Lynstock Way, Horwich, Bolton, Greater Manchester, BL6 4SA.

The group's principal activity is detailed in the Strategic Report.

The group consists of JD Roebuck Holdings Limited and its subsidiaries.

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, including the provisions of the Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008 and under the going concern basis.

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 £.

The financial statements have been prepared on the historical cost convention, modified to include the revaluation of long leasehold properties. The principal accounting policies adopted are set out below.

As permitted by FRS 102, the company has taken advantage of the exemption relating to the Statement of Cash Flows. The company has not presented its own cash flow and related notes.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. If the net fair value of the identifiable assets and liabilities exceeds the cost of the business combination, the excess is recognised separately on the face of the consolidated statement of financial position immediately below goodwill. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.

The results of subsidiaries acquired or disposed of during the year are included in total comprehensive income from the effective date of acquisition up to the effective date of disposal. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation, Unrealised losses are also eliminated unless transaction provides evidence of an impairment of the asset transferred. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment in the individual financial statements.

JD Roebuck Holdings Limited is the ultimate parent of Gresham UK Holdings Limited, Gresham Office Furniture Limited, Gresham International Inc, Roebuck Property Holdings Limited, and Roebuck Property Construction Limited.

The consolidated financial statements incorporate those of JD Roebuck Holdings Limited and all of its subsidiaries.

All financial statements are made up to 31 October 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

The individual subsidiary's results included in the consolidated financial statements of JD Roebuck Holdings Limited are available from the registered office.

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

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures.

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future, despite net current liabilities of £473,405. Post year end, as part of the review of the Group's financing the Director has realised fixed asset listed investments thereby creating funds to repay a current liaiblity of £3,080,000 due to the bank. This has returned the Group to a net current asset position. In addition the post year end trading performance of the group has improved to the level acheived in the year ended 31 October 2024. The group has produced cash flow forecasts and these also support the use of going concerm. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

Revenue represents the value of all goods and services despatched prior to the year end, after trade discounts and exclusive of Value Added Tax.

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.

Other operating income

Other operating income consists of rental income receivable during the year, exclusive of Value Added Tax, and government grants.

Investment income

Investment income represents interest and dividends receivable from listed investments.

Research expenditure is written off against profits in the year in which it is incurred.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

The estimate is based on a variety of factors such as the length of time that the group has been trading, past results and expected future results and the reputation of the group in the market place.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Long leasehold land is not depreciated.

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

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 at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

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

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

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

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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

Inventories 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 inventories to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories 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.

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

The group has financial assets (debtors, cash and bank balances) and liabilities (creditors and accruals) of a kind that qualify as basic financial instruments. They are initially recognised at transaction value and subsequently measured at their settlement value.

Listed investments 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.

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

The tax expense represents the sum of the tax currently payable and deferred 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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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

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

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. The holiday entitlement is for the year to December and an accrual is included for holidays accrued but not taken as at the year end.

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

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 leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

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.

Group relief

The financial statements have been prepared based on the assumption that group relief will be used to facilitate the transfer of corporation tax losses between companies in the group, and there will be no payments made for group relief surrendered.

In the application of the group’s accounting policies, the director is 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.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The group supplies goods with a 5 or 10 year warranty.

Based on historic experience, a provision is included in the financial statements to estimate the future costs to the group of issuing the warranty. Calculation of the provision requires judgements to be made to estimate the timing and costs of these warranties.

Property, plant and equipment are depreciated over their estimated useful lives to their estimated residual values. Both the estimated useful life and the residual value are reviewed at least at each financial year-end.

In determining the fair value of investment property the group uses an open market value basis by reference to market evidence of transaction prices for similar properties, as provided by Directors. The Directors are of the opinion that the investment property is being held at fair value at the period end.

An analysis of the group's revenue is as follows:

Investment income includes the following:

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

Their aggregate remuneration comprised:

The actual 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:

The goodwill was acquired as part of the acquisition of Gresham UK Holdings Limited on 17 December 2012.

HSBC Bank Plc have a first fixed charge over assets including goodwill (note 24).

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

If long leasehold land and buildings were stated on a historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

The long leasehold land and buildings with a carrying amount of £6,140,652 (2024 - £6,229,126) have been pledged as security for the group's bank loan. The group is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

The company's investment property was valued at the period end by the directors by reference to market evidence of transaction prices for similar properties, along with previous year third party valuations.

The assets have been pledged as security for borrowings.

Listed investments are traded on an active liquid market therefore fair value is determined with reference to quoted market prices.

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

Registered office addresses:

All subsidiaries are registered in England.

All of the above named companies have been included in the consolidated financial statements of JD Roebuck Holdings Limited

Details of joint ventures at 31 October 2025 are as follows:

Listed investments are traded on an active liquid market therefore fair value is determined with reference to quoted market prices.

HSBC Bank Plc has a fixed and floating charge over all assets of the subsidiaries (note 24).

Obligations under finances leases totalling £194,504 (2024: £133,774) are secured against the asset to which they relate.

Included within other payables is an amount due to HSBC Asset Finance for factored debts. The liability of £2,956,426 (2024: £1,135,820) is secured against trade receivables.

Obligations under finances leases totalling £748,666 (2024: £117,742) are secured against the asset to which they relate.

The group has eight bank loans.

Loan 1

The HSBC bank loan of £284,772 (2024: £436,343) is repayable by monthly instalments over a 5 year period commencing August 2022.

Loan 2

The bank loan of £1,302,510 (2024: £1,718,470) is repayable by monthly instalments over a 20 year period commencing August 2008.

Loan 3

The bank loan of £2,939,116 (2024: £3,221,871) is repayable by monthly instalments over a 5 year period commencing September 2023 with a final payment due on the last day of the term.

Loan 4

The bank loan of £3,080,000 (2024: £1,176,952) is unsecured and repayable on demand.

Loans 1 to 3 - Security

The loans are secured by:

- A legal charge dated over property, plant and equipment.

- A debenture incorporating a fixed and floating charge over all assets of the company.

Loans 5 to 7

The group has 3 (2024: 3) Paragon bank loans totalling £277,420 (2024: £277,420). The loans are secured against the investment property to which they relate. The investment properties have a carrying value of £480,000 (2024: £480,000). The bank loans are interest only and the terms range from 21 to 22 years.

Finance lease payments represent rentals payable by the group for certain items of plant and machinery and motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 to 7 years.

The finance leases are secured by the lessors' title to the leased assets which have a carrying value of £1,268,033 (2024: £405,183).

The directors consider that the carrying amount of the obligations under finance leases approximate to their fair value.

The group supplies products with either a 5 or 10 year warranty. The provision is based on the directors assessment of the likely rectification costs calculated in the light of historic experience. The timing and amount of payments from the provision is uncertain, as the number and costs of warranty claims in the future is unpredictable. The provision is reviewed annually by the directors.

Deferred tax assets and liabilities are offset where the group or 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:

Included in the financial statements is an amount of £163,912 (2024: £170,912) relating to a grant. The grant was received some years ago towards the construction of the building. The grant is held as deferred income and is being released to the Statement of Comprehensive Income over the expected useful life of the building.

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

Included in the financial statements is an amount of £39,141 (2024: £41,412) owing by the group with regard to the pensions. This represents amounts that have been deducted at the year end but paid to the scheme after the year end.

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Revaluation reserve

This reserve records the value of asset revaluations recognised in other comprehensive income.

Amounts contracted for but not provided in the financial statements:

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

The group was under the control of Mr J D Roebuck, director and majority shareholder, throughout the current and previous period.

Dividends totalling £450,000 (2024: £906,000) were paid in the year to the directors.

During the year a director provided an interest free unsecured loan to the group, which was repayable on demand. The amount outstanding at the balance sheet date was £Nil (2024: £1,510).

During the year a director was provided an interest free unsecured loan by the group, which was repayable on demand. The amount outstanding at the balance sheet date was £7,678 (2024: £Nil). No amounts have been waived, written off, or repaid.

During the year the company provided a loan to an 'other related party'. The amount outstanding at the balance sheet date was £49,286 (2024: £Nil).

During the year the group purchased services from an 'other related party' totalling £20,000 (2024: £15,000). The amount outstanding at the balance sheet date was £Nil (2024: £Nil).