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Registration number: 15805646

A.E. Spink (Holdings) Limited
Annual Report and Consolidated Financial Statements
for the Year Ended 30 November 2025

A.E. Spink (Holdings) Limited

Contents

Company Information | 1
Strategic Report | 2
Directors' Report | 3 to 4
Statement of Directors' Responsibilities | 5
Independent Auditor's Report | 6 to 9
Consolidated Statement of Income and Retained Earnings | 10
Consolidated Balance Sheet | 11
Balance Sheet | 12
Consolidated Statement of Changes in Equity | 13
Statement of Changes in Equity | 14
Consolidated Statement of Cash Flows | 15 to 16
Notes to the Financial Statements | 17 to 39

A.E. Spink (Holdings) Limited

Company Information

Directors | Mr Nicholas Harrison Mrs Pamela Harrison

Registered office | A.E. Spink Ltd Kelham Street Doncaster DN1 3RA

Auditors | Hawsons Chartered Accountants 5 Sidings Court White Rose Way Doncaster South Yorkshire DN4 5NU

A.E. Spink (Holdings) Limited

Strategic Report for the Year Ended 30 November 2025

The directors present their strategic report for the year ended 30 November 2025.

Fair review of the business

The directors consider the level of activity and the year end financial position to be satisfactory.
All areas of the business continued to perform well despite an increase in competitor activity.
Operating margins are as anticipated at 25%.
Non financial KPI's are the number of employees of 179 in 2025 (167 in 2024), this is used to measure of growth.

Principal risks and uncertainties

Despite the level of turnover achieved, confidence in the economy continues to ebb and flow. The directors remain cautiously optimistic and are continuing with expansion plans.
The flexibility of our group means we are able to make the most of every opportunity.

Section 172 Companies Act 2006
The board of directors consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1) Companies Act 2006) in the decisions taken during the year ended 30 November 2025.
A.E Spink (Holdings) Limited are committed to being a responsible business. The core values that underpin our strategy and objectives are to do the right thing, aim high, care about the environment and treat people fairly. This is demonstrated and actively encouraged in dealings with customers, suppliers and stakeholders in the wider community. Internal communications play a key part in keeping the company staff engaged and aligned to the overall strategy; the Managing Directors provides regular updates to employees to ensure that timely and consistent messages are provided to all employees.
As the Board of Directors, our intention is to behave responsibly and ensure that management operate the business in a responsible manner, operating within the high standards of business conduct and good governance expected for a business such as ours and in doing so, will contribute to the delivery of our plan. The intention is to nurture our reputation, through both the construction and delivery of our plan, that reflects our responsible behaviour.
As the Board of Directors, our intention is to behave responsibly toward our stakeholders and treat them fairly and equally, so they too may benefit from the successful delivery of our plan.
These items are given as examples of the Directors’ application of the principles of s172 Companies Act across the year, and is not an exhaustive list.

Approved and authorised by the Board on 11 August 2026 and signed on its behalf by:

......................................... Mr Nicholas Harrison Director

A.E. Spink (Holdings) Limited

Directors' Report for the Year Ended 30 November 2025

The directors present their report and the for the year ended 30 November 2025.

Directors of the group

The directors who held office during the year were as follows:

Mr Nicholas Harrison

Mrs Pamela Harrison

Principal activity
The principal activity of the company continued to be that of a builders' and plumbers' merchants.

Information included in the Strategic Report

Detailed information in respect of the fair review of the business, KPIs and principal risks and uncertainties can be found in the strategic report and form part of this report by cross-reference.

Employment of disabled persons

Disabled persons are employed by the group when they appear to be suited to a particular vacancy and every effort is made to ensure they are given full and fair consideration when such vacancies arise. Training will be given so that employees, who have been injured or become disabled in the course of their employment, can where possible, continue employment with the company.

Employee involvement

The group undertakes to keep employees abreast of major strategic developments within the company.

Environmental matters

The group continues to measure scope 1 and 2 emissions in order to calculate the carbon footprint. This includes the following:
- Office, electricity & gas
- Fuel used by the fleet (operational team vehicles)
The group uses the government published conversion factors to convert energy units into tonnes of carbon dioxide equivalent (Co2e) which is a widely recognised indicator of an organisation's performance.
The group's target is to achieve a year-on-year reduction of CO2 emissions driving to zero.

| 2024/25 | 2023/24
CO2 Produced (Tonnes - T) |  |
Office electricity & gas | 97 T | 85 T
Fuel used by fleet (operational team vehicles) | 1276 T | 1255 T
Total | 1373 T | 1340 T
Consumption |  |
Office electricity & gas | 555,226 Kwh | 416,375 Kwh
Fuel used by fleet (operational team vehicles) | 252,564 Litres | 234,666 Litres
Emissions intensity |  |
Office electricity & gas | 0 T/Kwh | 0 T/Kwh
Fuel used by fleet (operational team vehicles) | 0.005 T/Litres | 0.005 T/Litres

A.E. Spink (Holdings) Limited

Directors' Report for the Year Ended 30 November 2025 (continued)

Going concern

After due consideration of all relevant factors, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the going concern basis have been adopted in preparing the annual report and accounts.

Directors' liabilities

The subsidiary company has made qualifying third party indemnity provisions for the benefits of its directors which were made during the year and remain in force at the date of this report.

Disclosure of information to the auditor

Each director of the company who held office at the date of the approval of this Annual Report, as set out above, confirms that:
• so far as they are aware, there is no relevant audit information (information needed by the company's auditors in connection with preparing their report) of which the company's auditors are unaware, and
• they have taken all the steps they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Reappointment of auditors

The auditors Hawsons Chartered Accountants are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 11 August 2026 and signed on its behalf by:

......................................... Mr Nicholas Harrison Director

A.E. Spink (Holdings) Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company 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.

A.E. Spink (Holdings) Limited

Independent Auditor's Report to the Members of A.E. Spink (Holdings) Limited

Opinion

We have audited the financial statements of A.E. Spink (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025, which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• | give a true and fair view of the state of the group's and the parent company's affairs as at 30 November 2025 and of the group's profit for the year then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 director's 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 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s 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.

A.E. Spink (Holdings) Limited

Independent Auditor's Report to the Members of A.E. Spink (Holdings) Limited (continued)

We have nothing to report in this regard.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and 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 our 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 and the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
• | the parent company financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of directors’ remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

A.E. Spink (Holdings) Limited

Independent Auditor's Report to the Members of A.E. Spink (Holdings) Limited (continued)

Auditor 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 auditor’s 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:

The company is subject to laws and regulations that directly and indirectly affect the financial statements. Based on our understanding of the company and the environment it operates within, we determined that the laws and regulations which were most significant included FRS 102 Section, Companies Act 2006 and Health and Safety regulations. We considered the extent to which non-compliance with these laws and regulations might have a material effect on the financial statements, including how fraud might occur. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries to improve the company’s result for the period, and management bias in key accounting estimates.
Audit procedures performed by the engagement team included:

• | Discussions with management and those responsible for legal compliance procedures within the company to obtain an understanding of the legal and regulatory framework applicable to the company and how the company complies with that framework, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

• | Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud and non-compliance with laws and regulations;

• | Challenging assumptions and judgements made by management in their significant accounting estimates;

• | Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or posted by senior management.

There are inherent limitations in the audit procedures described above and the more removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Also, 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.

A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

A.E. Spink (Holdings) Limited

Independent Auditor's Report to the Members of A.E. Spink (Holdings) 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 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 and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Daniel Wood (Senior Statutory Auditor)
For and on behalf of Hawsons Chartered Accountants, Statutory Auditor
5 Sidings Court
White Rose Way
Doncaster
South Yorkshire
DN4 5NU

17 August 2026

A.E. Spink (Holdings) Limited

Consolidated Statement of Comprehensive Income for the Year Ended 30 November 2025

| Note | 2025 £ | (As Restated) 2024 £
Turnover | 2 | 71,624,113 | 19,631,592
Cost of sales |  | (53,915,840) | (14,743,715)
Gross profit |  | 17,708,273 | 4,887,877
Administrative expenses |  | (14,906,274) | (4,328,132)
Miscellaneous other operating income |  | 57,046 | 4,285
Operating profit |  | 2,859,045 | 564,030
Other interest receivable and similar income | 5 | 264,215 | 116,775
Interest payable and similar charges | 6 | (86,025) | (119,972)
Profit before tax |  | 3,037,235 | 560,833
Taxation | 11 | (1,007,171) | (298,635)
Profit for the financial year |  | 2,030,064 | 262,198
Total comprehensive profit for the financial year |  | 2,030,064 | 262,198
Profit attributable to: |  |  |
Owners of the company |  | 2,030,064 | 262,198
Total comprehensive profit attributable to: |  |  |
Owners of the company |  | 2,030,064 | 262,198

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the Parent Company is not Presented as part of these Financial Statements.

A.E. Spink (Holdings) Limited

(Registration number: 15805646)
Consolidated Balance Sheet as at 30 November 2025

| Note | 2025 £ | (As Restated) 2024 £
Fixed assets |  |  |
Intangible assets | 12 | 12,361,313 | 13,780,794
Tangible assets | 13 | 7,212,273 | 7,063,330
Investments | 14 | 50,350 | 50,352
|  | 19,623,936 | 20,894,476
Current assets |  |  |
Stocks | 16 | 9,359,749 | 8,768,641
Debtors | 17 | 14,942,167 | 14,068,666
Cash at bank and in hand |  | 8,411,803 | 8,005,893
|  | 32,713,719 | 30,843,200
Creditors: Amounts falling due within one year | 19 | (13,322,110) | (12,762,705)
Net current assets |  | 19,391,609 | 18,080,495
Total assets less current liabilities |  | 39,015,545 | 38,974,971
Creditors: Amounts falling due after more than one year | 19 | (7,726,786) | (9,776,170)
Provisions for liabilities | 20 | (568,812) | (508,918)
Net assets |  | 30,719,947 | 28,689,883
Capital and reserves |  |  |
Called up share capital | 22 | 10,113 | 10,113
Merger reserve |  | 28,417,572 | 28,417,572
Retained earnings |  | 2,292,262 | 262,198
Equity attributable to owners of the company |  | 30,719,947 | 28,689,883
Shareholders' funds |  | 30,719,947 | 28,689,883

These financial statements were approved and authorised for issue by the Board on 11 August 2026 and signed on its behalf by:

......................................... Mr Nicholas Harrison Director

A.E. Spink (Holdings) Limited

(Registration number: 15805646)
Balance Sheet as at 30 November 2025

| Note | 2025 £ | (As Restated) 2024 £
Fixed assets |  |  |
Investments | 14 | 40,200,000 | 40,200,000
Current assets |  |  |
Debtors | 17 | 80,168 | 75,713
Creditors: Amounts falling due within one year | 19 | (4,280,183) | (2,275,728)
Net current liabilities |  | (4,200,015) | (2,200,015)
Total assets less current liabilities |  | 35,999,985 | 37,999,985
Creditors: Amounts falling due after more than one year | 19 | (7,572,300) | (9,572,300)
Net assets |  | 28,427,685 | 28,427,685
Capital and reserves |  |  |
Called up share capital | 22 | 10,113 | 10,113
Merger reserve |  | 28,417,572 | 28,417,572
Shareholders' funds |  | 28,427,685 | 28,427,685

These financial statements were approved and authorised for issue by the Board on 11 August 2026 and signed on its behalf by:

......................................... Mr Nicholas Harrison Director

A.E. Spink (Holdings) Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 November 2025
Equity attributable to the parent company

| Share capital £ | Merger reserve £ | Retained earnings £ | Total £ | Total equity £
Profit for the period (As Restated) | - | - | 262,198 | 262,198 | 262,198
New share capital subscribed | 10,113 | - | - | 10,113 | 10,113
Merger reserves (As Restated) | - | 28,417,572 | - | 28,417,572 | 28,417,572
At 30 November 2024 (As Restated) | 10,113 | 28,417,572 | 262,198 | 28,689,883 | 28,689,883

| Share capital £ | Merger reserve £ | Retained earnings £ | Total £ | Total equity £
At 1 December 2024 | 10,113 | 28,417,572 | 262,198 | 28,689,883 | 28,689,883
Profit for the year | - | - | 2,030,064 | 2,030,064 | 2,030,064
At 30 November 2025 | 10,113 | 28,417,572 | 2,292,262 | 30,719,947 | 30,719,947

A.E. Spink (Holdings) Limited

Statement of Changes in Equity for the Year Ended 30 November 2025

| Share capital £ | Merger reserve £ | Total £
New share capital subscribed | 10,113 | - | 10,113
Merger reserve (As Restated) | - | 28,417,572 | 28,417,572
At 30 November 2024 (As restated) | 10,113 | 28,417,572 | 28,427,685

| Share capital £ | Merger reserve £ | Total £
At 1 December 2024 | 10,113 | 28,417,572 | 28,427,685
At 30 November 2025 | 10,113 | 28,417,572 | 28,427,685

A.E. Spink (Holdings) Limited

Consolidated Statement of Cash Flows for the Year Ended 30 November 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
Profit for the year |  | 2,030,064 | 190,964
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 4 | 2,136,213 | 802,489
Loss on disposal of tangible assets |  | 3,107 | -
Loss from disposals of investments |  | 2 | -
Finance income |  | (264,215) | (116,775)
Finance costs |  | 86,025 | 119,972
Income tax expense | 11 | 1,007,171 | 298,635
|  | 4,998,367 | 1,295,285
Working capital adjustments |  |  |
Increase in stocks | 16 | (591,108) | (406,382)
Increase in debtors | 17 | (873,501) | (1,240,169)
Increase in creditors | 19 | 840,891 | 827,089
Cash generated from operations |  | 4,374,649 | 475,823
Income taxes (paid)/received | 11 | (1,247,752) | 489,410
Net cash flow from operating activities |  | 3,126,897 | 965,233
Cash flows from investing activities |  |  |
Interest received |  | 264,215 | 116,775
Acquisitions of tangible assets |  | (891,961) | (100,653)
Proceeds from sale of tangible assets |  | 73,669 | -
Acquisition of investment properties |  | - | (42,607)
Cash receipts from repayment of loans, classified as investing activities |  | - | 7,835,536
Advances of loans, classified as investing activities |  | - | (200,015)
Net cash flows from investing activities |  | (554,077) | 7,609,036
Cash flows from financing activities |  |  |
Interest paid |  | (9,233) | (1,564)
Payment of deferred consideration |  | (2,000,000) | (500,000)
Payments to finance lease creditors |  | (83,145) | (26,312)
Preference shares interest paid |  | (74,532) | (40,500)
Net cash flows from financing activities |  | (2,166,910) | (568,376)
Net increase in cash and cash equivalents |  | 405,910 | 8,005,893
Cash and cash equivalents at 1 December |  | 8,005,893 | -
Cash and cash equivalents at 30 November |  | 8,411,803 | 8,005,893

A.E. Spink (Holdings) Limited

Consolidated Statement of Cash Flows for the Year Ended 30 November 2025 (continued)

| Analysis of changes in net cash/(debt)

|  | At 1 December 2024 | Cashflows | Other non-cash Changes | At 30 November 2025
|  | £ | £ | £ | £
Cash and cash equivalents |  |  |  |  |
Cash at bank and in hand |  | 8,005,893 | 405,910 | - | 8,411,803
Borrowings |  |  |  |  |
Hire purchase contracts |  | (282,807) | 83,145 | (50,490) | (250,152)
Deferred consideration |  | (8,500,000) | 2,000,000 | - | (6,500,000)
Preference shares liability |  | (2,650,208) | 74,532 | (76,792) | (2,652,468)
|  | (3,427,122) | 2,563,587 | (127,282) | (990,817)

A.E. Spink (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 November 2025

1 | Accounting policies

Statutory information

A.E. Spink (Holdings) Limited is a private company, limited by shares, domiciled in England and Wales, company number 15805646. The registered office is at A.E. Spink Ltd, Kelham Street, , Doncaster, DN1 3RA.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company.

A.E. Spink (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

1 | Accounting policies (continued)

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 November 2025.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Consolidated Statement of Comprehensive Income from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Going concern

After due consideration of all relevant factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the going concern basis have been adopted in preparing the annual report and accounts.

A.E. Spink (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

1 | Accounting policies (continued)

Judgements and key sources of estimation uncertainty

In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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.
In preparing these financial statements, the directors have made the following judgements:
• Stock is held at the lower of cost and net realisable value. Estimates of net realisable value are based on the most reliable evidence available at the time the estimates are made, of the amount the inventories are expected to be realised. These estimates take into account fluctuations of the price or cost directly relating to events occurring after the end of the period to the extent that such events confirm conditions existing at the end of the period.
• Provision is made for debts that are not considered to be collectablle. The provision is based on management experience of previous years&apos; collectability of trade debtors and is applied to the amounts of outstanding debt.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Rebates
Rebates receivable on purchases and paid on sales are recognised at the point at which the target has been reached and the rebate becomes unconditional.

Tax

The tax expense for the period comprises current and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from the profit as reported in the statement of comprehensive income because of items of income or expense that are deductible in other years and items that are never taxable or deductible.

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 group operates and generates taxable income.

A.E. Spink (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

1 | Accounting policies (continued)

Deferred tax shall be recognised in respect of all timing differences at the reporting date, except as otherwise required by FRS102. Timing differences between taxable profits and total comprehensive income are stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements.
Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Unrelieved tax losses and other deferred tax assets shall be recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Tangible assets

Tangible assets are stated in the consolidated balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Freehold buildings | 2% straight line
Plant, machinery and vehicles | 15% reducing balance
Motor vehicles | 25% reducing balance
Office equipment | 15% reducing balance
Computer equipment | 30% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

A.E. Spink (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

1 | Accounting policies (continued)

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 10% straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Fixed asset investments are stated at historical cost less provision for any diminution in value.

Stocks

Stock is valued at the lower of average cost (including allowance for any rebates receivable) and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

A.E. Spink (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

1 | Accounting policies (continued)

Leases

Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

The subsidiary operates a defined contribution pension scheme. Contributions to defined contribution plans are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.
Recognition and measurement
Financial instruments are recognised at fair value.
Impairment
Financial instruments are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

A.E. Spink (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

2 | Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Sale of goods | 71,624,113 | 19,631,592

The turnover was all achieved in the United Kingdom as was all derived from the subsidiary company's principal activity.

3 | Other operating income

The analysis of the group's other operating income for the year is as follows:

| 2025 £ | 2024 £
Rental income | 57,046 | 4,285

4 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 716,732 | 317,240
Amortisation expense | 1,419,481 | 414,015
Loss on disposal of property, plant and equipment | 3,107 | -

5 | Other interest receivable and similar income

| 2025 £ | 2024 £
Interest income on bank deposits | 264,215 | 116,775

6 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest on preference shares | 76,792 | 118,408
Interest expense on other finance liabilities | 9,233 | 1,564
| 86,025 | 119,972

A.E. Spink (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

7 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 7,301,495 | 2,008,238
Social security costs | 909,618 | 273,967
Pension costs, defined contribution scheme | 308,055 | 104,566
| 8,519,168 | 2,386,771

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Administration and support | 20 | 19
Sales, marketing and distribution | 159 | 148
| 179 | 167

8 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 464,700 | 85,760
Contributions paid to money purchase schemes | 25,572 | 17,003
| 490,272 | 102,763

During the year the number of directors who were receiving benefits and share incentives was as follows:

| 2025 No. | 2024 No.
Accruing benefits under money purchase pension scheme | 2 | 2

In respect of the highest paid director:

| 2025 £ | 2024 £
Remuneration | 435,712 | 78,237

A.E. Spink (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

9 | Prior year adjustment

1. Deferred consideration In the prior year, the Company recognised a merger relief reserve in connection with the issue of shares as consideration for the acquisition of the subsidiary undertaking, A.E Spinks Limited. During the current year, management identified an error in the calculation of the merger relief reserve. Accordingly, a prior year adjustment of £9,000,015 has been made in accordance with FRS 102 Section 10, reflecting the correction of this error. The comparative figures have been restated to correct the Balance Sheet of the Company and the Group, as at the beginning of the earliest comparative period presented. The adjustment has no impact on the Company's profit or loss for the year, but results in a reclassification within the Balance Sheet. 2. Preference share liability Following a review of the preference share terms, the company has recognised as a financial liability the cumulative dividends from the non-redeemable preference shares. In prior periods, the preference shares and the dividends were erroneously recognised as equity. As a result of this adjustment, the comparative figures have been restated to reflect the updated presentation. The liability has been measured as the present value of the future dividend cash flows, discounted at a market rate of interest for a similar liability resulting in a reduction in net assets from those previously presented. The value of the liability recognised in the year is:£2,655,468, (2024: £2,650,208). The nominal capital of 3,107 preference shares of £1 each remain in equity. The interest expense for the liability (incorporating the preference share dividend cash flows), has been calculated using the effective interest rate method charged to the statement of comprehensive income as interest payable (see note 6). In prior period the preference share dividend of £75,713 was recognised as equity. Profit before tax was reduced by the interest payable charge.. The ultimate effect on the balance sheet and profit and loss account brought forward and carried forward are shown below. .

A.E. Spink (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

9 | Prior year adjustment (continued)

Group | Debtors |  | Creditors (under 1 year) |  | Creditors (after 1 year) |  | Merger relief reserve | Profit and loss account
| £ |  | £ |  | £ |  | £ | £
At 30 November 2024 | 14,568,681 |  | (11,184,797) |  | (203,870) |  | (39,989,887) | 340,106
Prior period adjustment 1 | (500,015) |  | (1,500,000) |  | (7,000,000) |  | 9,000,015 | -
Prior period adjustment 2 | - |  | (77,908) |  | (2,572,300) |  | 2,572,300 | (77,908)
At 30 November 2024 (restated) | 14,068,666 |  | (12,762,705) |  | (9,776,170) |  | (28,417,572) | 262,198

A.E. Spink (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

9 | Prior year adjustment (continued)

Company | Debtors |  | Creditors (under 1 year) |  | Creditors (after 1 year) |  | Merger relief reserve
| £ |  | £ |  | £ |  | £
At 30 November 2024 | 500,015 |  | (700,015) |  | - |  | (39,989,887)
Prior period adjustment 1 | (500,015) |  | (1,500,000) |  | (7,000,000) |  | 9,000,015
Prior period adjustment 2 | 75,713 |  | (75,713) |  | (2,572,300) |  | 2,572,300
At 30 November 2024 (restated) | 75,713 |  | (2,275,728) |  | (9,572,300) |  | (28,417,572)

10 | Auditors' remuneration

| '2025 | '2024
| £ | £
Non-audit services - accountancy and payroll | 15,455 | 5,063
Auditors remuneration | 30,500 | 3,000
| 45,955 | 8,063

A.E. Spink (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

11 | Taxation

Tax charged/(credited) in the consolidated profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 947,277 | 309,734
Deferred taxation |  |
Arising from origination and reversal of timing differences | 59,894 | (11,099)
Tax expense in the income statement | 1,007,171 | 298,635

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 3,037,235 | 560,833
Corporation tax at standard rate | 759,309 | 140,208
Effect of expense not deductible in determining taxable profit | 46,671 | 29,636
Decrease in tax arising from relief for preference share interest paid | (162,722) | -
Tax increase from other tax effects | 9,043 | 25,286
Tax effect of goodwill amortisation not deductible | 354,870 | 103,505
Total tax charge | 1,007,171 | 298,635

A.E. Spink (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

12 | Intangible assets

Group

| Goodwill £
Cost or valuation
At 1 December 2024 | 14,194,809
At 30 November 2025 | 14,194,809
Amortisation
At 1 December 2024 | 414,015
Charge for year | 1,419,481
At 30 November 2025 | 1,833,496
Carrying amount
At 30 November 2025 | 12,361,313
At 30 November 2024 | 13,780,794

A.E. Spink (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

13 | Tangible assets

Group

| Land and buildings £ | Plant and machinery £ | Total £
Cost or valuation
At 1 December 2024 | 4,657,564 | 2,723,006 | 7,380,570
Additions | 300,044 | 642,407 | 942,451
Disposals | - | (98,426) | (98,426)
At 30 November 2025 | 4,957,608 | 3,266,987 | 8,224,595
Depreciation
At 1 December 2024 | 27,064 | 290,176 | 317,240
Charge for the year | 76,840 | 639,892 | 716,732
Eliminated on disposal | - | (21,650) | (21,650)
At 30 November 2025 | 103,904 | 908,418 | 1,012,322
Carrying amount
At 30 November 2025 | 4,853,704 | 2,358,569 | 7,212,273
At 30 November 2024 | 4,630,500 | 2,432,830 | 7,063,330

Included within the net book value of land and buildings above is £4,853,704 (2024 - £4,630,500) in respect of freehold land and buildings. Freehold land and buildings include £2,086,276 relating to freehold land not depreciated.

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

| 2025 £ | 2024 £
Plant and machinery | 284,615 | 316,374

A.E. Spink (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

14 | Investments

Company

| 2025 £ | 2024 £
Investments in subsidiaries | 40,200,000 | 40,200,000

Subsidiaries | £
Cost or valuation
At 1 December 2024 | 40,200,000
Provision
Carrying amount
At 30 November 2025 | 40,200,000
At 30 November 2024 | 40,200,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
A.E Spink Limited | Kelham Street, Doncaster, South Yorkshire, DN1 3RA | Ordinary shares | 100% | 100%

Subsidiary undertakings
A.E Spink Limited The principal activity of A.E Spink Limited is is that of a builders' and plumbers' merchants.

A.E. Spink (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

15 | Acquisition of subsidiary undertaking

On 12 August 2024, the company acquired 100% of the issued share capital of A.E.Spink Limited for a total fair value consideration of £40,200,000. Part of the consideration comprised of the issue of 7,006 ordinary shares of £1 each and 3,107 preference shares of £1 each.
In accordance with Section 615 of the Companies Act 2006, the company has taken no account of any premium on the shares issued and has recorded the cost of investment at the nominal value of the shares issued plus the fair value of the consideration. The resulting difference arising on consolidation has been credited to a merger reserve in equity.
In the period ended 30 November 2024, turnover of £19,631,592 and a loss of £33,410 was included in the consolidated profit and loss account in respect of A.E.Spink Limited following the date of acquisition.
The amounts recognised in respect of the identifiable assets acquired and liabilities assumed are as set out in the table below:

A.E. Spink (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

15 | Acquisition of subsidiary undertaking (continued)

|  |  | (As Restated)
|  |  | Total
Assets and liabilities acquired: |  |  | £
Tangible assets |  |  | 7,279,917
Investments |  |  | 7,745
Stock |  |  | 8,362,259
Debtors |  |  | 12,828,497
Cash |  |  | 7,835,536
Creditors |  |  | (9,788,746)
Preference shares liability |  |  | (2,572,300)
Provisions |  |  | (520,017)
Goodwill |  |  | 14,194,809
Net assets acquired (incl. Goodwill) from Equity Share Purchase |  |  | 37,627,700
Net assets acquired from Preference Share Purchase |  |  | 2,572,300
Total net assets acquired (including Goodwill) |  |  | 40,200,000
Satisfied by: |  |  |
Equity shares issued |  |  | 10,113
Preference shares liability issued by A.E.Spink (Holdings) Limited |  |  | 2,572,300
Deferred consideration |  |  | 9,000,000
Merger relief reserve |  |  | 28,417,572
Other |  |  | 200,015
Total Consideration |  |  | 40,200,000

Cash flow analysis: |  |  |  |  |
Cash consideration |  |  |  |  | -
Less: Cash and cash equivalent balances acquired |  |  |  |  | (7,835,536)
Net cash outflow/(inflow) arising on acquisition |  |  |  |  | (7,835,536)

A.E. Spink (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

16 | Stocks

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Raw materials and consumables | 9,359,749 | 8,768,641 | - | -

17 | Debtors

| Group | Company
Current | 2025 £ | 2024 £ | 2025 £ | (As Restated) 2024 £
Trade debtors | 14,763,136 | 13,704,461 | - | -
Other debtors | 67,600 | 140,600 | 80,168 | 75,713
Prepayments | 111,431 | 223,605 | - | -
| 14,942,167 | 14,068,666 | 80,168 | 75,713

18 | Cash and cash equivalents

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Cash at bank | 8,411,803 | 8,005,893 | - | -

A.E. Spink (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

19 | Creditors

|  | Group | Company
| Note | 2025 £ | (As Restated) 2024 £ | 2025 £ | (As Restated) 2024 £
Due within one year |  |  |  |  |
Loans and borrowings | 23 | 175,834 | 156,845 | 80,168 | 75,713
Trade creditors |  | 8,445,974 | 7,908,559 | - | -
Amounts due to related parties | 25 | - | - | 2,700,015 | 700,015
Social security and other taxes |  | 1,072,029 | 939,134 | - | -
Other payables |  | 3,235,024 | 2,189,485 | 1,500,000 | 1,500,000
Accruals |  | 94,581 | 969,539 | - | -
Income tax liability | 11 | 298,668 | 599,143 | - | -
|  | 13,322,110 | 12,762,705 | 4,280,183 | 2,275,728
Due after one year |  |  |  |  |
Loans and borrowings | 23 | 2,726,786 | 2,776,170 | 2,572,300 | 2,572,300
Other non-current financial liabilities |  | 5,000,000 | 7,000,000 | 5,000,000 | 7,000,000
|  | 7,726,786 | 9,776,170 | 7,572,300 | 9,572,300

20 | Provisions for liabilities

Group

| Deferred tax £ | Total £
At 1 December 2024 | 508,918 | 508,918
Additional provisions | 59,894 | 59,894
At 30 November 2025 | 568,812 | 568,812

The deferred tax provision is in respect accelerated capital allowances.

A.E. Spink (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

21 | Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £308,055 (2024 - £104,566).
Contributions totalling £47,609 (2024 - £41,372) were payable to the scheme at the end of the period and are included in creditors.

22 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 7,006 | 7,006 | 7,006 | 7,006
Preference shares of £1 each | 3,107 | 3,107 | 3,107 | 3,107
| 10,113 | 10,113 | 10,113 | 10,113

Rights, preferences and restrictions

Ordinary £1 shares have the following rights, preferences and restrictions: Each share is entitled to one vote in any circumstances, rights to dividends and right to participate in a distribution on winding up.
Preference £1 shares have the following rights, preferences and restrictions: No right to vote. Cumulative dividend payments on shares linked to Consumer Price Index.

A.E. Spink (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

23 | Loans and borrowings

Non-current loans and borrowings

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Hire purchase contracts | 154,486 | 203,870 | - | -
Non-redeemable preference shares | 2,572,300 | 2,572,300 | 2,572,300 | 2,572,300
| 2,726,786 | 2,776,170 | 2,572,300 | 2,572,300

Current loans and borrowings

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Hire purchase contracts | 95,666 | 78,937 | - | -
Non-redeemable preference shares | 80,168 | 77,908 | 80,168 | 75,713
| 175,834 | 156,845 | 80,168 | 75,713

Hire purchase contracts are secured against the assets to which they relate.
Creditors include £2,652,468 relating to the cumulative dividends arising from 3,107 non-redeemable preference shares of £1 each. These shares carry a mandatory annual dividend (interest) linked to the Consumer Price Index. As the company has an unavoidable contractual obligation to settle these cash flows, the instrument is classed as a financial liability at the present value of the future contracted cash flows, discounted at a market rate of interest for a similar liability that does not have the associated equity component. The interest element has been calculated using the effective interest rate method and charged to profit and loss for the year.

A.E. Spink (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

24 | Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 180,842 | 199,217
Later than one year and not later than five years | 1,003,900 | 1,100,525
Later than five years | 3,913,566 | 4,154,166
| 5,098,308 | 5,453,908

The amount of non-cancellable operating lease payments recognised as an expense during the year was £199,217 (2024 - £176,000).

A.E. Spink (Holdings) Limited

Notes to the Financial Statements for the Year Ended 30 November 2025 (continued)

25 | Related party transactions

Group
Mr C Meek, a director of the subsidiary company, has sales ledger balances owing £106,474 to the subsidiary company at the year-end (2024: £nil). These transactions occured under normal trading prices, but at favourable payment terms.
No interest is charged in respect of these balances.
Mr S Biltcliffe, a director of the subsidiary company, has a loan from the subsidiary company, owing £2,000 at the year-end (2024: £2,000). There are no terms or interest attached to this loan.
Mr C Meek also has a loan from the subsidiary company, owing £65,000 at the year-end (2024: £140,000). There are no terms or interest attached to this loan.
The subsidiary company is renting premises from the directors' pension fund at £73,500 per annum (2024: £73,500).
The subsidiary company is a member of PHG and H&B Buying Groups.
Preference share interest
Interest on preference shares totalling £74,532 (2024: £75,713) was paid to the director P Harrison during the year.
Control
There is no ultimate controlling party as no one individual ahs overall control of A.E. Spink (Holdings) Limited.
Wholly owned subsidiaries
The company has taken advantage of the exemption under FRS102, not to disclose related party transactions with wholly owned subsidiaries within the group.
Key management personnel
Key management personnel include the executive directors and all persons that have authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the company was £1,094,463. (2024: £78,237).