ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

Registered number: 09693527

JARRAL HOLDINGS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

JARRAL HOLDINGS LIMITED

COMPANY INFORMATION

Directors	J E Hewes (retired1 October 2025)
	L Marshall


Registered number	09693527


Registered office	68 West Gate
	Mansfield
	Nottingahmshire
	NG18 1RR


Independent auditors	Barnett & Turner Accountants Ltd
	Chartered Accountants & Registered Auditor
	Cromwell House
	68 West Gate
	Mansfield
	Nottinghamshire
	NG18 1RR

JARRAL HOLDINGS LIMITED

CONTENTS

	Page
Group strategic report	1
Directors' report	2 - 3
Independent auditors' report	4 - 8
Consolidated profit and loss account	9
Consolidated balance sheet	10 - 11
Company balance sheet	12
Consolidated statement of changes in equity	13 - 14
Company statement of changes in equity	15 - 16
Consolidated statement of cash flows	17
Consolidated analysis of net debt	18
Notes to the financial statements	19 - 33

JARRAL HOLDINGS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 OCTOBER 2025

Introduction

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

Business review

As the principal trading subsidiary, See Tech Limited has recently expanded its manufacturing facility, significantly increased production capacity and brought all departments together under one roof for the first time in three years. This investment has improved operational efficiency, stregthened collaboration across teams and positioned the business to support future growth.

The group's strategy around accreditations and employee development has accelerated during 2025/26. It now holds three ISO accreditations in See Tech Limited and has achieved a significantly higher proportion of trained employees than in previous years, reinforcing its commitment to quality, compliance and continuous improvement.

Looking ahead, the group aims to increase turnover by approximately 20% over the next year, maximising the utilisation of its expanded manufacturning facility and growing team while continuing to deliver exceptional products and service.

Principal risks and uncertainties

The directors carry out a continuous review of the risks and uncertainties throughout the year to ensure controls and measures are in place to mitigate these.

One of the principal risks faced by the group is customer credit risk, particularly the potential for late payments and bad debts. Given the volatility of the construction industry, there is an ongoing risk that customers may enter liquidation before outstanding invoices are settled.

To mitigate these risks, the group undertakes regular credit checks on both existing and prospective customers and closely monitors market conditions and customer activity. Maintaining strong relationships within the industry also enables the business to identify potential issues at an early stage, allowing proactive action to be taken wherever possible.

The directors also recognise the importance of maintaining a consistent level of work flow to ensure the efficient utilisation of its manufacturing facility and resources. Careful planning, forecasting and ongoing business development activities help maintain a healthy order book, supporting stable financial performance and sustainable growth throughout the year.

Financial key performance indicators

	2025	2024	Year on year change

Group gross profit margin	28.6%	28.6%	0%
Group average staff numbers	51	49	+2

This report was approved by the board on 29 July 2026 and signed on its behalf.

Page 1

JARRAL HOLDINGS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 OCTOBER 2025

The directors present their report and the financial statements for the year ended 31 October 2025.

Directors' responsibilities statement

The directors are responsible for preparing the group strategic report, the directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £364,006 (2024 - £864,429).

There were no dividends paid or received in the current or prior year.

Directors

The directors who served during the year were:

J E Hewes (retired1 October 2025)

L Marshall

Future developments

By continuing to grow and strengthen its team, the business will increase its operational capacity while maintaining the high level of service customers expect. This ongoing investment in people and capabilities will further enhance the companys' reputation, supporting sustained growth and increasing its market presence year after year.

Page 2

JARRAL HOLDINGS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2025

Disclosure of information to auditors

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the Group's auditors are aware of that information.

Auditors

The auditors, Barnett & Turner Accountants Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 29 July 2026 and signed on its behalf.

L Marshall

Director

Page 3

JARRAL HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JARRAL HOLDINGS LIMITED

Opinion

We have audited the financial statements of Jarral Holdings Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 October 2025, which comprise the consolidated profit and loss account, the consolidated analysis of net debt, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, 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 Group's and of the parent company's affairs as at 31 October 2025 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the 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 directors with respect to going concern are described in the relevant sections of this report.

Page 4

JARRAL HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JARRAL HOLDINGS LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are 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.

Opinion 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 group strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the group strategic report and the directors' report 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 Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' 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.

Page 5

JARRAL HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JARRAL HOLDINGS LIMITED (CONTINUED)

Responsibilities of directors

As explained more fully in the directors' responsibilities statement set out on page 2, 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 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 directors are responsible for assessing the Group's and 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 directors either intend to liquidate the Group or the parent company or to cease operations, or have no realistic alternative but to do so.

Page 6

JARRAL HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JARRAL HOLDINGS LIMITED (CONTINUED)

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 an auditors' 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 Group financial statements.

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

As part of our planning process:

∙We enquired of management regarding the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.

∙We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006 and current tax legislation.

∙We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

∙Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

∙Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

∙Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

∙Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to depreciation and the valuation of stock and WIP.

∙Testing key revenue lines, in particular cut-off, for evidence of management bias.

∙Performing a physical verification of key assets and stock items (including testing of the stock system).

∙Obtaining third-party confirmation of material bank and loan balances.

∙Documenting and verifying all significant related party and consolidated balances and transactions.

Page 7

JARRAL HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JARRAL HOLDINGS LIMITED (CONTINUED)

∙Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.

∙Testing all material consolidation adjustments.

Owing 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. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

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 auditors' report.

Other matters

The comparatives for the year ended 31 October 2024 are unaudited.

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 auditors' 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.

Jonathan Wilson FCA, CTA (senior statutory auditor)

for and on behalf of

Barnett & Turner Accountants Ltd

Chartered Accountants

Registered Auditor

Cromwell House

68 West Gate

Mansfield

Nottinghamshire

NG18 1RR

31 July 2026

Page 8

JARRAL HOLDINGS LIMITED

CONSOLIDATED PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 OCTOBER 2025

	2025	2024
Note	£	£


Turnover	4	10,737,282	12,707,649
Cost of sales		(7,661,542)	(9,078,555)
Gross profit		3,075,740	3,629,094
Administrative expenses		(2,551,757)	(2,439,910)
Operating profit		523,983	1,189,184
Interest receivable and similar income	9	6,739	2,131
Interest payable and similar expenses	10	(13,200)	(16,622)
Profit before tax		517,522	1,174,693
Tax on profit	11	(153,516)	(310,264)
Profit for the financial year		364,006	864,429

Profit for the year attributable to:
Owners of the parent company	364,006	864,429
	364,006	864,429

There are no items of other comprehensive income for 2025 or 2024 other than the profit for the year. As a result, no separate Statement of comprehensive income has been presented.

The notes on pages 19 to 33 form part of these financial statements.

Page 9

JARRAL HOLDINGS LIMITED

REGISTERED NUMBER: 09693527

CONSOLIDATED BALANCE SHEET

AS AT 31 OCTOBER 2025

	2025	2025	2024	2024
Note	£	£	£	£

Fixed assets
Tangible assets	12		226,153		236,167
Investments	13		1,571,015		1,571,015
			1,797,168		1,807,182
Current assets
Stocks	14	705,174		620,494
Debtors: amounts falling due within one year	15	4,898,505		4,468,739
Cash at bank and in hand	16	1,363,531		988,977
		6,967,210		6,078,210
Creditors: amounts falling due within one year	17	(4,129,830)		(3,521,708)
Net current assets			2,837,380		2,556,502
Total assets less current liabilities			4,634,548		4,363,684
Creditors: amounts falling due after more than one year	18		(39,248)		(132,139)
Provisions for liabilities
Deferred tax	20	(39,196)		(39,447)
			(39,196)		(39,447)
Net assets			4,556,104		4,192,098

Capital and reserves
Called up share capital	21	85	85
Capital redemption reserve		15	15
Profit and loss account		4,556,004	4,191,998
		4,556,104	4,192,098

Page 10

JARRAL HOLDINGS LIMITED

REGISTERED NUMBER: 09693527

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 OCTOBER 2025

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 July 2026.

L Marshall

Director

The notes on pages 19 to 33 form part of these financial statements.

Page 11

JARRAL HOLDINGS LIMITED

REGISTERED NUMBER: 09693527

COMPANY BALANCE SHEET

AS AT 31 OCTOBER 2025

	2025	2025	2024	2024
Note	£	£	£	£

Fixed assets
Investments	13		1,571,115		1,571,115
			1,571,115		1,571,115
Current assets
Debtors: amounts falling due within one year	15	1,393,165		-
Cash at bank and in hand	16	200,049		3,585
		1,593,214		3,585
Creditors: amounts falling due within one year	17	(2,165,688)		(575,957)
Net current liabilities			(572,474)		(572,372)
Total assets less current liabilities			998,641		998,743


Net assets			998,641		998,743

Capital and reserves
Called up share capital	21		85		85
Capital redemption reserve	22		15		15
Profit and loss account brought forward		998,643		999,679
Loss for the year		(102)		(1,036)
Profit and loss account carried forward			998,541		998,643
			998,641		998,743

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 July 2026.

L Marshall

Director

The notes on pages 19 to 33 form part of these financial statements.

Page 12

JARRAL HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 OCTOBER 2025

	Called up share capital	Capital redemption reserve	Profit and loss account	Equity attributable to owners of parent company	Total equity
	£	£	£	£	£
At 1 November 2024	85	15	4,191,998	4,192,098	4,192,098
Comprehensive income for the year
Profit for the year	-	-	364,006	364,006	364,006
Other comprehensive income for the year	-	-	-	-	-
Total comprehensive income for the year	-	-	364,006	364,006	364,006
Total transactions with owners	-	-	-	-	-
At 31 October 2025	85	15	4,556,004	4,556,104	4,556,104

The notes on pages 19 to 33 form part of these financial statements.

Page 13

JARRAL HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 OCTOBER 2024

	Called up share capital	Capital redemption reserve	Profit and loss account	Equity attributable to owners of parent company	Total equity
	£	£	£	£	£
At 1 November 2023	85	15	3,327,569	3,327,669	3,327,669
Comprehensive income for the year
Profit for the year	-	-	864,429	864,429	864,429
Other comprehensive income for the year	-	-	-	-	-
Total comprehensive income for the year	-	-	864,429	864,429	864,429
Total transactions with owners	-	-	-	-	-
At 31 October 2024	85	15	4,191,998	4,192,098	4,192,098

The notes on pages 19 to 33 form part of these financial statements.

Page 14

JARRAL HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 OCTOBER 2025

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 November 2024	85	15	998,643	998,743
Comprehensive income for the year
Loss for the year	-	-	(102)	(102)
Other comprehensive income for the year	-	-	-	-
Total comprehensive income for the year	-	-	(102)	(102)
Total transactions with owners	-	-	-	-
At 31 October 2025	85	15	998,541	998,641

The notes on pages 19 to 33 form part of these financial statements.

Page 15

JARRAL HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 OCTOBER 2024

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 November 2023	85	15	999,679	999,779
Comprehensive income for the year
Loss for the year	-	-	(1,036)	(1,036)
Other comprehensive income for the year	-	-	-	-
Total comprehensive income for the year	-	-	(1,036)	(1,036)
Total transactions with owners	-	-	-	-
At 31 October 2024	85	15	998,643	998,743

The notes on pages 19 to 33 form part of these financial statements.

Page 16

JARRAL HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 OCTOBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Operating profit	523,983	1,189,184
Adjustments for:
Depreciation of tangible assets	66,555	66,451
Loss on disposal of tangible assets	16,552	-
(Increase) in stocks	(84,680)	(199,188)
Decrease/(increase) in debtors	964,035	(466,338)
(Increase)/decrease in amounts owed by groups	(1,393,165)	-
Increase/(decrease) in creditors	8,454	(478,175)
Corporation tax (paid)	(332,633)	(206,984)
Net cash generated from operating activities	(230,899)	(95,050)

Cash flows from investing activities
Purchase of tangible fixed assets	(73,093)	(56,698)
Interest received	6,739	2,131
HP interest paid	(6,918)	(6,918)
Net cash from investing activities	(73,272)	(61,485)
Cash flows from financing activities
Repayment of loans	(86,956)	(86,956)
Repayment of/new finance leases	(18,667)	(18,669)
Movements on invoice discounting	790,630	(251,298)
Interest paid	(6,282)	(9,704)
Net cash used in financing activities	678,725	(366,627)
Net increase/(decrease) in cash and cash equivalents	374,554	(523,162)
Cash and cash equivalents at beginning of year	988,977	1,512,139
Cash and cash equivalents at the end of year	1,363,531	988,977

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	1,363,531	988,977
	1,363,531	988,977

The notes on pages 19 to 33 form part of these financial statements.

Page 17

JARRAL HOLDINGS LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 OCTOBER 2025


At 1 November 2024	Cash flows	At 31 October 2025
£	£	£

Cash at bank and in hand	988,977	374,554	1,363,531
Debt due after 1 year	(65,218)	65,218	-
Debt due within 1 year	(109,168)	21,738	(87,430)
Finance leases	(85,590)	18,667	(66,923)
	729,001	480,177	1,209,178

The notes on pages 19 to 33 form part of these financial statements.

Page 18

JARRAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

1.	General information

Jarral Holdings Limited is a private limited company incorporated and domiciled in England (company no. 09693527). Its registered office is situated at Cromwell House, 68 West Gate, Mansfield, Nottinghamshire NG18 1RR. Its principal place of business is Unit 10 Saw Pit Lane, Industrial Estate, Tibshelf, Alfreton, Derbyshire DE55 5NH.

The principal activity of the company is that of a holding company.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.

In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being .

2.3

Going concern

At the time of signing the accounts there remains some uncertainty regarding the full economic impact of the cost of living and wider geopolitical issues. The directors are aware that the company may be impacted in some way by general factors affecting the UK economy. However, budgets show that the company is in a good position to react and adapt to future changes.

On the basis of their assessment of the company's financial position, the directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of preparation of the financial statements.

Page 19

JARRAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 20

JARRAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Assets costing less than £200 are not capitalised and treated as revenue expenditure.

Page 21

JARRAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.10

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, SELECT OR ENTER METHOD.

Depreciation is provided on the following basis:

Leasehold property improvements	-	15% reducing balance
Plant and machinery	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Fixtures and fittings	-	15% reducing balance
Office equipment	-	33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.14

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's balance sheet when the Group becomes party to the contractual provisions of the instrument.

Page 22

JARRAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

2.Accounting policies (continued)

2.14

Financial instruments (continued)

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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 23

JARRAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Depreciation of tangible assets

Determining the appropriate rate of depreciation of tangible fixed assets requires an estimation of the useful economic life and ultimate net realisable value. The useful economic life is determined to be the period during which each asset will generate positive cash flows for the company.

Stock Valuation

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in, first out basis.

A provision is made to reduce the value of stock for slow moving and obsolete stock. Stock is deemed to be slow moving if there have been no sales of that stock within the last 3 years or they are parts that are no longer used (i.e. parts for specific jobs or projects). Obsolete stock is valued at £nil.

Work-in-progres Valuation

Determining the value of work-in-progress involves an assessment of the stage of completion of each project at the reporting date. Completion is measured in terms of the costs incurred to date compared to the total expected cost and is assessed on a job by job basis.

Turnover

Analysis of turnover by country of destination:

					2025	2024
					£	£

	United Kingdom	10,737,281	12,707,649

Other operating lease rentals

101,956

94,846

Page 24

JARRAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

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

10,000

Employees

	Cost of defined contribution scheme	36,872	37,789

The average monthly number of employees, including the directors, during the year was as follows:

	Group	Group	company	company
	2025	2024	2025	2024
	No.	No.	No.	No.

Management and administration	51	49	2	2

8.	Directors' remuneration
		2025	2024
		£	£

	Directors' emoluments	22,267	19,881

	The highest paid director received remuneration of £307,066 (2024 - £274,818).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2024 - £NIL).
	The value of the Group's contributions paid to a defined benefit pension scheme in respect of the highest paid director amounted to £NIL (2024 - £NIL).

9.	Interest receivable
		2025	2024
		£	£

Other interest receivable

6,739

2,131

Page 25

JARRAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

10.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	3,172	9,200
Finance leases and hire purchase contracts	6,918	6,918
Other interest payable	3,110	504
	13,200	16,622

Corporation tax
Current tax on profits for the year	153,767	314,211

	Deferred tax
	Origination and reversal of timing differences	(251)	(3,947)


	Tax on profit	153,516	310,264

Profit on ordinary activities before tax

517,522

1,174,693

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	129,381	293,673
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	20,833	16,287
Capital allowances for year in excess of depreciation	3,553	4,251
Book profit on chargeable assets	(251)	(3,947)
Total tax charge for the year	153,516	310,264

Page 26

JARRAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

12.	Tangible fixed assets
	Group

	Leasehold property improve- ments	Plant and machinery	Motor vehicles	Fixtures and fittings	Office equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 1 November 2024	60,987	115,071	165,630	63,780	125,389	530,857
Additions	10,670	11,360	-	7,212	43,851	73,093
Disposals	(8,808)	(16,500)	(9,700)	-	(1,498)	(36,506)
At 31 October 2025	62,849	109,931	155,930	70,992	167,742	567,444
Depreciation
At 1 November 2024	26,727	62,236	63,975	34,895	106,857	294,690
Charge for the year on owned assets	6,603	9,633	2,986	4,688	20,216	44,126
Charge for the year on financed assets	-	-	22,429	-	-	22,429
Disposals	(1,674)	(7,254)	(9,528)	-	(1,498)	(19,954)
At 31 October 2025	31,656	64,615	79,862	39,583	125,575	341,291
Net book value
At 31 October 2025	31,193	45,316	76,068	31,409	42,167	226,153
At 31 October 2024	34,260	52,835	101,655	28,885	18,532	236,167

The net book value of land and buildings may be further analysed as follows:
	2025	2024
	£	£

Freehold	31,193	34,260
	31,193	34,260

Page 27

JARRAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

13.	Fixed asset investments
	Group

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 November 2024	1,571,015
	At 31 October 2025	1,571,015

	company

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 November 2024	1,571,115
	At 31 October 2025	1,571,115

Subsidiary undertaking
The following was a subsidiary undertaking of the company:
Name	Registered office	Class of shares	Holding

See Tech Limited

68 West Gate, Mansfield, Nottinghamshire, NG18 1RR

Ordinary

100%

	The aggregate of the share capital and reserves as at 31 October 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
	Name	Aggregate of share capital and reserves	Profit/(Loss)

See Tech Limited

3,557,563

364,108

Page 28

JARRAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

14.	Stocks
		Group	Group
		2025	2024
		£	£

Raw materials and consumables	77,519	87,371
Work in progress (goods to be sold)	627,655	533,123
	705,174	620,494

The difference between purchase price or production cost of stocks and their replacement cost is not material.

15.

Debtors

Group	Group	company	company
2025	2024	2025	2024
£	£	£	£


Factored debts	2,958,319	3,249,077	-	-
Amounts owed by group undertakings	1,393,165	-	1,393,165	-
Other debtors	442,106	1,017,832	-	-
Prepayments and accrued income	104,915	201,830	-	-
	4,898,505	4,468,739	1,393,165	-

16.	Cash and cash equivalents
		Group	Group	company	company
		2025	2024	2025	2024
		£	£	£	£

	Cash at bank and in hand	1,363,531	988,977	200,049	3,585

Page 29

JARRAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

17.	Creditors: Amounts falling due within one year
		Group	Group	company	company
		2025	2024	2025	2024
		£	£	£	£

Bank loans	65,218	86,956	-	-
Trade creditors	2,035,068	2,144,204	-	-
Amounts owed to group undertakings	-	-	2,143,476	553,745
Corporation tax	154,403	332,633	-	-
Other taxation and social security	153,808	104,146	-	-
Obligations under finance lease and hire purchase contracts	27,674	18,669	-	-
Proceeds of factored debts	1,419,908	629,278	-	-
Other creditors	30,900	31,338	22,212	22,212
Accruals and deferred income	242,851	174,484	-	-
	4,129,830	3,521,708	2,165,688	575,957

The following liabilities were secured:
	Group	Group
	2025	2024
	£	£

Obligations under finance lease and hire purchase contracts

27,674

18,669

Details of security provided:

Obligations under finance leases and hire purchase contracts are secured on the related assets.

Proceeds of factored debts are secured on the sales ledger balances.

The bank loan is a CBILS facility, secured by fixed and floating charges over the remaining assets of the company.

Page 30

JARRAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

18.	Creditors: Amounts falling due after more than one year
		Group	Group
		2025	2024
		£	£

Bank loans	-	65,218
Net obligations under finance leases and hire purchase contracts	39,248	66,921
	39,248	132,139

The following liabilities were secured:
	Group	Group
	2025	2024
	£	£


	Net obligations under finance leases and hire purchase contracts.	39,248	66,921

Details of security provided:

Obligations under finance leases and hire purchase contracts are secured on the related assets.

Within one year	27,674	18,669
Between 1-5 years	39,248	66,921
	66,922	85,590

Page 31

JARRAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

20.	Deferred taxation
	Group

		2025
		£

	At beginning of year	(39,447)
	Charged to profit or loss	251
	At end of year	(39,196)

company

		2025

	At end of year	-

The provision for deferred taxation is made up as follows:
	Group	Group
	2025	2024
	£	£

Accelerated capital allowances

(39,196)

(39,447)

21.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

85 (2024 - 85) Ordinary shares of £1.00 each	85	85

22.

Reserves

Capital redemption reserve

Created following the purchase of the company's own shares. This reserve is non-distributable.

Profit and loss account

Profits after dividends and reserve transfers, as noted above, are accumulated and carried forward in the profit and loss account.

Page 32

JARRAL HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

23.	Pension commitments

The subsidiary company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the subsidiary cmpany in an independently administered fund. The pension cost charge represents constributions payable by the subsidiary company to the fund and amounted to £36,872 (2024: £37,789). Contributions totalling £8,688 (2024: £9,127) were payable to the fund at the balance sheet date.

24.	Commitments under operating leases
	At 31 October 2025 the Group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2025	2024
		£	£

Not later than 1 year	38,395	28,560
Later than 1 year and not later than 5 years	143,103	143,767
	181,498	172,327

25.	Controlling party

Jarral Holdings Limited is a wholly owned subsidiary of Dagmarsh Holdings Limited, a private limited company incorporated and domiciled in England.

L Marshall holds the controlling interest in Dagmarsh Holdings Limited and is therefore the ultimate controlling party of See Tech Limited.

Page 33