REGISTERED NUMBER: SC332393 (Scotland)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 November 2025

for

Rosskeen Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

R M Sutherland

M M McDonald

SECRETARY:

LC Secretaries Limited

REGISTERED OFFICE:

Rosskeen Old Manse

Invergordon

Ross-shire

IV18 0PR

REGISTERED NUMBER:

SC332393 (Scotland)

SENIOR STATUTORY AUDITOR:

Greg Stapley

AUDITORS:

Sumer Auditco Limited

Statutory Auditors

Saltire Centre

Pentland House

Glenrothes

KY6 2AH

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

REVIEW OF BUSINESS

The principal activities of the company in the year under review were:

providing scaffolding and access solutions to the oil and gas industry, civil construction and shipping and boating sector;

specialist transport and road haulage services;

shrinkwrap and containment services;

painting and decorating services through the Ian Dingwall painting division.

The trading results for the period, the financial position of the company and the transfer to reserves are shown in the annexed financial statements.

PRINCIPAL RISKS AND UNCERTAINTIES

The key business risks and uncertainties affecting the company are considered to be:

Competitive risk

Competition is a risk for the company as the environment the company operates in is highly competitive with local and national companies competing for similar business. The directors are comfortable that the company has the resource, diversification of trade and dedication to customer service to mitigate this risk.

Pricing risk

The risk and impact of inflation is affecting pricing. The company will strive to negotiate and source at the best prices possible to protect supply of services, protect margins and mitigate the risk of substantial price increases to its customers.

Credit risk

Credit risk is the risk that one party will cause financial loss to another party by failing to pay a debt as it falls due. The company only trades with customers who it deems are credit worthy. This is monitored on an ongoing basis.

Labour risk

People do business with people. Our staff ensure this business is delivered successfully. A shortage of staff is therefore a key risk to the business. The company will mitigate this risk by investing and retaining its staff.

Health and Safety risk

The health, safety and well-being of our staff and customers is a priority. We have a dedicated health and safety officer who monitors our working environment to ensure we are always working safely and follow government guidance. In some cases, where we perceive there to be a risk, we are implementing practices that are above and beyond what is recommended. Depending on the severity of any cases, there would be business disruption, however, we have a plan of action to follow which should minimise disruption whilst keeping everyone safe.

OVERVIEW OF PERFORMANCE IN THE YEAR

The company is pleased that since the end of the pandemic that trading has returned to normal levels with slight increase in turnover. They are confident that increased trading activity will continue and will result in further development in trading performance going forward.

Turnover has increased from £9.7m to £10m. The group has recorded a profit of £628k compared to £438k in the previous year.

FINANCIAL KEY PERFORMANCE INDICATORS

The company is a financially focused business, which monitors performance using a range of measures.

KPI

Aim

2025

2024

Gross Profit

Maintain and strengthen margin

17.6%

16.7%

Net Profit/(Loss)before tax

Deliver sustainable profitability

£847k

£580k

Capital Expenditure

Reinvest retained profits

£408k

£787k

The directors also review monthly aged debtor reports and monitor cash availability against forecast expenditure levels.

FUTURE DEVELOPMENTS

The group companies will continue to support and develop their current client base and build on their existing relationships, along with seeking to expand their services to potential new customers.

ON BEHALF OF THE BOARD:

R M Sutherland - Director

28 August 2026

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

DIVIDENDS

The total distribution of dividends for the year ended 30 November 2025 will be £ 298,509 .

DIRECTORS

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

R M Sutherland

M M McDonald

POLITICAL DONATIONS AND EXPENDITURE

The group made miscellaneous charitable donations totalling £4,196 (2024: £10,924), no individual charity received more than £2,000.

GOING CONCERN

These financial statements have been prepared on a going concern basis. The directors are required to state whether it is appropriate to adopt the going concern basis of accounting in preparing the financial statements, and to identify any material uncertainties as to the Group's ability to continue as a going concern over a period of at least 12 months from the date of approval of the financial statements. The period of management's going concern assessment is the period to 30 November 2026.

The results for the current year show an improvement with increased turnover and increased profits. Turnover has increased by 3% from £9.7m to £10m and the profit after tax has increased to £628k from £438k in the previous year.

The group's historical trading results have created substantial reserves and the cash and net asset position remain strong. The group held bank balances of £1.9m and net assets of £5.8m at 30 November 2025.

The Group has reviewed its forecasts and projections for the going concern assessment period to November 2026. Based on the anticipated demand for services, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the period to 30 November 2026. The Group therefore continues to adopt the going concern basis in preparing its financial statements.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen in accordance with s.414C(11) of the Companies Act 2006 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 to be contained in the directors' report. It has done so in respect of review of the business, future developments and Key Performance Indicators.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

R M Sutherland - Director

28 August 2026

Opinion

We have audited the financial statements of Rosskeen Holdings 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 Consolidated Cash Flow Statement, 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.

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 pages four and five, 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.

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:

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:

We gained and understanding of the legal and regulatory framework applicable to the Company and the industry in which it operated and considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to the Companies Act 2006.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentation or through collusion.

We focussed on laws and regulations that could give rise to a material misstatement in the company's financial statement. Our tests included, but were not limited to:

- Agreement of the financial statement disclosures to underlying supporting documentation;

- Enquiries of the directors;

- Review of legal correspondence or invoices;

- Obtaining an understanding of the control environment in monitoring compliance with laws and regulations.

There are inherent limitations in and audit of financial statements and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the director that represented a risk of material misstatement due to fraud.

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.

Greg Stapley (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Statutory Auditors

Saltire Centre

Pentland House

Glenrothes

KY6 2AH

28 August 2026

TURNOVER

3

10,047,976

9,737,433

Cost of sales

8,283,851

8,220,477

GROSS PROFIT

1,764,125

1,516,956

Administrative expenses

933,802

941,139

830,323

575,817

Other operating income

28,460

12,938

OPERATING PROFIT

5

858,783

588,755

Interest receivable and similar income

-

784

858,783

589,539

Interest payable and similar expenses

6

10,918

9,532

PROFIT BEFORE TAXATION

847,865

580,007

Tax on profit

7

219,624

142,322

PROFIT FOR THE FINANCIAL YEAR

628,241

437,685

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

628,241

437,685

Profit attributable to:

Owners of the parent

628,241

437,685

Total comprehensive income attributable to:

Owners of the parent

628,241

437,685

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

2,835,148

2,999,180

Investments

12

-

-

2,835,148

2,999,180

CURRENT ASSETS

Stocks

13

374,716

366,882

Debtors

14

2,356,460

2,650,561

Cash at bank and in hand

1,907,804

878,358

4,638,980

3,895,801

CREDITORS

Amounts falling due within one year

15

1,042,660

897,175

NET CURRENT ASSETS

3,596,320

2,998,626

TOTAL ASSETS LESS CURRENT LIABILITIES

6,431,468

5,997,806

CREDITORS

Amounts falling due after more than one year

16

(50,992

)

(61,723

)

PROVISIONS FOR LIABILITIES

19

(577,814

)

(463,153

)

NET ASSETS

5,802,662

5,472,930

CAPITAL AND RESERVES

Called up share capital

20

35,002

35,002

Retained earnings

21

5,767,660

5,437,928

SHAREHOLDERS' FUNDS

5,802,662

5,472,930

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2026 and were signed on its behalf by:

R M Sutherland - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

76,231

78,137

Investments

12

1,460,002

1,724,845

1,536,233

1,802,982

CURRENT ASSETS

Debtors

14

104,032

135,881

Cash at bank

839,177

37,576

943,209

173,457

CREDITORS

Amounts falling due within one year

15

1,033,291

113,150

NET CURRENT (LIABILITIES)/ASSETS

(90,082

)

60,307

TOTAL ASSETS LESS CURRENT LIABILITIES

1,446,151

1,863,289

CAPITAL AND RESERVES

Called up share capital

20

35,002

35,002

Retained earnings

21

1,411,149

1,828,287

SHAREHOLDERS' FUNDS

1,446,151

1,863,289

Company's (loss)/profit for the financial year

(118,629

)

181,825

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2026 and were signed on its behalf by:

R M Sutherland - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 December 2023

35,002

5,263,243

5,298,245

Changes in equity

Dividends

-

(263,000

)

(263,000

)

Total comprehensive income

-

437,685

437,685

Balance at 30 November 2024

35,002

5,437,928

5,472,930

Changes in equity

Dividends

-

(298,509

)

(298,509

)

Total comprehensive income

-

628,241

628,241

Balance at 30 November 2025

35,002

5,767,660

5,802,662

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 December 2023

35,002

1,909,462

1,944,464

Changes in equity

Dividends

-

(263,000

)

(263,000

)

Total comprehensive income

-

181,825

181,825

Balance at 30 November 2024

35,002

1,828,287

1,863,289

Changes in equity

Dividends

-

(298,509

)

(298,509

)

Total comprehensive income

-

(118,629

)

(118,629

)

Balance at 30 November 2025

35,002

1,411,149

1,446,151

Cash flows from operating activities

Cash generated from operations

1

1,625,428

452,095

Interest element of hire purchase payments paid

(10,918

)

(9,532

)

Net cash from operating activities

1,614,510

442,563

Cash flows from investing activities

Purchase of tangible fixed assets

(408,025

)

(786,806

)

Sale of tangible fixed assets

43,840

129,284

Interest received

-

784

Net cash from investing activities

(364,185

)

(656,738

)

Cash flows from financing activities

Capital repayments in year

(11,180

)

(10,881

)

Amount introduced by directors

111,841

365,778

Amount withdrawn by directors

(23,031

)

(351,810

)

Equity dividends paid

(298,509

)

(263,000

)

Net cash from financing activities

(220,879

)

(259,913

)

Increase/(decrease) in cash and cash equivalents

1,029,446

(474,088

)

Cash and cash equivalents at beginning of year

2

878,358

1,352,446

Cash and cash equivalents at end of year

2

1,907,804

878,358

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30/11/25

30/11/24

£

£

Profit before taxation

847,865

580,007

Depreciation charges

527,417

532,084

Loss on disposal of fixed assets

796

24

Finance costs

10,918

9,532

Finance income

-

(784

)

1,386,996

1,120,863

(Increase)/decrease in stocks

(7,834

)

48,535

Decrease/(increase) in trade and other debtors

205,291

(744,678

)

Increase in trade and other creditors

40,975

27,375

Cash generated from operations

1,625,428

452,095

2.	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

1,907,804

878,358

Year ended 30 November 2024

30.11.24

1.12.23

£

£

Cash and cash equivalents

878,358

1,352,446

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.24

Cash flow

At 30.11.25

£

£

£

Net cash

Cash at bank and in hand

878,358

1,029,446

1,907,804

878,358

1,029,446

1,907,804

Debt

Finance leases

(146,271

)

11,180

(135,091

)

(146,271

)

11,180

(135,091

)

Total

732,087

1,040,626

1,772,713

1.	STATUTORY INFORMATION

Rosskeen Holdings Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Basis of consolidation

The consolidated profit and loss account and balance sheet include the financial statements of the company and its subsidiary undertakings up to 30 November 2025. The results of subsidiaries acquired are included in the profit and loss account from the date control passes. Intra-group sales and profits have been eliminated fully on consolidation.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions that affect the amounts reported for assets, liabilities, income and expenditure.

The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in future periods should it affect future periods.

The estimates and assumptions which carry a higher degree of risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Useful economic lives of tangible fixed assets

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. They are amended when necessary to reflect current estimates, future investment, economic utilisation and the physical condition of the assets. See note 8 for details of the values of tangible fixed assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents sales of goods, excluding value added tax, and includes:

scaffolding and access solutions to the oil and gas industry, civil construction and shipping and boating sector; specialist transport and road haulage services;

shrinkwrap and containment services;

decorating services through the Ian Dingwall painting division;

sale and hire of lifting gear, safety equipment and consumables;

and the inspection, testing and certification of lifting gear and electrical equipment.

Turnover is recognised when the risks and rewards associated with ownership have transferred to the purchaser.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of three years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

5% on reducing balance, 2% on cost and at varying rates on cost

Improvements to property

-

5% on reducing balance

Plant and machinery

-

varying rates on cost & reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

The company assesses the financial assets for evidence of impairment at each balance sheet date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from group companies are classified as debt and are initially recognised at transaction price. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

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.

Deferred tax

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 the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

These financial statements have been prepared on a going concern basis. The directors are required to state whether it is appropriate to adopt the going concern basis of accounting in preparing the financial statements, and to identify any material uncertainties as to the Group's ability to continue as a going concern over a period of at least 12 months from the date of approval of the financial statements. The period of management's going concern assessment is the period to 30 November 2026.

The results for the current year show an improvement with increased turnover and increased profits. Turnover has increased by 3% from £9.7m to £10m and the profit after tax has increased to £628k from £438k in the previous year.

The group's historical trading results have created substantial reserves and the cash and net asset position remain strong. The group held bank balances of £1.9m and net assets of £5.8m at 30 November 2025.

The Group has reviewed its forecasts and projections for the going concern assessment period to November 2026. Based on the anticipated demand for services, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the period to 30 November 2026. The Group therefore continues to adopt the going concern basis in preparing its financial statements.