REGISTERED NUMBER: 02907163 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 October 2025

for

Trueline Expanded Products Ltd.

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

15

DIRECTORS:

S Mares

Mrs A M Mares

L G W Wellings

J P B Barrington

SECRETARY:

Mrs A M Mares

REGISTERED OFFICE:

Parker Place

Firs Industrial Estate

Kidderminster

Worcestershire

DY11 7QN

REGISTERED NUMBER:

02907163 (England and Wales)

AUDITORS:

Pinfields Limited

Chartered Accountants

Statutory Auditor

Meryll House

57 Worcester Road

Bromsgrove

Worcestershire

B61 7DN

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

REVIEW OF BUSINESS

During the financial year to 31 October 2025, the company’s turnover saw a decrease of approximately 22% from the prior year, with total turnover reaching £9,726,551. The gross margin also reduced slightly from 46.39% to 40.35%, reflecting a tightening of profitability at the operating level. The net profit margin after tax declined from 12.00% in 2024 to -7.58%, largely driven by an increase in administrative and establishment costs during the year. Despite these pressures, the company remains in a robust financial position and well-placed to trade confidently into the next financial year.

The construction sector continues to face increased uncertainty, particularly in light of a new government administration and the ambiguity surrounding future access to public sector funding, grants, and infrastructure support. This political and economic environment is contributing to a cautious and, at times, stagnant market.

Nonetheless, the company has taken strategic steps to strengthen its market position and long-term resilience:

-

New Product Development: Towards the end of the year, we launched new product ranges, most notably the TrueTrim system. We are currently the only UK-based manufacturer bringing these products to market, giving us a significant competitive edge in both pricing and lead time. Early market response has been positive, and we expect this range to perform strongly in the year ahead.

-

Sustainability and Net Zero Commitment: We have formally begun our journey to net zero. In Q4, the company undertook its first full carbon footprint assessment, providing the baseline for a detailed reduction strategy. Reducing our environmental impact is now embedded within our operational priorities.

-

Future Investment: In line with our strategic growth plan, we have made a significant investment in the development of a new panel system, which is scheduled for launch within the next 12 months. This system is expected to further broaden our offering to the construction sector and enhance revenue diversification.

-

Operational Upgrades: Our in-house paintline has been upgraded to align with Qualicoat accreditation standards, a move that opens new opportunities and frameworks within the construction industry. This enhancement ensures our existing product lines now meet premium specification requirements for larger and more demanding contracts.

-

External Wall Insulation (EWI): We continue to monitor the role of EWI systems in the national transition towards net zero. Although government direction remains hesitant and the current lack of clarity has stalled growth in this segment, we remain optimistic that EWI will form a core component of future carbon reduction policies.

Our key performance indicators remain: turnover, gross margin, and net profit margin, all of which have been discussed above. These indicators, along with our ongoing investment in innovation, sustainability, and operational excellence, are central to our strategic approach as we look to future growth and resilience.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk and uncertainties for the business is the general state of the UK economy. Especially with regard to the buoyancy of the building industry. The business is also concerned with the cost of its raw material purchases.

ON BEHALF OF THE BOARD:

L G W Wellings - Director

28 July 2026

The directors present their report with the financial statements of the company for the year ended 31 October 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of manufacturing of metal angle beads for the building industry.

DIVIDENDS

Interim dividends per share were paid as follows:

10.0

- 31 March 2025

50.0

- 6 April 2025

60.0

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 October 2025 will be £600,000 (31.10.24: £458,000).

RESEARCH AND DEVELOPMENT

The company has completed its Research & Development claim for 2025. The enhanced deduction has been included as part of the tax charge in these accounts.The enhanced deduction for the 2024 accounts was also included as part of the tax charge.

DIRECTORS

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

S Mares

Mrs A M Mares

L G W Wellings

J P B Barrington

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). 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, Pinfields Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

L G W Wellings - Director

28 July 2026

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report 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 three, 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:

- Obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that have a direct effect on the financial statements;

- Enquiry of management around actual and potential litigation claims;

- Enquiry of management to identify and instances of non-compliance with laws and regulations;

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness;

- Reviewing accounting estimates for evidence of management bias;

- Reviewing minutes of meetings of those charged with governance and management, where available; and

- Reviewing the bank for evidence of large and other unusual payments.

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Paul Tivey FCA FCCA (Senior Statutory Auditor)

for and on behalf of Pinfields Limited

Chartered Accountants

Statutory Auditor

Meryll House

57 Worcester Road

Bromsgrove

Worcestershire

B61 7DN

28 July 2026

TURNOVER

9,726,551

12,536,626

Cost of sales

5,802,054

6,720,565

GROSS PROFIT

3,924,497

5,816,061

Administrative expenses

4,942,605

4,056,910

(1,018,108

)

1,759,151

Other operating income

3

42,654

13,418

OPERATING (LOSS)/PROFIT

5

(975,454

)

1,772,569

Interest receivable and similar income

3,236

16,907

(972,218

)

1,789,476

Interest payable and similar expenses

6

115,204

88,314

(LOSS)/PROFIT BEFORE TAXATION

(1,087,422

)

1,701,162

Tax on (loss)/profit

7

(350,362

)

196,545

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(737,060

)

1,504,617

(LOSS)/PROFIT FOR THE YEAR

(737,060

)

1,504,617

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(737,060

)

1,504,617

FIXED ASSETS

Tangible assets

9

2,713,114

2,475,248

CURRENT ASSETS

Stocks

10

954,964

1,119,714

Debtors: amounts falling due within one year

11

2,988,365

4,149,633

Debtors: amounts falling due after more than one year

11

1,895,336

1,917,373

Cash at bank

131,109

391,830

5,969,774

7,578,550

CREDITORS

Amounts falling due within one year

12

2,602,894

2,975,302

NET CURRENT ASSETS

3,366,880

4,603,248

TOTAL ASSETS LESS CURRENT LIABILITIES

6,079,994

7,078,496

CREDITORS

Amounts falling due after more than one year

13

(1,306,377

)

(955,440

)

PROVISIONS FOR LIABILITIES

18

(280,999

)

(293,378

)

NET ASSETS

4,492,618

5,829,678

CAPITAL AND RESERVES

Called up share capital

19

10,000

10,000

Revaluation reserve

20

225,843

231,489

Retained earnings

20

4,256,775

5,588,189

SHAREHOLDERS' FUNDS

4,492,618

5,829,678

The financial statements were approved by the Board of Directors and authorised for issue on 28 July 2026 and were signed on its behalf by:

L G W Wellings - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 November 2023

10,000

4,535,926

237,135

4,783,061

Changes in equity

Dividends

-

(458,000

)

-

(458,000

)

Total comprehensive income

-

1,510,263

(5,646

)

1,504,617

Balance at 31 October 2024

10,000

5,588,189

231,489

5,829,678

Changes in equity

Dividends

-

(600,000

)

-

(600,000

)

Total comprehensive income

-

(731,414

)

(5,646

)

(737,060

)

Balance at 31 October 2025

10,000

4,256,775

225,843

4,492,618

Cash flows from operating activities

Cash generated from operations

1

517,960

1,979,038

Interest paid

(57,739

)

(41,767

)

Interest element of hire purchase payments paid

(43,762

)

(46,598

)

Tax paid

(1,718

)

(450,219

)

Net cash from operating activities

414,741

1,440,454

Cash flows from investing activities

Purchase of tangible fixed assets

(447,088

)

(703,692

)

Sale of tangible fixed assets

127,729

68,253

Interest received

3,236

16,907

Net cash from investing activities

(316,123

)

(618,532

)

Cash flows from financing activities

New loans in year

406,000

-

Loan repayments in year

(43,757

)

(27,165

)

Capital repayments in year

(315,054

)

(289,894

)

Amount introduced by directors

68,359

(1,168

)

Amount withdrawn by directors

-

(562,239

)

Equity dividends paid

(600,000

)

(458,000

)

Net cash from financing activities

(484,452

)

(1,338,466

)

Decrease in cash and cash equivalents

(385,834

)

(516,544

)

Cash and cash equivalents at beginning of year

2

391,830

908,374

Cash and cash equivalents at end of year

2

5,996

391,830

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.10.25

31.10.24

£

£

(Loss)/profit before taxation

(1,087,422

)

1,701,162

Depreciation charges

340,386

318,376

Loss on disposal of fixed assets

33,718

9,769

Finance costs

115,204

88,314

Finance income

(3,236

)

(16,907

)

(601,350

)

2,100,714

Decrease in stocks

164,750

32,236

Decrease/(increase) in trade and other debtors

1,114,946

(546,511

)

(Decrease)/increase in trade and other creditors

(160,386

)

392,599

Cash generated from operations

517,960

1,979,038

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 October 2025

31.10.25

1.11.24

£

£

Cash and cash equivalents

131,109

391,830

Bank overdrafts

(125,113

)

-

5,996

391,830

Year ended 31 October 2024

31.10.24

1.11.23

£

£

Cash and cash equivalents

391,830

908,374

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1.11.24

Cash flow

changes

At 31.10.25

£

£

£

£

Net cash

Cash at bank

391,830

(260,721

)

131,109

Bank overdrafts

-

(125,113

)

(125,113

)

391,830

(385,834

)

5,996

Debt

Finance leases

(694,477

)

315,054

(292,612

)

(672,035

)

Debts falling due

within 1 year

(30,620

)

(31,425

)

-

(62,045

)

Debts falling due

after 1 year

(434,068

)

(330,817

)

-

(764,885

)

(1,159,165

)

(47,188

)

(292,612

)

(1,498,965

)

Total

(767,335

)

(433,022

)

(292,612

)

(1,492,969

)

1.	STATUTORY INFORMATION

Trueline Expanded Products 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The presentation currency of these financial statements is sterling (£) and they are rounded to the nearest £1.

Significant judgements and estimates

In the course of preparing the financial statements, no judgements have been made in the process of applying the Company's accounting policies, other than those involving estimations, that have had a significant effect on the amounts recognised in the financial statements.

Turnover

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

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point the customer has signed for the delivery of goods.

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.

Long leasehold

-

2% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

33% on cost and 20% on reducing balance

Motor vehicles

-

25% on reducing balance

Long leasehold property includes a property at a deemed cost valuation from the first implementation of FRS 102 in 2016. Depreciation is being provided at 2% on this value. Subsequent purchases of long leasehold have also been included at cost and is being depreciated at 2% on the value. The company has not adopted a revaluation policy.

Government grants

Government grants relating to revenue are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.

Grants relating to fixed assets are recognised in the income statement on a systematic basis over the expected useful life of the assets. The deferred element is disclosed in creditors as 'Deferred government grants'.

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.

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

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument.

All financial assets and liabilities are initially measured at transactions price, except for those financial assets classified as at fair value through profit and loss. which are initially measured at fair value. If an arrangement constitutes a financing transaction, the financial asset or liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments that have no stated interest rate and are classified as payable or receivable within one year are initially measured at an undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

Financial assets are only derecognised when the contractual rights to the cash flows from the financial asset expire or are settled, when the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or when the company has transferred control of the asset to another party.

Financial liabilities are only derecognised when the obligation is discharged, cancelled or expired.

3.	OTHER OPERATING INCOME

31.10.25

31.10.24

£

£

Sundry receipts

2,449

2,500

Recharges

33,105

-

Government grants

7,100

8,875

Exchange gains

-

2,043

42,654

13,418

Grants received in the year are made up of deferred grants for asset purchases.

4.	EMPLOYEES AND DIRECTORS

31.10.25

31.10.24

£

£

Wages and salaries

2,713,920

2,337,134

Social security costs

297,033

230,334

Other pension costs

98,573

89,816

3,109,526

2,657,284

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

31.10.25

31.10.24

Factory

41

43

Office

28

29

Directors

4

3

73

75

31.10.25

31.10.24

£

£

Directors' remuneration

450,423

174,152

Directors' pension contributions to money purchase schemes

50,892

10,892

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

Money purchase schemes

4

4

Information regarding the highest paid director for the year ended 31 October 2025 is as follows:

31.10.25

£

Emoluments etc

242,069

Pension contributions to money purchase schemes

20,321