REGISTERED NUMBER: 01579423 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 November 2025

for

ALTHON LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Notes to the Financial Statements

10

DIRECTORS:

G C S Gates

T P J Gates

G S Cox

D M Fiddy

SECRETARY:

D M Fiddy

REGISTERED OFFICE:

Vulcan Road South

Norwich

Norfolk

NR6 6AF

REGISTERED NUMBER:

01579423 (England and Wales)

AUDITORS:

Rawse, Varley & Co

Statutory Auditor

Lloyds Bank Chambers

Hustlergate

Bradford

BD1 1UQ

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

COMPANY ACTIVITIES

The company's principal activities comprise the design, manufacture and distribution of specialist water management products for the constuction industry, including precast concrete headwalls and related accessories.

BUSINESS REVIEW

The company's profit after taxation for the year amounted to £700,873 - 2024: £639,988.

The key financial performance indicators were as follows:

2025

2024

£

£

Turnover

15,886,666

13,901,227

Gross profit margin

34.2%

33.9%

Operating profit

925,689

832,355

Cash at bank

5,142,808

1,962,268

Turnover was approximately 14% higher than the previous year. This follows a decrease in turnover of 16% last year and is considered to reflect a general recovery in activity in the sectors in which the company operates. The gross profit margin was maintained within the company's expected range. Employment and other costs increased slightly compared with the previous year, whilst group charges were higher and generally in line with the increased level of activity.

Last year net amounts owed at the year end by group companies increased by approximately £1.6m and in the current year this was more than reversed. The cash flow effect has been a significant increase in cash at bank, which also benefitted from strong cash generation from operations.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's business is primarily construction related and is subject to the risks associated with a significant downturn in that sector. The business may also be affected by increased costs resulting from a major change in foreign currency exchange rates. To mitigate these risks, the company looks to build strong customer relationships and to constantly improve, develop and source new products.

ON BEHALF OF THE BOARD:

D M Fiddy - Secretary

21 August 2026

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

DIVIDENDS

It is not proposed to distribute dividends 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

G S Cox

D M Fiddy

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

A resolution proposing the re-appointment of Rawse, Varley & Co as auditors of the company will be put to the Annual General Meeting.

ON BEHALF OF THE BOARD:

D M Fiddy - Secretary

21 August 2026

Opinion

We have audited the financial statements of Althon Limited (the 'company') for the year ended 30 November 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 company's affairs as at 30 November 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of directors

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

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

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 company and the industry in which it operates, 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 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

Bradford

21 August 2026

INCOME

15,886,666

13,901,227

Cost of sales

10,447,841

9,183,480

GROSS PROFIT

5,438,825

4,717,747

Administrative expenses

4,513,136

3,885,392

OPERATING PROFIT

5

925,689

832,355

Interest receivable and similar income

8,851

21,110

PROFIT BEFORE TAXATION

934,540

853,465

Tax on profit

6

233,667

213,477

PROFIT FOR THE FINANCIAL YEAR

700,873

639,988

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

700,873

639,988

FIXED ASSETS

Tangible assets

7

207,659

302,808

CURRENT ASSETS

Stock

8

480,292

503,360

Debtors

9

5,545,809

7,188,845

Cash at bank

5,142,808

1,962,268

11,168,909

9,654,473

CREDITORS

Amounts falling due within one year

10

4,093,149

3,351,243

NET CURRENT ASSETS

7,075,760

6,303,230

TOTAL ASSETS LESS CURRENT LIABILITIES

7,283,419

6,606,038

PROVISIONS FOR LIABILITIES

11

47,815

71,307

NET ASSETS

7,235,604

6,534,731

CAPITAL AND RESERVES

Called up share capital

12

500

500

Retained earnings

13

7,235,104

6,534,231

SHAREHOLDERS' FUNDS

7,235,604

6,534,731

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

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 December 2023

500

5,894,243

5,894,743

Changes in equity

Total comprehensive income

-

639,988

639,988

Balance at 30 November 2024

500

6,534,231

6,534,731

Changes in equity

Total comprehensive income

-

700,873

700,873

Balance at 30 November 2025

500

7,235,104

7,235,604

1.	STATUTORY INFORMATION

Althon 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 Company 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.

As permitted by FRS 102, the company has taken advantage of exemptions from disclosure of a cash flow statement and a note of key management personnel compensation.

Turnover

Turnover represents the invoice value of goods and related services sold, less returns and allowances, excluding value added tax.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation.

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

Plant and machinery - 20% and 25% of cost

Fixtures and fittings - 20% and 25% of cost

Stock

Stock is stated at the lower of cost and estimated net realisable value. Cost is determined using the first in, first out (FIFO) principle.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred 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 in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at exchange rates that approximate those ruling at the date of transactions. Exchange differences are taken into account in arriving at the operating result.

Pension contributions

Contributions payable to the group defined contribution pension scheme are charged to profit and loss account when incurred.

3.	CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company'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 the design and technological development of the company's products.

In applying the accounting policy for stock, realisable value has been estimated to be at least equal to cost. This is 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.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

511,726

461,898

Social security costs

67,345

54,779

Other pension costs

10,150

8,936

589,221

525,613

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

2025

2024

Staff

7

7

2025

2024

£

£

Directors' remuneration

-

-

5.	OPERATING PROFIT

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

2025

2024

£

£

Depreciation - owned assets

109,523

111,902

Profit on disposal of fixed assets

-

(1,141

)

Auditors' remuneration

12,850

12,050

6.

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

257,127

175,916

Prior year adjustment

32

-

Total current tax

257,159

175,916

Deferred tax

(23,492

)

37,561

Tax on profit

233,667

213,477

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

934,540

853,465

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

233,635

213,366

Effects of:

Expenses not deductible for tax purposes

-

111

Adjustments to tax charge in respect of previous periods

32

-

rate

Total tax charge

233,667

213,477

7.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 December 2024

961,304

198,194

1,159,498

Additions

11,326

3,048

14,374

At 30 November 2025

972,630

201,242

1,173,872

DEPRECIATION

At 1 December 2024

665,393

191,297

856,690

Charge for year

105,540

3,983

109,523

At 30 November 2025

770,933

195,280

966,213

NET BOOK VALUE

At 30 November 2025

201,697

5,962

207,659

At 30 November 2024

295,911

6,897

302,808

8.

STOCK

Stock consists of goods held for resale.

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

3,794,048

3,193,323

Amounts owed by group undertakings

1,674,617

3,965,331

Other debtors

-

806

Prepayments and accrued income

77,144

29,385

5,545,809

7,188,845

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

3,018,855

2,446,260

Amounts owed to group undertakings

6,064

8,135

Corporation tax

257,127

175,916

Social security and other taxes

403,653

354,420

Accruals and deferred income

407,450

366,512

4,093,149

3,351,243

11.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

Accelerated capital allowances

48,017

71,514

Other timing differences

(202

)

(207

)

47,815

71,307

Deferred

tax

£

Balance at 1 December 2024

71,307

Accelerated capital allowances

(23,497

)

Other timing differences

5

Balance at 30 November 2025

47,815

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

500

Ordinary

£1

500

500

13.

RESERVES

Retained

earnings

£

At 1 December 2024

6,534,231

Profit for the year

700,873

At 30 November 2025

7,235,104

14.	PENSION COMMITMENTS

The company is party to a group defined contribution pension scheme. The scheme funds are administered by trustees and are independent of the company's finances, being invested with an insurance company. Pension contributions payable for the year are disclosed in note 4.

15.	ULTIMATE PARENT COMPANY AND CONTROLLING PARTY

The parent undertaking and ultimate holding company is MAG Group Limited.

The registered office of MAG Group Limited is MAG Group Building, Vulcan Road South, Norwich, NR6 6AF.

The ultimate controlling party is G C S Gates.

16.	CONTINGENT LIABILITIES AND GUARANTEES

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

Overall the group's 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 group companies. At 30 November 2025 such liabilities amounted to £110,190 - 2024: £167,471.

The above arrangements are not expected to have any financial effect on the company.

17.	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.

18.	BANK SECURITY

Bank borrowings are secured by a debenture over the company's assets. There were no bank borrowings at 30 November 2025 - 2024: none.