REGISTERED NUMBER: 15841243 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025

FOR

JAMMY EAGLE HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

8

Report of the Independent Auditors

10

Consolidated Income Statement

14

Consolidated Other Comprehensive Income

15

Consolidated Balance Sheet

16

Company Balance Sheet

18

Consolidated Statement of Changes in Equity

19

Company Statement of Changes in Equity

20

Consolidated Cash Flow Statement

21

Notes to the Consolidated Cash Flow Statement

22

Notes to the Consolidated Financial Statements

24

DIRECTORS:

M Jamieson

N J Teagle

REGISTERED OFFICE:

Admiral House

Waterfront East

Brierley Hill

West Midlands

DY5 1XG

REGISTERED NUMBER:

15841243 (England and Wales)

AUDITORS:

Blackthorns

Chartered Accountants

and Registered Auditors

Admiral House

Waterfront East

Brierley Hill

West Midlands

DY5 1XG

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

JOINT MANAGING DIRECTORS' STATEMENT

As Joint Managing Directors, we are proud of how the entire Frameclad team has responded during one of the most challenging trading environments the construction industry has experienced in recent years.

Whilst market conditions affected our financial performance during the year, our focus has remained firmly on the long-term future of the business. We have continued to invest in innovation, manufacturing capability, technical excellence and our people because we believe these investments will deliver lasting value as the market recovers.

One of the most significant developments during the year has been the continued commercial progress of LEAF (Lightweight Engineered Adjustable Frame), our patent-pending innovation. LEAF has been developed to address many of the practical challenges faced by installers by reducing installation time, lowering labour requirements and minimising material waste. It also enables customers to redeploy their existing labour resources more efficiently, allowing more work to be completed without increasing workforce numbers.

Innovation remains central to our strategy. Continued investment is essential if Frameclad is to remain at the forefront of an increasingly competitive and technically demanding marketplace. Whether through expanding our independently fire-tested systems, developing LEAF or investing in new manufacturing capability and tooling, our objective is to provide customers with innovative, compliant and commercially beneficial solutions.

The strategic acquisition completed during the previous year reflects this philosophy. By investing in additional manufacturing assets, including machinery, tooling and specialist components, we broadened our product portfolio, increased manufacturing flexibility and strengthened our ability to support future product development and customer requirements.

Most importantly, we recognise that none of these achievements would be possible without the commitment, professionalism and dedication of our employees. Every member of the Frameclad team plays an integral role in our success, and we thank them for their continued hard work, resilience and commitment throughout a particularly demanding year.

Although the market remains challenging, we remain optimistic about the future. We believe the current slowdown in an area that we operate in is largely the result of delays within the Building Safety Regulator approval process rather than any reduction in the long-term demand for high-quality offsite construction. As this bottleneck begins to ease and projects move through procurement into construction, we expect activity across the sector to increase.

Our responsibility is to ensure that Frameclad is ready to capitalise on those opportunities. Through continued investment in our people, engineering expertise, manufacturing capability, innovation and customer relationships, we believe we have positioned the business strongly for the next phase of growth.

We remain confident in the long-term future of Frameclad and excited by the opportunities that lie ahead.

REVIEW OF BUSINESS

Despite a challenging trading environment, the Directors remained focused on strengthening the long-term position of the business through strategic investment, product innovation and operational development.

Turnover reduced during the year as a consequence of project delays across the construction sector rather than a reduction in the Group's long-term market opportunities.

A significant strategic transaction undertaken during the previous year involved the acquisition of manufacturing assets from a competitor exiting the UK market. This acquisition formed part of the Board's long-term strategy to strengthen manufacturing capability, broaden the Company's product offering and support future growth.

Following the acquisition, selected machinery, tooling and specialist components were retained to enhance production flexibility and manufacturing capability. The remaining roll-forming machinery, acquired specifically for resale as part of the transaction, was subsequently sold to an overseas purchaser.

The transaction also established an ongoing commercial relationship through the provision of manufacturing and engineering expertise, creating opportunities for future revenue generation beyond the current financial year.

The Directors believe the long-term commercial benefits arising from this strategic investment extend well beyond its immediate financial impact.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks facing the Group include:

- Construction market activity.

- Legislative and regulatory change.

- Material price volatility.

- Labour availability.

- Supply chain resilience.

- Economic uncertainty.

The Directors continually review these risks and seek to mitigate their impact through prudent financial management, investment in manufacturing capability, innovation, customer diversification and operational efficiency.

SECTION 172(1) STATEMENT

The board of directors, in line with their duties under s172 of the Companies Act 2006, act in a way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard to a range of matters when making decisions for the long term. Key decisions and matters that are of strategic importance to the company are appropriately informed by factors referred to in s172(1)(a) to (f).

Through an open and transparent dialogue with our key stakeholders, we have been able to develop a clear understanding of their needs, assess their perspectives and monitor their impact on our strategic ambition and culture. As part of the board's decision-making process, the board considers the potential impact of decisions on relevant stakeholders whilst also having regard to a number of broader factors, including the impact of the company's operations on the community and environment, responsible business practices and the likely consequences of decisions in the long term.

OUR STRATEGY

The Board's strategy is centred on delivering sustainable long-term growth through technical innovation, operational excellence and strategic investment.

The Groups long-term objectives are to:

- Continue investment in engineering expertise, manufacturing capability and digital technologies.

- Develop innovative products that improve construction efficiency, quality and sustainability.

- Expand the Company's portfolio of independently tested and technically compliant systems.

- Grow the commercial adoption of LEAF (Lightweight Engineered Adjustable Frame).

- Develop long-term strategic partnerships with developers, contractors, consultants and supply chain partners.

- Selectively expand into new domestic and international markets.

The Directors believe this strategy places the Group in a strong position to benefit from the continued evolution of Offsite Construction and increasing regulatory standards.

OPERATING ENVIRONMENT

The year commenced with a positive outlook, supported by a healthy order book, a strong pipeline of opportunities and the prospect of expanding into overseas markets. As the year progressed, trading conditions became increasingly challenging as changing market conditions, new construction legislation, political transition and wider global economic factors significantly affected both the level and timing of new business opportunities.

A number of projects expected to commence during the financial year were delayed, with several deferred into the following financial period. These delays affected the timing of revenue recognition and resulted in lower manufacturing activity than originally anticipated, despite the Directors remaining confident in the underlying strength of the Company's project pipeline.

The year was characterised by exceptionally challenging conditions within the UK construction sector, in which the Company principally operates. The implementation of the Building Safety Act and the Building Safety Regulator approval process resulted in significant delays to higher-risk residential developments. These regulatory changes extended pre-construction programmes and reduced the number of projects reaching procurement, leading to a contraction in demand across the light gauge steel framing sector.

These conditions were compounded by continued economic uncertainty, elevated interest rates and reduced development viability, all of which contributed to developers delaying investment decisions. The change in Government also created a period of policy transition within the housing and planning sectors. Whilst planning reforms have been introduced to increase housing delivery over the medium term, the benefits had not materially influenced market activity during the reporting period.

In addition to reduced market demand, the Company experienced increased operating costs arising from inflationary pressures, higher energy and raw material costs, increases in the National Living Wage and higher employer National Insurance contributions.

Despite these challenging conditions, the Directors remained focused on prudent financial management, maintaining strong customer relationships, carefully managing costs and positioning the business to benefit from the anticipated recovery in construction activity as regulatory processes become more established.

The Directors believe the Company's experienced workforce, technical expertise, manufacturing capability and established market position provide a strong platform from which to capitalise on future opportunities as development activity recovers.

KEY PERFORMANCE INDICATORS

The Directors monitor a range of financial and operational performance indicators to measure progress against the Groups long-term strategic objectives.

During the year the Group achieved:

- Continued commercial development of LEAF (Lightweight Engineered Adjustable Frame), with patent protection progressing.

- Expansion of independently tested systems from approximately 34 to more than 50.

- Continued investment in engineering capability and digital design.

- Establishment of new long-term commercial relationships through manufacturing and technical support.

- Continued focus on prudent financial management whilst investing for future growth.

KEY STRATEGIC ACHIEVEMENTS DURING THE YEAR

Despite challenging market conditions, the Group continued to invest in its long-term strategic objectives.

Significant achievements included:

- Successful integration of retained production equipment and specialist tooling.

- Continued investment in LEAF and associated intellectual property.

- Expansion of independently tested systems.

- Strengthened customer relationships and technical support capability.

- Development of future commercial opportunities arising from strategic investments.

INNOVATION AND PRODUCT DEVELOPMENT

Innovation remains central to the Group's long-term strategy.

During the year continued investment was made in the development and commercialization of LEAF (Lightweight Engineered Adjustable Frame), for which patent protection is currently being pursued.

LEAF has been developed to reduce installation time, minimise material waste and improve on-site productivity, enabling customers to complete projects more efficiently whilst making better use of available labour resources.

The Group also continued to invest significantly in independent fire testing and product development, increasing its portfolio of independently tested systems from approximately 34 to more than 50. This substantially enhances the Group's technical capability and strengthens its position within an increasingly regulated construction environment.

The Directors believe these investments provide a meaningful competitive advantage and reinforce Frameclad's reputation as a technical leader within the light gauge steel framing industry.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks facing the Group include:

- Construction market activity.

- Legislative and regulatory change.

- Material price volatility.

- Labour availability.

- Supply chain resilience.

- Economic uncertainty.

The Directors continually review these risks and seek to mitigate their impact through prudent financial management, investment in manufacturing capability, innovation, customer diversification and operational efficiency.

FINANCIAL RISK MANAGEMENT

The Group manages its financing requirements through a combination of internally generated funds and external borrowing.

Cash flow, liquidity and financing requirements are monitored regularly to ensure sufficient resources remain available to support both operational activities and future strategic investment.

STRATEGIC PRIORITIES FOR 2026

The Board's priorities for the forthcoming year are to:

- Continue the commercialisation of LEAF

- Conclude patent protection

- Further expand independently tested systems

- Maximise the benefits of the strategic manufacturing asset acquisition.

- Continue investment in engineering capability and manufacturing technology.

- Expand the Group's product portfolio.

- Develop selected overseas opportunities.

- Strengthen long-term customer partnerships.

- Improve operational efficiency.

- Return the business to sustainable profitability as market conditions improve.

BOARD STATEMENT AND FUTURE OUTLOOK

The Directors recognise that the financial performance for the year was influenced by regulatory change, reduced construction activity and wider economic uncertainty. Rather than reducing investment, the Board will continue to strengthen the Group's long-term capability through continued investment in innovation, manufacturing, engineering and product development.

The Directors believe the successful implementation of the Building Safety Act will ultimately benefit businesses capable of delivering technically compliant, independently tested and innovative construction solutions. Frameclad has positioned itself to meet these requirements through sustained investment in product development, manufacturing capability and technical expertise.

The Board remains encouraged by the strength of the Group's customer relationships, the quality of its order pipeline, increasing market interest in LEAF and the additional commercial opportunities created during the year.

The Directors remain committed to maintaining prudent financial management whilst continuing to invest in innovation, operational excellence and sustainable growth.

ON BEHALF OF THE BOARD:

M Jamieson - Director

28 August 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company during the year was that of an investment holding company.

The trading subsidiary, Frameclad Limited, is a specialist engineering and manufacturing business operating within the offsite manufacturing sector.

The principal activity of that Company is the design, engineering and manufacture of offsite light gauge steel framing systems, together with the provision of technical design support, structural engineering solutions and specialist manufacturing services to the residential, commercial, industrial, healthcare schools and all other areas of the construction sector.

The Company continues to invest in innovation, product development and manufacturing capability to deliver technically compliant, independently tested and commercially efficient structural framing solutions that support the evolving requirements of the UK construction industry.

DIVIDENDS

No dividends will be distributed for 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.

M Jamieson

N J Teagle

DISCLOSURE IN THE STRATEGIC REPORT

The directors have opted to disclose the principal activity of the business, its results, its likely future developments and its financial risk management objectives and policies within the strategic report as they consider these items to be of sufficient strategic importance to the financial statements.

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). 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

The auditors, Blackthorns, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M Jamieson - Director

28 August 2026

Opinion

We have audited the financial statements of Jammy Eagle Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2025 which comprise the Consolidated Income Statement, Consolidated Other 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 page eight, 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.

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 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 or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following, however, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management:

- the nature of the industry and sector;

- control environment and business performance;

- results of our enquiries of management about their own identification and assessment of the risks;and

- the matters discussed amongst the audit engagement team involving relevant internal specialists, including tax, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may have existed within the organisation and sought to identify those with the greatest potential for fraud and irregularities. In common with all audits under ISAs (UK), we also performed specific procedures to respond to the risk of management override.

We considered the legal and regulatory frameworks that affect the company, focusing on provisions of those laws and regulations that would have had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations that we considered in this context included the Companies Act 2006, tax legislation and pension regulations.

We also considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. The key laws and regulations that we considered in this context included compliance with health and safety regulations.

Audit response to risks identified

As a result of performing the above, our procedures to respond to risks identified included the following:

-

reviewing the disclosures within the financial statements and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

-

enquiring of management concerning actual and potential litigation and claims;

-

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

-

reviewing minutes of meetings involving those charged with governance, reviewing correspondence and reviewing appropriate regulatory correspondence;

-

obtaining an understanding of provisions through discussions with management in order to understand the basis of recognition;

-

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and

-

assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business;

-

all material opening balances in the trading subsidiary have been audited in detail, including sales and purchase cut off, recoverability of debtors and accuracy of creditor balances. Where errors have been found, these have been discussed with management and, where necessary a prior year adjustment has been included. The existence of stock at the previous year end could not be proven by attendance at year end stock count, however the 2025 count was attended and has been accurately recorded from the original stock sheets. The original sheets were obtained for the 2024 count and traced back to the 2024 final stock list to ensure that they were correctly recorded;

-

all subsidiary companies have been audited.

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.

Victoria Brassington BA FCA (Senior Statutory Auditor)

for and on behalf of Blackthorns

Chartered Accountants

and Registered Auditors

Admiral House

Waterfront East

Brierley Hill

West Midlands

DY5 1XG

28 August 2026

TURNOVER

10,130,362

2,226,378

Cost of sales

6,108,277

1,693,193

GROSS PROFIT

4,022,085

533,185

Administrative expenses

3,707,529

701,343

314,556

(168,158

)

Other operating income

30,180

6,094

OPERATING PROFIT/(LOSS)

4

344,736

(162,064

)

Interest payable and similar expenses

5

90,680

16,991

PROFIT/(LOSS) BEFORE TAXATION

254,056

(179,055

)

Tax on profit/(loss)

6

110,958

64,617

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

143,098

(243,672

)

Profit/(loss) attributable to:

Owners of the parent

124,939

(231,498

)

Non-controlling interests

18,159

(12,174

)

143,098

(243,672

)

PROFIT/(LOSS) FOR THE YEAR

143,098

(243,672

)

OTHER COMPREHENSIVE INCOME

Revaluation of fixed assets

-

333,884

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

333,884

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

143,098

90,212

Note

Prior year adjustment

8

(185,990

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

(42,892

)

Total comprehensive income attributable to:

Owners of the parent

(61,051

)

102,286

Non-controlling interests

18,159

(12,074

)

(42,892

)

90,212

FIXED ASSETS

Intangible assets

9

4,308,527

4,494,971

Tangible assets

10

1,485,359

1,665,442

Investments

11

(200

)

-

5,793,686

6,160,413

CURRENT ASSETS

Stocks

12

958,538

694,955

Debtors

13

1,886,617

2,136,475

Cash at bank and in hand

865,148

418,891

3,710,303

3,250,321

CREDITORS

Amounts falling due within one year

14

4,963,233

5,134,753

NET CURRENT LIABILITIES

(1,252,930

)

(1,884,432

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,540,756

4,275,981

CREDITORS

Amounts falling due after more than one year

15

(3,937,246

)

(3,785,569

)

PROVISIONS FOR LIABILITIES

19

(370,000

)

(400,000

)

NET ASSETS

233,510

90,412

CAPITAL AND RESERVES

Called up share capital

20

100

100

Revaluation reserve

21

333,884

333,884

Retained earnings

21

(106,559

)

(231,498

)

SHAREHOLDERS' FUNDS

227,425

102,486

NON-CONTROLLING INTERESTS

22

6,085

(12,074

)

TOTAL EQUITY

233,510

90,412

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:

M Jamieson - Director

N J Teagle - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

5,728,500

5,728,500

5,728,500

5,728,500

CREDITORS

Amounts falling due within one year

14

1,845,900

1,845,900

NET CURRENT LIABILITIES

(1,845,900

)

(1,845,900

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,882,600

3,882,600

CREDITORS

Amounts falling due after more than one year

15

3,100,000

3,100,000

NET ASSETS

782,600

782,600

CAPITAL AND RESERVES

Called up share capital

20

100

100

Retained earnings

21

782,500

782,500

SHAREHOLDERS' FUNDS

782,600

782,600

Company's profit for the financial year

-

782,500

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:

M Jamieson - Director

N J Teagle - Director

Called up

share

Retained

Revaluation

capital

earnings

reserve

£

£

£

Changes in equity

Issue of share capital

100

-

-

Total comprehensive income

-

(45,508

)

333,884

Balance at 30 November 2024

100

(45,508

)

333,884

Prior year adjustment

-

(185,990

)

-

As restated

100

(231,498

)

333,884

Changes in equity

Total comprehensive income

-

124,939

-

Balance at 30 November 2025

100

(106,559

)

333,884

Non-controlling

Total

Total

interests

equity

£

£

£

Changes in equity

Issue of share capital

100

-

100

Total comprehensive income

288,376

(12,074

)

276,302

Balance at 30 November 2024

288,476

(12,074

)

276,402

Prior year adjustment

(185,990

)

-

(185,990

)

As restated

102,486

(12,074

)

90,412

Changes in equity

Total comprehensive income

124,939

18,159

143,098

Balance at 30 November 2025

227,425

6,085

233,510

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

100

-

100

Total comprehensive income

-

782,500

782,500

Balance at 30 November 2024

100

782,500

782,600

Changes in equity

Balance at 30 November 2025

100

782,500

782,600

Cash flows from operating activities

Cash generated from operations

1

(128,287

)

944,779

Interest paid

(36,637

)

(3,230

)

Interest element of hire purchase payments paid

(54,043

)

(13,761

)

Tax paid

(52,866

)

(34,074

)

Net cash from operating activities

(271,833

)

893,714

Cash flows from investing activities

Purchase of intangible fixed assets

(33,301

)

-

Purchase of tangible fixed assets

(864

)

-

Sale of tangible fixed assets

751,250

-

Sale of fixed asset investments

-

(400

)

Payment of deferred consideration

(250,000

)

-

Cash position on acquisition

-

308,077

Net cash from investing activities

467,085

307,677

Cash flows from financing activities

Loan repayments in year

255,005

-

Amount withdrawn by directors

(4,000

)

-

Share issue

-

100

Acquisition of subsidiary

-

(782,600

)

Net cash from financing activities

251,005

(782,500

)

Increase in cash and cash equivalents

446,257

418,891

Cash and cash equivalents at beginning of year

2

418,891

-

Cash and cash equivalents at end of year

2

865,148

418,891