Company registration number 07045259 (England and Wales)
ELLPRO TIMBER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
Affinia
The Octagon
Suite E2, 2nd Floor
Middleborough
Colchester
CO1 1TG
ELLPRO TIMBER LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Income statement
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 22
ELLPRO TIMBER LIMITED
COMPANY INFORMATION
Directors
Mr L Proctor
Mr J Ellul
Secretary
Mrs C Wyatt
Company number
07045259
Registered office
Unit S
Camilla Court
Nacton
Ipswich
Suffolk
IP10 0EU
Auditor
Affinia (Colchester)
The Octagon
Suite E2, 2nd Floor
Middleborough
Colchester
CO1 1TG
ELLPRO TIMBER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 1 -

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

Review of the business

The directors present a fair and balanced review of the development and performance of the business during the year ended 30 November 2025, as well as its position at the year end. This review is consistent with the size and non-complex nature of the business and is provided in the context of the risks and uncertainties faced.

Despite continued economic headwinds and subdued demand across the wider construction and agricultural sectors, Ellpro Timber has maintained a resilient position in the market. We are pleased to report that turnover has increased during the year compared to 2024, representing a positive shift following a prolonged period of contraction across the sector. This improvement reflects a gradual return of customer confidence and the benefits of the stabilisation measures implemented in the prior year, although overall trading conditions remain competitive and at times uncertain.

Importantly, gross margins have been maintained, supported by disciplined pricing and careful purchasing, while overheads continue to be closely managed in line with trading activity.

The company remains financially stable, with the balance sheet continuing to reflect a strong and conservative financial position. Operational efficiency and prudent stock management remain central to our model, ensuring our readiness to supply customers in an increasingly just-in-time environment.

Principal risks and uncertainties

More recently during 2026, increased geopolitical tensions in the Middle East, particularly relating to the conflict involving Iran, have introduced additional uncertainty into global markets. While the direct impact on the timber trade has been limited, the wider consequences, particularly volatility in energy prices, shipping costs, and currency movements have the potential to influence both input costs and overall market stability. This uncertainty has contributed to a cautious approach among customers and suppliers alike, with some deferral of purchasing decisions and ongoing sensitivity to price fluctuations.

UK domestic demand has remained relatively subdued, although there are early signs of stabilisation. Inflation has continued to ease, and there has been some gradual improvement in interest rate conditions; however, borrowing costs remain elevated compared to historic levels. This has continued to constrain new housing activity and RM&I (repair, maintenance, and improvement) demand.

The agricultural sector has shown mixed performance during 2025. While weather conditions have been less disruptive than in the previous year, farm incomes remain under pressure, resulting in cautious spending across the sector.

Development and performance

We have continued to prioritise flexibility and responsiveness within our stock strategy, ensuring availability across our full product range to support customer requirements. This remains particularly important as customers continue to operate with leaner stock profiles and require shorter lead times.

Following the stabilisation measures implemented during 2024, the business has maintained a more consistent trading performance throughout 2025. While market conditions remain some way from the peak levels experienced in 2021, the company is well-positioned to protect its market share, support its established customer base, and respond effectively to any sustained recovery in demand.

Key performance indicators

Due to the nature and scale of the business, the directors consider that further detailed analysis through key performance indicators is not required to assess the development, performance, or position of the company. However, we continue to monitor core financial metrics including turnover, gross margin, stock turnover, and debtor days to ensure ongoing operational effectiveness.

ELLPRO TIMBER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -

On behalf of the board

Mr J Ellul
Director
19 August 2026
ELLPRO TIMBER LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -

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

Principal activities

The principal activity of the company continued to be that of the supply and sale of timber.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £1,861,162. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr L Proctor
Mr J Ellul
Auditor

In accordance with the company's articles, a resolution proposing that Affinia (Colchester) be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies regime.

On behalf of the board
Mr J Ellul
Director
19 August 2026
ELLPRO TIMBER LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 4 -

The directors are responsible 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 company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ELLPRO TIMBER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ELLPRO TIMBER LIMITED
- 5 -
Opinion

We have audited the financial statements of Ellpro Timber Limited (the 'company') for the year ended 30 November 2025 which comprise the income statement, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 30 November 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.

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's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 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.

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 our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

ELLPRO TIMBER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ELLPRO TIMBER LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including, but not limited to, fraud and non-compliance with laws and regulations was as follows:

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

- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the Timber sector;

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

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

- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

- We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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

- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

ELLPRO TIMBER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ELLPRO TIMBER LIMITED (CONTINUED)
- 7 -

To address the risk of fraud through management bias and override of controls, we:

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

- Tested journal entries to identify unusual transactions;

- Tested a sample of revenue recognised either side of the period end to ensure revenue has been recognised in the correct period;

- Reviewed the internal controls in place, specifically around payroll and bank transactions; and

- Assessed whether judgements and assumptions made in determining the accounting estimates around depreciation were indicative of potential bias.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

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

- reviewing correspondence with the the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

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.

Shaun Roberts (Senior Statutory Auditor)
For and on behalf of Affinia (Colchester), Statutory Auditor
Chartered Accountants
The Octagon
Suite E2, 2nd Floor
Middleborough
Colchester
CO1 1TG
19 August 2026
ELLPRO TIMBER LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
20,092,095
18,297,191
Cost of sales
(16,749,348)
(14,996,028)
Gross profit
3,342,747
3,301,163
Administrative expenses
(783,018)
(688,360)
Operating profit
4
2,559,729
2,612,803
Interest receivable and similar income
84,042
71,549
Profit before taxation
2,643,771
2,684,352
Tax on profit
8
(665,420)
(677,079)
Profit for the financial year
1,978,351
2,007,273

The income statement has been prepared on the basis that all operations are continuing operations.

ELLPRO TIMBER LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2025
30 November 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
41,614
41,695
Current assets
Stocks
11
2,331,153
1,836,885
Debtors
12
2,742,836
2,645,966
Investments
13
734,353
-
0
Cash at bank and in hand
3,334,580
4,110,556
9,142,922
8,593,407
Creditors: amounts falling due within one year
14
(3,844,030)
(3,412,262)
Net current assets
5,298,892
5,181,145
Total assets less current liabilities
5,340,506
5,222,840
Provisions for liabilities
(10,404)
(9,927)
Net assets
5,330,102
5,212,913
Capital and reserves
Called up share capital
17
1,000
1,000
Share premium account
9,000
9,000
Profit and loss reserves
5,320,102
5,202,913
Total equity
5,330,102
5,212,913

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 19 August 2026 and are signed on its behalf by:
Mr L Proctor
Mr J Ellul
Director
Director
Company Registration No. 07045259
ELLPRO TIMBER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2023
1,000
9,000
5,033,345
5,043,345
Year ended 30 November 2024:
Profit and total comprehensive income
-
-
2,007,273
2,007,273
Dividends
9
-
-
(1,837,705)
(1,837,705)
Balance at 30 November 2024
1,000
9,000
5,202,913
5,212,913
Year ended 30 November 2025:
Profit and total comprehensive income
-
-
1,978,351
1,978,351
Dividends
9
-
-
(1,861,162)
(1,861,162)
Balance at 30 November 2025
1,000
9,000
5,320,102
5,330,102
ELLPRO TIMBER LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
2,304,394
3,795,710
Income taxes paid
(775,533)
(422,328)
Net cash inflow from operating activities
1,528,861
3,373,382
Investing activities
Purchase of tangible fixed assets
(10,323)
(22,592)
Interest received
84,042
71,549
Net cash generated from investing activities
73,719
48,957
Financing activities
Dividends paid
(1,644,203)
(1,088,649)
Net cash used in financing activities
(1,644,203)
(1,088,649)
Net (decrease)/increase in cash and cash equivalents
(41,623)
2,333,690
Cash and cash equivalents at beginning of year
4,110,556
1,776,866
Cash and cash equivalents at end of year
4,068,933
4,110,556
Relating to:
Cash at bank and in hand
3,334,580
4,110,556
Short term deposits included in current asset investments
734,353
-
0
ELLPRO TIMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 12 -
1
Accounting policies
Company information

Ellpro Timber Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit S, Camilla Court, Nacton, Ipswich, Suffolk, IP10 0EU.

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.

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.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The financial statements report a true n increasing net asset position and a n improved net current asset position.

The directors continue to forecast a strong 202 6 which is supported by the actual year to date results and cash availability remains strong at the date of this report. The directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the wholesale of timber provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
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:

Fixtures, fittings & equipment
20% Reducing Balance
Computer equipment
20% Reducing Balance

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.

ELLPRO TIMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
Cash at bank and in hand

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. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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.

ELLPRO TIMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 14 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where 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 have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

ELLPRO TIMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 15 -
1.10
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.

1.11
Retirement benefits

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

1.12
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.

1.13
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.

ELLPRO TIMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 16 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock provision

Stock is initially measured at the costs incurred to acquire the inventory, this is then uplifted by any treatment, loading and transportation costs to get the stock to a condition where it is ready for sale. Estimations are made in the apportionment of the total freight costs, which are apportioned to each individual stock item per container on the basis of their volume. Calculation of these provisions requires judgements to be made, which includes reviewing the current inventory quantity and the time that the inventory remains unsold.

Bad debts

Bad debt provisions are made where the assessment of full recoverability of a debt is deemed to be uncertain. This is based on an assessment of each debtor, including the age of the debt, the contractual status of the customer, the length of the trading relationship and the trading status of the debtor.

Going concern

Judgement is required when assessing whether the going concern basis of preparation remains appropriate. This assessment requires consideration of the Company’s current financial position, expected future cash flows, and the availability of financing and other support for a period of at least twelve months from the date of approval of the financial statements.

The Director has evaluated detailed cash flow forecasts, including sensitised downside scenarios, and assessed the potential impact of uncertainties affecting trading performance, cost levels, and working capital requirements. The Director has exercised judgement in determining the likelihood of these scenarios and in evaluating the mitigating actions available to the Company if applicable.

Based on the Directors assessments they have determined that the going concern basis of preparation is appropriate.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Supply and sale of timber
20,092,095
18,297,191
2025
2024
£
£
Other revenue
Interest income
84,042
71,549
ELLPRO TIMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 17 -
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
813
(15,881)
Depreciation of tangible fixed assets
10,404
10,423
Operating lease charges
16,703
16,583
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
19,500
19,500
For other services
All other non-audit services
2,305
2,195
6
Employees

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

2025
2024
Number
Number
Directors
2
2
Office Staff
8
8
Total
10
10

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
380,126
342,068
Social security costs
34,502
30,238
Pension costs
85,184
85,417
499,812
457,723
ELLPRO TIMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 18 -
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
17,256
17,256
Company pension contributions to defined contribution schemes
20,000
20,000
37,256
37,256
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
664,943
674,534
Deferred tax
Origination and reversal of timing differences
477
2,545
Total tax charge
665,420
677,079

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

2025
2024
£
£
Profit before taxation
2,643,771
2,684,352
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
660,943
671,088
Tax effect of expenses that are not deductible in determining taxable profit
3,685
6,488
Permanent capital allowances in excess of depreciation
(14)
(3,042)
Deferred tax adjustments in respect of prior years
477
2,545
Adjustment on movement in pension liability
329
-
0
Taxation charge for the year
665,420
677,079
9
Dividends
2025
2024
£
£
Final paid
1,861,162
1,837,705
ELLPRO TIMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 19 -
10
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 December 2024
4,033
110,007
114,040
Additions
2,593
7,730
10,323
At 30 November 2025
6,626
117,737
124,363
Depreciation and impairment
At 1 December 2024
2,311
70,034
72,345
Depreciation charged in the year
863
9,541
10,404
At 30 November 2025
3,174
79,575
82,749
Carrying amount
At 30 November 2025
3,452
38,162
41,614
At 30 November 2024
1,722
39,973
41,695
11
Stocks
2025
2024
£
£
Raw materials and consumables
2,331,153
1,836,885

Amounts included in the above in respect of impairment £95,615 (2024: £75,207).

12
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,722,490
2,630,781
Prepayments and accrued income
20,346
15,185
2,742,836
2,645,966

Amounts included in the above in respect of impairment £35,821 (2024: £9,464).

13
Current asset investments
2025
2024
£
£
Short term deposits
734,353
-
0
ELLPRO TIMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 20 -
14
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
2,902,883
2,596,734
Corporation tax
284,944
395,534
Other taxation and social security
393,632
358,223
Other creditors
227,009
16,416
Accruals and deferred income
35,562
45,355
3,844,030
3,412,262
15
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
10,404
9,927
2025
Movements in the year:
£
Liability at 1 December 2024
9,927
Charge to profit or loss
477
Liability at 30 November 2025
10,404
16
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
85,184
85,417

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

17
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
1,000
1,000
1,000
1,000
ELLPRO TIMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 21 -
18
Related party transactions

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Other related parties
2,412,844
2,286,922

The above amount is included within trade creditors. The company is considered a related party as it is controlled by a minority shareholder of Ellpro Timber Limited.

19
Directors' transactions

The below amounts are interest free and there are no set repayment terms.

Loans
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan from directors
-
(12,940)
1,657,143
(1,861,162)
(216,959)
(12,940)
1,657,143
(1,861,162)
(216,959)
20
Ultimate controlling party

The company is controlled by the directors.

There is no ultimate controlling party.

21
Cash generated from operations
2025
2024
£
£
Profit after taxation
1,978,351
2,007,273
Adjustments for:
Taxation charged
665,420
677,079
Investment income
(84,042)
(71,549)
Depreciation and impairment of tangible fixed assets
10,404
10,423
Movements in working capital:
(Increase)/decrease in stocks
(494,268)
1,352,567
Increase in debtors
(96,870)
(611,556)
Increase in creditors
325,399
431,473
Cash generated from operations
2,304,394
3,795,710
ELLPRO TIMBER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 22 -
22
Analysis of changes in net funds
1 December 2024
Cash flows
30 November 2025
£
£
£
Cash and cash equivalents
4,110,556
(41,623)
4,068,933
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