REGISTERED NUMBER: 06779861 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

FOR

ISME HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

to

4

Report of the Independent Auditors

5

to

8

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

to

25

DIRECTORS:

Ms K Mahoney

Ms S Mahoney

Ms M McNamee

REGISTERED OFFICE:

MHA Birmingham Ground Floor

35 Newhall Street

Birmingham

B3 3PU

REGISTERED NUMBER:

06779861 (England and Wales)

AUDITORS:

Baker Tilly Mooney Moore

Statutory Auditors

17 Clarendon Road

Belfast

BT1 3BG

BANKERS:

Barclays Bank

PO Box 299

Birmingham

BT1 3PF

SOLICITORS:

Agnew Andress Higgins Solicitors

1st Floor

92 High Street

Belfast

BT1 2BG

The directors present their strategic report of the company and the group for the year ended 30 November 2025.

REVIEW OF BUSINESS

The results for the year and financial position of the company are as shown in the annexed financial statements. The directors are pleased to report a profit for the year and that the company has maintained its market share.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors consider that the principal risks and uncertainties faced by the group are in the following categories:

Economic Risk

The business is subject to the normal economic factors impacting on its cost base and manages these on an ongoing basis.

Competition Risk

The directors of the group manage competition risk through close attention to customer service levels.

Financial Risk

The group has budgetary and financial reporting procedures, supported by appropriate key performance indicators to manage credit, liquidity and other financial risk.

KEY PERFORMANCE INDICATORS ("KPI’S")

Given the nature of the business, the company's directors are of the opinion that an analysis using KPIs is not necessary, for an understanding of the development, performance or position of the business.

FINANCIAL RISK MANAGEMENT

The directors have considered the need to disclose financial risks material to the company. At this stage in the company's development, the directors are of the opinion that there are no material price, credit, liquidity or interest rate risks. The directors will continue to assess the financial risks and their management on a regular basis.

ON BEHALF OF THE BOARD:

Ms S Mahoney - Director

29 July 2026

The directors present their report with the financial statements of the company and the group for the year ended 30 November 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of mining, processing and distribution of rock salt.

DIVIDENDS

An interim dividend of 188.33 per share was paid on 11 December 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 November 2025 will be £ 9,416,196 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 December 2024 to the date of this report.

Ms K Mahoney

Ms S Mahoney

Ms M McNamee

KEY PERFORMANCE INDICATORS

Given the straightforward nature of the business, the group's directors are of the opinion that an analysis using KPI's is not necessary for an understanding of the development, performance or position of the business.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Baker Tilly Mooney Moore, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Ms M McNamee - Director

29 July 2026

Opinion

We have audited the financial statements of ISME 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, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 of the parent company 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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 three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the opportunities and incentives that may exist within the Group for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group's ability to operate or to avoid a material penalty. This included compliance with Financial Conduct Authority regulation for the UK.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance;

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Report of the Auditors.

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 a Report of the Auditors 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.

Joanne Small (Senior Statutory Auditor)

for and on behalf of Baker Tilly Mooney Moore

Statutory Auditors

17 Clarendon Road

Belfast

BT1 3BG

13 August 2026

TURNOVER

3

25,313,539

24,708,836

Cost of sales

14,757,163

13,808,273

GROSS PROFIT

10,556,376

10,900,563

Administrative expenses

3,047,604

2,927,111

7,508,772

7,973,452

Other operating income

4

50,699

39,549

OPERATING PROFIT

6

7,559,471

8,013,001

Interest receivable and similar income

732,161

1,054,551

8,291,632

9,067,552

Interest payable and similar expenses

7

25,188

30,109

PROFIT BEFORE TAXATION

8,266,444

9,037,443

Tax on profit

8

2,124,483

2,302,981

PROFIT FOR THE FINANCIAL YEAR

6,141,961

6,734,462

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

6,141,961

6,734,462

Profit attributable to:

Owners of the parent

6,141,961

6,734,462

Total comprehensive income attributable to:

Owners of the parent

6,141,961

6,734,462

FIXED ASSETS

Intangible assets

11

127,984

131,050

Tangible assets

12

16,203,257

15,385,921

Investments

13

-

-

16,331,241

15,516,971

CURRENT ASSETS

Stocks

14

2,948,595

3,081,858

Debtors

15

4,365,474

5,607,488

Cash at bank and in hand

24,362,853

26,617,165

31,676,922

35,306,511

CREDITORS

Amounts falling due within one year

16

2,839,631

3,218,442

NET CURRENT ASSETS

28,837,291

32,088,069

TOTAL ASSETS LESS CURRENT LIABILITIES

45,168,532

47,605,040

PROVISIONS FOR LIABILITIES

19

4,170,919

3,333,192

NET ASSETS

40,997,613

44,271,848

CAPITAL AND RESERVES

Called up share capital

20

49,998

49,998

Retained earnings

21

40,947,615

44,221,850

SHAREHOLDERS' FUNDS

40,997,613

44,271,848

The financial statements were authorised for issue by the Board of Directors and authorised for issue on 29 July 2026 and were signed on its behalf by:

Ms S Mahoney - Director

Ms M McNamee - Director

Ms K Mahoney - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

49,998

49,998

49,998

49,998

CURRENT ASSETS

Cash at bank

632

789

CREDITORS

Amounts falling due within one year

16

1,232

1,232

NET CURRENT LIABILITIES

(600

)

(443

)

TOTAL ASSETS LESS CURRENT LIABILITIES

49,398

49,555

CAPITAL AND RESERVES

Called up share capital

20

49,998

49,998

Retained earnings

21

(600

)

(443

)

SHAREHOLDERS' FUNDS

49,398

49,555

Company's profit/(loss) for the financial year

9,416,039

(61

)

The financial statements were authorised for issue by the Board of Directors and authorised for issue on 29 July 2026 and were signed on its behalf by:

Ms S Mahoney - Director

Ms M McNamee - Director

Ms K Mahoney - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 December 2023

49,998

37,487,388

37,537,386

Changes in equity

Total comprehensive income

-

6,734,462

6,734,462

Balance at 30 November 2024

49,998

44,221,850

44,271,848

Changes in equity

Dividends

-

(9,416,196

)

(9,416,196

)

Total comprehensive income

-

6,141,961

6,141,961

Balance at 30 November 2025

49,998

40,947,615

40,997,613

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 December 2023

49,998

(382

)

49,616

Changes in equity

Total comprehensive income

-

(61

)

(61

)

Balance at 30 November 2024

49,998

(443

)

49,555

Changes in equity

Dividends

-

(9,416,196

)

(9,416,196

)

Total comprehensive income

-

9,416,039

9,416,039

Balance at 30 November 2025

49,998

(600

)

49,398

Cash flows from operating activities

Cash generated from operations

1

10,612,879

6,962,171

Interest paid

(25,188

)

(30,109

)

Tax paid

(2,685,197

)

(2,457,214

)

Net cash from operating activities

7,902,494

4,474,848

Cash flows from investing activities

Purchase of tangible fixed assets

(1,471,615

)

(839,667

)

Sale of tangible fixed assets

-

35,950

Interest received

732,161

1,054,551

Net cash from investing activities

(739,454

)

250,834

Cash flows from financing activities

Equity dividends paid

(9,416,196

)

-

Net cash from financing activities

(9,416,196

)

-

(Decrease)/increase in cash and cash equivalents

(2,253,156

)

4,725,682

Cash and cash equivalents at beginning of year

2

26,616,009

21,890,327

Cash and cash equivalents at end of year

2

24,362,853

26,616,009

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.11.25

30.11.24

£

£

Profit before taxation

8,266,444

9,037,443

Depreciation charges

1,382,389

1,377,281

Profit on disposal of fixed assets

-

(24,830

)

Finance costs

25,188

30,109

Finance income

(732,161

)

(1,054,551

)

8,941,860

9,365,452

Decrease/(increase) in stocks

133,263

(9,226

)

Decrease/(increase) in trade and other debtors

1,242,015

(1,770,896

)

Increase/(decrease) in trade and other creditors

295,741

(623,159

)

Cash generated from operations

10,612,879

6,962,171

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2025

30.11.25

1.12.24

£

£

Cash and cash equivalents

24,362,853

26,617,165

Bank overdrafts

-

(1,156

)

24,362,853

26,616,009

Year ended 30 November 2024

30.11.24

1.12.23

£

£

Cash and cash equivalents

26,617,165

21,890,327

Bank overdrafts

(1,156

)

-

26,616,009

21,890,327

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.24

Cash flow

At 30.11.25

£

£

£

Net cash

Cash at bank and in hand

26,617,165

(2,254,312

)

24,362,853

Bank overdrafts

(1,156

)

1,156

-

26,616,009

(2,253,156

)

24,362,853

Total

26,616,009

(2,253,156

)

24,362,853

1.	STATUTORY INFORMATION

ISME Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation

The consolidated financial statements incorporate the accounts of the company and its subsidiary.

Significant judgements and estimates

In preparing these financial statements the directors have made the following judgements:

Establish whether there are indicators of impairment of the group's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general.

Consider the recoverability of trade debtors and the need for impairment provisions. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include historical experience, current market conditions and knowledge of the sector. Amounts identified as irrecoverable will be provided against in the relevant period.

Consider the valuation of stock and the requirement for write down provisions. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include historical experience, selling prices and knowledge of the sector. Stock identified as impaired will be written down in value in the relevant period.

The directors also consider the depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remain reasonable.

The group has included a provision for future mine closure costs.

To calculate the value of the provision, the group has relied upon cost calculations which were prepared by them to estimate the costs they would expect to incur over a three year period after the closure of the mine. The group does not plan for these costs to be incurred until after the end of the lease.

Turnover

Turnover represents the total invoice value, excluding value added tax, of goods sold during the year.

Dividend income is recognised when the shareholders' right to receive payment is established.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of forty eight years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

10% on reducing balance

Plant and machinery

-

25% on reducing balance and 4% on cost

Development costs

-

4% on cost

The group constructed a drift which was brought into use in February 2015. The related expenditure will be amortised over the life of the estimated reserves of the mine on the unit production basis. Provision for loss is made where a project is abandoned or considered to be of no further interest to the group, or where the directors consider such a provision to be prudent.

Stocks

Stocks have been valued at the lower of cost and net realisable value. Cost is calculated by reference to the mining costs incurred in bringing the minerals to the pithead, with overheads being allocated based on a normal level of activity.

Consumable stock represents goods earmarked for own use within the company and is measured at the lower of cost and net realisable value less provisions made for obsolete stock.

Financial instruments

All financial instruments of the group are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors

Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

- Ordinary Share Capital

Called up share capital represents the nominal value of the shares issued.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences 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 tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are 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.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rates ruling at the balance sheet date and any difference is taken to the profit and loss account. Exchange differences arising on transactions during the year are taken directly to the profit and loss account.

Pension costs and other post-retirement benefits

The group operates a money purchase (defined contribution) scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. These contributions are invested separately from the company's assets.

Provisions

Provisions are recognised when the group has a legal or constructive present obligation 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.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision in measured at present value the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Exploration costs

Exploration costs are written off in the year in which they are incurred.

Holiday pay

A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and is available to carry forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

3.

TURNOVER

The group's revenue is generated in the United Kingdom and Ireland.

4.	OTHER OPERATING INCOME

30.11.25

30.11.24

£

£

Sundry income

50,699

39,549

5.	EMPLOYEES AND DIRECTORS

30.11.25

30.11.24

£

£

Wages and salaries

4,088,914

3,884,563

Other pension costs

136,466

133,726

4,225,380

4,018,289

The average number of employees during the year was as follows:

30.11.25

30.11.24

Administration

7

7

Processing and distribution

54

55

61

62

30.11.25

30.11.24

£

£

Directors' remuneration

30,000

30,000

6.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.11.25

30.11.24

£

£

Hire of plant and machinery

10,248

4,401

Depreciation - owned assets

1,379,325

1,374,216

Profit on disposal of fixed assets

-

(24,830

)

Patents and licences amortisation

3,066

3,065

Auditors' remuneration

20,000

20,000

Auditors' remuneration for non audit work

21,225

21,450

Foreign exchange differences

(21,356

)

185,682

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

30.11.25

30.11.24

£

£

Bank charges

18,904

18,637

Other interest

6,284

11,472

25,188

30,109