REGISTERED NUMBER: 00551762 (England and Wales)

G. J. HANDY (TRADING) LTD

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30TH NOVEMBER 2025

Page

Company Information

1

Strategic Report

2

to

3

Report of the Directors

4

to

5

Report of the Independent Auditors

6

to

8

Statement of Income and Retained Earnings

9

Statement of Financial Position

10

Notes to the Financial Statements

11

to

20

DIRECTORS:

Mr D L Belcher

Mr S A Belcher

Mrs D S Belcher

Mr S Bartlett

Mr M A Moseley

REGISTERED OFFICE:

Handy Distribution

Murdock Road

Dorcan

SWINDON

Wiltshire

SN3 5HY

REGISTERED NUMBER:

00551762 (England and Wales)

AUDITORS:

Morris Owen

Statutory Auditors

43-45 Devizes Road

SWINDON

Wiltshire

SN1 4BG

The directors have pleasure in presenting their strategic report for the year ended 30 November 2025.

REVIEW OF BUSINESS

2025 was the warmest on record and the dryest since 2010 and as the company trades in a sector of the market which is seasonal and is dependent on the weather at key times such as spring and summer this made 2025 not a favourable year in terms of the market.

Despite this, turnover was only slightly down on 2024 and still considerably ahead of 2023. This was mainly driven by bringing new products to market and continuing to invest heavily in marketing and promotion.

The turnover for the year was £16,464,512, compared to £17,079,630 in 2024.

Pre tax profits of over £1m show a continued strong performance achieved by very well managed costs throughout the business.

Our brands Webb, The Handy and Q Garden continue to grow alongside our major distribution partnerships with Greenworks and Flymo.

We continue to aim to deliver the best distribution infrastructure in our industry coupled with a highly skilled and knowledgeable team of staff means we can continue to grow our business and strive to lead in our sector.

POSITION AT THE END OF THE YEAR

We continued with a strong profit performance during 2025 which has shown growth in the companies retained earnings and a strong balance sheet position.

Debtors at year end were at a similar level to the previous year however due to the slightly reduced turnover stock sat at year end circa £423k above 2024.

PRINCIPAL RISKS AND UNCERTAINTIES

Uncertainties by world events beyond our control mean we have to continually adapt and change fast when needed. Careful cost planning and reviews are key to saying on top of overhead changes.

As always currency swings are always a risk that we continue to manage carefully and successfully.

The weather is often our biggest uncertainty we cannot control. We have been dealing with this challenge as a business for over 80 years and the experience in our team allows us to keep these risks to a minimum by managing stock and range offerings.

KEY PERFORMANCE INDICATORS

The directors have identified that the key performance indicators when looking at the business are the monitoring of turnover on a monthly basis compared to the seasonalised budget, margin levels (2025 24.5%, 2024 27.3%, 2023 19.2%), stock turn (2025 2.7, 2024 2.8, 2023 3.0), control of overheads compared to budget and cash flow.

FUTURE DEVELOPMENTS

We have commissioned as further expansion of our warehouse facility with building work already under way. This will further improve our efficiency and reduce needs for outside storage at peak times.

Following a successful initial solar power project which is returning ahead of schedule we are reviewing a further expansion of the solar and power storage systems which will continue to minimise our impact of the environment.

We aim to give our customers the very best products and service; our own brands and major brand partners continue to make us a leading specialist one stop distribution partner in our industry.

ON BEHALF OF THE BOARD:

Mr S A Belcher - Director

1st July 2026

The directors present their report with the financial statements of the company for the year ended 30th November 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of retailing and distribution of domestic and professional garden machinery.

DIVIDENDS

No dividends will be distributed for the year ended 30th November 2025.

DIRECTORS

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

Mr D L Belcher

Mr S A Belcher

Mrs D S Belcher

Mr S Bartlett

Mr M A Moseley

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

Mr S A Belcher - Director

1st July 2026

Opinion

We have audited the financial statements of G. J. Handy (Trading) Ltd (the 'company') for the year ended 30th November 2025 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position 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 30th November 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 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 and the Report of the Directors, 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 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 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 Statement of Directors' Responsibilities set out on page four, 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations through the audit planning process;

-

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's industry;

-

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act, taxation legislation, general data protection regulations (GDPR), employment, and health and safety legislation;

-

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed this susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

-

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

-

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

As a result of a small management and finance team we identified a risk of fraud through management bias and ability to override of controls, including lack of segregation of duties, which could lead to a misappropriation of cash and other assets. To address this we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

carried out walk through testing of both sales and purchases to understand payment and authorisation processes;

reviewing reasons behind sales credit notes raised;

-

assessed whether judgements and assumptions made in determining the accounting estimates set out in note two were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

-

tested manual stock adjustment journals.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

enquiring with solicitors for any instances in the year;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with HM Revenue & Customs (HMRC) and any legal correspondence.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

Mr Alan John Barlow (Senior Statutory Auditor)

for and on behalf of Morris Owen

Statutory Auditors

43-45 Devizes Road

SWINDON

Wiltshire

SN1 4BG

16th July 2026

REVENUE

3

16,464,509

17,079,630

Cost of sales

12,433,117

12,410,194

GROSS PROFIT

4,031,392

4,669,436

Administrative expenses

2,925,696

3,172,121

1,105,696

1,497,315

Other operating income

4

-

16,042

OPERATING PROFIT

6

1,105,696

1,513,357

Interest receivable and similar income

1,055

26,121

1,106,751

1,539,478

Interest payable and similar expenses

7

46,396

12,747

PROFIT BEFORE TAXATION

1,060,355

1,526,731

Tax on profit

8

252,567

409,032

PROFIT FOR THE FINANCIAL YEAR

807,788

1,117,699

Retained earnings at beginning of year

2,666,295

5,672,231

Dividends

9

-

(4,123,635

)

RETAINED EARNINGS AT END OF YEAR

3,474,083

2,666,295

FIXED ASSETS

Intangible assets

10

92,000

-

Property, plant and equipment

11

359,447

428,435

451,447

428,435

CURRENT ASSETS

Inventories

12

4,649,598

4,226,534

Debtors

13

1,567,566

1,582,299

Cash at bank and in hand

23,386

493,682

6,240,550

6,302,515

CREDITORS

Amounts falling due within one year

14

2,868,742

3,708,193

NET CURRENT ASSETS

3,371,808

2,594,322

TOTAL ASSETS LESS CURRENT LIABILITIES

3,823,255

3,022,757

CREDITORS

Amounts falling due after more than one year

15

(95,746

)

(95,528

)

PROVISIONS FOR LIABILITIES

19

(227,426

)

(234,934

)

NET ASSETS

3,500,083

2,692,295

CAPITAL AND RESERVES

Called up share capital

20

17,000

17,000

Capital redemption reserve

21

9,000

9,000

Retained earnings

21

3,474,083

2,666,295

SHAREHOLDERS' FUNDS

3,500,083

2,692,295

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 1st July 2026 and were signed on its behalf by:

Mr S A Belcher - Director

1.	STATUTORY INFORMATION

GJ Handy (Trading) Limited is private company, limited by shares, registered in England and Wales.

The registered office address is Murdock Road, Dorcan, Swindon, Wiltshire, SN3 5HY.

These financial statements are presented in British Pounds (GBP), which is the company's functional and presentational currency.

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.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Significant judgements and estimates

The directors have calculated an annual stock provision for any items of stock which have a net realisable value lower than cost. The directors believe the most accurate way to calculate this provision is to review each stock line held at the year end and compare this to sales post year end.

The directors also have determined an appropriate provision for warranty costs by assessing the

average rates of returns.

The directors also have determined an appropriate provision for bad and doubtful debts by assessing the recoverability of all balances on a balance by balance basis.

The directors have determined whether leases entered into by the group as a lessee are operating leases or finance leases. These decisions depend on the assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

The directors have determined the period of useful economic life and any residual value of all tangible fixed assets in order to write off the value of each asset over that period.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of vat, discounts, and rebates. Turnover is recognised when goods are despatched or made available for collection.

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.

Property improvements

-

10% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

40% on reducing balance

Computer equipment

-

20% on cost

Stocks and work in progress

Stocks are valued at the lower of cost and net realisable value, after make due allowance for obsolete and slow moving items. The cost of inventories is measured using the first-in first-out basis.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

Transactions in all other foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date.

The company enters into a forward agreements to minimise against the risk of fluctuations in the US dollar.

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 for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Financial instruments

Financial instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method. The only advanced instruments recognised by the company are derivatives (being forward foreign exchange contracts). Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in arriving at profit before tax. Derivative assets are included in other debtors and derivative liabilities are included in other creditors.

Warranty provision

The group makes provision for expected future costs to meet their obligations to customers of own branded goods which have been sold under warranty. The provision is calculated with reference to average historical costs and sales volumes over the preceding three years, and with consideration of whether these historical warranty returns are likely to continue as a trend in to the future. The costs include the replacement of product, repairs and associated relevant expenditure.

3.

REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

4.	OTHER OPERATING INCOME

2025

2024

£

£

Other income

-

16,042

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,425,723

1,542,342

Social security costs

162,974

170,343

Other pension costs

169,436

155,258

1,758,133

1,867,943

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

2025

2024

Management staff

5

5

Administration staff

24

24

Sales, distribution & workshop staff

17

16

46

45

2025

2024

£

£

Directors' remuneration

209,895

426,231

Directors' pension contributions to money purchase schemes

74,926

95,608

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

Money purchase schemes

3

3

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

113,448

290,025

Pension contributions to money purchase schemes

26,418

54,725

6.	OPERATING PROFIT

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

2025

2024

£

£

Hire of plant and machinery

12,655

8,963

Depreciation - owned assets

75,537

69,839

Depreciation - assets on hire purchase contracts

96,672

139,440

Profit on disposal of fixed assets

(9,563

)

(33,717

)

Auditors' remuneration

21,570

20,540

Foreign exchange differences

156,048

(389,381

)

Auditors' remuneration for non audit work includes the fees of £7,375 (2024: £7,020) payable to the company's auditors for the audit of its fellow subsidiary company, G.J. Handy (Properties) Limited, and for the G.J. Handy (Holdings) Limited Group as a whole.

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

31,075

-

Hire purchase

15,321

12,747

46,396

12,747

8.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

277,426

340,784

Over/under provision in

previous year

750

-

Total current tax

278,176

340,784

Deferred tax

(25,609

)

68,248

Tax on profit

252,567

409,032

UK corporation tax was charged at 25%) in 2024.

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

1,060,355

1,526,731

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

265,089

381,683

Effects of:

Expenses not deductible for tax purposes

26,453

4,779

Income not taxable for tax purposes

(2,654

)

-

Capital allowances in excess of depreciation

(11,461

)

-

Depreciation in excess of capital allowances

-

22,570

Adjustments to tax charge in respect of previous periods

750

-

Short term timing differences

(25,610

)

-

Total tax charge

252,567

409,032

The deferred tax movement of £25,610 (2024: £368248) relates to the origination and reversal of temporary timing differences.

9.

DIVIDENDS

2025

2024

£

£

Interim

-

4,123,635

10.	INTANGIBLE FIXED ASSETS

Website

costs

£

COST

Additions

92,000

At 30th November 2025

92,000

NET BOOK VALUE

At 30th November 2025

92,000

11.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Property

Plant and

and

improvements

machinery

fittings

£

£

£

COST

At 1st December 2024

101,260

187,793

171,280

Additions

8,900

-

55,460

Disposals

-

(11,904

)

-

At 30th November 2025

110,160

175,889

226,740

DEPRECIATION

At 1st December 2024

16,684

181,993

61,908

Charge for year

11,016

5,800

43,541

Eliminated on disposal

-

(11,904

)

-

At 30th November 2025

27,700

175,889

105,449

NET BOOK VALUE

At 30th November 2025

82,460

-

121,291

At 30th November 2024

84,576

5,800

109,372

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1st December 2024

488,867

75,175

1,024,375

Additions

49,000

7,845

121,205

Disposals

(104,060

)

(4,475

)

(120,439

)

At 30th November 2025

433,807

78,545

1,025,141

DEPRECIATION

At 1st December 2024

270,430

64,925

595,940

Charge for year

105,204

6,648

172,209

Eliminated on disposal

(86,076

)

(4,475

)

(102,455

)

At 30th November 2025

289,558

67,098

665,694

NET BOOK VALUE

At 30th November 2025

144,249

11,447

359,447

At 30th November 2024

218,437

10,250

428,435