Bailey Trailers Limited Company accounts

COMPANY REGISTRATION NUMBER: 01978152

Bailey Trailers Limited

Financial Statements

For the year ended

30 November 2025

Bailey Trailers Limited

Financial Statements

Year ended 30 November 2025

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	4

Independent auditor's report to the members	6

Statement of income and retained earnings	11

Statement of financial position	12

Statement of cash flows	13

Notes to the financial statements	14

Bailey Trailers Limited

Officers and Professional Advisers

The board of directors	B T Bailey (Resigned 31 December 2025)
	D R Hoyes
	R Bailey
	M T Bailey

Company secretary	M Chessum

Registered office	Pride Parkway
	Sleaford
	Lincs
	NG34 8GL

Auditor	Streets Audit LLP
	Chartered Accountants & statutory auditor
	Windsor House
	A1 Business Park at
	Long Bennington
	Notts
	NG23 5JR

Bankers	National Westminster Bank Plc
	27-28 St Peters Hill
	Grantham
	Lincs
	NG31 6QG

Bailey Trailers Limited

Strategic Report

Year ended 30 November 2025

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face. The company continues to manufacture trailers for resale. We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being gross margin and turnover. Turnover has decreased by 1.9% to £21.3m in the year. Gross profit percentage for the year was 14.1% (2024 - 17.5%). Our statement of financial position remains strong with reserves around £8.6m (2024 - £8.7m). As for many businesses of our size, the business environment in which we operate continues to be challenging however the company has a strong order book and results are continuing to strengthen since the year end. On 19 June 2026, we were saddened with the passing of our founder, Tom Bailey. Credit risk The company seeks to manage its credit risk by dealing with established customers or otherwise checking the credit-worthiness of new customers, establishing clear contractual relationships with those customers and by identifying and addressing any credit issues arising in a timely manner. Interest rate risk The company's exposure to market risk for the changes in interest rates relates primarily to its finance lease borrowings. The company seeks to manage this risk by the use of a combination of variable and fixed rates. Liquidity risk The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. As for many businesses of our size, the business environment in which we operate continues to be challenging. We are not immune from the economic problems facing all businesses including the current cost of living crisis and war in Ukraine. ate. With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control.

This report was approved by the board of directors on 28 August 2026 and signed on behalf of the board by:

M T Bailey

Director

Registered office:

Pride Parkway

Sleaford

Lincs

NG34 8GL

Bailey Trailers Limited

Directors' Report

Year ended 30 November 2025

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

Directors

The directors who served the company during the year were as follows:

B T Bailey
D R Hoyes
R Bailey
M T Bailey

Dividends paid during the year

The directors do not recommend the payment of a dividend.

Disclosure of information in the strategic report

The company has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 judgments 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 28 August 2026 and signed on behalf of the board by:

M T Bailey

Director

Registered office:

Pride Parkway

Sleaford

Lincs

NG34 8GL

Bailey Trailers Limited

Independent Auditor's Report to the Members of Bailey Trailers Limited

Year ended 30 November 2025

Opinion

We have audited the financial statements of Bailey Trailers Limited (the 'company') for the year ended 30 November 2025 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, 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 FRS 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; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report 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.

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 directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and health and safety legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - inquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to inquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities 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 auditor’s report. Use of our report

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

Jonathan Day

(Senior Statutory Auditor)

For and on behalf of

Streets Audit LLP

Chartered Accountants & statutory auditor

Windsor House

A1 Business Park at

Long Bennington

Notts

NG23 5JR

28 August 2026

Bailey Trailers Limited

Statement of Income and Retained Earnings

Year ended 30 November 2025

		2025	2024
Note		£	£
Turnover	4	21,259,039	21,682,499

Cost of sales	18,175,640	17,886,603
	---------------	---------------
Gross profit	3,083,399	3,795,896

Distribution costs		306,522	248,362
Administrative expenses		2,975,471	2,522,940
		-------------	-------------
Operating (loss)/profit	5	( 198,594)	1,024,594

Other interest receivable and similar income	9	45,672	34,608
Interest payable and similar expenses	10	1,569	12,674
		-------------	-------------
(Loss)/profit before taxation		( 154,491)	1,046,528

Tax on (loss)/profit	11	( 178,312)	( 55,067)
		----------	-------------
Profit for the financial year and total comprehensive income		23,821	1,101,595
		----------	-------------

Retained earnings at the start of the year	8,747,580	7,645,985
	-------------	-------------
Retained earnings at the end of the year	8,771,401	8,747,580
	-------------	-------------

All the activities of the company are from continuing operations.

Bailey Trailers Limited

Statement of Financial Position

30 November 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	12		3,514,582	3,820,836

Current assets

Stocks	14	1,567,606	1,425,674
Debtors	15	4,810,987	4,052,248
Cash at bank and in hand		2,202,675	3,111,411
		-------------	-------------
		8,581,268	8,589,333

Creditors: amounts falling due within one year	16	2,679,575		2,908,451
		-------------		-------------
Net current assets			5,901,693	5,680,882
			-------------	-------------
Total assets less current liabilities			9,416,275	9,501,718

Provisions

Taxation including deferred tax	17	642,474	751,738
		-------------	-------------
Net assets		8,773,801	8,749,980
		-------------	-------------

Capital and reserves

Called up share capital	20	2,400	2,400
Profit and loss account	21	8,771,401	8,747,580
		-------------	-------------
Shareholders funds		8,773,801	8,749,980
		-------------	-------------

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

These financial statements were approved by the board of directors and authorised for issue on 28 August 2026 , and are signed on behalf of the board by:

M T Bailey

Director

Company registration number: 01978152

Bailey Trailers Limited

Statement of Cash Flows

Year ended 30 November 2025

	2025	2024
	£	£

Cash flows from operating activities

Profit for the financial year	23,821	1,101,595

Adjustments for:
Depreciation of tangible assets	679,505	649,925
Other interest receivable and similar income	( 45,672)	( 34,608)
Interest payable and similar expenses	1,569	12,674
Loss/(gains) on disposal of tangible assets	13,967	( 43,788)
Tax on (loss)/profit	( 178,312)	(55,067)
Accrued expenses	–	21,278

Changes in:
Stocks	( 141,932)	823,026
Trade and other debtors	( 328,022)	( 421,150)
Trade and other creditors	( 228,876)	( 216,866)
	----------	-------------
Cash generated from operations	( 203,952)	1,837,019

Interest paid	( 1,569)	( 12,674)
Interest received	45,672	34,608
Tax received	69,048	7,770
	----------	-------------
Net cash (used in)/from operating activities	( 90,801)	1,866,723
	----------	-------------

Cash flows from investing activities

Purchase of tangible assets	( 823,418)	( 1,603,517)
Proceeds from sale of tangible assets	436,200	792,511
	----------	-------------
Net cash used in investing activities	( 387,218)	( 811,006)
	----------	-------------

Cash flows from financing activities

Proceeds from borrowings	( 430,717)	( 67,228)
Payments of finance lease liabilities	–	( 219,444)
	----------	-------------
Net cash used in financing activities	( 430,717)	( 286,672)
	----------	-------------

Net (decrease)/increase in cash and cash equivalents	( 908,736)	769,045
Cash and cash equivalents at beginning of year	3,111,411	2,342,366
	-------------	-------------
Cash and cash equivalents at end of year	2,202,675	3,111,411
	-------------	-------------

Bailey Trailers Limited

Notes to the Financial Statements

Year ended 30 November 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Pride Parkway, Sleaford, Lincs, NG34 8GL.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Research and development

The company carries out research and development activities in order to enhance its product range and to establish developments in technology that will enable it to design new products and processes within its core market.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) are those that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as disclosed in the accounting policies and notes to the financial statements. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as disclosed in the accounting policies and notes to the financial statements. 1 Depreciation charge The annual depreciation charge for each class of tangible fixed asset is based on an estimate of the useful economic life of the respective assets. This is reviewed periodically by the directors to ensure that they reflect both the external and internal factors. 2 Work in progress/amounts recoverable on contract Work in progress is included in the financial statements based on the percentage of completion of all stock items, being jobs which are not directly contracted for a customer, as at the year-end. All jobs for which a customer contract is in place, an amount recoverable on contract is calculated based on the percentage of completion plus a 20% profit margin included.

Revenue recognition

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

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land and buildings	-	10% Straight Line
Other fixed assets	-	20% Straight Line
Plant & Machinery	-	10% - 20% Straight Line
Motor Vehicles	-	20% Straight Line
Equipment	-	20% Straight Line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Stocks

Stocks are valued at the lower of cost and net realisable value, on a first-in-first-out basis, after making due allowance for obsolete and slow moving items. Cost is based on purchase price.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Sale of goods	21,259,039	21,682,499
	---------------	---------------

The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2025	2024
	£	£
United Kingdom	18,681,704	19,528,450
Overseas	2,577,335	2,154,049
	---------------	---------------
	21,259,039	21,682,499
	---------------	---------------

5. Operating (loss)/profit

Operating profit or loss is stated after charging/crediting:

	2025	2024
	£	£
Depreciation of tangible assets	679,505	649,925
Loss/(gains) on disposal of tangible assets	13,967	( 43,788)
	----------	----------

6. Auditor's remuneration

	2025	2024
	£	£
Fees payable for the audit of the financial statements	8,000	7,000
	-------	-------

Fees payable to the company's auditor and its associates for other services:

Other non-audit services	3,000	2,997
	-------	-------

7. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2025	2024
	No.	No.
Production staff	76	76
Distribution staff	2	2
Administrative staff	8	9
Management staff	4	4
	----	----
	90	91
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2025	2024
	£	£
Wages and salaries	4,197,029	4,132,727
Social security costs	524,017	459,880
Other pension costs	493,839	85,345
	-------------	-------------
	5,214,885	4,677,952
	-------------	-------------

8. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	349,019	428,981
Company contributions to defined contribution pension plans	405,256	5,256
	----------	----------
	754,275	434,237
	----------	----------

The number of directors who accrued benefits under company pension plans was as follows:

	2025	2024
	No.	No.
Defined contribution plans	2	2
	----	----

Remuneration of the highest paid director in respect of qualifying services:

	2025	2024
	£	£
Aggregate remuneration	247,121	148,158
	----------	----------

9. Other interest receivable and similar income

	2025	2024
	£	£
Interest on loans and receivables	10,688	–
Interest on cash and cash equivalents	34,984	34,608
	---------	---------
	45,672	34,608
	---------	---------

10. Interest payable and similar expenses

	2025	2024
	£	£
Interest on banks loans and overdrafts	1,569	–
Interest on obligations under finance leases and hire purchase contracts	–	12,674
	-------	---------
	1,569	12,674
	-------	---------

11. Tax on (loss)/profit

Major components of tax income

	2025	2024
	£	£

Current tax:

UK current tax expense	7,747	97,930
Adjustments in respect of prior periods	( 76,795)	( 105,700)
	---------	----------
Total current tax	( 69,048)	( 7,770)
	---------	----------

Deferred tax:

Origination and reversal of timing differences	( 109,264)	( 47,297)
	----------	---------
Tax on (loss)/profit	( 178,312)	(55,067)
	----------	---------

Reconciliation of tax income

The tax assessed on the (loss)/profit on ordinary activities for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 25 %).

	2025	2024
	£	£
(Loss)/profit on ordinary activities before taxation	( 154,491)	1,046,528
	----------	-------------
(Loss)/profit on ordinary activities by rate of tax	( 38,623)	261,632
Adjustment to tax charge in respect of prior periods	( 76,795)	( 105,700)
Effect of expenses not deductible for tax purposes	7,614	7,574
Deferred tax movement	–	(114,219)
R&D tax claim	(70,508)	(104,353)
	----------	-------------
Tax on (loss)/profit	( 178,312)	(55,066)
	----------	-------------

12. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 December 2024	1,396,891	4,882,485	373,667	64,883	6,717,926
Additions	192,711	517,933	54,385	58,389	823,418
Disposals	–	( 495,453)	( 56,645)	–	( 552,098)
	-------------	-------------	----------	----------	-------------
At 30 November 2025	1,589,602	4,904,965	371,407	123,272	6,989,246
	-------------	-------------	----------	----------	-------------
Depreciation
At 1 December 2024	668,020	2,058,900	117,365	52,805	2,897,090
Charge for the year	117,138	484,394	66,084	11,889	679,505
Disposals	–	( 85,882)	( 16,049)	–	( 101,931)
	-------------	-------------	----------	----------	-------------
At 30 November 2025	785,158	2,457,412	167,400	64,694	3,474,664
	-------------	-------------	----------	----------	-------------
Carrying amount
At 30 November 2025	804,444	2,447,553	204,007	58,578	3,514,582
	-------------	-------------	----------	----------	-------------
At 30 November 2024	728,871	2,823,585	256,302	12,078	3,820,836
	-------------	-------------	----------	----------	-------------

Capital commitments

	2025	2024
	£	£
Contracted for but not provided for in the financial statements	500,000	–
	----------	----

13. Investments

	Other investments other than loans
	£
Cost
At 1 December 2024 and 30 November 2025	125,000
	----------
Impairment
At 1 December 2024 and 30 November 2025	125,000
	----------

Carrying amount
At 30 November 2025	–
	----------
At 30 November 2024	–
	----------

The company has an investment in Helium Productions LLP.

14. Stocks

	2025	2024
	£	£
Raw materials and consumables	1,344,882	1,160,721
Work in progress	2,066	29,268
Finished goods and goods for resale	220,658	235,685
	-------------	-------------
	1,567,606	1,425,674
	-------------	-------------

15. Debtors

	2025	2024
	£	£
Trade debtors	2,942,811	3,307,452
Prepayments and accrued income	632,792	97,792
Directors loan account	170,353	69,654
Other debtors	1,065,031	577,350
	-------------	-------------
	4,810,987	4,052,248
	-------------	-------------

The debtors above include the following amounts falling due after more than one year:

	2025	2024
	£	£
Other debtors	95,687	121,195
	---------	----------

16. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	2,031,033	2,112,963
Accruals and deferred income	274,464	274,464
Social security and other taxes	215,407	335,766
Other creditors	158,671	185,258
	-------------	-------------
	2,679,575	2,908,451
	-------------	-------------

17. Provisions

	Deferred tax (note 18)
	£
At 1 December 2024	751,738
Additions	( 109,264)
	----------
At 30 November 2025	642,474
	----------

18. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 17)	642,474	751,738
	----------	----------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	642,474	751,738
	----------	----------

19. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 88,583 (2024: £ 80,089 ).

20. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary shares of £ 1 each	2,400	2,400	2,400	2,400
	-------	-------	-------	-------

21. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses .

22. Analysis of changes in net debt

	At 1 Dec 2024	Cash flows	At 30 Nov 2025
	£	£	£
Cash at bank and in hand	3,111,411	(908,736)	2,202,675
	-------------	----------	-------------

23. Directors' advances, credits and guarantees

During the year the directors operated a loan account with the company. The directors owed the company £170,353 (2024 - £69,654 owed to the company) at the year end. The loan is repayable on demand and interest is charged on the balance at 3.75%.

24. Related party transactions

During the year, the company paid rent to The Bailey Holdings Partnership (a partnership owned by two directors of the company and members of their close family) amounting to £288,000 (2024 - £288,000). No balance was outstanding at the year end. The company has loaned funds to the partnership amounting to £243,406 (2024 - £243,406). No interest was charged and the loan is repayable on demand. The company has loaned funds to Bailey Chessum Developments Limited amounting to £155,371 (2024 - £155,371). No interest was charged and the loan is repayable on demand. During the year, the company has loan £340,706 to four family members of the directors. The loan was the maximum outstanding at the year end, is repayable on demand and is interest bearing at 3.75%.