Company registration number 10012786 (England and Wales)
THE PEACOCK GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
THE PEACOCK GROUP LIMITED
COMPANY INFORMATION
Directors
T E Gumbley
C D Peacock
J C Peacock
Company number
10012786
Registered office
Unit C1
Benfield Business Park
Benfield Road
Newcastle upon Tyne
NE6 4NQ
Auditor
Azets Audit Services
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
THE PEACOCK GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 6
Directors' report
7 - 8
Directors' responsibilities statement
9
Independent auditor's report
10 - 12
Group income statement
13
Group statement of comprehensive income
14
Group statement of financial position
15
Company statement of financial position
16
Group statement of changes in equity
17
Company statement of changes in equity
18
Group statement of cash flows
19
Notes to the financial statements
20 - 38
THE PEACOCK GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 1 -

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

Principal activities

The principal activity of the company and group continued to be that of the supply of orthotic services and products to the UK market. As a parent company the company is responsible for the management and administration of companies in The Peacock Group Limited.

Group Structure and Overview

The Peacock Group Limited (“the company”) is the ultimate holding company of the Peacock Group, a family-owned healthcare business with origins dating to 1903, now in its fourth generation of family ownership, and headquartered at Benfield Business Park in Newcastle upon Tyne.

The group’s mission is to represent care, quality, service and innovative solutions to continuously improve the environment and the lives of all. This mission encompasses the group’s commitment to its patients, its NHS and private sector customers, and the communities it serves, and has guided the group throughout its history.

The group operates through two principal trading subsidiaries:

- Peacocks Medical Group Limited - the group’s principal operating subsidiary and the largest independent orthotic company in the United Kingdom. Peacocks Medical Group delivers NHS and private orthotics clinical services through HCPC-registered orthotists, designs and manufactures custom orthoses and therapeutic footwear from its Newcastle facility, and commercialises proprietary products including the Podfo range.

- Peacocks (Surgical and Medical) Limited - a specialist supplier of medical and surgical equipment, capital equipment, and engineering services to NHS trusts and private healthcare providers, supported by an in-house team of trained engineers providing installation, validation, and ongoing maintenance services, principally for sterilisation and decontamination equipment. The company also supplies and services clinical and healthcare waste management systems to NHS trusts under its Curo brand, which provides a compliant end-to-end sustainable, innovative solution to clinical waste management aligned with the NHS Clinical Waste Strategy.

The two businesses are complementary: both serve NHS and private healthcare customers, share central infrastructure, and benefit from the Peacock Group’s established reputation and long-standing healthcare sector relationships. The holding company provides management and administration of the companies in The Peacock Group Ltd.

Market Context

The UK orthotics and prosthetics market continues to grow, driven by an ageing population, rising prevalence of diabetes and musculoskeletal conditions, and greater recognition of orthotic intervention as a cost-effective treatment pathway.

The NHS’s continued outsourcing of orthotics services to specialist independent providers through long-term, quality-assured service contracts provides a structural foundation for the group’s orthotics business. The group is well positioned to compete for and retain NHS service contracts, given its established clinical quality record, national geographic reach, and vertically integrated manufacture capability.

The medical equipment and surgical supplies market is sustained by NHS capital investment cycles, the regulatory requirements of NHS sterile services and operating theatres, and continuing growth in surgical activity. Engineering service provision, including validation and maintenance of sterilisation and decontamination equipment, represents a resilient revenue stream given the length of contracts and its compliance-driven and recurring nature.

THE PEACOCK GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -

The group’s Curo brand, which supplies, installs, and maintains clinical and healthcare waste management systems for NHS trusts, operates in a growing and increasingly environmentally and compliance-driven market. Per the NHS Clinical Waste Strategy (2023), the NHS produces approximately 156,000 tonnes of clinical waste each year which has a significant environmental impact and is associated with high running costs and carbon emissions. The Curo solution aims to reduce these issues in line with the NHS Clinical Waste Strategy (2023) which sets mandatory segregation targets for NHS trusts to be achieved by 2026, alongside requirements for dedicated waste management resources and improved data reporting. This regulatory backdrop creates sustained demand for waste management systems which reduce the carbon footprint and are compliant and properly maintained.

Reporting Period and Comparatives

These financial statements cover the year ended 30 November 2025 (12 months). The prior year comparative figures cover the 18-month period from 1 June 2023 to 30 November 2024. This change in period length means that prior year income statement figures are not directly comparable with the current year on a like-for-like basis, and this should be borne in mind throughout this report and in the financial statements.

Group Performance

Group revenue for the year ended 30 November 2025 was £18,385k (18-month prior period ended 30 November 2024: £25,352k*). The prior period covered 18 months and is not directly comparable; on an approximate annualised basis the prior period revenue equated to c.£16,901k, against which the current year represents growth of 8.8%. Peacocks Medical Group contributed £16,671k (prior 18-month period: £22,266k), representing annualised growth of 12.3% in the operating subsidiary’s revenue. Peacocks (Surgical and Medical) contributed £1,714k.

Group gross profit was £6,469k (prior 18-month period: £8,644k*), representing a consolidated gross margin of 35.2% (prior period: 34.1%). The improvement in gross margin reflects the favourable revenue mix and operational efficiencies achieved at Peacocks Medical Group, despite increases in National Living Wage levels and employers National Insurance contributions, which delivered a gross margin of 34.8% (prior period: 33.1%). Peacocks (Surgical and Medical) delivered a gross margin of 38.9%.

The group reported an operating loss of £537k (prior 18-month period: operating loss of £1,467k*), after charging depreciation and amortisation of £226k. The significant year-on-year improvement in operating loss being a reduction of £930k on the 18-month prior period figure reflects the improvement in gross margin which was partly offset by higher overhead costs. Interest payable of £100k (prior 18-month period: £16k*) due to the increased debt position resulted in a loss before tax of £637k (prior 18-month period: loss of £1,482k*). Dividends of £225k were paid during the current year (prior 18-month period: £852k).

The group ended the year with cash of £678k (prior period end: £492k). Net assets at year end were £3,763k (prior period end: £4,114k). The revolving credit facility balance at year end was £1,300k (prior period end: £110k). Consolidated debtor days improved to 49 days (prior period end: 73 days) reflecting the priority placed on debtor management during the year.

* The prior year comparative covers an 18-month period from 1 June 2023 to 30 November 2024. This period was not a standard 12-month financial year, and prior year figures are therefore not directly comparable with the current year on a like-for-like basis. Care should be taken in interpreting year-on-year movements.

THE PEACOCK GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -
Principal risks and uncertainties

The directors have identified the following as the principal risks and uncertainties facing the group:

Risk | Description and Mitigation
Market Risk | The group operates primarily within NHS-commissioned healthcare services markets. The principal market risk is that changes in NHS commissioning policy, funding structures, or procurement frameworks could alter the volume or value of services available to independent providers such as the group. Mitigation: The group mitigates this risk by maintaining close working relationships with NHS commissioners, integrated care boards, and relevant industry bodies including BAPO and BHTA, and by monitoring policy developments to ensure it can adapt its service model accordingly. The group also monitors competitive activity in its principal markets and seeks to differentiate its offer through clinical quality, integrated manufacture, and the breadth of its service range.
Clinical and Regulatory Compliance | The group serves an increasing volume of NHS patients, including those with complex and acute musculoskeletal, neurological, and diabetic presentations requiring careful clinical assessment and sensitive care. As patient volumes and clinical complexity grow, there is a risk that the consistency and quality of clinical service delivery across the group's geographic footprint does not meet the standards expected by patients, NHS commissioners, and the HCPC. A failure of clinical quality, whether through individual error, inadequate governance, or insufficient training, could result in patient harm, formal complaints, or HCPC investigation. The group’s clinical services are additionally regulated by the HCPC and subject to NHS commissioner governance requirements. Its medical equipment and waste management operations are subject to UK medical device and waste regulations. Non-compliance could result in loss of contracts, regulatory sanction, or reputational damage. Mitigation: The group maintains documented clinical governance and requires all registered clinicians to hold and maintain their HCPC registration and meet CPD obligations. Quality management, and regulatory compliance frameworks are also maintained across its operating subsidiaries. Clinical staff hold and maintain HCPC registration. Staff training, induction, and ongoing development are central to the group's approach to maintaining clinical standards across all service locations. Regulatory developments are monitored through sector bodies including BAPO and BHTA.
Workforce | The group is reliant on HCPC-registered orthotists, manufacturing technicians, and qualified engineers. Competition for skilled staff is ongoing. Loss of key individuals or inability to recruit to meet growth could constrain capacity. Mitigation: The group invests in staff development, retention, and recruitment, including apprenticeship programmes, CPD, and competitive remuneration.
Interest Rate and Borrowing Costs | Group interest payable was £100k in the current year, a significant increase on the £16k in the prior 18-month period, reflecting higher average utilisation of the revolving credit facility. Interest rate risk arises from the group's revolving credit facility, on which interest is charged at a variable rate. Continued high borrowing costs could constrain financial flexibility. Mitigation: The board monitors facility utilisation and interest costs regularly Cash management improvements implemented during the year which reduced debtor days are intended to reduce average facility drawings over time

THE PEACOCK GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 4 -

Risk | Description and Mitigation
Credit risk | Credit risk is considered low, given that the substantial majority of the group's trade debtors are NHS bodies which are government funded. The business has a sound record of managing debtors. Mitigation: Levels of credit are reviewed regularly and action taken to minimise risk.
Liquidity risk | The group meets its day to day working capital requirements through operating cash flows supported by the revolving credit facility. Mitigation: Cash flow projections are prepared and reviewed by the Directors regularly, monitoring cash at both a company and group level on a weekly basis with a rolling thirteen week cash forecast. Monthly forecasts covering the current and subsequent financial year are updated quarterly and reviewed by Directors each quarter. Forecasts are prepared on a realistic but prudent basis, reflecting reasonably foreseeable developments or changes to the company’s and group's trading performance.
Supply Chain and Cost Inflation | Both operating subsidiaries source materials, components, and equipment from external suppliers. Cost inflation, including National Living Wage increases and the increase in employer National Insurance Contributions from April 2025, represents an ongoing headwind. Mitigation: The group maintains diversified supplier bases and appropriate stock levels. Cost pressures are managed through pricing discussions at contract renewal and ongoing overhead efficiency review.
Group Profitability | At the consolidated level, the group recorded a loss before tax of £636k in the current year (18-month prior period: loss of £1,482k). Whilst significant progress has been made in improving gross margins, the group’s overhead base and interest costs mean that achieving a sustainable profit position remains a key objective. Mitigation: The board monitors consolidated performance against budget at each meeting. The improving gross margin trajectory (35.2% vs 34.1% in the prior period) and revenue growth demonstrate the underlying commercial momentum of the business.
Cybersecurity and Data Protection | The group holds patient health data and commercially sensitive business information. A cybersecurity incident could have regulatory, operational, and reputational consequences. Mitigation: The group maintains IT security controls, access management, and data handling policies in accordance with UK GDPR and NHS data security standards and is working towards Cyber Essentials + accreditation. Staff receive data security training at least annually and systems and controls are reviewed periodically. Cyber insurance is also in place.
Key Person Dependency | As a family-owned business, certain management and clinical leadership functions may be concentrated in a small number of individuals. Loss of key individuals could disrupt operational continuity or commissioner relationships. Mitigation: The group has developed a broader senior management team and seeks to document key processes and relationships. Succession considerations are reflected in the board's approach to organisational development.
Economic Environment and Cost Pressures | Wage inflation driven by National Living Wage increases and the increase in employer National Insurance Contributions from April 2025, energy costs, and broader overhead pressures represent ongoing headwinds to profitability. Mitigation: The group’s predominantly NHS revenue base provides structural resilience. Management actively manages the cost base,

THE PEACOCK GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 5 -
Key performance indicators

The directors monitor the following consolidated key performance indicators:

Indicator | Year ended 30 Nov 2025 | 18-month period ended 30 Nov 2024
Group revenue (£’000) | 18,385 | 25,352 *
Gross profit (£’000) | 6,469 | 8,644 *
Gross profit margin (%) | 35.2% | 34.1%
Operating loss (£’000) | (537) | (1,467) *
Loss before tax (£’000) | (637) | (1,482) *
Cash at year / period end (£’000) | 678 | 492
Revolving credit facility (£’000) | 1,300 | 110
Net assets (£’000) | 3,763 | 4,114

* The prior year comparative covers an 18-month period from 1 June 2023 to 30 November 2024. This period was not a standard 12-month financial year, and prior year figures are therefore not directly comparable with the current year on a like-for-like basis. Care should be taken in interpreting year-on-year movements.

Group revenue, gross profit, and gross margin are the primary indicators of commercial performance. The improvement in gross margin from 34.1% to 35.2% and the reduction in the loss before tax from £1,482k to £637k demonstrate meaningful year-on-year progress, although achieving a sustainable profit position remains the board’s objective. The improvement in debtor days from 73 to 49 reflects and increased focus on cash management.

In addition to Financial KPIs, the directors internally monitor the Operational KPIs relating to quality, health, and safety and on time delivery performance.

Future developments

The board’s strategic priorities for the group in the year ahead are:

- Continuing to grow Peacocks Medical Group’s NHS orthotics contract base through proactive tender management and the maintenance of high clinical quality standards, while selectively pursuing new NHS service opportunities.

- Growing Peacocks (Surgical and Medical)’s engineering service and maintenance contract income and consumables revenue.

- Developing the Curo healthcare waste management business to capitalise on the growing regulatory requirements on NHS trusts arising from the NHS Clinical Waste Strategy.

- Continued investment in manufacturing technology at Peacocks Medical Group to improve production efficiency.

The board is cautiously optimistic about the group’s prospects. The improvement in gross margin, the reduction in the loss before tax, and the improving debtor position all demonstrate the underlying commercial momentum of the business, providing a good foundation for continued development, which has driven pleasing results for the first few months of the subsequent financial year.

THE PEACOCK GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 6 -
Promoting the success of the company

The directors are aware of their duty under section 172 of the Companies Act 2006 to act 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. In discharging this duty during the year, the directors have had regard to:

- Long-term consequences of decisions: the board takes a long-term view consistent with over 120 years of family ownership. Investment decisions, contract strategy, and staffing commitments are assessed with regard to their long-term as well as short-term impact.

- Interests of employees: the group employs skilled clinical, technical, and administrative staff. The board has regard to the wellbeing, development, and fair treatment of employees in its decision-making, evidenced by apprenticeship programmes and CPD investment.

- Relationships with suppliers, customers, and others: the group maintains long-standing relationships with NHS trust commissioners, equipment manufacturers, and materials suppliers, managed with transparency and reliability.

- Impact on the community: the group’s clinical services and medical equipment supply directly improve the quality of life and physical function of patients and healthcare professionals across the UK.

On behalf of the board

C D Peacock
Director
19 August 2026
THE PEACOCK GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 7 -

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

Results and dividends

Dividends of £225k in aggregate were paid by the group’s subsidiaries during the current year (18-month prior period ended 30 November 2024: £852k at group level). The directors do not recommend the payment of a dividend by the holding company in respect of the year ended 30 November 2025.

Directors

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

T E Gumbley
C D Peacock
J C Peacock
Financial instruments
Price risk, credit risk, liquidity risk and cash flow risk

See disclosures in the Strategic Report in respect of the financial risk management of the group.

Future developments

See disclosures within the Strategic Report regarding future developments of the group.

Auditor

In accordance with the company's articles, a resolution proposing that be reappointed as auditor of the group 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 auditor of the company 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 auditor of the company is aware of that information.

Going Concern

The directors have reviewed the group’s consolidated financial position, forecast cash flows, available banking facilities, and covenant compliance for a period of at least twelve months from the date of approval of these financial statements. This review has taken account of the principal risks and uncertainties identified in the Strategic Report and their potential impact on the group’s liquidity and trading performance. The group meets its day-to-day working capital requirements through operating cash flows and the revolving credit facility.

The group is currently loss-making at the pre-tax level, with a consolidated loss before tax of £469k for the year (prior 18-month period: £1,482k). The revolving credit facility balance at year end was £1,300k. The directors have reviewed forecast cash flows and trading projections and considered the headroom within the group’s banking facilities. Having considered these factors, the directors are satisfied that the group and company have adequate resources to continue in operational existence for the foreseeable future. Accordingly, these financial statements have been prepared on a going concern basis. The basis for this conclusion, together with key assumptions and any material uncertainties, is set out in note 1.5 to the consolidated financial statements.

Employees

The average number of persons employed by the group during the year, including executive directors employed in an operational capacity, was 211 (18-month prior period: 203). The group is an equal opportunities employer across all entities and is committed to the fair and non-discriminatory treatment of all employees and job applicants.

Political Donations
No political donations were made by the company or any of its subsidiaries during the year (prior period: £nil).

THE PEACOCK GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 8 -
Medium-sized companies exemption

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

On behalf of the board
C D Peacock
Director
19 August 2026
THE PEACOCK GROUP LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 9 -

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 group and 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 then 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;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and 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 company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE PEACOCK GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE PEACOCK GROUP LIMITED
- 10 -
Opinion

We have audited the financial statements of The Peacock Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group 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 group's and the parent company's affairs as at 30 November 2025 and of the group's loss 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 group and parent 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 group's and 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 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:

- T he 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.

THE PEACOCK GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE PEACOCK GROUP LIMITED
- 11 -
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 their 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 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 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 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 parent 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.

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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

We identified the following applicable laws and regulations as those most likely to have a material impact on the financial statements: Health and Safety; employment law (including the Working Time Directive); and compliance with the UK Companies Act.

THE PEACOCK GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE PEACOCK GROUP LIMITED
- 12 -

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Claire Hinshaw ACCA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services, Statutory Auditor
Chartered Accountants
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS
20 August 2026
THE PEACOCK GROUP LIMITED
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 13 -
Year
18 month period
ended
ended
30 November
30 November
2025
2024
Notes
£
£
Turnover
3
18,385,475
25,351,905
Cost of sales
(11,916,105)
(16,707,480)
Gross profit
6,469,370
8,644,425
Administrative expenses
(7,177,941)
(10,127,074)
Other operating income
171,185
15,607
Operating loss
4
(537,386)
(1,467,042)
Interest receivable and similar income
8
1,157
269
Interest payable and similar expenses
9
(100,391)
(15,592)
Loss before taxation
(636,620)
(1,482,365)
Tax on loss
10
510,708
(37,428)
Loss for the financial year
25
(125,912)
(1,519,793)
Loss for the financial year is all attributable to the owners of the parent company.
THE PEACOCK GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 14 -
Year
18 month period
ended
ended
30 November
30 November
2025
2024
£
£
Loss for the year
(125,912)
(1,519,793)
Other comprehensive income
-
-
Total comprehensive income for the year
(125,912)
(1,519,793)
Total comprehensive income for the year is all attributable to the owners of the parent company.
THE PEACOCK GROUP LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2025
30 November 2025
- 15 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
146,003
122,319
Tangible assets
13
764,968
557,953
910,971
680,272
Current assets
Stocks
16
1,718,210
1,697,147
Debtors
17
5,780,316
5,449,146
Cash at bank and in hand
677,948
491,505
8,176,474
7,637,798
Creditors: amounts falling due within one year
18
(5,324,737)
(4,154,687)
Net current assets
2,851,737
3,483,111
Total assets less current liabilities
3,762,708
4,163,383
Provisions for liabilities
Deferred tax liability
20
-
0
49,760
-
(49,760)
Net assets
3,762,708
4,113,623
Capital and reserves
Called up share capital
24
86,768
86,768
Other reserves
25
400
400
Profit and loss reserves
25
3,675,540
4,026,455
Total equity
3,762,708
4,113,623

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

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:
19 August 2026
C D Peacock
Director
Company registration number 10012786 (England and Wales)
THE PEACOCK GROUP LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 NOVEMBER 2025
30 November 2025
- 16 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
14
249,180
249,180
249,180
249,180
Current assets
Debtors
17
52,352
51,807
Creditors: amounts falling due within one year
18
(77)
-
Net current assets
52,275
51,807
Net assets
301,455
300,987
Capital and reserves
Called up share capital
24
86,768
86,768
Profit and loss reserves
25
214,687
214,219
Total equity
301,455
300,987

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £225,471 (2024 - £870,203 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 19 August 2026 and are signed on its behalf by:
19 August 2026
C D Peacock
Director
Company registration number 10012786 (England and Wales)
THE PEACOCK GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 17 -
Share capital
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 June 2023
86,768
400
6,398,607
6,485,775
Period ended 30 November 2024:
Loss and total comprehensive income
-
-
(1,519,793)
(1,519,793)
Dividends
11
-
-
(852,359)
(852,359)
Balance at 30 November 2024
86,768
400
4,026,455
4,113,623
Year ended 30 November 2025:
Loss and total comprehensive income
-
-
(125,912)
(125,912)
Dividends
11
-
-
(225,003)
(225,003)
Balance at 30 November 2025
86,768
400
3,675,540
3,762,708
THE PEACOCK GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 18 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2023
86,768
196,375
283,143
Period ended 30 November 2024:
Profit and total comprehensive income for the period
-
870,203
870,203
Dividends
11
-
(852,359)
(852,359)
Balance at 30 November 2024
86,768
214,219
300,987
Year ended 30 November 2025:
Profit and total comprehensive income
-
225,471
225,471
Dividends
11
-
(225,003)
(225,003)
Balance at 30 November 2025
86,768
214,687
301,455
THE PEACOCK GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 19 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
30
(330,159)
(2,193,169)
Income taxes refunded
-
0
225,747
Net cash outflow from operating activities
(330,159)
(1,967,422)
Investing activities
Purchase of intangible assets
(33,943)
(95,873)
Purchase of tangible fixed assets
(313,825)
(151,086)
Proceeds from disposal of tangible fixed assets
(1,393)
-
Interest received
1,157
269
Net cash used in investing activities
(348,004)
(246,690)
Financing activities
Proceeds from borrowings
-
110,000
Drawdown of borrowings
1,190,000
-
Interest paid
(100,391)
(15,592)
Dividends paid to equity shareholders
(225,003)
(852,359)
Net cash generated from/(used in) financing activities
864,606
(757,951)
Net increase/(decrease) in cash and cash equivalents
186,443
(2,972,063)
Cash and cash equivalents at beginning of year
491,505
3,463,568
Cash and cash equivalents at end of year
677,948
491,505
THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 20 -
1
Accounting policies
Company information

The Peacock Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit C1, Benfield Business Park, Benfield Road, Newcastle upon Tyne, NE6 4NQ.

The group consists of The Peacock Group Limited and all of its subsidiaries.

1.1
Reporting period

The financial statements have been made up for the period 1 June 2023 to 30 November 2024. As a result, the information in respect of the prior year will not be comparable.

1.2
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.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

1.3
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 21 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company The Peacock Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 November 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The group meets its day to day working capital requirements through cash generated from operations along with the use of an invoice discounting facility.

The group’s forecasts and projections for the next twelve months show that the group should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance.

The group secured an invoice discount facility post year end and subsequently settled the £1.3m loan balance which was outstanding at the balance sheet date.

Based on the factors set out above the directors believe that that the group has adequate financial resources to continue in operational existence for at least twelve months from the date of signing the financial statements and therefore the directors believe it remains appropriate to prepare the financial statements on a going concern basis.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 22 -
1.7
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.8
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.9
Intangible fixed assets other than goodwill

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

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

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

Development costs
Five to ten years straight line
1.10
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:

Leasehold land and buildings
10% straight line
Plant and equipment
10% - 33% straight line
Fixtures and fittings
10% - 20% straight line
Motor vehicles
25% 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 recognised in the income statement.

THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 23 -
1.11
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

1.12
Impairment of fixed assets

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

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

1.13
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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.14
Cash and cash equivalents

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

THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 24 -
1.15
Financial instruments

The group 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 m ethod 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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 group 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 group after deducting all of its liabilities.

THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 25 -
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. Amounts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.16
Equity instruments

Equity instruments issued by the group 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 group.

1.17
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 26 -
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 if, and only if, there is 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.

1.18
Retirement benefits

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

1.19
Share-based payments

The grant by the company of options over its equity instruments to the employees of subsidiary undertakings in the group is treated as a capital contribution. The fair value of employee services received, measured by reference to the grant date fair value, is recognised over the vesting period as an increase to investment in subsidiary undertakings, with a corresponding credit to equity.'

1.20
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 d asset are consumed.

1.21
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 27 -
2
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.

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.

No judgements have been considered to have a significant effect on amounts recognised in the financial statements.

No estimates or underlying assumptions have been considered to have a significant effect on amounts recognised in the financial statements.

3
Turnover and other revenue
Year ended 30 November 2025
18 month period ended 30 November 2024
£
£
Turnover analysed by class of business
Sale of goods
16,571,631
23,078,399
Rendering of services
1,813,844
2,273,506
18,385,475
25,351,905
Year ended 30 November 2025
18 month period ended 30 November 2024
£
£
Other revenue
Interest income
1,157
269
Grants received
-
8,840
THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 28 -
4
Operating loss
Year ended 30 November 2025
18 month period ended 30 November 2024
£
£
Operating loss for the year is stated after charging/(crediting):
Exchange (gains)/losses
(1,117)
232
Government grants
-
(8,840)
Depreciation of owned tangible fixed assets
216,169
271,587
Loss on disposal of tangible fixed assets
1,393
-
Amortisation of intangible assets
10,259
19,420
Operating lease charges
740,785
827,683
5
Auditor's remuneration
Year ended 30 November 2025
18 month period ended 30 November 2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,500
2,500
Audit of the financial statements of the company's subsidiaries
30,250
27,000
33,750
29,500
For other services
All other non-audit services
6,300
4,500
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Production
168
165
-
-
Administration and support
39
34
-
-
Management
4
4
-
-
Total
211
203
0
0
THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
6
Employees
(Continued)
- 29 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
7,122,555
10,196,431
-
0
-
0
Social security costs
871,216
979,896
-
-
Pension costs
418,811
475,045
-
0
-
0
8,412,582
11,651,372
-
0
-
0
7
Directors' remuneration
Year ended 30 November 2025
18 month period ended 30 November 2024
£
£
Remuneration for qualifying services
30,064
45,096
Company pension contributions to defined contribution schemes
20,031
30,046
50,095
75,142
8
Interest receivable and similar income
Year ended 30 November 2025
18 month period ended 30 November 2024
£
£
Interest income
Other interest income
1,157
269
9
Interest payable and similar expenses
Year ended 30 November 2025
18 month period ended 30 November 2024
£
£
Interest on bank overdrafts and loans
100,391
15,592
THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 30 -
10
Taxation
Year ended 30 November 2025
18 month period ended 30 November 2024
£
£
Current tax
Adjustments in respect of prior periods
-
0
34,273
Deferred tax
Origination and reversal of timing differences
(493,343)
3,155
Previously unrecognised tax loss, tax credit or timing difference
(17,365)
-
0
Total deferred tax
(510,708)
3,155
Total tax (credit)/charge
(510,708)
37,428

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

Year ended 30 November 2025
18 month period ended 30 November 2024
£
£
Loss before taxation
(636,620)
(1,482,365)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(159,155)
(370,591)
Tax effect of expenses that are not deductible in determining taxable profit
1,133
2,969
Tax effect of income not taxable in determining taxable profit
-
0
(2,210)
Change in unrecognised deferred tax assets
(344,612)
361,726
Adjustments in respect of prior years
-
0
34,273
Permanent capital allowances in excess of depreciation
9,051
-
Depreciation on assets not qualifying for tax allowances
-
11,261
Other permanent differences
240
-
0
Deferred tax adjustments in respect of prior years
(17,365)
-
0
Taxation (credit)/charge
(510,708)
37,428
THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 31 -
11
Dividends
2025
2024
2025
2024
Recognised as distributions to equity holders:
Per share
Per share
Total
Total
£
£
£
£
Ordinary 'A' shares
Interim paid
0.74
2.04
19,971
55,056
Ordinary 'B' shares
Interim paid
3.89
28.41
100,868
736,671
Ordinary 'C' shares
Interim paid
0.91
0.82
24,559
16,690
Ordinary 'D' shares
Interim paid
3.07
3.28
79,605
43,942
Total dividends
Interim dividends paid
225,003
852,359
12
Intangible fixed assets
Group
Goodwill
Development costs
Total
£
£
£
Cost
At 1 December 2024
10,000
2,371,566
2,381,566
Additions
-
0
33,943
33,943
At 30 November 2025
10,000
2,405,509
2,415,509
Amortisation and impairment
At 1 December 2024
10,000
2,249,247
2,259,247
Amortisation charged for the year
-
0
10,259
10,259
At 30 November 2025
10,000
2,259,506
2,269,506
Carrying amount
At 30 November 2025
-
0
146,003
146,003
At 30 November 2024
-
0
122,319
122,319
The company had no intangible fixed assets at 30 November 2025 or 30 November 2024.
THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 32 -
13
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2024
403,717
956,883
1,532,414
88,968
2,981,982
Additions
-
0
387,193
35,991
-
0
423,184
At 30 November 2025
403,717
1,344,076
1,568,405
88,968
3,405,166
Depreciation and impairment
At 1 December 2024
384,913
790,307
1,166,654
82,155
2,424,029
Depreciation charged in the year
6,829
80,303
122,224
6,813
216,169
At 30 November 2025
391,742
870,610
1,288,878
88,968
2,640,198
Carrying amount
At 30 November 2025
11,975
473,466
279,527
-
0
764,968
At 30 November 2024
18,804
166,576
365,760
6,813
557,953
The company had no tangible fixed assets at 30 November 2025 or 30 November 2024.
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
249,180
249,180
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 December 2024 and 30 November 2025
249,180
Carrying amount
At 30 November 2025
249,180
At 30 November 2024
249,180
15
Subsidiaries

Details of the company's subsidiaries at 30 November 2025 are as follows:

THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
15
Subsidiaries
(Continued)
- 33 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Peacocks Medical Group Limited
England and Wales
Provision of orthotics
Ordinary
100.00
-
Peacocks (Surgical and Medical Equipment) Limited
England and Wales
Supply of surgical and medical equipment
Ordinary
100.00
-
Curo Waste UK Limited
England and Wales
Dormant
Ordinary
0
100.00

During the year Peacocks (Surgical and Medical Equipment) Limited incorporated a wholly owned subsidary, Curo Waste UK Limited, a dormant entity registered in England and Wales.

16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials
840,554
826,025
-
-
Work in progress
516,942
210,614
-
-
Finished goods and goods for resale
360,714
660,508
-
0
-
0
1,718,210
1,697,147
-
-
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,814,321
2,956,012
-
0
-
0
Corporation tax recoverable
51,527
51,527
-
0
-
0
Amounts owed by group undertakings
-
0
-
0
18,390
18,057
Other debtors
1,548,783
1,569,181
33,962
33,750
Prepayments and accrued income
904,737
872,426
-
0
-
0
5,319,368
5,449,146
52,352
51,807
Deferred tax asset (note 20)
460,948
-
0
-
0
-
0
5,780,316
5,449,146
52,352
51,807
THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 34 -
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Other borrowings
19
1,300,000
110,000
-
0
-
0
Trade creditors
2,131,475
3,055,268
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
77
-
0
Other taxation and social security
989,086
442,307
-
0
-
0
Deferred income
21
387,197
270,016
-
0
-
0
Other creditors
590
-
0
-
0
-
0
Accruals and deferred income
516,389
277,096
-
0
-
0
5,324,737
4,154,687
77
-
0
19
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Other loans
1,300,000
110,000
-
0
-
0
Payable within one year
1,300,000
110,000
-
0
-
0

Included in other borrowings is a receivable finance agreement with TP24 which was secured by way of a first fixed charge and security assignment over the receivables and bank accounts. The amount outstanding at the period end was £1,30 0,000 (202 4 - £110,000).

Post year end and prior to the approval of these financial statements, the company refinanced with a new invoice finance agreement with 4SYTE Invoice Finance Ltd. The outstanding loan balance was subsequently settled.

20
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Group
£
£
£
£
Accelerated capital allowances
-
68,667
(67,948)
-
Tax losses
-
(15,946)
528,896
-
Retirement benefit obligations
-
(2,961)
-
-
-
49,760
460,948
-
The company has no deferred tax assets or liabilities.
THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
20
Deferred taxation
(Continued)
- 35 -
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 December 2024
49,760
-
Credit to profit or loss
(510,708)
-
Asset at 30 November 2025
(460,948)
-
21
Deferred income
Group
Company
2025
2024
2025
2024
£
£
£
£
Other deferred income
387,197
270,016
-
-
22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
418,811
475,045

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Included in the statement of financial position are unpaid pension contributions of £26,140 (202 4 - £75,117).

23
Share-based payment transactions

The group granted options during the year under an EMI Share Option scheme to act as an incentive to key employees. The options granted comprised of options over Ordinary E Shares.

The exercise price in respect of each of the EMI Options granted pursuant to the EMI Share Option agreements was £1.20 per E share.

The EMI Options are exercisable only on an exit event, which is defined in the plan as meaning a share sale, an asset sale or listing.

The options are subject to certain exercise conditions which would be related to performance.

The options lapse on the 10th anniversary from the date of the option agreement.

THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
23
Share-based payment transactions
(Continued)
- 36 -
Group and company
Number of share options
Weighted average exercise price
2025
2024
2025
2024
Number
Number
£
£
Outstanding at 1 December 2024
-
-
-
-
Granted
7,712
-
-
-
Outstanding at 30 November 2025
7,712
-
-
-
Exercisable at 30 November 2025
-
-
-
-

There were no options outstanding at 30 November 2024.

24
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of £1 each
26,988
26,988
26,988
26,988
Ordinary 'B' shares of £1 each
25,930
25,930
25,930
25,930
Ordinary 'C' shares of £1 each
20,353
20,353
20,353
20,353
Ordinary 'D' shares of £1 each
13,397
13,397
13,397
13,397
Ordinary 'F' shares of £1 each
100
100
100
100
86,768
86,768
86,768
86,768

On 16 October 2025, the directors of the company passed an ordinary resolution to be generally and incidentally authorised to allot and issue shares up to an aggregate nominal amount of £9,641. This expires on the date five years from the date of the resolution.

There has been no share issues in 2024 or 2025.

25
Reserves
Equity reserve

The cumulative profits and losses net of cumulative dividends.

Merger reserve

This reserve represents the difference between the nominal value of shares issued by the company to effect the group reconstruction and the nominal value of the shares received in exchange.

THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 37 -
26
Operating lease commitments
Lessee

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

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
585,052
349,916
-
-
Between two and five years
1,401,596
668,493
-
-
In over five years
-
118,333
-
-
1,986,648
1,136,742
-
-
27
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
296,808
598,553
Transactions with related parties

During the period, the group undertook transactions with PODFO Limited ('PODFO'), a related party with shareholders and directors in common. The company recharged £nil (202 4: £37,791) to PODFO in respect of shared costs. During the period the group purchased goods from PODFO totalling £139,872 (202 4: £299,964). At the balance sheet date, total amounts owed from PODFO in respect of these transactions were £41,613 (202 4: £171,389) included in debtors.

The group has taken advantage of the exemption available under paragraph 33.1A of FRS 102 and does not disclose related party transactions with members of the same group that are wholly owned.

28
Directors' transactions

Dividends totalling £225,003 (2024 - £791,727) were paid in the year in respect of shares held by the company's directors.

29
Controlling party

The ultimate controlling party is C D Peacock.

THE PEACOCK GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 38 -
30
Cash absorbed by group operations
2025
2024
£
£
Loss for the year after tax
(125,912)
(1,519,793)
Adjustments for:
Taxation (credited)/charged
(510,708)
37,428
Finance costs
100,391
15,592
Investment income
(1,157)
(269)
Loss on disposal of tangible fixed assets
1,393
-
Amortisation and impairment of intangible assets
10,259
19,420
Depreciation and impairment of tangible fixed assets
216,169
271,587
Movements in working capital:
Increase in stocks
(130,422)
(484,026)
Decrease/(increase) in debtors
129,778
(1,418,400)
(Decrease)/increase in creditors
(137,131)
885,482
Increase/(decrease) in deferred income
117,181
(190)
Cash absorbed by operations
(330,159)
(2,193,169)
31
Analysis of changes in net funds/(debt) - group
1 December 2024
Cash flows
30 November 2025
£
£
£
Cash at bank and in hand
491,505
186,443
677,948
Borrowings excluding overdrafts
(110,000)
(1,190,000)
(1,300,000)
381,505
(1,003,557)
(622,052)
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