Company registration number 02789588 (England and Wales)
SIR JOSEPH ISHERWOOD LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
SIR JOSEPH ISHERWOOD LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
SIR JOSEPH ISHERWOOD LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
111,746
122,022
Investments
5
1
1
111,747
122,023
Current assets
Stocks
313,606
499,186
Debtors
7
7,763,929
2,772,914
Cash at bank and in hand
4,618,943
9,149,302
12,696,478
12,421,402
Creditors: amounts falling due within one year
8
(2,946,331)
(2,304,952)
Net current assets
9,750,147
10,116,450
Total assets less current liabilities
9,861,894
10,238,473
Provisions for liabilities
(15,691)
(13,756)
Net assets
9,846,203
10,224,717
Capital and reserves
Called up share capital
13,000
13,000
Profit and loss reserves
9,833,203
10,211,717
Total equity
9,846,203
10,224,717

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 15 June 2026 and are signed on its behalf by:
P Rossiter
Director
Company Registration No. 02789588
SIR JOSEPH ISHERWOOD LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2024
13,000
10,828,274
10,841,274
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
1,056,203
1,056,203
Dividends
-
(1,672,760)
(1,672,760)
Balance at 31 December 2024
13,000
10,211,717
10,224,717
Year ended 31 December 2025:
Profit and total comprehensive income for the year
-
1,621,486
1,621,486
Dividends
-
(2,000,000)
(2,000,000)
Balance at 31 December 2025
13,000
9,833,203
9,846,203
SIR JOSEPH ISHERWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
1
Accounting policies
Company information

Sir Joseph Isherwood Limited is a private company limited by shares incorporated in England and Wales. The registered office is Centre for Advanced Industry, Coble Dene, Royal Quays, North Shields, Tyne & Wear, NE29 6DE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

The company meets its day to day working capital requirements through cash generated from operations and its existing significant cash resources. The company’s forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonably possible changes in trading performance.true

In the directors assessment of reasonably possible changes they have considered the impact of a change in trading performance on the business and have a business continuity plan in place.

Having considered the current cash forecasts of the Company the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months from the date of signing these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.

1.3
Turnover

Turnover represents the value of goods invoiced and the value of the work performed on contracts during the year which includes attributable profits when the outcome of the contracts can be assessed with reasonable certainty.

Profits are not recognised on contracts until work performed exceeds 50% of the expected total contract costs.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

SIR JOSEPH ISHERWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development expenditure
5 years straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10 years straight line
Office equipment
5-10 years straight line
Motor vehicles
5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

SIR JOSEPH ISHERWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
1.8
Stocks

Work in progress on long term contracts is stated at cost of raw materials, labour and attributable overheads. Long term contracts are assessed on a contract by contract basis and where the outcome can be assessed with reasonable certainty before its conclusion, the attributable profit is recognised in profit and loss as the difference between the reported turnover and related costs for that contract. The excess of amounts received or invoiced over amounts recorded as turnover is classified under creditors due within one year as payments invoiced on account.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, and amounts due from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

SIR JOSEPH ISHERWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 6 -
1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

SIR JOSEPH ISHERWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
29
28
3
Tangible fixed assets
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2025
68,203
271,057
76,445
415,705
Additions
-
0
23,129
-
0
23,129
At 31 December 2025
68,203
294,186
76,445
438,834
Depreciation and impairment
At 1 January 2025
56,852
211,136
25,695
293,683
Depreciation charged in the year
1,567
21,338
10,500
33,405
At 31 December 2025
58,419
232,474
36,195
327,088
Carrying amount
At 31 December 2025
9,784
61,712
40,250
111,746
At 31 December 2024
11,351
59,921
50,750
122,022
4
Intangible fixed assets
Development costs
£
Cost
At 1 January 2025 and 31 December 2025
222,713
Amortisation and impairment
At 1 January 2025 and 31 December 2025
222,713
Carrying amount
At 31 December 2025
-
0
At 31 December 2024
-
0
SIR JOSEPH ISHERWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
5
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
1
1
6
Subsidiaries

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

Name of undertaking
Address
Class of
% Held
shares held
Direct
Isherwoods ILS Services PTY Limited
Australia
Ordinary
100.00

Registered office addresses:

Level 13 664 Collins Street Docklands VIC 3008 Australia

Isherwoods ILS Services PTY Limited was deregistered on 31/12/2025.

7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
638,232
724,576
Corporation tax recoverable
-
0
239,709
Amounts owed by group undertakings
905,284
905,216
Other debtors
6,033,155
734,157
Prepayments and accrued income
187,258
169,256
7,763,929
2,772,914
SIR JOSEPH ISHERWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
7
Debtors
(Continued)
- 9 -

During 2022 Sir Joseph Isherwood provided a loan to FIMAS SA, a company with common ultimate controlling directors. The year end balance in 2024 of €800,000 (£693,594) was included within other debtors. Interest at 3% ha d been accrued and included within prepayments and accrued income. The loan was repaid in full in January 2025.

During 2025 Sir Joseph Isherwood provided a loan to CMN Nav a l, a company with common ultimate controlling directors. The year end balance of €3,500,000 (£3,052,993) has been included within other debtors. Interest at 4% has been accrued and included within prepayments and accrued income. The loan and all accrued interest was due for repayment on 31 December 2025, however was not repaid in the year but is still accruing interest. The company is under discussions with CMN Nav a l over a revised repayment schedule and considers the balance recoverable.

During 2025 Sir Joseph Isherwood provided a loan to GNYK, a company with common ultimate controlling directors. The year end balance of €1,500,000 (£1,308,426) has been included within other debtors. Interest at 4% has been accrued and included within prepayments and accrued income. The loan and all accrued interest was due for repayment on 31 December 2025, however was not repaid in the year but is still accruing interest. The company is under discussions with GNYK over a revised repayment schedule and considers the balance recoverable.

8
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
12,767
11,393
Amounts owed to group undertakings
353,488
186,118
Corporation tax
14,219
-
0
Other taxation and social security
117,195
132,441
Other creditors
2,089,323
1,782,041
Accruals and deferred income
359,339
192,959
2,946,331
2,304,952

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

SIR JOSEPH ISHERWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

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 year then ended;

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

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

Senior Statutory Auditor:
Sarah Simpson BSc BFP FCA
Statutory Auditor:
Azets Audit Services
Date of audit report:
13 August 2026
10
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
215,677
289,525
11
Parent company

The company's immediate parent is S J I Holdings Limited, incorporated in England which holds all the issued share capital of the company.

The ultimate parent is P I Dev Sal (Holding), incorporated in Lebanon of whom prepares the largest and smallest group of consolidated accounts. The consolidated financial statements of P I Dev Sal (Holding) are available from 157 Marfaa', Rue 73, Saad Zaghloul Street, 2012 7306 Solidere, Beirut, Lebanon.

Mr A Safa and Mr A Safa are considered to be the ultimate controlling parties by virtue of their effective controlling interest in the equity shares of the company via Iskandar Safa (Civil Company).

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