IRIS Accounts Production v26.1.0.640 04577893 Board of Directors 30.11.25 1.12.24 30.11.25 30.11.25 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Group activities comprise the sale of construction goods, the manufacture, installation and sale of plaster and Jesmonite mouldings, the supply of bathroom equipment and the sale of construction and safety equipment. ++ The company acts as a group holding company and provides management services to group companies. true true false true true false false true false Fair value model Ordinary 0 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 04577893 2024-11-30 04577893 2025-11-30 04577893 2024-12-01 2025-11-30 04577893 2023-11-30 04577893 2023-12-01 2024-11-30 04577893 2024-11-30 04577893 ns15:EnglandWales 2024-12-01 2025-11-30 04577893 ns14:PoundSterling 2024-12-01 2025-11-30 04577893 ns10:Director1 2024-12-01 2025-11-30 04577893 ns10:CompanySecretary1 2024-12-01 2025-11-30 04577893 ns10:Consolidated 2025-11-30 04577893 ns10:ConsolidatedGroupCompanyAccounts 2024-12-01 2025-11-30 04577893 ns10:PrivateLimitedCompanyLtd 2024-12-01 2025-11-30 04577893 ns10:Consolidated ns10:MediumEntities 2024-12-01 2025-11-30 04577893 ns10:Consolidated ns10:Audited 2024-12-01 2025-11-30 04577893 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-12-01 2025-11-30 04577893 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-12-01 2025-11-30 04577893 ns10:Consolidated 2024-12-01 2025-11-30 04577893 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-12-01 2025-11-30 04577893 ns10:Medium-sizedCompaniesRegimeForAccounts ns10:Consolidated 2024-12-01 2025-11-30 04577893 ns10:FullAccounts 2024-12-01 2025-11-30 04577893 ns10:OrdinaryShareClass1 2024-12-01 2025-11-30 04577893 ns10:Director2 2024-12-01 2025-11-30 04577893 ns10:Director3 2024-12-01 2025-11-30 04577893 ns10:Director4 2024-12-01 2025-11-30 04577893 ns10:Director5 2024-12-01 2025-11-30 04577893 ns10:RegisteredOffice 2024-12-01 2025-11-30 04577893 ns10:Consolidated 2023-12-01 2024-11-30 04577893 ns5:CurrentFinancialInstruments 2025-11-30 04577893 ns5:CurrentFinancialInstruments 2024-11-30 04577893 ns5:ShareCapital 2025-11-30 04577893 ns5:ShareCapital 2024-11-30 04577893 ns5:CapitalRedemptionReserve 2025-11-30 04577893 ns5:CapitalRedemptionReserve 2024-11-30 04577893 ns5:RetainedEarningsAccumulatedLosses 2025-11-30 04577893 ns5:RetainedEarningsAccumulatedLosses 2024-11-30 04577893 ns5:ShareCapital 2023-11-30 04577893 ns5:RetainedEarningsAccumulatedLosses 2023-11-30 04577893 ns5:CapitalRedemptionReserve 2023-11-30 04577893 ns5:RetainedEarningsAccumulatedLosses 2023-12-01 2024-11-30 04577893 ns5:CapitalRedemptionReserve 2023-12-01 2024-11-30 04577893 ns5:RetainedEarningsAccumulatedLosses 2024-12-01 2025-11-30 04577893 ns5:CapitalRedemptionReserve 2024-12-01 2025-11-30 04577893 ns5:LongLeaseholdAssets ns5:LandBuildings 2024-11-30 04577893 ns5:PlantMachinery 2024-11-30 04577893 ns5:MotorVehicles 2024-11-30 04577893 ns5:LongLeaseholdAssets ns5:LandBuildings 2024-12-01 2025-11-30 04577893 ns5:PlantMachinery 2024-12-01 2025-11-30 04577893 ns5:MotorVehicles 2024-12-01 2025-11-30 04577893 ns5:LongLeaseholdAssets ns5:LandBuildings 2025-11-30 04577893 ns5:PlantMachinery 2025-11-30 04577893 ns5:MotorVehicles 2025-11-30 04577893 ns5:LongLeaseholdAssets ns5:LandBuildings 2024-11-30 04577893 ns5:PlantMachinery 2024-11-30 04577893 ns5:MotorVehicles 2024-11-30 04577893 ns5:CostValuation 2024-11-30 04577893 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-11-30 04577893 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-11-30 04577893 ns5:WithinOneYear 2025-11-30 04577893 ns5:WithinOneYear 2024-11-30 04577893 ns5:BetweenOneFiveYears 2025-11-30 04577893 ns5:BetweenOneFiveYears 2024-11-30 04577893 ns5:MoreThanFiveYears 2025-11-30 04577893 ns5:MoreThanFiveYears 2024-11-30 04577893 ns5:AllPeriods 2025-11-30 04577893 ns5:AllPeriods 2024-11-30 04577893 ns5:AcceleratedTaxDepreciationDeferredTax 2025-11-30 04577893 ns5:AcceleratedTaxDepreciationDeferredTax 2024-11-30 04577893 ns5:DeferredTaxation 2024-11-30 04577893 ns5:DeferredTaxation 2024-12-01 2025-11-30 04577893 ns5:DeferredTaxation 2025-11-30 04577893 ns10:OrdinaryShareClass1 2025-11-30 04577893 ns5:RetainedEarningsAccumulatedLosses 2024-11-30 04577893 ns5:CapitalRedemptionReserve 2024-11-30

REGISTERED NUMBER: 04577893 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 November 2025

for

MAG GROUP LIMITED

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Contents of the Consolidated Financial Statements

for the Year Ended 30 November 2025

Page |

Company Information | 1 |

Group Strategic Report | 2 |

Report of the Directors | 4 |

Report of the Independent Auditors | 5 |

Consolidated Statement of Comprehensive Income | 8 |

Consolidated Balance Sheet | 9 |

Company Balance Sheet | 10 |

Consolidated Statement of Changes in Equity | 11 |

Company Statement of Changes in Equity | 12 |

Consolidated Cash Flow Statement | 13 |

Notes to the Consolidated Financial Statements | 15 |

MAG GROUP LIMITED

Company Information

for the Year Ended 30 November 2025

| DIRECTORS: | G C S Gates

| T P J Gates

| Mrs J M Gates

| G S Cox

| E G R Gates

| SECRETARY: | D M Fiddy

| REGISTERED OFFICE: | Vulcan Road South

| Norwich

| Norfolk

| NR6 6AF

| REGISTERED NUMBER: | 04577893 (England and Wales)

| AUDITORS: | Rawse, Varley & Co

| Statutory Auditor

| Lloyds Bank Chambers

| Hustlergate

| Bradford

| BD1 1UQ

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Group Strategic Report

for the Year Ended 30 November 2025

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

GROUP ACTIVITIES

The group's principal activities comprise the supply of construction goods, the manufacture, installation and sale of plaster and Jesmonite mouldings, the supply of bathroom equipment and the sale of construction and safety equipment.

BUSINESS REVIEW

The group profit after taxation attributable to members for the year amounted to £1,090,183 - :2024: £2,278,418

The key financial performance indicators were as follows:

| 2025 |  | 2024 |

| £ |  | £ |

Group turnover |  | 24,400,770 |  | 22,098,578 |

Gross profit margin |  | 38.1% |  |  | 39.1% |

Operating profit |  | 1,006,568 |  | 2,572,410 |

Cash generated from operations |  | 1,507,908 |  | 2,796,708 |

Following a fall in 2024 of 14%, group turnover increased by 10% in 2025 with the Althon construction goods business recording a 14% increase and the bathroom fittings business a 15% increase. Group gross profit margins were largely maintained with a slight overall reduction.

The main contributor to the group result continued to be the Althon construction goods business, which benefitted from a general recovery in activity in the sectors in which the company operates. The gross profit margin increased and was within the company's expected range. Other operating costs increased by 16%, including higher group charges which were generally in line with the increased level of activity.

The plaster and Jesmonite mouldings business operated by Stevensons of Norwich Limited continued to experience delays in high value contracts, which have since been executed. The company maintained productive capacity to exploit commercial opportunities in 2026 and 2027.

The bathroom fittings business carried on by Healey & Lord Ltd was successful in its continuing strategy of growing sales of its own-brand products. Gross profit margins were similar to the previous year, whilst operating profit increased by almost 50%.

The group's operations continued to be cash generative and at the year end cash at bank stood at approximately £17.1m (2024: £16.4m).

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Group Strategic Report

for the Year Ended 30 November 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The group's businesses operate in separate markets, so that the impact of factors affecting the long term performance of individual businesses on the group's results is mitigated. However, all group businesses are primarily construction or property related and are subject to the risks associated with a significant downturn in those sectors. To mitigate these risks, the group looks to build strong customer relationships and to constantly improve, develop and source new products to compete effectively in the ever-changing marketplace.

ON BEHALF OF THE BOARD:

G C S Gates - Director

21 August 2026

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Report of the Directors

for the Year Ended 30 November 2025

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

DIVIDENDS

No interim dividend was paid during the year. It is not proposed to declare a final dividend in respect of the year ended 30 November 2025.

DIRECTORS

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

G C S Gates

T P J Gates

Mrs J M Gates

G S Cox

E G R Gates

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

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

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Rawse, Varley & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

BY ORDER OF THE BOARD:

D M Fiddy - Secretary

21 August 2026

Report of the Independent Auditors to the Members of

MAG Group Limited

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

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

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Report of the Independent Auditors to the Members of

MAG Group Limited

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Report of the Independent Auditors to the Members of

MAG Group Limited

Auditors' responsibilities for the audit of the financial statements

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

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

Based on our understanding of the group, the parent company and the sectors in which they operate, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK law, including laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated the extent to which non-compliance might have a material effect on the financial statements and evaluated incentives and opportunities for fraudulent manipulation, including the risk of override of controls. We determined that the principal risks were related to inappropriate or unusual journal entries outside the usual course of business and at financial year end, management bias in accounting estimates and judgmental areas of the financial statements. Audit procedures performed in response to our evaluation included:

- reviewing the disclosures in the financial statements and testing to supporting documentation to assess

compliance with the provisions of relevant laws and regulations, including in particular that income was fully

recorded, appropriately recognised and correctly matched with related costs;

- enquiring of management about existing and potential litigation and claims and known or suspected instances of

non-compliance with laws and regulations and fraud;

- addressing the risk of fraud through management override of controls by testing the appropriateness of journal

entries including year end adjustments;

- challenging assumptions and judgments made by management in determining accounting estimates;

- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of

business.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud rather than error is higher, as fraud often involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Philip Varley (Senior Statutory Auditor)

for and on behalf of Rawse, Varley & Co

Statutory Auditor

Lloyds Bank Chambers

Bradford

BD1 1UQ

21 August 2026

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Consolidated Statement of Comprehensive Income

for the Year Ended 30 November 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

TURNOVER | 4 | 24,104,928 |  | 21,700,772 |  |

Cost of sales | 14,944,164 |  | 13,232,932 |  |

GROSS PROFIT | 9,160,764 |  | 8,467,840 |  |

Distribution costs | 624,324 |  | 644,977 |  |

Administrative expenses | 6,936,110 |  | 4,724,180 |  |

|  |  | 7,560,434 |  |  |  |  | 5,369,157 |  |

1,600,330 |  | 3,098,683 |  |

Other operating income | (595,347 | ) | (527,808 | ) |

OPERATING PROFIT | 7 | 1,004,983 |  | 2,570,875 |  |

Interest receivable and similar income | 480,033 |  | 487,722 |  |

1,485,016 |  | 3,058,597 |  |

Gain/loss on revaluation of investments | 1,553 |  | 13,877 |  |

1,486,569 |  | 3,072,474 |  |

Interest payable and similar expenses | 8 | 31,221 |  | 22,305 |  |

PROFIT BEFORE TAXATION | 1,455,348 |  | 3,050,169 |  |

Tax on profit | 9 | 365,488 |  | 775,286 |  |

PROFIT FOR THE FINANCIAL YEAR | 1,089,860 |  | 2,274,883 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,089,860 |  | 2,274,883 |  |

Profit attributable to:

Owners of the parent | 1,089,860 |  | 2,274,883 |  |

Total comprehensive income attributable to:

Owners of the parent | 1,089,860 |  | 2,274,883 |  |

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Consolidated Balance Sheet

30 November 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 11 | 1,230,795 |  | 1,014,180 |  |

Investments | 12 | - |  | - |  |

Investment property | 13 | 440,151 |  | 440,151 |  |

1,670,946 |  | 1,454,331 |  |

CURRENT ASSETS

Stock | 14 | 2,001,915 |  | 1,830,819 |  |

Debtors | 15 | 4,836,115 |  | 4,008,817 |  |

Investments | 16 | 113,494 |  | 111,681 |  |

Cash at bank | 16,633,578 |  | 15,962,739 |  |

23,585,102 |  | 21,914,056 |  |

CREDITORS

Amounts falling due within one year | 17 | 7,430,829 |  | 6,667,383 |  |

NET CURRENT ASSETS | 16,154,273 |  | 15,246,673 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 17,825,219 |  | 16,701,004 |  |

PROVISIONS FOR LIABILITIES | 19 | 161,863 |  | 127,508 |  |

NET ASSETS | 17,663,356 |  | 16,573,496 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | (400,333 | ) | (400,333 | ) |

Share premium | 21 | (20,000 | ) | (20,000 | ) |

Capital redemption reserve | 21 | (8,000 | ) | (8,000 | ) |

Merger reserve | 21 | 1,871,000 |  | 1,871,000 |  |

Other reserves | 21 | 20,000 |  | 20,000 |  |

Retained earnings | 21 | 16,200,689 |  | 15,110,829 |  |

SHAREHOLDERS' FUNDS | 17,663,356 |  | 16,573,496 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2026 and were signed on its behalf by:

G C S Gates - Director

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Company Balance Sheet

30 November 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 11 | 654,514 |  | 567,687 |  |

Investments | 12 | 980,820 |  | 980,820 |  |

Investment property | 13 | 440,151 |  | 440,151 |  |

2,075,485 |  | 1,988,658 |  |

CURRENT ASSETS

Debtors | 15 | 118,353 |  | 97,241 |  |

Investments | 16 | 113,494 |  | 111,681 |  |

Cash at bank | 9,655,367 |  | 11,654,339 |  |

9,887,214 |  | 11,863,261 |  |

CREDITORS

Amounts falling due within one year | 17 | 4,928,679 |  | 6,885,404 |  |

NET CURRENT ASSETS | 4,958,535 |  | 4,977,857 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 7,034,020 |  | 6,966,515 |  |

PROVISIONS FOR LIABILITIES | 19 | 68,710 |  | 43,829 |  |

NET ASSETS | 6,965,310 |  | 6,922,686 |  |

CAPITAL AND RESERVES

Called up share capital | 20 | 3,000 |  | 3,000 |  |

Capital redemption reserve | 21 | 2,000 |  | 2,000 |  |

Retained earnings | 21 | 6,960,310 |  | 6,917,686 |  |

SHAREHOLDERS' FUNDS | 6,965,310 |  | 6,922,686 |  |

Company's profit for the financial year | 42,624 |  | 1,163,461 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2026 and were signed on its behalf by:

G C S Gates - Director

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Consolidated Statement of Changes in Equity

for the Year Ended 30 November 2025

| Called up |

| share |  | Retained |  | Share

| capital |  | earnings |  | premium

£ | £ | £ |

Balance at 1 December 2023 | (400,333 | ) | 12,835,946 |  | (20,000 | ) |

Changes in equity

Total comprehensive income | - |  | 2,274,883 |  | - |  |

Balance at 30 November 2024 | (400,333 | ) | 15,110,829 |  | (20,000 | ) |

Changes in equity

Total comprehensive income | - |  | 1,089,860 |  | - |  |

Balance at 30 November 2025 | (400,333 | ) | 16,200,689 |  | (20,000 | ) |

| Capital |

| redemption |  | Merger |  | Other |  | Total

| reserve |  | reserve |  | reserves |  | equity

£ | £ | £ | £ |

Balance at 1 December 2023 | (8,000 | ) | 1,871,000 |  | 20,000 |  | 14,298,613 |  |

Changes in equity

Total comprehensive income | - |  | - |  | - |  | 2,274,883 |  |

Balance at 30 November 2024 | (8,000 | ) | 1,871,000 |  | 20,000 |  | 16,573,496 |  |

Changes in equity

Total comprehensive income | - |  | - |  | - |  | 1,089,860 |  |

Balance at 30 November 2025 | (8,000 | ) | 1,871,000 |  | 20,000 |  | 17,663,356 |  |

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Company Statement of Changes in Equity

for the Year Ended 30 November 2025

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 December 2023 | 3,000 |  | 5,754,225 |  | 2,000 |  | 5,759,225 |  |

Changes in equity

Total comprehensive income | - |  | 1,163,461 |  | - |  | 1,163,461 |  |

Balance at 30 November 2024 | 3,000 |  | 6,917,686 |  | 2,000 |  | 6,922,686 |  |

Changes in equity

Total comprehensive income | - |  | 42,624 |  | - |  | 42,624 |  |

Balance at 30 November 2025 | 3,000 |  | 6,960,310 |  | 2,000 |  | 6,965,310 |  |

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Consolidated Cash Flow Statement

for the Year Ended 30 November 2025

| 2025 |  | 2024

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 26 | 1,515,165 |  | 2,792,023 |  |

Interest paid | (31,221 | ) | (22,305 | ) |

Tax paid | (742,421 | ) | (866,785 | ) |

Net cash from operating activities | 741,523 |  | 1,902,933 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (606,754 | ) | (367,483 | ) |

Sale of tangible fixed assets | 114,355 |  | 1,141 |  |

Interest received | 479,774 |  | 487,405 |  |

Net cash from investing activities | (12,625 | ) | 121,063 |  |

Cash flows from financing activities

Shareholders' dividend accounts paid | - |  | (332,000 | ) |

Net cash from financing activities | - |  | (332,000 | ) |

Increase in cash and cash equivalents | 728,898 |  | 1,691,996 |  |

Cash and cash equivalents at beginning of year | 27 | 15,962,739 |  | 14,536,377 |  |

Cash and cash equivalents at end of year | 27 | 16,633,578 |  | 15,962,739 |  |

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Error Messages from the Consolidated Cash Flow Statement

for the Year Ended 30 November 2025

** | CURRENT YEAR - MOVEMENT IN CASH AND CASH EQUIVALENTS

| AS CALCULATED IN CONSOLIDATED CASH FLOW STATEMENT

| DOES NOT AGREE TO MOVEMENT PER BALANCE SHEET

| COMPARE MOVEMENT ON CONSOLIDATED CASH FLOW STATEMENT | = | 728,898 |  |

| TO | MOVEMENT PER BALANCE SHEET |

| CASH AND CASH EQUIVALENTS | = | 670,839 |  |

** | LAST YEAR - MOVEMENT IN CASH AND CASH EQUIVALENTS

| AS CALCULATED IN CONSOLIDATED CASH FLOW STATEMENT

| DOES NOT AGREE TO MOVEMENT PER BALANCE SHEET

| COMPARE MOVEMENT ON CONSOLIDATED CASH FLOW STATEMENT | = | 1,691,996 |  |

| TO | MOVEMENT PER BALANCE SHEET |

| CASH AND CASH EQUIVALENTS | = | 1,426,362 |  |

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Notes to the Consolidated Financial Statements

for the Year Ended 30 November 2025

1. | STATUTORY INFORMATION

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

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

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

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified as disclosed below in respect of investment property and current asset investments.

| Group turnover

| Group turnover represents the sales value of goods and services supplied for the year including revenue recognised as earned on incomplete contracts, less returns and excluding value added tax and sales between companies in the group.

| Tangible fixed assets

| Tangible fixed assets are stated at cost less depreciation.

| Depreciation is calculated to write off the assets over their expected useful lives at the following annual rates:

| Short leasehold improvements 10% - 25% of cost

| Plant, equipment and fittings 15%, 20% or 50% of cost

| Motor vehicles 25% of reducing balance

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| Stock

| Stock is stated at the lower of cost and net realisable value. Cost of goods purchased for resale and raw materials is determined using the first in, first out (FIFO) principle. In the case of finished manufactured stock, cost includes an appropriate proportion of manufacturing overheads.

| Current asset investments

| Investments are stated at fair value. Unquoted fund investments are valued by reference to daily prices advised by fund managers.

| Changes in the valuation of investments are taken to profit and loss in the income statement.

| Taxation

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

| Current or deferred taxation assets and liabilities are not discounted.

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

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 November 2025

2. | ACCOUNTING POLICIES - continued

| Deferred taxation

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

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Foreign currencies

| Assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at rates of exchange that approximate those ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Pension contributions

| Contributions payable to defined contribution pension schemes are charged to profit and loss account when incurred.

| Contract revenue recognition

| Revenue relating to contracts is recognised as earned when and to the extent that the company obtains the right to consideration in exchange for the supply of goods and performance of services under contracts with customers. Revenue is generally recognised as contract activity progresses, such that for incomplete contracts it reflects the partial performance of contractual obligations.

| The amount of profit recognised on incomplete contracts is the lower of profit earned to date and the appropriate proportion of profit expected at completion. Full provision is made for known or expected losses at completion immediately such losses are identified.

| The amount by which revenue recognised on incomplete contracts exceeds payments received on account is classified in the balance sheet as "Amounts recoverable on contracts".

| Investment in subsidiaries

| Investments in subsidiaries are stated in the company's balance sheet at cost less provisions for impairment assessed on an annual basis.

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 November 2025

3. | CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

| In the application of the group's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities. Estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. They are reviewed on a regular basis and revisions are made, where appropriate. Significant estimates and assumptions affecting the financial statements include the following:

| The estimated useful lives of plant and machinery used in the accounting policy for depreciation of tangible fixed assets take into account the potential for future changes in design and technological development of the company's products and obsolescence of equipment.

| In applying the accounting policy for stock, realisable value has been estimated based on the assumptions that there will be no significant change in market conditions in the foreseeable future and that sales will be made in the normal course of the company's business, unless there is cause to assume otherwise.

| The recognition of contract revenue as contract activity progresses requires estimates to be made of the stage of completion of each contract in progress at the year end. In addition, contract profit expected at completion is estimated, based on known or expected factors affecting the final outcome of contracts.

4. | TURNOVER

| The turnover and profit before taxation are attributable to the principal activities of the group.

| An analysis of turnover by class of business is given below:

| 2025 |  | 2024

£ | £ |

| Bathroom fittings | 3,535,407 |  | 3,069,025 |  |

| Plaster and Jesmonite moulding | 4,473,346 |  | 4,735,680 |  |

| Construction and safety goods | 16,392,017 |  | 14,293,873 |  |

24,400,770 |  | 22,098,578 |  |

**TURNOVER ENTERED ON CLIENT SCREEN - CURRENT YEAR | 24,400,770 |  |

**DOES NOT AGREE TO TURNOVER PER TRIAL BALANCE | 24,104,928 |  |

**TURNOVER ENTERED ON CLIENT SCREEN - LAST YEAR | 22,098,578 |  |

**DOES NOT AGREE TO TURNOVER PER TRIAL BALANCE | 21,700,772 |  |

| Group companies operate principally in the UK market and overseas sales, including one-off contracts undertaken in various countries, do not form a significant proportion of group turnover.

5. | EMPLOYEES AND DIRECTORS

| 2025 |  | 2024

£ | £ |

| Wages and salaries | 5,885,076 |  | 3,999,291 |  |

| Social security costs | 841,304 |  | 505,524 |  |

| Other pension costs | 57,463 |  | 52,653 |  |

6,783,843 |  | 4,557,468 |  |

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 November 2025

5. | EMPLOYEES AND DIRECTORS - continued

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

| 2025 |  | 2024

| Group administration | 11 |  | 11 |  |

| Bathroom fittings | 9 |  | 7 |  |

| Plaster and Jesmonite mouldings | 28 |  | 30 |  |

| Construction goods and equipment | 8 |  | 8 |  |

56 |  | 56 |  |

6. | DIRECTORS' EMOLUMENTS

| 2025 |  | 2024

£ | £ |

| Directors' remuneration | 3,220,497 |  | 1,631,424 |  |

| Directors' pension contributions to money purchase schemes | 1,560 |  | 1,560 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 3 |  | 3 |  |

| Information regarding the highest paid director is as follows:

| 2025 |  | 2024

£ | £ |

| Emoluments etc | 1,902,888 |  | 1,052,003 |  |

| Pension contributions to money purchase schemes | 1,560 |  | 1,560 |  |

7. | OPERATING PROFIT

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

| 2025 |  | 2024

£ | £ |

| Depreciation - owned assets | 314,914 |  | 347,148 |  |

| Profit on disposal of fixed assets | (39,130 | ) | (1,141 | ) |

| Auditors' remuneration | 52,545 |  | 50,220 |  |

| Foreign exchange differences | 865 |  | 966 |  |

| Operating lease charges - land and buildings | 198,000 |  | 192,244 |  |

| Operating lease charges - equipment and vehicles | 20,692 |  | 33,714 |  |

| Hire of plant and equipment | 78,938 |  | 98,765 |  |

8. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2025 |  | 2024

£ | £ |

| Sundry interest payable | 31,221 |  | 22,305 |  |

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 November 2025

9. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2025 |  | 2024

£ | £ |

| Current tax:

| UK corporation tax | 331,066 |  | 739,823 |  |

| Prior year adjustment | 67 |  | (564 | ) |

| Total current tax | 331,133 |  | 739,259 |  |

| Deferred tax:

| Origination and reversal of

| timing differences | 34,355 |  | 36,027 |  |

| Tax on profit | 365,488 |  | 775,286 |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2025 |  | 2024

£ | £ |

| Profit before tax | 1,456,933 |  | 3,051,704 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 - 25 %) | 364,233 |  | 762,926 |  |

| Effects of:

| Expenses not deductible for tax purposes | 4,035 |  | 13,895 |  |

| Income not taxable for tax purposes | (65 | ) | (79 | ) |

| Adjustments to tax charge in respect of previous periods | 67 |  | (564 | ) |

| allowances |

| Tax at lower rates | (1,520 | ) | (4,391 | ) |

| Tax at higher rates | - |  | 1,499 |  |

| Total tax charge | 366,750 |  | 773,286 |  |

** | PROFIT BEFORE TAX FOR CURRENT YEAR ON CLIENT SCREEN OF | 1,456,933 |  |

| DOES NOT AGREE TO AMOUNT ON STATEMENT OF COMPREHENSIVE INCOME OF | 1,455,348 |  |

** | PROFIT BEFORE TAX FOR LAST YEAR ON CLIENT SCREEN OF | 3,051,704 |  |

| DOES NOT AGREE TO AMOUNT ON STATEMENT OF COMPREHENSIVE INCOME OF | 3,050,169 |  |

** | TAX CHARGE FOR CURRENT YEAR ON CLIENT SCREEN OF | 366,750 |  |

| DOES NOT AGREE TO AMOUNT PER TB OF | 365,488 |  |

** | TAX CHARGE FOR LAST YEAR ON CLIENT SCREEN OF | 773,286 |  |

| DOES NOT AGREE TO AMOUNT PER TB OF | 775,286 |  |

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 November 2025

10. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

11. | TANGIBLE FIXED ASSETS

| Group

| Plant, |

| Short |  | equipment |  | Fixtures |

| leasehold |  | and |  | and |  | Motor |

| improvements |  | fittings |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ | £ |

| COST

| At 1 December 2024 | 1,098,375 |  | 3,255,788 |  | (535,225 | ) | 633,905 |  | 4,452,843 |  |

| Additions | - |  | 149,119 |  | (2,759 | ) | 460,394 |  | 606,754 |  |

| Disposals | - |  | (405,096 | ) | 37,310 |  | (259,543 | ) | (627,329 | ) |

| At 30 November 2025 | 1,098,375 |  | 2,999,811 |  | (500,674 | ) | 834,756 |  | 4,432,268 |  |

| DEPRECIATION

| At 1 December 2024 | 995,130 |  | 2,648,237 |  | (465,859 | ) | 261,155 |  | 3,438,663 |  |

| Charge for year | 40,927 |  | 195,937 |  | (20,891 | ) | 98,941 |  | 314,914 |  |

| Eliminated on disposal | - |  | (405,096 | ) | 37,310 |  | (184,318 | ) | (552,104 | ) |

| At 30 November 2025 | 1,036,057 |  | 2,439,078 |  | (449,440 | ) | 175,778 |  | 3,201,473 |  |

| NET BOOK VALUE

| At 30 November 2025 | 62,318 |  | 560,733 |  | (51,234 | ) | 658,978 |  | 1,230,795 |  |

| At 30 November 2024 | 103,245 |  | 607,551 |  | (69,366 | ) | 372,750 |  | 1,014,180 |  |

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 November 2025

11. | TANGIBLE FIXED ASSETS - continued

| Company

| Plant, |

| Short |  | equipment |

| leasehold |  | and |  | Motor |

| improvements |  | fittings |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 December 2024 | 1,098,375 |  | 291,659 |  | 529,718 |  | 1,919,752 |  |

| Additions | - |  | 5,250 |  | 238,054 |  | 243,304 |  |

| Disposals | - |  | - |  | (178,201 | ) | (178,201 | ) |

| At 30 November 2025 | 1,098,375 |  | 296,909 |  | 589,571 |  | 1,984,855 |  |

| DEPRECIATION

| At 1 December 2024 | 995,130 |  | 179,943 |  | 176,992 |  | 1,352,065 |  |

| Charge for year | 40,927 |  | 4,094 |  | 54,594 |  | 99,615 |  |

| Eliminated on disposal | - |  | - |  | (121,339 | ) | (121,339 | ) |

| At 30 November 2025 | 1,036,057 |  | 184,037 |  | 110,247 |  | 1,330,341 |  |

| NET BOOK VALUE

| At 30 November 2025 | 62,318 |  | 112,872 |  | 479,324 |  | 654,514 |  |

| At 30 November 2024 | 103,245 |  | 111,716 |  | 352,726 |  | 567,687 |  |

12. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 December 2024

| and 30 November 2025 | 980,820 |  |

| NET BOOK VALUE

| At 30 November 2025 | 980,820 |  |

| At 30 November 2024 | 980,820 |  |

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 November 2025

12. | FIXED ASSET INVESTMENTS - continued

| Investment in subsidiaries comprises:

| Principal activity

| Althon Limited Sale of construction goods

| Stevensons of Norwich Limited Manufacture and sale of plaster and

| Jesmonite mouldings

| Stevensons (1982) Limited Support services and asset holding

| company

| Healey & Lord Ltd Sale of bathroom fittings, construction

| and safety goods

| MAG KB Limited Sale of bathroom fittings and group

| support services

| Fermor Limited Group support services

| All subsidiary companies are wholly owned and registered at the address given on page 1.

13. | INVESTMENT PROPERTY

| Group

| Total

£ |

| FAIR VALUE

| At 1 December 2024

| and 30 November 2025 | 440,151 |  |

| NET BOOK VALUE

| At 30 November 2025 | 440,151 |  |

| At 30 November 2024 | 440,151 |  |

| Company

| Total

£ |

| FAIR VALUE

| At 1 December 2024

| and 30 November 2025 | 440,151 |  |

| NET BOOK VALUE

| At 30 November 2025 | 440,151 |  |

| At 30 November 2024 | 440,151 |  |

| The fair value of the property is estimated to be cost incurred.

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 November 2025

14. | STOCK

| Group |

2025 | 2024 |

£ | £ |

| Goods purchased for resale | 1,735,249 |  | 1,622,496 |  |

| Raw materials | 113,999 |  | 105,417 |  |

| Finished goods | 152,667 |  | 102,906 |  |

2,001,915 |  | 1,830,819 |  |

15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Trade debtors | 4,510,794 |  | 3,764,658 |  | - |  | - |  |

| Amounts recoverable on contracts | 39,152 |  | 28,002 |  | - |  | - |  |

| Other debtors | 62,696 |  | 26,848 |  | 56,295 |  | 14,842 |  |

| Corporation tax | (8,399 | ) | (13,152 | ) | 5,408 |  | - |  |

| Prepayments and accrued income | 231,872 |  | 202,461 |  | 56,650 |  | 82,399 |  |

4,836,115 |  | 4,008,817 |  | 118,353 |  | 97,241 |  |

16. | CURRENT ASSET INVESTMENTS

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Unlisted investments | 113,494 |  | 111,681 |  | 113,494 |  | 111,681 |  |

| Unlisted investments are stated at fair value. If they had not been revalued, they would be stated at cost of £100,000.

17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Contract payments on account | 138,467 |  | 165,582 |  | - |  | - |  |

| Trade creditors | 3,565,433 |  | 3,102,375 |  | - |  | - |  |

| Amounts owed to group undertakings | 21,923 |  | 34,978 |  | 3,047,639 |  | 5,410,831 |  |

| Corporation tax | 320,136 |  | 726,671 |  | - |  | 410,484 |  |

| Social security and other taxes | 779,698 |  | 653,018 |  | 163,890 |  | 34,192 |  |

| Other creditors | 69,706 |  | 294,904 |  | 69,706 |  | 294,904 |  |

| Accruals and deferred income | 2,535,466 |  | 1,689,855 |  | 1,647,444 |  | 734,993 |  |

7,430,829 |  | 6,667,383 |  | 4,928,679 |  | 6,885,404 |  |

18. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 November 2025

| Group

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 198,000 |  | 223,161 |  |

| Between one and five years | 792,000 |  | 807,369 |  |

| In more than five years | 594,000 |  | 792,000 |  |

1,584,000 |  | 1,822,530 |  |

| Company

| Non-cancellable |

| operating leases |

2025 | 2024 |

£ | £ |

| Within one year | 198,000 |  | 198,000 |  |

| Between one and five years | 792,000 |  | 792,000 |  |

| In more than five years | 594,000 |  | 792,000 |  |

1,584,000 |  | 1,782,000 |  |

19. | PROVISIONS FOR LIABILITIES

| Group |  | Company |

2025 | 2024 | 2025 | 2024 |

£ | £ | £ | £ |

| Deferred tax

| Accelerated capital allowances | 160,190 |  | 126,118 |  | 65,541 |  | 41,048 |  |

| Other timing differences | 1,673 |  | 1,390 |  | 3,169 |  | 2,781 |  |

161,863 |  | 127,508 |  | 68,710 |  | 43,829 |  |

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 November 2025

19. | PROVISIONS FOR LIABILITIES - continued

| Group

| Deferred |

| tax |

£ |

| Balance at 1 December 2024 | 136,409 |  |

| Charge to Statement of Comprehensive Income during year | 30,864 |  |

| Balance at 30 November 2025 | 167,273 |  |

| Group

| BALANCE ABOVE AT START OF YEAR RE DEFERRED TAX ON CLIENT SCREEN OF | 136,409 |  |

| DOES NOT AGREE TO LAST YEAR TOTAL OF ACCOUNTS PER TB | 127,508 |  |

| Group

| BALANCE ABOVE AT END OF YEAR RE DEFERRED TAX ON CLIENT SCREEN OF | 167,273 |  |

| DOES NOT AGREE TO CURRENT YEAR TOTAL OF ACCOUNTS PER TB | 161,863 |  |

| PLEASE CHECK CLIENT SCREEN - NOTES TO FINANCIAL STATEMENTS - BALANCE SHEET ITEMS - PROVISIONS FOR LIABILITIES - MOVEMENT IN PROVISIONS ETC

| Please note: a deferred tax asset should be entered as a negative balance (i.e. include a "-" sign)

| Company

| Deferred |

| tax |

£ |

| Balance at 1 December 2024 | 43,829 |  |

| Charge to Income Statement during year | 24,881 |  |

| Balance at 30 November 2025 | 68,710 |  |

20. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 3,000 | Ordinary | 1 | (400,333 | ) | (400,333 | ) |

21. | RESERVES

| Group

| Capital

| Retained |  | Share |  | redemption

| earnings |  | premium |  | reserve

£ | £ | £ |

| At 1 December 2024 | 15,110,829 |  | (20,000 | ) | (8,000 | ) |

| Profit for the year | 1,089,860 |  | - |  | - |  |

| At 30 November 2025 | 16,200,689 |  | (20,000 | ) | (8,000 | ) |

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 November 2025

21. | RESERVES - continued

| Group

| Merger |  | Other |

| reserve |  | reserves |  | Totals

£ | £ | £ |

| At 1 December 2024 | 1,871,000 |  | 20,000 |  | 16,973,829 |  |

| Profit for the year | - |  | - |  | 1,089,860 |  |

| At 30 November 2025 | 1,871,000 |  | 20,000 |  | 18,063,689 |  |

| Company

| Capital |

| Retained |  | redemption |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 December 2024 | 6,917,686 |  | 2,000 |  | 6,919,686 |  |

| Profit for the year | 42,624 |  | 42,624 |  |

| At 30 November 2025 | 6,960,310 |  | 2,000 |  | 6,962,310 |  |

| The merger reserve in the group balance sheet represents the difference between the nominal value and the fair value of the shares issued as consideration for the acquisition of MAG KB Limited. Goodwill of £290,373 arising on the acquisition of MAG KB Limited has been fully amortised. In addition goodwill of £3,508 on past acquisitions by MAG KB Limited has been eliminated against reserves.

22. | PENSION COMMITMENTS

| The group operates defined contribution pension schemes for the directors and staff. The schemes' funds are administered by trustees and are independent of the company's finances. The group's contributions as employers are disclosed in note 5 as "Other pension costs".

23. | CONTINGENT LIABILITIES

| The company is party to an unlimited composite cross guarantee to its bankers securing the borrowings of subsidiary companies. There were no such borrowings at 30 November 2025 - 2024: none.

| Overall the group's net cash at bank amounted to £17,134,583 - 2024: £16,413,757.

| The company is contingently liable under a group registration scheme for VAT liabilities of subsidiary companies. At 30 November 2025 such liabilities amounted to £502,040 - 2024: £523,465.

24. | RELATED PARTY DISCLOSURES

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', from disclosing related party transactions with wholly owned subsidiaries within the group.

| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

| The company paid rent to a company pension scheme for the year amounting to £198,000 - 2024 £192,244.

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 November 2025

25. | CONTROLLING PARTY

| The company is controlled by Mr G C S Gates.

26. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2025 |  | 2024

£ | £ |

| Profit before taxation | 1,455,348 |  | 3,050,169 |  |

| Depreciation charges | 314,914 |  | 347,148 |  |

| Profit on disposal of fixed assets | (39,130 | ) | (1,141 | ) |

| Gain on revaluation of investments | (1,553 | ) | (13,877 | ) |

| Finance costs | 31,221 |  | 22,305 |  |

| Finance income | (480,033 | ) | (487,722 | ) |

1,280,767 |  | 2,916,882 |  |

| Increase in stock | (171,096 | ) | (343,031 | ) |

| (Increase)/decrease in trade and other debtors | (809,705 | ) | 254,516 |  |

| Increase/(decrease) in trade and other creditors | 1,215,199 |  | (36,344 | ) |

| Cash generated from operations | 1,515,165 |  | 2,792,023 |  |

27. | CASH AND CASH EQUIVALENTS

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

| Year ended 30 November 2025

| 30.11.25 |  | 1.12.24

£ | £ |

| Cash and cash equivalents | 16,633,578 |  | 15,962,739 |  |

| Year ended 30 November 2024

| 30.11.24 |  | 1.12.23

£ | £ |

| Cash and cash equivalents | 15,962,739 |  | 14,536,377 |  |

MAG GROUP LIMITED (REGISTERED NUMBER: 04577893)

Notes to the Consolidated Financial Statements - continued

for the Year Ended 30 November 2025

28. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.12.24 | Cash flow | At 30.11.25

£ | £ | £ |

| Net cash |

| Cash at bank | 15,962,739 |  | 670,839 |  | 16,633,578 |  |

15,962,739 |  | 670,839 |  | 16,633,578 |  |

| Liquid resources |

| Current asset investments | 111,681 |  | 1,813 |  | 113,494 |  |

111,681 |  | 1,813 |  | 113,494 |  |

| Total | 16,074,420 |  | 672,652 |  | 16,747,072 |  |

29. | BANK SECURITY

| Group bank borrowings are secured by a legal mortgage and fixed and floating charges over group assets. There were no group borrowings at 30 November 2025 - 2024: none.