Company registration number 13843661 (England and Wales)
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
Mr P Taylor
Mrs M A Taylor
Company number
13843661
Registered office
Dyke Nook
Sandford
Appleby-in-Westmorland
CA16 6NS
Auditor
MHA
Kendal House
Murley Moss Business Village
Oxenholme Road
Kendal
LA9 7RL
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 30
TAYLOR & BRAITHWAITE (HOLDINGS) 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

In line with market conditions, sales have fallen considerably during this period. Turnover was £13.5m (2024: £14.2m). Net profit was £278k (2024: £34k)

Principal risks and uncertainties

As in all businesses, the company is subject to a number of risks which it seeks to mitigate. The principal risks and areas of uncertainty are as follows:

Supplier risk

The company is reliant on the continuation of its supply chain and is dependent on them for the manufacture and supply of quality new construction equipment. However, we have a strong working relationship with our suppliers, whilst also constantly monitoring our supply chain and looking for supplier opportunities to increase our product portfolio. The restructuring of geographical sales areas, and corresponding appointment of Area Sales Managers, has enabled us maintain brand presence throughout our trading area.

Competition risk

The new and used construction equipment market is a competitive one and there is always the risk that customers will look to other suppliers or the internet. The company continually monitors its product range to ensure it is competitively priced whilst also responding to the activities of the market as necessary.

Stock Availability

Stock has now become widely available across all manufacturers and now exceeds demand. This is leading to in-stock machines being held for much longer periods of time and lower margins being achieved due to increased competition.

Credit risk

There is always the potential for customers to not pay their debts as they fall due. However, these are tightly controlled as machines are not released to the customer until paid, and we have expanded our credit control department to minimise our risk.

Exchange Rate

We are at risk of being less competitive should sterling weaken against the euro, resulting in fewer deals and lower margin. We monitor rates to try to make market movements work in our favour.

Key performance indicators

The company monitors its performance using a number of measures. These include:

Turnover - £13.5m (2024: £14.2m)

Gross profit - £1.9m (2024: £1.7m)

Net profit- £278k (2024: £34k)

On behalf of the board

Mr P Taylor
Director
14 August 2026
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -

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

Principal activities

The principal activity of the group during the year was that of the sale of new construction equipment supplied from a number of international manufacturing companies and also the purchase and sale of used construction equipment and the sale of related spare parts and services.

Results and dividends

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

Ordinary dividends were paid amounting to £144,200. 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 P Taylor
Mrs M A Taylor
Future developments

Short term we will be continuing to focus on staff development across all departments to maintain high levels of customer service, we will manage the business efficiently keeping a close eye on all KPIs.

We will make sure we have key lines of equipment & parts in stock at the right times in order to respond to demand quickly, without over committing to slow moving lines, factory delivery dates have now settled down to more manageable times. We have new models coming from our key suppliers which are creating extra interest.

Turnover for 2026 will be an improvement on 2025 levels, we expect machine volumes to continue to recover over the coming years, plus we also expect some inferior brands to disappear giving established brands improved market share following some poor feedback from sites who have taken a chance on cheaper makes.

Auditor

MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -
On behalf of the board
Mr P Taylor
Director
14 August 2026
TAYLOR & BRAITHWAITE (HOLDINGS) 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.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 parent 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 U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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

TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
- 5 -
Opinion

We have audited the financial statements of Taylor & Braithwaite (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, 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 material accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 30 November 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 ethical responsibilities in accordance with those 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.

TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
- 6 -

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.

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.

Matters on which we are required to report by exception

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 responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
- 7 -

- enquiring of management and those charged with governance of any actual and potential litigation and claims;

- reviewing the financial statement disclosures and testing of supporting documentation to assess compliance with the relevant laws and regulations. For Taylor & Braithwaite (Holdings) Limited we consider these to be the Health and Safety Act 1974 and compliance with the UK Companies Act 2006;

- assessing whether the judgements made in making accounting estimates are indicative of any potential bias;

- auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business; and

- auditing the risk of fraud in revenue, including through the testing of the cut off of income at the year end and sales transaction testing to ensure revenue is complete in the financial statements and recognised in the correct accounting period.

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

A further description of our responsibilities for the financial statements is located on the F RC'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 parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Jenny McCabe FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Kendal, United Kingdom
17 August 2026
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
13,513,876
14,174,377
Cost of sales
(11,653,507)
(12,458,587)
Gross profit
1,860,369
1,715,790
Administrative expenses
(1,479,884)
(1,604,951)
Other operating income
1,000
1,000
Operating profit
4
381,485
111,839
Interest receivable and similar income
7
144,614
142,290
Interest payable and similar expenses
8
(33,696)
(71,846)
Profit before taxation
492,403
182,283
Tax on profit
9
(214,286)
(148,275)
Profit for the financial year
278,117
34,008
Profit for the financial year is all attributable to the owners of the parent company.
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 9 -
2025
2024
£
£
Profit for the year
278,117
34,008
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
278,117
34,008
Total comprehensive income for the year is all attributable to the owners of the parent company.
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
GROUP BALANCE SHEET
AS AT 30 NOVEMBER 2025
30 November 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
11
2,503,899
2,899,252
Total intangible assets
2,503,899
2,899,252
Tangible assets
12
956,736
986,293
3,460,635
3,885,545
Current assets
Stocks
15
2,172,819
2,086,267
Debtors
16
828,060
771,614
Cash at bank and in hand
4,131,810
3,686,099
7,132,689
6,543,980
Creditors: amounts falling due within one year
17
(2,597,475)
(2,454,736)
Net current assets
4,535,214
4,089,244
Total assets less current liabilities
7,995,849
7,974,789
Creditors: amounts falling due after more than one year
18
-
(111,389)
Provisions for liabilities
Deferred tax liability
20
55,822
57,290
(55,822)
(57,290)
Net assets
7,940,027
7,806,110
Capital and reserves
Called up share capital
22
2,248
2,248
Share premium account
7,619,753
7,619,753
Profit and loss reserves
318,026
184,109
Total equity
7,940,027
7,806,110

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 14 August 2026 and are signed on its behalf by:
14 August 2026
Mr P Taylor
Director
Company registration number 13843661 (England and Wales)
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2025
30 November 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
13
10,222,876
10,222,876
Current assets
-
-
Creditors: amounts falling due within one year
17
(600,875)
(590,875)
Net current liabilities
(600,875)
(590,875)
Total assets less current liabilities
9,622,001
9,632,001
Creditors: amounts falling due after more than one year
18
-
0
(10,000)
Net assets
9,622,001
9,622,001
Capital and reserves
Called up share capital
22
2,248
2,248
Share premium account
7,619,753
7,619,753
Profit and loss reserves
2,000,000
2,000,000
Total equity
9,622,001
9,622,001

As permitted by section 408 of the 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 £144,200 (2024 - £617,200 profit).

The financial statements were approved by the board of directors and authorised for issue on 14 August 2026 and are signed on its behalf by:
14 August 2026
Mr P Taylor
Director
Company registration number 13843661 (England and Wales)
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2023
2,248
7,619,753
267,301
7,889,302
Year ended 30 November 2024:
Profit and total comprehensive income
-
-
34,008
34,008
Dividends
10
-
-
(117,200)
(117,200)
Balance at 30 November 2024
2,248
7,619,753
184,109
7,806,110
Year ended 30 November 2025:
Profit and total comprehensive income
-
-
278,117
278,117
Dividends
10
-
-
(144,200)
(144,200)
Balance at 30 November 2025
2,248
7,619,753
318,026
7,940,027
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2023
2,248
7,619,753
1,500,000
9,122,001
Year ended 30 November 2024:
Profit and total comprehensive income for the year
-
-
617,200
617,200
Dividends
10
-
-
(117,200)
(117,200)
Balance at 30 November 2024
2,248
7,619,753
2,000,000
9,622,001
Year ended 30 November 2025:
Profit and total comprehensive income
-
-
144,200
144,200
Dividends
10
-
-
(144,200)
(144,200)
Balance at 30 November 2025
2,248
7,619,753
2,000,000
9,622,001
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
903,598
755,357
Interest paid
(33,696)
(71,846)
Income taxes (paid)/refunded
(168,140)
79,526
Net cash inflow from operating activities
701,762
763,037
Investing activities
Purchase of tangible fixed assets
(163,224)
(39,945)
Proceeds from disposal of tangible fixed assets
223,320
31,150
Interest received
144,614
142,290
Net cash generated from investing activities
204,710
133,495
Financing activities
Repayment of borrowings
(10,000)
(10,000)
Repayment of bank loans
(301,389)
(415,278)
Repayment of finance leases obligation
(5,172)
(14,392)
Dividends paid to equity shareholders
(144,200)
(117,200)
Net cash used in financing activities
(460,761)
(556,870)
Net increase in cash and cash equivalents
445,711
339,662
Cash and cash equivalents at beginning of year
3,686,099
3,346,437
Cash and cash equivalents at end of year
4,131,810
3,686,099
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 15 -
1
Accounting policies
Company information

Taylor & Braithwaite (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Dyke Nook, Sandford, Appleby-in-Westmorland, CA16 6NS.

The group consists of Taylor & Braithwaite (Holdings) Limited and all of its subsidiaries.

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
Business combinations

The consolidated accounts incorporate the accounts of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over ten years from the year of acquisition. The results of companies acquired or disposed of are included in the group profit and loss account after or up to the date that control passes respectively. As a consolidated group profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group accounts by virtue of section 408 of the Companies Act 2006.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Taylor & Braithwaite (Holdings) 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.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 16 -

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

The economic conditions continue to present a challenge with many construction projects being delayed or cancelled. This uncertainty has contributed to a decline in sales and profit margin as predicted.

Careful stock control and cash management have enabled profits to be maximised when purchasing equipment and our cash position remains strong.

Our aftersales experience helps us carry the correct parts & have the knowledge to repair machines efficiently, we can work competitively whilst contributing towards company profits.

In conclusion, the Directors have a reasonable expectation that the company 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

1.5
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.

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.

1.6
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 10 years.

1.7
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:

Freehold land and buildings
- 2% Straight Line
Fixtures and fittings
- 15%/25% Reducing Balance
Motor vehicles
- 25%/30% Reducing Balance
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 17 -

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 profit and loss account.

The directors perform annual impairment reviews to ensure that the recoverable amount is not lower than the carrying value.

1.8
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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
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.

TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 18 -

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.

1.10
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.

1.11
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.

1.12
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.

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.

TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 19 -
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.

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.

Hedge accounting

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.

1.13
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 profit and loss account 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.

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.

TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 20 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

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

1.15
Retirement benefits

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

1.16
Leases

Obligations are classified as finance creditors whenever the terms of the agreement transfer substantially all the risks and rewards of ownership to the company. All other obligations are classified as operating leases.

Assets held under finance creditors are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance creditor obligation. Creditor payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

1.17
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.

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.

TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 21 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock provision

Provision has been made against the value of used stock and older parts stock. Additional provision is included on a line by line basis when necessary.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sales
13,513,876
14,174,377
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
13,513,876
14,145,558
Rest of Europe
-
28,819
13,513,876
14,174,377
2025
2024
£
£
Other revenue
Interest income
144,614
142,290
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
26,346
(33,088)
Fees payable to the group's auditor for the audit of the group's financial statements
20,500
19,087
Depreciation of tangible fixed assets
107,785
109,258
Profit on disposal of tangible fixed assets
(138,324)
(2,500)
Amortisation of intangible assets
395,353
395,353
Operating lease charges
5,383
5,833
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 22 -
5
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
Directors
2
3
2
3
Sales
8
7
-
-
Service
12
13
-
-
Admin
4
4
-
-
Total
26
27
2
3

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
881,505
867,610
-
0
-
0
Social security costs
99,936
89,224
-
-
Pension costs
92,297
121,072
-
0
-
0
1,073,738
1,077,906
-
0
-
0
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
9,100
9,100
Company pension contributions to defined contribution schemes
36,000
60,000
45,100
69,100
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
144,614
136,717
Other interest income
-
5,573
Total income
144,614
142,290
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
7
Interest receivable and similar income
(Continued)
- 23 -
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
144,614
136,717
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
11,861
49,138
Other finance costs:
Other interest
21,835
22,708
Total finance costs
33,696
71,846
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
215,754
168,140
Adjustments in respect of prior periods
-
0
(318)
Total current tax
215,754
167,822
Deferred tax
Origination and reversal of timing differences
(1,468)
(19,429)
Adjustment in respect of prior periods
-
0
(118)
Total deferred tax
(1,468)
(19,547)
Total tax charge
214,286
148,275
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
9
Taxation
(Continued)
- 24 -

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
492,403
182,283
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
123,101
45,571
Tax effect of expenses that are not deductible in determining taxable profit
4,402
4,302
Adjustments in respect of prior years
-
0
(436)
Effective change in rate of deferred tax provision
(30,361)
-
0
Goodwill amortisation
98,838
98,838
Chargeable gain
18,306
-
0
Taxation charge
214,286
148,275
10
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
144,200
117,200

The recurring post year end monthly dividend payable is £3,517.

11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 December 2024 and 30 November 2025
3,953,526
Amortisation and impairment
At 1 December 2024
1,054,274
Amortisation charged for the year
395,353
At 30 November 2025
1,449,627
Carrying amount
At 30 November 2025
2,503,899
At 30 November 2024
2,899,252
The company had no intangible fixed assets at 30 November 2025 or 30 November 2024.
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
11
Intangible fixed assets
(Continued)
- 25 -
12
Tangible fixed assets
Group
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2024
738,282
73,365
214,457
1,026,104
Additions
-
0
19,224
144,000
163,224
Disposals
(5,075)
(3,400)
(178,483)
(186,958)
At 30 November 2025
733,207
89,189
179,974
1,002,370
Depreciation and impairment
At 1 December 2024
39,870
410
(469)
39,811
Depreciation charged in the year
16,396
17,269
74,120
107,785
Eliminated in respect of disposals
-
0
(669)
(101,293)
(101,962)
At 30 November 2025
56,266
17,010
(27,642)
45,634
Carrying amount
At 30 November 2025
676,941
72,179
207,616
956,736
At 30 November 2024
698,412
72,955
214,926
986,293
The company had no tangible fixed assets at 30 November 2025 or 30 November 2024.

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Motor vehicles
-
0
41,977
-
0
-
0
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
10,222,876
10,222,876
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
13
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 December 2024 and 30 November 2025
10,222,876
Carrying amount
At 30 November 2025
10,222,876
At 30 November 2024
10,222,876
14
Subsidiaries

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

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Taylor & Braithwaite Limited
England
Ordinary
100.00
15
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
2,172,819
2,086,267
-
0
-
0

Included within this figure is an impairment loss of £40,521 (2024: £78,512) which was recognised against stock during the year due to slow-moving and obsolete stock.

16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
632,911
705,817
-
0
-
0
Other debtors
8
-
0
-
0
-
0
Prepayments and accrued income
195,141
65,797
-
0
-
0
828,060
771,614
-
-
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 27 -
17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
-
0
200,000
-
0
-
0
Obligations under finance leases
19
-
0
5,172
-
0
-
0
Other borrowings
10,000
10,000
10,000
10,000
Trade creditors
1,676,061
1,442,624
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
590,875
580,875
Corporation tax payable
215,754
168,140
-
0
-
0
Other taxation and social security
325,216
279,167
-
0
-
0
Other creditors
281,304
277,398
-
0
-
0
Accruals and deferred income
89,140
72,235
-
0
-
0
2,597,475
2,454,736
600,875
590,875

Bank loans and overdrafts of £Nil (2024: £200,000) are secured by a fixed charge over all present freehold and leasehold property and a floating charge over all assets and undertaking both present and future of the company.

Included within obligations under finance creditors at 30 November 2025 is an amount of £Nil (2024: £5,172) secured by fixed charges on the fixed assets concerned.

18
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
-
0
101,389
-
0
-
0
Other borrowings
-
0
10,000
-
0
10,000
-
111,389
-
10,000

Bank loans and overdrafts of £Nil (2024: £101,389) are secured by a fixed charge over all present freehold and leasehold property and a floating charge over all assets and undertaking both present and future of the company.

Net obligations under finance creditors of £Nil (2024: £nil) are secured by fixed charges on the assets concerned.

19
Finance lease obligations
Group
Company
2025
2024
2025
2024
Amounts due:
£
£
£
£
Current liabilities
-
0
5,172
-
0
-
0
Non-current liabilities
-
0
-
0
-
0
-
0
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
19
Finance lease obligations
(Continued)
- 28 -
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
0
5,172
-
0
-
0

Finance creditor payments represent rentals payable by the company for certain items of plant and machinery and stock. Creditors include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average finance term is less than one year. All creditor agreements are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

20
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
55,822
57,290
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 December 2024
57,290
-
Credit to profit or loss
(1,468)
-
Liability at 30 November 2025
55,822
-

TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 29 -
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
92,297
121,072

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.

22
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' Ordinary shares of £1 each
1,124
1,124
1,124
1,124
'B' Ordinary shares of £1 each
674
674
674
674
'D' Ordinary shares of £1 each
360
360
360
360
'F' Ordinary shares of £1 each
30
30
30
30
'G' Ordinary shares of £1 each
30
30
30
30
'H' Ordinary shares of £1 each
30
30
30
30
2,248
2,248
2,248
2,248

All shares rank pari passu. Members have the right to receive notice of, attend and vote at general meetings of the company. Members have the right to participate in all legally declared dividends and in the event of winding up are entitled to participate in any distributions. The shares are not redeemable.

23
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Dividends paid
2025
2024
£
£
Group
Key management personnel
144,200
117,200
Company
Key management personnel
144,200
117,200
TAYLOR & BRAITHWAITE (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
23
Related party transactions
(Continued)
- 30 -

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Group
Key management personnel
281,304
277,398
24
Controlling party

The ultimate controlling party is Paul Taylor, the controlling director and shareholder of the company.

25
Cash generated from group operations
2025
2024
£
£
Profit after taxation
278,117
34,008
Adjustments for:
Taxation charged
214,286
148,275
Finance costs
33,696
71,846
Investment income
(144,614)
(142,290)
Gain on disposal of tangible fixed assets
(138,324)
(2,500)
Amortisation and impairment of intangible assets
395,353
395,353
Depreciation and impairment of tangible fixed assets
107,785
109,258
Movements in working capital:
(Increase)/decrease in stocks
(86,552)
1,109,406
(Increase)/decrease in debtors
(56,446)
154,055
Increase/(decrease) in creditors
300,297
(1,122,054)
Cash generated from operations
903,598
755,357
26
Analysis of changes in net funds - group
1 December 2024
Cash flows
30 November 2025
£
£
£
Cash at bank and in hand
3,686,099
445,711
4,131,810
Borrowings excluding overdrafts
(321,389)
311,389
(10,000)
Obligations under finance leases
(5,172)
5,172
-
3,359,538
762,272
4,121,810
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