REGISTERED NUMBER: 02100725 (England and Wales)

DACEY LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 OCTOBER 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

11

DIRECTORS:

Mr T L Cooper

Mr P A Cooper

Mrs H J Huntley

REGISTERED OFFICE:

Sanatorium Road

Canton

Cardiff

CF11 8DG

REGISTERED NUMBER:

02100725 (England and Wales)

ACCOUNTANTS:

Bevan Buckland Ltd

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

FIXED ASSETS

Tangible assets

4

501,265

423,549

CURRENT ASSETS

Stocks

1,301,848

1,184,027

Debtors

5

1,346,165

1,082,962

Cash at bank and in hand

24,106

27,581

2,672,119

2,294,570

CREDITORS

Amounts falling due within one year

6

1,376,454

1,099,905

NET CURRENT ASSETS

1,295,665

1,194,665

TOTAL ASSETS LESS CURRENT LIABILITIES

1,796,930

1,618,214

CREDITORS

Amounts falling due after more than one year

7

(133,147

)

(132,710

)

PROVISIONS FOR LIABILITIES

(63,792

)

(47,022

)

NET ASSETS

1,599,991

1,438,482

CAPITAL AND RESERVES

Called up share capital

90,000

90,000

Capital redemption reserve

28,901

28,901

Retained earnings

1,481,090

1,319,581

SHAREHOLDERS' FUNDS

1,599,991

1,438,482

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2026 and were signed on its behalf by:

Mr P A Cooper - Director

1.	STATUTORY INFORMATION

Dacey Ltd 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.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The turnover during the year under review is comprised of the sale of goods including bespoke orthotic devices and off the shelf class 1 medical devices. In addition, turnover includes amounts billed and billable in respect of the provision of healthcare services during the year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on cost

Plant and Machinery

-

10% on cost

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on cost and 15% on cost

Computer equipment

-

33% on cost

Government grants

Government grants are deferred and released to the profit and loss account in line with when amortisation is incurred.

2025 (£

)

2024 (£

)

Deferred grant b/fwd

79,405

85,450

Grants released during the year

(5,440

)

(6,045

)

Deferred grant c/fwd

73,965

79,405

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

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

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

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

Pension costs and other post-retirement benefits

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

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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables 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.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Derecognition of financial liabilities

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

Grants

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.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Cash at bank and cash in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at transaction price.

Provision for liabilities

Provisions are recognised when the company has a present obligation (legal and constructive) from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Contingent liabilities

With regard to liabilities held by the Dacey Ltd as of the end of the reporting period that may be incurred, when it cannot be confirmed whether or not those are liabilities as of the end of the reporting period, or when the liabilities do not meet criteria for recognition of provisions, information on such liabilities is provided in the corresponding note on contingent liabilities, unless it is believed that the possibility of an outflow of economic resources by performance of the liabilities is remote at the end of the reporting period.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 85 (2024 - 85 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

Machinery

fittings

£

£

£

COST

At 1 November 2024

186,394

832,562

43,878

Additions

52,947

4,014

1,120

Disposals

-

-

-

At 31 October 2025

239,341

836,576

44,998

DEPRECIATION

At 1 November 2024

63,113

615,086

30,390

Charge for year

19,081

63,083

8,120

Eliminated on disposal

-

-

-

At 31 October 2025

82,194

678,169

38,510

NET BOOK VALUE

At 31 October 2025

157,147

158,407

6,488

At 31 October 2024

123,281

217,476

13,488

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 November 2024

98,440

56,761

1,218,035

Additions

154,180

3,269

215,530

Disposals

(14,000

)

-

(14,000

)

At 31 October 2025

238,620

60,030

1,419,565

DEPRECIATION

At 1 November 2024

32,701

53,196

794,486

Charge for year

44,237

3,293

137,814

Eliminated on disposal

(14,000

)

-

(14,000

)

At 31 October 2025

62,938

56,489

918,300

NET BOOK VALUE

At 31 October 2025

175,682

3,541

501,265

At 31 October 2024

65,739

3,565

423,549

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

899,074

925,135

Amounts owed by group undertakings

350,226

55,604

Other debtors

10,219

1,208

Prepayments and accrued income

86,646

101,015

1,346,165

1,082,962

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

86,331

69,056

Hire purchase contracts

36,860

20,198

Trade creditors

369,951

255,524

Tax

9,988

21,546

Social security and other taxes

47,672

43,221

VAT

152,962

132,709

Other creditors

546,227

478,811

Pension fund payable

1,367

1,426

Accruals and deferred income

120,200

69,473

Deferred government grants

4,896

7,941

1,376,454

1,099,905

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts

89,079

20,613

Other creditors

-

40,632

Deferred government grants

44,068

71,465

133,147

132,710

8.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Hire purchase contracts

125,939

40,811

Other creditors

592,162

424,759

718,101

465,570

The hire purchase liabilities are secured on the assets to which they relate.

The company's assets have been pledged as security for the other creditor. In addition, other companies in the group have provided a cross guarantee for the other creditor which amounted to £592,162 at the year end.

The company has pledged its assets as a guarantee for the bank loan taken out by its parent company which amounted to £1,890,530 (2024: £1,768,656) at the year end.

9.	RELATED PARTY DISCLOSURES

At the year end, an amount included in debtors of £58,569 (2024: debtor of £55,000) was owed to Dacey Ltd from The PTH Group Ltd, the parent company.

At the year end, an amount included in debtors of £189,597 (2024: creditor of £40,632) was owed to Dacey Ltd from Ace Orthotics Ltd, a related company.

At the year end, an amount included in debtors of £101,006 was owed to Dacey Ltd from Orthotix Ltd, a related company.

At the year end, an amount included in debtors of £1,054 (2024: debtor of £605) was owed to Dacey Ltd from Pathway Properties Ltd, a non group company. The transactions between the entities are at arms length and not disclosed.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is The PTH Group Ltd.

The directors regard The PTH Group Ltd to be the company's ultimate parent company.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dacey Ltd for the year ended 31 October 2025 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Dacey Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Dacey Ltd and state those matters that we have agreed to state to the Board of Directors of Dacey Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dacey Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Dacey Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Dacey Ltd. You consider that Dacey Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Dacey Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bevan Buckland Ltd

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

31 July 2026