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Registered number: 11625794
Well Able Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2025
A G Smith & Co Ltd
Well Able Limited
Contents
Contents

| Page
--- | ---
Strategic Report | 1
Directors' Report | 2—3
Independent Auditor's Report | 4—7
Consolidated Profit and Loss Account | 8
Consolidated Statement of Comprehensive Income | 9
Consolidated Balance Sheet | 10—11
Company Balance Sheet | 12
Consolidated Statement of Changes in Equity | 13
Company Statement of Changes in Equity | 15
Consolidated Statement of Cash Flows | 16
Notes to the Consolidated Statement of Cash Flows | 17
Company Statement of Cash Flows | 18
Notes to the Company Statement of Cash Flows | 19
Notes to the Financial Statements | 20—34

Page 1
Well Able Limited
Strategic Report
For The Year Ended 31 December 2025
Strategic Report
The directors present their strategic report for the year ended 31 December 2025.
Review of the Business
Turnover
Turnover increased by 13.33% during the period, driven by enhanced sales and marketing effectiveness. The implementation of improved campaign strategies, stronger conversion performance, and the expansion of sales channels all contributed to growth. Notably, the company commenced export activities to the United States for the first time, representing an important step in its international expansion strategy.
Profitability
Profit decreased year‑on‑year as staffing cost increases (23.35%) exceeded the marginal contribution generated from higher turnover. This reflects a deliberate investment in capability and capacity as the business positions itself for medium‑term growth, with staff numbers increasing in the year by 34.15%.
Principal Risks and Uncertainties
Health and Safety
The company places the highest importance on maintaining a safe working environment. Ongoing investment in training, operational audits, and cultural engagement supports continuous improvement in health and safety performance.
People
Attracting, developing, and retaining skilled talent remains essential to sustaining innovation and high‑quality service delivery. The company continues to invest in employee development programmes, leadership capability, and fostering an inclusive organisational culture.
Sustainability
Growing customer demand for environmentally responsible supply chains continues to shape the industry. The company’s investment in EcoVadis accreditation and its commitment to the Science Based Targets initiative (SBTi) enhance its credibility as a sustainable supplier and are expected to support long‑term market opportunities.
Market Dynamics
The business continues to operate within a market affected by volatility in raw material pricing and fluctuating customer demand. Nonetheless, the industry-wide shift towards recycled and sustainable materials provides a significant opportunity for differentiation and growth.
Energy and Cost Efficiency
Energy price inflation remains a key operational risk. The company manages this through proactive monitoring, supplier engagement, and continuous optimisation of energy contracts.
Operational Risk
Operational risks are mitigated through strong internal controls, well‑established procedures, and ongoing investment in safety systems and process improvements.
Financial Risk
The company actively manages exposures relating to credit, liquidity, interest rates, and foreign exchange. Policies are supported by appropriate insurance arrangements and robust financial oversight.
Governance and Compliance
The Company is committed to maintaining strong governance practices and upholding high ethical standards. Compliance with the Bribery Act 2010 and other regulatory requirements is integral to safeguarding the business and maintaining the confidence of stakeholders.
On behalf of the board

B Sellars Director | G Sellars Director
07/08/2026

Page 1
Page 2
Well Able Limited
Company No. 11625794
Directors' Report For The Year Ended 31 December 2025
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2025.
Principal Activity
The group's principal activity continues to be that of the manufacture and supply of specialist plastic and cardboard packaging solutions. The business remains committed to delivering high‑quality, sustainable products to customers across its core markets. Despite ongoing economic and sector‑specific challenges, the company has demonstrated strong resilience, supported by effective operational management and targeted strategic investments.
Future Developments
The plastics and packaging industry continues to undergo structural transformation, driven by tightening environmental regulation, increasing sustainability expectations, and evolving customer requirements. The company's established expertise in recycled materials, its investment in sustainable technologies, and its commitment to industry‑leading standards position it strongly for future growth.
The Board remains confident that continued focus on innovation, operational excellence, and sustainability will support long‑term value creation for all stakeholders.
Directors
The directors who held office during the year were as follows:

G L Sellars | Resigned | 12/02/2026
B Sellars
G Sellars

Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the group and of the profit or loss of the group for that period. In preparing the financial statements the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company and group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:

- so far as the director is aware, there is no relevant audit information of which the company and group's auditors are unaware; and
- they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company and group's auditors are aware of that information.

Page 2
Page 3
Well Able Limited
Directors' Report (continued)
For The Year Ended 31 December 2025
Independent Auditors
The auditors, Walter Dawson & Son, Chartered Accountants, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board

B Sellars Director | G Sellars Director
07/08/2026

Page 3
Page 4
Independent Auditor's Report
to the Members of
Well Able Limited
Independent Auditor's Report
Opinion
We have audited the financial statements of Well Able Limited (the "parent company") and its subsidiaries (together the "group") for the year ended 31 December 2025 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and the related notes on pages 9 to 35, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:

- give a true and fair view of the state of the group and the parent company’s affairs as of 31 December 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:

- 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) (ISA’s (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and of the parent company in accordance with 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 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.
Other Information
The directors are responsible for the other information. The other information comprises the information in the Group 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 thework 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.
Page 4
Page 5
Independent Auditor's Report (continued)
to the Members of
Well Able Limited
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 Group 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 Group 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 group and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.
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 financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors’ remuneration specified by law are not made; or

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

Responsibilities of Directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the 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 5
Page 6
Independent Auditor's Report (continued)
to the Members of
Well Able Limited
Auditor's 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.
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.
Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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

- we identified the laws and regulations applicable to the group and the parent company through discussions with directors and other management, and form our commercial knowledge and experience of the sector;

- we focussed on specific laws and regulations which considered may have a direct material effect on the financial statements or the operations of the group and of the parent company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

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

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.We assessed the susceptibility of the group’s and the parent company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

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

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the parent company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed those laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Page 6
Page 7
Independent Auditor's Report (continued)
to the Members of
Well Able Limited
Other matters
The corresponding figures in these financial statements were unaudited.
Use Of Our Report
This report is made solely to the parent 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 parent company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company's members as a body for our audit work, for this report, or for the opinions we have formed.

John Richard Hall (Senior Statutory Auditor) for and on behalf of Walter Dawson & Son, Chartered Accountants , Statutory Auditor
07/08/2026
Walter Dawson & Son, Chartered Accountants First Floor Unit 12, Pennine Business Park Longbow Close Bradley Huddersfield HD2 1GQ

Page 7
Page 8
Well Able Limited
Consolidated Profit and Loss Account
For The Year Ended 31 December 2025
Consolidated Profit and Loss Account

| 2025 |  | 2024
--- | --- | --- | ---
| Notes | £ |  | £
TURNOVER | 3 | 14,068,336 |  | 12,413,666
Cost of sales |  | (9,360,095 ) |  | (8,263,062 )
GROSS PROFIT |  | 4,708,241 |  | 4,150,604
Administrative expenses |  | (3,274,847 ) |  | (2,648,055 )
Other operating income |  | 6,464 |  | 6,715
OPERATING PROFIT | 5 | 1,439,858 |  | 1,509,264
(Loss)/profit on disposal of fixed assets |  | (6,089 ) |  | 22,234
Other interest receivable and similar income | 10 | 31,714 |  | 35,978
Interest payable and similar charges | 11 | (60,515 ) |  | (35,868 )
PROFIT BEFORE TAXATION |  | 1,404,968 |  | 1,531,608
Tax on Profit | 12 | (335,832 ) |  | (324,903 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR |  | 1,069,136 |  | 1,206,705
Profit attributable to:
Owners of the parent |  | 1,043,964 |  | 1,191,302
Non-controlling interest |  | 25,172 |  | 15,403
|  | 1,069,136 |  | 1,206,705

The notes on pages 17 to 34 form part of these financial statements.
Page 8
Page 9
Well Able Limited
Consolidated Statement of Comprehensive Income
For The Year Ended 31 December 2025
Consolidated Statement of Comprehensive Income

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
PROFIT FOR THE FINANCIAL YEAR |  | 1,069,136 |  | 1,206,705
OTHER COMPREHENSIVE INCOME:
Gain on revaluation of property, plant and equipment |  | - |  | 273,920
Tax expense on components of other comprehensive income |  | - |  | (68,480 )
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |  | 1,069,136 |  | 1,412,145
Total comprehensive income attributable to:
Owners of the parent |  | 1,043,964 |  | 1,396,742
Non-controlling interest |  | 25,172 |  | 15,403
|  | 1,069,136 |  | 1,412,145

Page 9
Page 10
Well Able Limited
Consolidated Balance Sheet
As At 31 December 2025
Consolidated Balance Sheet
Registered number: 11625794

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Intangible Assets | 13 |  | (297,811 ) |  | (477,213 )
Tangible Assets | 14 |  | 1,556,942 |  | 1,686,195
|  |  | 1,259,131 |  | 1,208,982
CURRENT ASSETS
Stocks | 16 | 1,697,751 |  | 1,353,340 |
Debtors | 17 | 2,815,781 |  | 2,687,388 |
Cash at bank and in hand |  | 931,178 |  | 1,140,271 |
|  | 5,444,710 |  | 5,180,999 |
Creditors: Amounts Falling Due Within One Year | 18 | (2,338,905 ) |  | (2,344,498 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 3,105,805 |  | 2,836,501
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 4,364,936 |  | 4,045,483
Creditors: Amounts Falling Due After More Than One Year | 19 |  | (203,160 ) |  | (186,152 )
PROVISIONS FOR LIABILITIES
Deferred Taxation | 22 |  | (273,177 ) |  | (279,340 )
NET ASSETS |  |  | 3,888,599 |  | 3,579,991
CAPITAL AND RESERVES
Called up share capital | 24 |  | 695,716 |  | 795,716
Revaluation reserve |  |  | 203,166 |  | 205,440
Capital redemption reserve |  |  | 1,394 |  | 1,394
Profit and Loss Account |  |  | 2,988,323 |  | 2,502,067
Equity attributable to owners of the parent |  |  | 3,888,599 |  | 3,504,617
Non-controlling interest |  |  | - |  | 75,374
TOTAL EQUITY |  |  | 3,888,599 |  | 3,579,991

Page 10
Page 11
Well Able Limited
Consolidated Balance Sheet (continued)
As At 31 December 2025
On behalf of the board

B Sellars Director | G Sellars Director
07/08/2026

The notes on pages 17 to 34 form part of these financial statements.
Page 11
Page 12
Well Able Limited
Company Balance Sheet
As At 31 December 2025
Company Balance Sheet
Registered number: 11625794

| 2025 | 2024
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 14 |  | 618,440 |  | 622,479
Investments | 15 |  | 279,418 |  | 93,478
|  |  | 897,858 |  | 715,957
CURRENT ASSETS
Debtors | 17 | 323,620 |  | 865,668 |
Cash at bank and in hand |  | 663,604 |  | 600,722 |
|  | 987,224 |  | 1,466,390 |
Creditors: Amounts Falling Due Within One Year | 18 | (180,957 ) |  | (397,748 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | 806,267 |  | 1,068,642
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 1,704,125 |  | 1,784,599
PROVISIONS FOR LIABILITIES
Deferred Taxation | 22 |  | (68,728 ) |  | (68,884 )
NET ASSETS |  |  | 1,635,397 |  | 1,715,715
CAPITAL AND RESERVES
Called up share capital | 24 |  | 695,716 |  | 795,716
Revaluation reserve |  |  | 203,166 |  | 205,440
Capital redemption reserve |  |  | 1,394 |  | 1,394
Profit and Loss Account |  |  | 735,121 |  | 713,165
SHAREHOLDERS' FUNDS |  |  | 1,635,397 |  | 1,715,715

In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 367,304 (2024: £ 765,296 profit).
On behalf of the board

B Sellars Director | G Sellars Director
07/08/2026

The notes on pages 17 to 34 form part of these financial statements.
Page 12
Page 13
Well Able Limited
Consolidated Statement of Changes in Equity
For The Year Ended 31 December 2025
Consolidated Statement of Changes in Equity

| Share Capital | Revaluation reserve | Capital Redemption | Profit and Loss Account
--- | --- | --- | --- | ---
| £ | £ | £ | £
As at 1 January 2024 | 894,716 | - | 1,394 | 2,157,600
Profit for year | - | - | - | 1,191,302
Surplus on revaluation | - | 205,440 | - | -
Other comprehensive income for the year | - | 205,440 | - | -
Total comprehensive income for the year | - | 205,440 | - | 1,191,302
Dividends paid | - | - | - | (846,835)
Arising on shares issued during the period | 1,000 | - | - | -
Purchase of own shares | (100,000 ) | - | - | -
Disposal of shares in subsidiary to non-controlling interest | - | - | - | -
As at 31 December 2024 and 1 January 2025 | 795,716 | 205,440 | 1,394 | 2,502,067
Profit for the year and total comprehensive income | - | - | - | 1,043,964
Dividends paid | - | - | - | (559,982)
Purchase of own shares | (100,000 ) | - | - | -
Acquisition of shares in subsidiary from non-controlling interest | - | - | - | -
Transfer from revaluation reserve | - | - | - | 2,274
Transfer to/from Profit & Loss Account | - | (2,274 ) | - | -
As at 31 December 2025 | 695,716 | 203,166 | 1,394 | 2,988,323

| Total Attributable to Parent | Non-controlling interest | Total
--- | --- | --- | ---
| £ | £ | £
As at 1 January 2024 | 3,053,710 | 51,404 | 3,105,114
Profit for year | 1,191,302 | 15,403 | 1,206,705
Surplus on revaluation | 205,440 | - | 205,440
Other comprehensive income for the year | 205,440 | - | 205,440
Total comprehensive income for the year | 1,396,742 | 15,403 | 1,412,145
Dividends paid | (846,835) | - | (846,835)
Arising on shares issued during the period | 1,000 | - | 1,000
Purchase of own shares | (100,000) | - | (100,000)
Disposal of shares in subsidiary to non-controlling interest | - | 8,567 | 8,567
As at 31 December 2024 and 1 January 2025 | 3,504,617 | 75,374 | 3,579,991
Profit for the year and total comprehensive income | 1,043,964 | 25,172 | 1,069,136
Dividends paid | (559,982) | - | (559,982)
Purchase of own shares | (100,000) | - | (100,000)

...CONTINUED
Page 13
Page 14
Well Able Limited
Consolidated Statement of Changes in Equity (continued)
For The Year Ended 31 December 2025

Acquisition of shares in subsidiary from non-controlling interest | - | (100,546 ) | (100,546 )
Transfer from revaluation reserve | 2,274 | - | 2,274
Transfer to/from Profit & Loss Account | (2,274) | - | (2,274)
As at 31 December 2025 | 3,888,599 | - | 3,888,599

Page 14
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Well Able Limited
Company Statement of Changes in Equity
For The Year Ended 31 December 2025
Company Statement of Changes in Equity

| Share Capital | Revaluation reserve | Capital Redemption | Profit and Loss Account | Total
--- | --- | --- | --- | --- | ---
| £ | £ | £ | £ | £
As at 1 January 2024 | 894,716 | - | 1,394 | 664,992 | 1,561,102
Profit for year | - | - | - | 765,296 | 765,296
Surplus on revaluation | - | 205,440 | - | - | 205,440
Other comprehensive income for the year | - | 205,440 | - | - | 205,440
Total comprehensive income for the year | - | 205,440 | - | 765,296 | 970,736
Dividends paid | - | - | - | (717,123) | (717,123)
Arising on shares issued during the period | 1,000 | - | - | - | 1,000
Purchase of own shares | (100,000 ) | - | - | - | (100,000)
As at 31 December 2024 and 1 January 2025 | 795,716 | 205,440 | 1,394 | 713,165 | 1,715,715
Profit for the year and total comprehensive income | - | - | - | 367,304 | 367,304
Dividends paid | - | - | - | (347,622) | (347,622)
Purchase of own shares | (100,000 ) | - | - | - | (100,000)
Transfer from revaluation reserve | - | - | - | 2,274 | 2,274
Transfer to/from Profit & Loss Account | - | (2,274 ) | - | - | (2,274)
As at 31 December 2025 | 695,716 | 203,166 | 1,394 | 735,121 | 1,635,397

Page 15
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Well Able Limited
Consolidated Statement of Cash Flows
For The Year Ended 31 December 2025
Consolidated Statement of Cash Flows

| 2025 |  | 2024
| Notes | £ |  | £
Cash flows from operating activities
Net cash generated from operations | 1 | 1,433,304 |  | 1,008,813
Interest paid |  | (60,515 ) |  | (35,868 )
Tax paid |  | (317,520 ) |  | (312,853 )
Net cash generated from operating activities |  | 1,055,269 |  | 660,092
Cash flows from investing activities
Purchase of intangible assets |  | (185,940 ) |  | (131,574 )
Purchase of tangible assets |  | (256,734 ) |  | (441,227 )
Proceeds from disposal of tangible assets |  | 19,500 |  | 63,864
Interest received |  | 31,714 |  | 35,978
Net cash used in investing activities |  | (391,460 ) |  | (472,959 )
Cash flows from financing activities
Proceeds from issue of share capital |  | - |  | 1,000
Purchase/redemption of own shares |  | (100,000 ) |  | (100,000 )
Equity dividends paid |  | (559,982 ) |  | (846,835 )
Proceeds from new other loans |  | - |  | 87,737
Repayment of other loans |  | (84,532) |  | -
Repayment of finance leases |  | 7,913 |  | (28,804 )
Amount introduced by directors |  | - |  | 176,789
Amount withdrawn by directors |  | (136,301) |  | -
Net cash used in financing activities |  | (872,902 ) |  | (710,113 )
Decrease in cash and cash equivalents |  | (209,093 ) |  | (522,980 )
Cash and cash equivalents at beginning of year | 2 | 1,140,271 |  | 1,663,251
Cash and cash equivalents at end of year | 2 | 931,178 |  | 1,140,271

Page 16
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Well Able Limited
Notes to the Consolidated Statement of Cash Flows
For The Year Ended 31 December 2025
Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from operations

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Profit for the financial year | 1,069,136 |  | 1,206,705
Adjustments for:
Tax on profit | 335,832 |  | 324,903
Interest expense | 60,515 |  | 35,868
Interest income | (31,714 ) |  | (35,978 )
Amortisation of intangible assets | (94,008 ) |  | (113,314 )
Depreciation of tangible assets | 360,398 |  | 321,607
Loss/(profit) on disposal of tangible assets | 6,089 |  | (22,234)
Grant income | (6,464) |  | (6,464)
Movements in working capital:
(Increase)/decrease in stocks | (344,411 ) |  | 21,154
Increase in trade and other debtors | (128,393 ) |  | (832,457 )
Increase in trade and other creditors | 206,324 |  | 109,023
Net cash generated from operations | 1,433,304 |  | 1,008,813

2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Cash at bank and in hand | 931,178 |  | 1,140,271

3. Analysis of changes in net funds

| As at 1 January 2025 | Cash flows | As at 31 December 2025
--- | --- | --- | ---
| £ | £ | £
Cash at bank and in hand | 1,140,271 | (209,093) | 931,178
Finance leases | (340,418) | (7,913) | (348,331)
Debts falling due within one year | (171,066 ) | 84,532 | (86,534 )
| 628,787 | (132,474) | 496,313

Page 17
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Well Able Limited
Company Statement of Cash Flows
For The Year Ended 31 December 2025
Company Statement of Cash Flows

| 2025 |  | 2024
| Notes | £ |  | £
Cash flows from operating activities
Net cash generated from/(used in) operations | 1 | 511,056 |  | (234,939 )
Interest paid |  | (9,575 ) |  | (8,685 )
Tax paid |  | (21,339 ) |  | (34,257 )
Net cash generated from/(used in) operating activities |  | 480,142 |  | (277,881 )
Cash flows from investing activities
Purchase of tangible assets |  | (6,223 ) |  | -
Purchase of investment in subsidiary undertaking |  | (185,940 ) |  | (56,309 )
Interest received |  | 40,009 |  | 46,628
Dividends received |  | 384,000 |  | 709,996
Net cash generated from investing activities |  | 231,846 |  | 700,315
Cash flows from financing activities
Proceeds from issue of share capital |  | - |  | 1,000
Purchase/redemption of own shares |  | (100,000 ) |  | (100,000 )
Equity dividends paid |  | (347,622 ) |  | (717,123 )
Proceeds from new other loans |  | 170,347 |  | 187,200
Repayment of other loans |  | (254,879) |  | (99,463)
Amount introduced by directors |  | 439,881 |  | 677,923
Amount withdrawn by directors |  | (556,833) |  | (537,014)
Net cash used in financing activities |  | (649,106 ) |  | (587,477 )
Increase/(decrease) in cash and cash equivalents |  | 62,882 |  | (165,043 )
Cash and cash equivalents at beginning of year | 2 | 600,722 |  | 765,765
Cash and cash equivalents at end of year | 2 | 663,604 |  | 600,722

Page 18
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Well Able Limited
Notes to the Company Statement of Cash Flows
For The Year Ended 31 December 2025
Notes to the Company Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash generated from/(used in) operations

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Profit for the financial year | 367,304 |  | 765,296
Adjustments for:
Tax on profit | (156 ) |  | 21,217
Interest expense | 9,575 |  | 8,685
Interest income | (40,009 ) |  | (46,628 )
Income from shares in group undertakings | (384,000) |  | (709,996)
Depreciation of tangible assets | 10,262 |  | 7,988
Movements in working capital:
Decrease/(increase) in trade and other debtors | 542,048 |  | (278,934 )
Increase/(decrease) in trade and other creditors | 6,032 |  | (2,567 )
Net cash generated from/(used in) operations | 511,056 |  | (234,939 )

2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Cash at bank and in hand | 663,604 |  | 600,722

3. Analysis of changes in net funds

| As at 1 January 2025 | Cash flows | As at 31 December 2025
--- | --- | --- | ---
| £ | £ | £
Cash at bank and in hand | 600,722 | 62,882 | 663,604
Debts falling due within one year | (171,066 ) | 84,532 | (86,534 )
| 429,656 | 147,414 | 577,070

Page 19
Page 20
Well Able Limited
Notes to the Financial Statements
For The Year Ended 31 December 2025
Notes to the Financial Statements
1. General Information
Well Able Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11625794 . The registered office is Lindum House, Beels Road, Stallingborough, Grimsby, NE Lincolnshire, DN41 8DN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and 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 presentational and functional currency of these financial statements is sterling. Values are rounded to the nearest pound.
2.2. Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings together with the group’s share of the results of associates made up to 31 December 2025.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Where a subsidiary has different accounting policies to the group, adjustments are made to those subsidiary financial statements to apply the group’s accounting policies when preparing the consolidated financial statements.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and where the group has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified.
Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter where the group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.
2.3. Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
Contingent consideration is initially recognised at estimated amount where the consideration is probable and can be measured reliably. Where (i) the contingent consideration is not considered probable or cannot be reliably measured but subsequently becomes probable and measurable or (ii) contingent consideration previously measured is adjusted, the amounts are recognised as an adjustment to the cost of the business combination.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
Page 20
Page 21
Well Able Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.4. Significant judgements and estimations
In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Management is of the opinion that any instances of application of judgement are not expected to have a significant effect on the amounts recognised in the financial statements apart from those involving estimation (below).
- Tangible Fixed Assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors, technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the assets and the projected disposal values.
- Bad debt provision is provided on a customer by customer basis depending on the likelihood of the recoverability of the debt.
Key Sources of estimation uncertainty
Management is of the opinion that there are no key sources of estimation uncertainty at the end of the reporting period that have a significant risk of causing a material adjustments to the carrying amounts of assets and liabilities as well as the disclosure of contingent assets and liablities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.
2.5. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
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 that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.6. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.
Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets. Goodwill arising on the acquisition of associates and joint ventures is included in the related equity accounted investment value.
Goodwill is amortised over its expected useful life which is estimated to be 10 years.
Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the profit and loss account. No reversals of impairment are recognised.
2.7. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are made of computer software. It is amortised to the profit and loss account over its estimated economic life of 3 years.
Page 21
Page 22
Well Able Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.8. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost or valuation, less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Improvements to Property | 15-20% on cost
Leasehold | Over the term of the lease
Plant & Machinery | 15-33% on cost
Motor Vehicles | 20-25% on cost
Fixtures & Fittings | 15% on cost
Computer Equipment | 25% on cost

2.9. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the group. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
2.10. Stocks and Work in Progress
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 stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.11. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.12. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Page 22
Page 23
Well Able Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.13. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.14. Pensions
The group operates a defined pension contribution scheme. Contributions are charged to the profit and loss account in the period to which they relate.
2.15. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Turnover
Analysis of turnover by class of business is as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Rental income | 58,774 |  | 67,013
Sales | 14,009,562 |  | 12,346,653
| 14,068,336 |  | 12,413,666

Analysis of turnover by geographical market is as follows:
Page 23
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Well Able Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
United Kingdom | 13,715,994 |  | 12,146,154
Europe | 236,041 |  | 242,827
North America | 61,515 |  | -
Rest of the world | 54,786 |  | 24,685
| 14,068,336 |  | 12,413,666

4. Other Operating Income

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Grant income | 6,464 |  | 6,464
Other operating income | - |  | 251
| 6,464 |  | 6,715

5. Operating Profit
The operating profit is stated after charging:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Bad debts | 4,377 |  | 6,268
Exchange differences | (51,339 ) |  | (83,770 )
Depreciation of tangible fixed assets | 360,398 |  | 321,607
Amortisation of intangible fixed assets | (94,008 ) |  | (113,314 )

6. Auditor's Remuneration
Remuneration received by the group's auditors and their associates during the year was as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Audit Services
Audit of the company's financial statements | 18,500 |  | -

7. Staff Costs
Staff costs, including directors' remuneration, were as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Wages and salaries | 2,153,064 |  | 1,772,998
Social security costs | 227,154 |  | 156,467
Other pension costs | 33,727 |  | 27,367
| 2,413,945 |  | 1,956,832

Page 24
Page 25
Well Able Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
8. Average Number of Employees
Group
Average number of employees, including directors, during the year was as follows:

| 2025 |  | 2024
--- | --- | --- | ---
Office and administration | 21 |  | 15
Sales, marketing and distribution | 15 |  | 12
Manufacturing | 19 |  | 14
| 55 |  | 41

Company
Average number of employees, including directors, during the year was: 3 (2024: 3)
3 3
9. Directors' remuneration

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Emoluments | 25,264 |  | 27,336
Company contributions to money purchase pension schemes | 373 |  | 407
| 25,637 |  | 27,743

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

| 2025 |  | 2024
--- | --- | --- | ---
Money purchase pension schemes | 2 |  | 2

10. Interest Receivable and Similar Income

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Bank interest receivable | 8,266 |  | 24,519
Loan interest receivable | 23,448 |  | 11,459
| 31,714 |  | 35,978

11. Interest Payable and Similar Charges

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Interest payable on other loans | 13,317 |  | 11,352
Finance charges payable under finance leases and hire purchase contracts | 25,189 |  | 24,512
Foreign exchange charges | 29 |  | 4
Late payment tax charges | 21,980 |  | -
| 60,515 |  | 35,868

Page 25
Page 26
Well Able Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
12. Tax on Profit
The tax charge on the profit for the year was as follows:

| Tax Rate | 2025 |  | 2024
--- | --- | --- | --- | ---
| 2025 | 2024 | £ |  | £
Current tax
UK Corporation Tax | 25.0% | 25.0% | 341,995 |  | 317,521
Deferred Tax
Deferred taxation | (6,163 ) |  | 7,382
Total tax charge for the period | 335,832 |  | 324,903

The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Profit before tax | 1,404,968 |  | 1,531,608
Tax on profit at 25% (UK standard rate) | 351,242 |  | 382,902
Goodwill/depreciation not allowed for tax | 68,120 |  | 46,300
Expenses not deductible for tax purposes | (29,049 ) |  | 1,527
Tax losses utilised | 2,306 |  | (4,842 )
Capital allowances | (50,624 ) |  | (108,366 )
Short term timing differences | (44,808 ) |  | 42,652
Difference in tax rates | 8,396 |  | -
Tax losses unutilised carried forward | 30,249 |  | (35,270 )
Total tax charge for the period | 335,832 |  | 324,903

13. Intangible Assets
Group

| Goodwill | Other | Total
--- | --- | --- | ---
| £ | £ | £
Cost
As at 1 January 2025 | (1,192,242 ) | 75,305 | (1,116,937 )
Additions | 85,394 | - | 85,394
As at 31 December 2025 | (1,106,848 ) | 75,305 | (1,031,543 )
Amortisation
As at 1 January 2025 | (648,915 ) | 9,191 | (639,724 )
Provided during the period | (119,107 ) | 25,099 | (94,008 )
As at 31 December 2025 | (768,022 ) | 34,290 | (733,732 )
Net Book Value
As at 31 December 2025 | (338,826 ) | 41,015 | (297,811 )
As at 1 January 2025 | (543,327 ) | 66,114 | (477,213 )

Page 26
Page 27
Well Able Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
Company
The company had no intangible fixed assets as at 31 December 2025 or 31 December 2024.
14. Tangible Assets
Group

| Land & Property
--- | ---
| Improvements to Property | Leasehold | Plant & Machinery | Motor Vehicles
| £ | £ | £ | £
Cost
As at 1 January 2025 | 24,433 | 620,000 | 1,426,955 | 614,050
Additions | - | 6,223 | 141,386 | 99,406
Disposals | - | - | - | (64,134 )
As at 31 December 2025 | 24,433 | 626,223 | 1,568,341 | 649,322
Depreciation
As at 1 January 2025 | 11,178 | 11,999 | 726,138 | 272,059
Provided during the period | 4,813 | 5,043 | 205,121 | 138,064
Disposals | - | - | - | (38,545 )
As at 31 December 2025 | 15,991 | 17,042 | 931,259 | 371,578
Net Book Value
As at 31 December 2025 | 8,442 | 609,181 | 637,082 | 277,744
As at 1 January 2025 | 13,255 | 608,001 | 700,817 | 341,991

| Fixtures & Fittings | Computer Equipment | Total
--- | --- | --- | ---
| £ | £ | £
Cost
As at 1 January 2025 | 25,542 | 15,026 | 2,726,006
Additions | 5,339 | 4,380 | 256,734
Disposals | - | - | (64,134 )
As at 31 December 2025 | 30,881 | 19,406 | 2,918,606
Depreciation
As at 1 January 2025 | 9,588 | 8,849 | 1,039,811
Provided during the period | 4,165 | 3,192 | 360,398
Disposals | - | - | (38,545 )
As at 31 December 2025 | 13,753 | 12,041 | 1,361,664
Net Book Value
As at 31 December 2025 | 17,128 | 7,365 | 1,556,942
As at 1 January 2025 | 15,954 | 6,177 | 1,686,195

Page 27
Page 28
Well Able Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Plant & Machinery | 339,369 |  | 410,292

Cost or valuation as at 31 December 2025 represented by:

| Land & Property
--- | ---
| Improvements to Property | Leasehold | Plant & Machinery | Motor Vehicles
| £ | £ | £ | £
At cost | 24,433 | 352,303 | 1,568,341 | 649,322
At valuation | - | 273,920 | - | -
| 24,433 | 626,223 | 1,568,341 | 649,322

| Fixtures & Fittings | Computer Equipment | Total
--- | --- | --- | ---
| £ | £ | £
At cost | 30,881 | 19,406 | 2,644,686
At valuation | - | - | 273,920
| 30,881 | 19,406 | 2,918,606

If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:

| Land & Property
--- | ---
| Improvements to Property | Leasehold | Plant & Machinery | Motor Vehicles
| £ | £ | £ | £
Cost | 24,433 | 352,303 | 1,568,341 | 649,322
Accumulated depreciation and impairment | 15,991 | 14,768 | 931,259 | 371,578
Carrying amount | 8,442 | 337,535 | 637,082 | 277,744

| Fixtures & Fittings | Computer Equipment | Total
--- | --- | --- | ---
| £ | £ | £
Cost | 30,881 | 19,406 | 2,644,686
Accumulated depreciation and impairment | 13,753 | 12,041 | 1,359,390
Carrying amount | 17,128 | 7,365 | 1,285,296

Page 28
Page 29
Well Able Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
Company

| Land & Property
--- | ---
| Improvements to Property | Leasehold | Plant & Machinery | Total
| £ | £ | £ | £
Cost or Valuation
As at 1 January 2025 | 22,968 | 620,000 | 2,500 | 645,468
Additions | - | 6,223 | - | 6,223
As at 31 December 2025 | 22,968 | 626,223 | 2,500 | 651,691
Depreciation
As at 1 January 2025 | 10,105 | 11,999 | 885 | 22,989
Provided during the period | 4,594 | 5,043 | 625 | 10,262
As at 31 December 2025 | 14,699 | 17,042 | 1,510 | 33,251
Net Book Value
As at 31 December 2025 | 8,269 | 609,181 | 990 | 618,440
As at 1 January 2025 | 12,863 | 608,001 | 1,615 | 622,479

Cost or valuation as at 31 December 2025 represented by:

| Land & Property
--- | ---
| Improvements to Property | Leasehold | Plant & Machinery | Total
| £ | £ | £ | £
At cost | 22,968 | 352,303 | 2,500 | 377,771
At valuation | - | 273,920 | - | 273,920
| 22,968 | 626,223 | 2,500 | 651,691

The leasehold property at Unit 3 was revlaued in the accounts year ended 31 December 2024. The revaluation was undertaken by Carter Jonas Estate Agents and Property Consultants.
If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:

| Land & Property
--- | ---
| Improvements to Property | Leasehold | Plant & Machinery | Total
| £ | £ | £ | £
Cost | 22,968 | 352,303 | 2,500 | 377,771
Accumulated depreciation and impairment | 14,699 | 14,768 | 1,510 | 30,977
Carrying amount | 8,269 | 337,535 | 990 | 346,794

Page 29
Page 30
Well Able Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
15. Investments
Company

| Subsidiaries
--- | ---
| £
Cost
As at 1 January 2025 | 93,478
Additions | 185,940
As at 31 December 2025 | 279,418
Provision
As at 1 January 2025 | -
As at 31 December 2025 | -
Net Book Value
As at 31 December 2025 | 279,418
As at 1 January 2025 | 93,478

Subsidiaries
Details of the group's subsidiaries as at 31 December 2025 are as follows:

Name of undertaking | Registered Office | Class of shares held | Direct holding | Indirect holding
--- | --- | --- | --- | ---
Lindum Packaging Ltd | Lindum House, Beels Road, Stallingborough, N E Lincolnshire, DN41 8DN | Ordinary | 100.00% | -
Quickbox Manufacturing Limited | Lindum House, Beels Road, Stallingborough, N E Lincolnshire, DN41 8DN | Ordinary | 100.00% | -

The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:

| Capital and Reserves | Profit/(loss)
--- | --- | ---
| £ | £
Lindum Packaging Ltd | 2,569,045 | 879,680
Quickbox Manufacturing Limited | 302,402 | 87,046

16. Stocks

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
Materials | 78,045 |  | 4,582
Finished goods | 1,607,797 |  | 1,327,047
Work in progress | 11,909 |  | 21,711
| 1,697,751 |  | 1,353,340

Page 30
Page 31
Well Able Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
17. Debtors

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Due within one year
Trade debtors | 2,464,541 |  | 1,923,645 |  | 18,750 |  | 35,699
Amounts owed by group undertakings | - |  | - |  | 213,681 |  | 316,502
Other debtors | 351,240 |  | 763,743 |  | 91,189 |  | 513,467
| 2,815,781 |  | 2,687,388 |  | 323,620 |  | 865,668

18. Creditors: Amounts Falling Due Within One Year

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Net obligations under finance lease and hire purchase contracts | 145,171 |  | 154,266 |  | - |  | -
Trade creditors | 1,034,973 |  | 971,018 |  | 9,124 |  | 3,752
Other loans | 86,534 |  | 171,066 |  | 86,534 |  | 171,066
Other creditors | 118,579 |  | 252,950 |  | 74,501 |  | 191,453
Corporation tax | 341,995 |  | 317,520 |  | - |  | 21,339
Taxation and social security | 488,824 |  | 425,428 |  | 1,486 |  | 8,701
Accruals and deferred income | 122,829 |  | 52,250 |  | 9,312 |  | 1,437
| 2,338,905 |  | 2,344,498 |  | 180,957 |  | 397,748

19. Creditors: Amounts Falling Due After More Than One Year

| Group |
--- | --- | ---
| 2025 |  | 2024
| £ |  | £
Net obligations under finance lease and hire purchase contracts | 203,160 |  | 186,152

Of the creditors the following amounts are secured.

| Group |
--- | --- | ---
| 2025 |  | 2024
| £ |  | £
Net obligations under finance lease and hire purchase contracts | 348,331 |  | 340,417

Net obligations under finance lease and hire purchase contracts are secured on the asset to which they relate.
20. Loans
An analysis of the maturity of loans is given below:

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Amounts falling due within one year or on demand:
Other loans | 86,534 |  | 171,066 |  | 86,534 |  | 171,066

Page 31
Page 32
Well Able Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
21. Obligations Under Finance Leases and Hire Purchase

| Group |
--- | --- | ---
| 2025 |  | 2024
| £ |  | £
The future minimum finance lease payments are as follows:
Not later than one year | 145,171 |  | 154,266
Later than one year and not later than five years | 203,160 |  | 186,152
| 348,331 |  | 340,418
| 348,331 |  | 340,418

22. Deferred Taxation
The provision for deferred tax is made up as follows:

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Accelerated capital allowances | 220,855 |  | 246,130 |  | 248 |  | 404
Revaluation of property, plant and equipment | 68,480 |  | 68,480 |  | 68,480 |  | 68,480
Tax losses carried forward | (16,158 ) |  | (35,270 ) |  | - |  | -
| 273,177 |  | 279,340 |  | 68,728 |  | 68,884

23. Provisions for Liabilities

Group
| Deferred Tax | Total
--- | --- | ---
| £ | £
As at 1 January 2025 | 279,340 | 279,340
Additions | 40,551 | 40,551
Utilised | (46,714 ) | (46,714)
Balance at 31 December 2025 | 273,177 | 273,177

Company
| Deferred Tax | Total
--- | --- | ---
| £ | £
As at 1 January 2025 | 68,884 | 68,884
Utilised | (156 ) | (156)
Balance at 31 December 2025 | 68,728 | 68,728

Page 32
Page 33
Well Able Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
24. Share Capital

| 2025 |  | 2024
--- | --- | --- | ---
Allotted, called up and fully paid | £ |  | £
4,636 Ordinary B, C, D & F Shares of £ 1.00 each | 4,636 |  | 4,636
70 Ordinary A & E shares of £ 1.00 each | 70 |  | 70
10 Ordinary G, J, K, L, M, N, O, P & Q shares of £ 1.00 each | 10 |  | 10
2,000 Ordinary H & I shares of £ 1.00 each | 2,000 |  | 2,000
| 6,716 |  | 6,716

Preference Shares

| 2025 |  | 2024
--- | --- | --- | ---
Allotted, called up and fully paid | £ |  | £
420,000 Preference Shares of £ 1.00 each | 420,000 |  | 520,000
269,000 Preference A shares of £ 1.00 each | 269,000 |  | 269,000
| 689,000 |  | 789,000

Shares disposed during the period: | £
100,000 Preference Shares of £ 1.00 each | (100,000)

B Ordinary, C Ordinary, D Ordinary & F Ordinary shares carry the right to one vote per share. All other ordinary shares carry no right to vote or ateend or receive notice of any general meetings. Holders of all ordinary shares are entitled to a dividend as shall be agreed by the directors of the company.
In the event of a winding up:
Firstly, the preference share holders shall receive their share of the assets as per the conditions stated below.
Secondly, the holders of the A Ordinary Shares & E Ordinary Shares shall be entitled to the aggregate amount credited as paid up on each share and an amount equal to the value of the balance sheet as at the year ended 31 December 2022 pro-rata to the aggregate amounts due to each A Ordinary & E Ordinary Share.
Thirdly, the Ordinary, C Ordinary, E Ordinary, F Ordinary, G Ordinary, H Ordinary & I Ordinary shall be entitled to the aggregate amount credited as paid and any surplus remaining available for distrubtion as though the holders of those shares constituted one class of share.
The Redeemable Preference Shares carry no right to vote or attend or receive notice of any general meeting. Holders are entitled to a fixed cumulative preferential dividend at an annual rate of 5.00% of the issue price of each share, paid in cash biannually. In the event of a winding up, holders are entitled to recieve the issue price plus any unpaid fixed cumulative preference dividend. The shares can be redeemed at any time at the request of the Company. Holders of Redeemable Preference shares may only issue a Redemption Notice for up to a maximum amount of £100,000 per financial year per class.
The Redeemable Preference A Shares carry no right to vote or attend or receive notice of any general meeting. Holders are entitled to a fixed cumulative preferential dividend at an annual rate of 5.25% of the issue price of each share, paid in cash biannually. In the event of a winding up, holders are entitled to recieve the issue price plus any unpaid fixed cumulative preference dividend. The shares can be redeemed at any time at the request of the Company or annually at the request of the Shareholder, in equal installments over 9 years.
25. Capital Commitments

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
At the end of the period | 109,000 |  | - |  | 109,000 |  | -

At the end of the period, the group and company had capital commitments contracted for but not provided in these financial statements
Page 33
Page 34
Well Able Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
26. Other Commitments
The total of future minimum lease receipts under non-cancellable operating leases are as following:

| Group |  | Company
--- | --- | --- | ---
| 2025 |  | 2024 |  | 2025 |  | 2024
| £ |  | £ |  | £ |  | £
Not later than one year | 16,800 |  | 31,200 |  | 64,900 |  | 79,300
Later than one year and not later than five years | 14,000 |  | 16,400 |  | 35,383 |  | 75,683
| 30,800 |  | 47,600 |  | 100,283 |  | 154,983

The total of future minimum lease payments under non-cancellable operating leases are as following:

| Group & Company
| 2025 |  | 2024
| £ |  | £
Not later than one year | 25,900 |  | 25,900
Later than one year and not later than five years | 21,583 |  | 47,483
| 47,483 |  | 73,383

27. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to the profit and loss account in respect of defined contribution schemes was £33,727 (2024: £27,367).
At the balance sheet date contributions of £13,515 (2024: £7,945) were due to the fund and are included in creditors.
28. Dividends

| 2025 |  | 2024
--- | --- | --- | ---
| £ |  | £
On equity shares:
Interim dividend paid | 559,982 |  | 846,835

29. Related Party Disclosures
Key management personnel (including directors) received compensation of £187,850 (2024: £191,773)
187,850 191,773

| 2025 |  | 2024
| £ |  | £
Amounts owed to Directors | 91,032 |  | 227,333
Loans to connected companies | 58,239 |  | 502,292

Loans to connected companies are unsecured, repayable on demand and are charged interest at 5.5%.
Loans to directors are unsecured, repayable on demand and are charged interest at varying rates from 0% - 7%.
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