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Registered number: 00208517 J.B. CORRIE AND COMPANY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
J.B. CORRIE AND COMPANY LIMITED COMPANY INFORMATION
Directors | J Corrie
| L Ryan
| C Wilson
| J Bissett (resigned 26 February 2026)
| C Blank
| J Macdonald
| J Marks (appointed 1 January 2026)
| M Murdoch (appointed 1 January 2026)
Company secretary | C Wilson
Registered number | 00208517
Registered office | Frenchmans Road
| Petersfield
| Hants
| GU32 3AP
Independent auditors | Shaw Gibbs (Audit) Limited
| Statutory Auditor
| Wey Court West
| Union Road
| Farnham
| Surrey
| GU9 7PT
J.B. CORRIE AND COMPANY LIMITED CONTENTS
| Page
Strategic Report | 1 - 3
Directors' Report | 4 - 5
Independent Auditors' Report | 6 - 9
Income Statement | 10
Statement of Financial Position | 11 - 12
Statement of Changes in Equity | 13
Statement of Cash Flows | 14 - 15
Analysis of Net Debt | 16
Notes to the Financial Statements | 17 - 33
J.B. CORRIE AND COMPANY LIMITED STRATEGIC REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025
Introduction
The principal activities of the Company continued to be the manufacture, supply and installation of security, sports and general fencing systems throughout the United Kingdom. The Company operates manufacturing and merchanting activities from Petersfield and provides fencing installation services through its contracting divisions in Hampshire and Perthshire. The Company continued to build out the Manchester based High Security Division to support growth opportunities in integrated perimeter protection solutions, including CCTV, access control and associated security technologies, complementing the Company's traditional fencing activities. During the period, the Company continued to invest in its people, systems and operational capability. The financial statements cover a nine-month accounting period from 1 April 2025 to 31 December 2025, following a change in the Company's accounting reference date. Comparative figures relate to the twelve-month period ended 31 March 2025 and are therefore not directly comparable.
Business review
The Company traded in a challenging economic environment, with continued uncertainty across the construction sector and ongoing pressure on labour and material costs. Despite these conditions, the Company maintained a strong market presence and continued to benefit from a diverse customer base and high levels of repeat business. Both contracting divisions remained active throughout the period and the manufacturing operation continued to support demand generated by the Company's trade and contracting activities. Improvements to pricing strategy, management information and business processes contributed to operational stability and positioned the business for future growth. The period also saw continued investment in management capability, digital systems, plant and vehicles. These investments are intended to improve efficiency, strengthen governance and support the Company's long-term strategic objectives.
Principal risks and uncertainties
The Company is exposed to a range of risks that could affect future performance, including general economic conditions, inflationary pressures, recruitment and retention of skilled personnel, supply chain disruption, changes in legislation and volatility in financial markets affecting the valuation and performance of the Company's investment portfolio. The Directors regularly review these risks and implement appropriate mitigation measures. The Company's strong balance sheet, diversified customer base and experienced management team provide resilience and flexibility in responding to changing market conditions. Page 1
J.B. CORRIE AND COMPANY LIMITED STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2025
Financial key performance indicators
Turnover for the nine-month period was £10.68 million compared with £13.27 million for the prior twelve-month period. Whilst turnover was lower than the prior twelve-month comparative period, the reduction should be viewed in the context of the shorter reporting period. On an annualised basis, trading activity remained broadly in line with Directors' expectations and provides a satisfactory foundation for future growth. The Company generated a gross profit of £2.17 million and reported an operating loss of £797,250. The operating result reflects reduced contract margins due to closing out 2 underperforming contracts, combined with increased investment in management, infrastructure and strategic development activities during the period. Profit before taxation was £8.4 million. This exceptional performance was principally driven by the continued strength of the Company's investment portfolio, including realised gains on disposals, investment income and favourable fair value movements recognised during the period. Net assets increased from £17.67 million to £24.3 million, strengthening the Company's financial position and providing a robust platform from which to fund future investment and strategic growth initiatives. Cash balances decreased from £1.35 million to £1.32 million during the period mainly due to continued investment in tangible fixed assets.
Non-financial performance indicators
The Company remains committed to maintaining high standards of quality, environmental management and occupational health and safety. Significant resources continue to be allocated to the development and maintenance of these systems, supporting compliance, continual improvement and operational excellence. The Company employed an average of 113 employees during the period and continues to invest in training, professional development and employee wellbeing. Staff retention remains good and the Directors recognise that the Company's continued success depends upon the contribution and commitment of its employees.
Future developments
The Directors remain confident in the long-term prospects of the Company and will continue to focus on sustainable and profitable growth. Key priorities include expansion of the High Security Division, continued investment in manufacturing capability and digital systems, growth of contracting activities, investment in people and maintenance of a strong balance sheet and prudent financial management. Whilst the economic outlook remains uncertain, the Directors believe that the Company's reputation, diversified operations, technical expertise and strong financial position leave it well placed to capitalise on future opportunities and deliver long-term value. On 31/03/2026 4,000 shares were transferred to the John Corrie Discretionary Trust. After the transfer, John Corrie continues to control the entity. Page 2
J.B. CORRIE AND COMPANY LIMITED STRATEGIC REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2025 This report was approved by the board and signed on its behalf.
................................................ J Corrie Director
Date: 30 July 2026
Page 3
J.B. CORRIE AND COMPANY LIMITED DIRECTORS' REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the period ended 31 December 2025.
Directors' responsibilities statement
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 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 of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company'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 Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the Period, after taxation, amounted to £6,608,438 (2025 - £1,915,363). Dividends of NIL (2025: Nil) were payable during the year. A dividend of £800 per share was approved in March 2026 and paid in April 2026.
Directors
The directors who served during the Period were:
J Corrie
L Ryan
C Wilson
J Bissett (resigned 26 February 2026)
C Blank
J Macdonald
Future developments
The company has chosen in accordance with s414C (11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments. Page 4
J.B. CORRIE AND COMPANY LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 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'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's auditors are aware of that information. This report was approved by the board and signed on its behalf.
................................................ C Wilson Director
Date: 30 July 2026
Page 5
J.B. CORRIE AND COMPANY LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J.B. CORRIE AND COMPANY LIMITED
Opinion
We have audited the financial statements of J.B. Corrie and Company Limited (the 'Company') for the Period ended 31 December 2025, which comprise the Income Statement, the Statement of Financial Position, the Statement of Cash Flows, the 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 Company's affairs as at 31 December 2025 and of its profit for the Period then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 6
J.B. CORRIE AND COMPANY LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J.B. CORRIE AND COMPANY 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 Strategic Report and the Directors' Report for the financial Period for which the financial statements are prepared is consistent with the financial statements; and ∙the 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 Directors' Responsibilities Statement set out on page 4, 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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 7
J.B. CORRIE AND COMPANY LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J.B. CORRIE AND COMPANY 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 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: We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. 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. Page 8
J.B. CORRIE AND COMPANY LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J.B. CORRIE AND COMPANY LIMITED (CONTINUED)
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. Keely Harvey FCA (Senior Statutory Auditor) for and on behalf of Shaw Gibbs (Audit) Limited Statutory Auditor Wey Court West Union Road Farnham Surrey GU9 7PT 6 August 2026 Page 9
J.B. CORRIE AND COMPANY LIMITED INCOME STATEMENT FOR THE PERIOD ENDED 31 DECEMBER 2025
| 9 months ended 31 December | 12 months ended 31 March
| 2025 | 2025
Note | £ | £
Turnover | 4 | 10,678,733 | 13,269,610
Cost of sales |  | (8,504,084) | (10,180,395)
Gross profit |  | 2,174,649 | 3,089,215
Administrative expenses |  | (3,082,349) | (2,944,733)
Other operating income | 5 | 110,450 | 136,200
Operating (loss)/profit | 6 | (797,250) | 280,682
Income from other fixed asset investments | 10 | 109,126 | 74,569
Profit on disposal of investments |  | 2,440,439 | 937,074
Interest receivable and similar income | 12 | 8,884 | 27,013
Interest payable and investment performance fee | 13 | (469,992) | -
Fair value adjustments | 11 | 7,158,173 | 1,159,136
Profit before tax |  | 8,449,380 | 2,478,474
Tax on profit | 14 | (1,840,942) | (563,111)
(Loss)/profit for the financial Period |  | 6,608,438 | 1,915,363
There are no items of other comprehensive income for 2025 or 2025 other than the (loss)/profit for the Period. As a result, no separate Statement of Comprehensive Income has been presented.
The notes on pages 17 to 33 form part of these financial statements.
Page 10
J.B. CORRIE AND COMPANY LIMITED REGISTERED NUMBER: 00208517 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 31 December |  | 31 March
|  | 2025 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 15 |  | 3,045,308 |  | 2,467,221
Fixed asset investments | 16 |  | 18,486,940 |  | 9,595,216
Investment property | 17 |  | 2,000,000 |  | 1,750,000
|  |  | 23,532,248 |  | 13,812,437
Current assets |  |  |  |  |
Stocks | 18 | 1,746,563 |  | 1,780,131 |
Debtors: amounts falling due after more than one year | 19 | 243,889 |  | 475,443 |
Debtors: amounts falling due within one year | 19 | 2,334,092 |  | 2,783,316 |
Cash at bank and in hand | 20 | 1,323,668 |  | 1,346,178 |
|  | 5,648,212 |  | 6,385,068 |
Creditors: amounts falling due within one year | 21 | (2,664,770) |  | (1,984,359) |
Net current assets |  |  | 2,983,442 |  | 4,400,709
Total assets less current liabilities |  |  | 26,515,690 |  | 18,213,146
Creditors: amounts falling due after more than one year | 22 |  | (115,465) |  | -
Provisions for liabilities |  |  |  |  |
Deferred tax | 25 | (2,125,034) |  | (546,393) |
|  |  | (2,125,034) |  | (546,393)
Net assets |  |  | 24,275,191 |  | 17,666,753
Page 11
J.B. CORRIE AND COMPANY LIMITED REGISTERED NUMBER: 00208517 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2025
|  | 31 December |  | 31 March
|  | 2025 |  | 2025
Note |  | £ |  | £
Capital and reserves |  |  |  |  |
Called up share capital | 26 |  | 5,000 |  | 5,000
Revaluation reserve |  |  | 965,000 |  | 965,000
Fair value reserve |  |  | 6,017,595 |  | 943,627
Investment property reserve |  |  | 1,774,554 |  | 1,524,554
Profit and loss account |  |  | 15,513,042 |  | 14,228,572
|  |  | 24,275,191 |  | 17,666,753
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ J Corrie
Director
Date: 30 July 2026
The notes on pages 17 to 33 form part of these financial statements. Page 12

|  | J.B. CORRIE AND COMPANY LIMITED |
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2025
|  | Called up share capital | Revaluation reserve | Fair value reserve | Investment property reserve | Profit and loss account | Total equity
|  | £ | £ | £ | £ | £ | £
| At 1 April 2024 | 5,000 | 965,000 | 80,635 | 1,524,554 | 13,176,201 | 15,751,390
| Comprehensive income for the year |  |  |  |  |  |
| Profit for the year | - | - | - | - | 1,915,363 | 1,915,363
| Transfer to/from profit and loss account | - | - | 862,992 | - | (862,992) | -
| At 1 April 2025 | 5,000 | 965,000 | 943,627 | 1,524,554 | 14,228,572 | 17,666,753
| Comprehensive income for the Period |  |  |  |  |  |
| Profit for the Period | - | - | - | - | 6,608,438 | 6,608,438
| Transfer to/from profit and loss account | - | - | 5,073,968 | 250,000 | (5,323,968) | -
| At 31 December 2025 | 5,000 | 965,000 | 6,017,595 | 1,774,554 | 15,513,042 | 24,275,191
| The notes on pages 17 to 33 form part of these financial statements.
Page 13

J.B. CORRIE AND COMPANY LIMITED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 DECEMBER 2025
|  |  | 9 months ended 31 December | 12 months ended 31 March
|  |  | 2025 | 2025
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial Period | 6,608,438 | 1,915,363
Adjustments for: |  |
Depreciation of tangible assets | 320,297 | 364,707
Profit on disposal of tangible assets | (17,250) | (10,820)
Interest paid | 4,143 | -
Non-operating income | (118,010) | (101,582)
Taxation charge | 1,840,942 | 563,111
Decrease/(increase) in stocks | 33,569 | (177,997)
Decrease/(increase) in debtors | 680,778 | (389,009)
Increase/(decrease) in creditors | 573,674 | (536,622)
Net fair value (gains) recognised in P&L | (7,170,242) | (1,051,013)
Corporation tax received/(paid) | 58,914 | (238,502)
Gain on disposal of investments | (2,440,439) | (937,074)
Net cash generated from operating activities | 374,814 | (599,438)
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (921,890) | (703,874)
Sale of tangible fixed assets | 40,757 | 44,561
Purchase of listed investments | (6,266,040) | (5,309,047)
Sale of listed investments | 7,026,609 | 5,947,210
Interest received | 8,884 | 27,013
HP interest paid | (4,143) | -
Income from investments | 109,126 | 74,569
Net cash from investing activities | (6,697) | 80,432
Page 14
J.B. CORRIE AND COMPANY LIMITED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2025
|  | 9 months ended 31 December | 12 months ended 31 March
|  | 2025 | 2025
|  | £ | £
Cash flows from financing activities |  |
Repayment of/new finance leases | (99,014) | -
Net cash used in financing activities | (99,014) | -
Net increase/(decrease) in cash and cash equivalents | 269,103 | (519,006)
Cash and cash equivalents at beginning of Period | 1,346,178 | 1,865,184
Cash and cash equivalents at the end of Period | 1,615,281 | 1,346,178
Cash and cash equivalents at the end of Period comprise: |  |
Cash at bank and in hand | 1,323,668 | 1,346,178
Cash in investments | 291,613 | -
| 1,615,281 | 1,346,178
The notes on pages 17 to 33 form part of these financial statements.
Page 15
J.B. CORRIE AND COMPANY LIMITED ANALYSIS OF NET DEBT FOR THE PERIOD ENDED 31 DECEMBER 2025
| At 1 April 2025 | Cash flows | New finance leases | At 31 December 2025
| £ | £ | £ | £
Cash at bank and in hand | 1,346,178 | (314,123) | - | 1,032,055
Cash in investments | 6,290 | 285,323 | - | 291,613
Finance leases | - | 99,014 | (252,731) | (153,717)
| 1,352,468 | 70,214 | (252,731) | 1,169,951
The notes on pages 17 to 33 form part of these financial statements.
Page 16
J.B. CORRIE AND COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
1. | General information
J.B.Corrie and Company Limited, (00208517), is a limited liability company incorporated in England and Wales. The Registered Office is disclosed in the Company Information page and the principal activity is disclosed in the Strategic Report. 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 presentation currency is GBP. The financial statements have been rounded to the nearest £. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Income Statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 17
J.B. CORRIE AND COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company 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 Company 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. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 18
J.B. CORRIE AND COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.8 | Current and deferred taxation
The tax expense for the Period 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 reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. 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 reporting date.
| 2.9 | 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. Page 19
J.B. CORRIE AND COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 10 years
|  |  |  | Plant and machinery | - | 4 - 10 years
|  |  |  | Motor vehicles | - | 2 - 5 years
|  |  |  | Fixtures and fittings | - | 4 - 10 years
|  |  |  | Assets under construction | - | Not depreciated until brought into use
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.
| 2.10 | Investment property
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
| 2.11 | Valuation of investments
Investments in listed company shares are remeasured to market value at each Balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income.
| 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 weighted average basis. Work in progress and finished goods include labour and attributable overheads. At each reporting 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 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 20
J.B. CORRIE AND COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.14 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.15 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.16 | 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.
| 2.17 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. 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 Company'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 Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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 Page 21
J.B. CORRIE AND COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.17 | Financial instruments (continued)
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.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the Company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below: Valuation of investment property As described in note 17, investment properties are stated at fair value based upon a valuation performed by the directors. The directors have considered current rental yields and the term of the lease to confirm the property is held at fair value. Amounts recoverable under contract As described in note 2.3, revenue from a contract is recognised in the period in which the services are provided. The directors have considered stage of completion, expected losses and consideration due to ensure the revenue is recognised in the correct accounting period and the asset is recoverable.
4. | Turnover
The whole of the turnover is attributable to the principal activity of the company.
| All turnover arose within the United Kingdom.
Page 22
J.B. CORRIE AND COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
5. | Other operating income
|  |  |  |  | 9 months ended 31 December | 12 months ended 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Net rents receivable | 110,450 | 136,200
6. | Operating (loss)/profit
| The operating (loss)/profit is stated after charging:
|  |  |  |  | 9 months ended 31 December | 12 months ended 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Other operating lease rentals | 372,224 | 350,687
7. | Auditors' remuneration
|  |  |  |  | 9 months ended 31 December | 12 months ended 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Fees payable to the Company's auditors and its associates for the audit of the Company's financial statements | 35,004 | 38,445
| Fees payable to the Company's auditor and its associates in respect of: |  |
| Tax compliance services | 13,419 | 17,540
| Other services | 5,891 | 2,275
|  | 19,310 | 19,815
Page 23
J.B. CORRIE AND COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 9 months ended 31 December | 12 months ended 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Wages and salaries | 3,652,997 | 4,470,059
| Social security costs | 410,704 | 438,664
| Cost of defined contribution scheme | 197,385 | 185,212
|  | 4,261,086 | 5,093,935
| The average monthly number of employees, including the directors, during the Period was as follows:
|  |  | 9 months ended 31 December | 12 months ended 31 March
|  |  | 2025 | 2025
|  |  | No. | No.
|  | Production staff | 95 | 98
|  | Distribution staff | 3 | 4
|  | Administrative staff | 15 | 10
|  |  | 113 | 112
Page 24
J.B. CORRIE AND COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
9. | Directors' remuneration
|  |  |  |  | 9 months ended 31 December | 12 months ended 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Directors' emoluments | 308,334 | 414,184
| Company contributions to defined contribution pension schemes | 33,785 | 43,470
|  | 342,119 | 457,654
| During the Period retirement benefits were accruing to 5 directors (2025 - 6) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £73,627 (2025 - £95,823).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £9,802 (2025 - £12,616).
| Key management personnel are the directors.
10. | Income from investments
|  |  |  |  | 9 months ended 31 December | 12 months ended 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Income from fixed asset investments | 109,126 | 74,569
11. | Fair value adjustments
|  |  |  |  | 31 December | 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Increase/(decrease) in fair value of listed investments | 6,908,173 | 1,159,136
| Increase/(decrease) in fair value of investment property | 250,000 | -
|  | 7,158,173 | 1,159,136
Page 25
J.B. CORRIE AND COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
12. | Interest receivable
|  |  |  |  | 9 months ended 31 December | 12 months ended 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Other interest receivable | 8,884 | 27,013
13. | Interest payable and investment performance fee
|  |  |  |  | 9 months ended 31 December | 12 months ended 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Finance leases and hire purchase contracts | 4,143 | -
| Investment performance fee | 465,849 | -
|  | 469,992 | -
14. | Taxation
|  |  |  |  | 9 months ended 31 December | 12 months ended 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 321,215 | 269,943
| Adjustments in respect of previous periods | (58,914) | 11,775
| Total current tax | 262,301 | 281,718
| Deferred tax |  |
| Origination and reversal of timing differences | 1,578,641 | 281,393
| Total deferred tax | 1,578,641 | 281,393
|  | 1,840,942 | 563,111
Page 26
J.B. CORRIE AND COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 14.Taxation (continued)
| Factors affecting tax charge for the period/year
| The tax assessed for the Period/year is lower than (2025 - lower than) the standard rate of corporation tax in the UK of 25% (2025 - 25%). The differences are explained below:
|  |  |  |  | 9 months ended 31 December | 12 months ended 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 8,449,380 | 2,478,474
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%) | 2,112,345 | 619,619
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 2,088 | 401
| Capital allowances for Period/year in excess of depreciation | (36,799) | 16,962
| Adjustments to tax charge in respect of prior periods | (58,914) | 11,775
| Non-taxable income | (641,987) | (252,571)
| Chargeable gains | 655,424 | 185,985
| Changes in provisions leading to an increase (decrease) in the tax charge | 16,484 | (10,669)
| Unrecognised fair value adjustments | (1,786,341) | (289,784)
| Recognition of deferred tax liability | 1,578,642 | 281,393
| Total tax charge for the Period/year | 1,840,942 | 563,111
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 27
J.B. CORRIE AND COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
15. | Tangible fixed assets
|  | Freehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Assets under construction | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 April 2025 | 1,466,354 | 754,177 | 1,574,092 | 125,250 | - | 3,919,873
| Additions | 345,500 | 8,824 | 485,455 | 10,263 | 71,848 | 921,890
| Disposals | - | (33,552) | (92,981) | - | - | (126,533)
| At 31 December 2025 | 1,811,854 | 729,449 | 1,966,566 | 135,513 | 71,848 | 4,715,230
| Depreciation |  |  |  |  |  |
| At 1 April 2025 | 71,856 | 453,961 | 823,505 | 103,330 | - | 1,452,652
| Charge for the Period on owned assets | 3,673 | 43,437 | 264,685 | 8,502 | - | 320,297
| Disposals | - | (10,046) | (92,981) | - | - | (103,027)
| At 31 December 2025 | 75,529 | 487,352 | 995,209 | 111,832 | - | 1,669,922
| Net book value |  |  |  |  |  |
| At 31 December 2025 | 1,736,325 | 242,097 | 971,357 | 23,681 | 71,848 | 3,045,308
| At 31 March 2025 | 1,394,498 | 300,216 | 750,587 | 21,920 | - | 2,467,221
Page 28
J.B. CORRIE AND COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
16. | Fixed asset investments
|  | Listed investments
|  | £
| Cost or valuation |
| At 1 April 2025 | 9,595,216
| Additions | 6,266,040
| Disposals | (4,586,170)
| Revaluations | 6,920,242
| At 31 December 2025 | 18,195,328
| Cash assets | 291,613
| At 31 December 2025 | 18,486,941
| At 31 March 2025 | 9,595,216
17. | Investment property
|  | Freehold investment property
|  | £
| Valuation |
| At 1 April 2025 | 1,750,000
| Surplus on revaluation | 250,000
| At 31 December 2025 | 2,000,000
The 2025 valuations were made by the directors, on an open market value for existing use basis.
Page 29
J.B. CORRIE AND COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
18. | Stocks
|  |  |  |  | 31 December | 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Raw materials and consumables | 84,896 | 90,654
| Work in progress (goods to be sold) | 288,054 | 259,361
| Finished goods and goods for resale | 1,373,613 | 1,430,116
|  | 1,746,563 | 1,780,131
19. | Debtors
|  |  |  |  | 31 December | 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Due after more than one year |  |
| Trade debtors | 243,889 | 475,443
|  |  |  |  | 31 December | 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Due within one year |  |
| Trade debtors | 2,047,049 | 2,486,137
| Other debtors | 2,309 | 1,315
| Prepayments and accrued income | 246,228 | 229,062
| Amounts recoverable on long-term contracts | 38,506 | 66,802
|  | 2,334,092 | 2,783,316
20. | Cash and cash equivalents
|  |  |  |  | 31 December | 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Cash at bank and in hand | 1,323,668 | 1,346,178
Page 30
J.B. CORRIE AND COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
21. | Creditors: Amounts falling due within one year
|  |  |  |  | 31 December | 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Payments received on account | 231,426 | 298,722
| Trade creditors | 929,763 | 1,179,308
| Corporation tax | 395,994 | 74,779
| Other taxation and social security | 287,741 | 179,432
| Obligations under finance lease and hire purchase contracts | 38,252 | -
| Other creditors | 173,247 | 71,108
| Accruals and deferred income | 608,347 | 181,010
|  | 2,664,770 | 1,984,359
22. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 31 December | 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 115,465 | -
23. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 31 December | 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Within one year | 38,252 | -
| Between 1-5 years | 115,465 | -
|  | 153,717 | -
Page 31
J.B. CORRIE AND COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
24. | Financial instruments
|  |  |  |  | 31 December | 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 18,195,328 | 9,595,216
| Financial assets measured at fair value through profit or loss comprise listed investments.
25. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (546,393)
| Charged to profit or loss | (1,578,641)
| At end of year | (2,125,034)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 31 December | 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Accelerated capital allowances | (289,635) | (247,571)
| Unrealised gains on investment portfolio | (1,862,472) | (307,607)
| Short term timing differences | 27,073 | 8,785
|  | (2,125,034) | (546,393)
Page 32
J.B. CORRIE AND COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
26. | Share capital
|  |  |  |  | 31 December | 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 5,000 (2025 - 5,000) Ordinary shares of £1.00 each | 5,000 | 5,000
27. | Capital commitments
| At 31 December 2025 the Company had capital commitments as follows:
|  |  |  |  | 31 December | 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Contracted for but not provided in these financial statements | - | 299,825
28. | Pension commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £130,538 (Mar-25: £185,212). Contributions totalling £128,804 (Mar-25: £40,964) were payable to the fund at the year end and are included in creditors.
29. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 31 December | 31 March
|  |  |  |  | 2025 | 2025
|  |  |  |  | £ | £
| Not later than 1 year | 64,667 | 6,157
| Later than 1 year and not later than 5 years | 188,064 | 16,922
|  | 252,731 | 23,079
30. | Controlling party
The company is under the control of J Corrie.
Page 33