REGISTERED NUMBER: SC255261 (Scotland)

Group Strategic Report, Report of the Director and

Audited Consolidated Financial Statements for the Year Ended 30 November 2025

for

WESTSTRAND LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTOR:

H B Nugent

REGISTERED OFFICE:

Caledonia House

Thornliebank Industrial Estate

Glasgow

G46 8JT

REGISTERED NUMBER:

SC255261 (Scotland)

SENIOR STATUTORY AUDITOR:

Robert Pollock BA CA

AUDITORS:

Sharles Audit Limited

Statutory Auditor

29 Brandon Street

Hamilton

ML3 6DA

The director presents his strategic report of the company and the group for the year ended 30 November 2025.

REVIEW OF BUSINESS

In the opinion of the board of directors, the group has had a challenging trading year, given the difficult market conditions that the group and all in the industry have faced. Some other financial KPI's are set out in the table below to show the performance of the group over the trading year.

2025

2024

Turnover

£7,204,767

£8,358,767

Profit/(Loss) after taxation

£412,788

£390,608

Gross Profit %age

29.1%

24.2%

Shareholders' funds amount to £11,121,260 (2024 - £10,708,972). The directors are confident that the group has sufficient reserves to finance the anticipated levels of activity for the foreseeable future.

There have been no events since the balance sheet date that materially affect the financial position of the company.

PRINCIPAL RISKS AND UNCERTAINTIES

The group operates in the steel industry and is therefore subject to the rises and falls within the industry in general. The market is competitive although the group retains a high level of repeat business from its customers and the directors are confident that the high level of service given to the customers will ensure that the group will continue to be competitive in our chosen market.

The group's main credit risk relates to debtors. Credit checks on customers are undertaken regularly and their payment histories are monitored as a matter of course, in addition the group has stringent credit control procedures. Historically these processes have resulted in a low level of bad debt.

Other than an operating lease with a related party, the group does not utilise external sources of finance and does not anticipate a need to in the immediate future. Cash flow is monitored on a day to day basis as part of the overall control function.

GOING CONCERN

The director has assessed the group as having sufficient resources to meet the expected ongoing costs of the business for a period of at least 12 months from the date of signing the financial statements. As a result the director has continued to adopt the going concern basis when preparing the financial statements.

ON BEHALF OF THE BOARD:

H B Nugent - Director

31 August 2026

The director presents his report with the financial statements of the company and the group for the year ended 30 November 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of steel stockholders.

DIVIDENDS

An interim dividend of £0.01 per share was paid on 30 November 2025. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 30 November 2025 will be £ 500 .

DIRECTOR

H B Nugent held office during the whole of the period from 1 December 2024 to the date of this report.

EMPLOYEE INVOLVEMENT

During the period, the company has improved arrangements to provide information to employees. Regular meetings are held between the management and employees to allow a free flow of relevant information.

DISABLED EMPLOYEES

The group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the group's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training, career development and promotion wherever appropriate.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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.

AUDITORS

The auditors, Sharles Audit Limited, have indicated their willingness to be reappointed for another term and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.

ON BEHALF OF THE BOARD:

H B Nugent - Director

31 August 2026

Opinion

We have audited the financial statements of Weststrand 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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 are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with local tax authorities and evaluating advice received from external tax advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to health and safety, employment law, GDPR, anti-money laundering and environmental regulations. We performed audit procedures to inquire of management and those charged with governance whether the company is in compliance with these law and regulations and reviewed any relevant legal correspondence and invoices for evidence of non compliance.

The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to performing analytical procedures to identify unusual or unexpected relationships, testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, and challenging judgments and estimates applied in the year end adjustments to account for contract revenue and expenditure.

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.

Robert Pollock BA CA (Senior Statutory Auditor)

for and on behalf of Sharles Audit Limited

Statutory Auditor

29 Brandon Street

Hamilton

ML3 6DA

31 August 2026

TURNOVER

7,204,767

8,358,767

Cost of sales

5,110,440

6,333,924

GROSS PROFIT

2,094,327

2,024,843

Administrative expenses

2,099,609

2,036,904

(5,282

)

(12,061

)

Other operating income

472,423

448,682

OPERATING PROFIT

5

467,141

436,621

Interest receivable and similar income

120,340

122,438

PROFIT BEFORE TAXATION

587,481

559,059

Tax on profit

6

174,693

168,451

PROFIT FOR THE FINANCIAL YEAR

412,788

390,608

Profit attributable to:

Owners of the parent

412,788

390,608

PROFIT FOR THE YEAR

412,788

390,608

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

412,788

390,608

Note

Prior year adjustment

9

(234,375

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

178,413

Total comprehensive income attributable to:

Owners of the parent

178,413

390,608

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

6,542,731

6,626,792

Investments

12

-

-

6,542,731

6,626,792

CURRENT ASSETS

Stocks

13

2,070,829

2,529,772

Debtors

14

1,710,713

1,841,652

Cash at bank and in hand

3,807,044

3,562,578

7,588,586

7,934,002

CREDITORS

Amounts falling due within one year

15

1,547,524

2,259,200

NET CURRENT ASSETS

6,041,062

5,674,802

TOTAL ASSETS LESS CURRENT LIABILITIES

12,583,793

12,301,594

PROVISIONS FOR LIABILITIES

16

1,462,533

1,592,622

NET ASSETS

11,121,260

10,708,972

CAPITAL AND RESERVES

Called up share capital

17

50,000

50,000

Retained earnings

18

11,071,260

10,658,972

SHAREHOLDERS' FUNDS

11,121,260

10,708,972

The financial statements were approved by the director and authorised for issue on 31 August 2026 and were signed by:

H B Nugent - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

4,528,344

4,606,544

Investments

12

1,848,545

1,848,545

6,376,889

6,455,089

CURRENT ASSETS

Debtors

14

147,021

45,255

Cash at bank

668,571

594,151

815,592

639,406

CREDITORS

Amounts falling due within one year

15

392,964

671,128

NET CURRENT ASSETS/(LIABILITIES)

422,628

(31,722

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,799,517

6,423,367

CAPITAL AND RESERVES

Called up share capital

17

50,000

50,000

Retained earnings

6,749,517

6,373,367

SHAREHOLDERS' FUNDS

6,799,517

6,423,367

Company's profit for the financial year

376,650

391,513

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

The financial statements were approved by the director and authorised for issue on 31 August 2026 and were signed by:

H B Nugent - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 December 2023

50,000

10,268,864

10,318,864

Changes in equity

Dividends

-

(500

)

(500

)

Total comprehensive income

-

624,983

624,983

Balance at 30 November 2024

50,000

10,893,347

10,943,347

Prior year adjustment

-

(234,375

)

(234,375

)

As restated

50,000

10,658,972

10,708,972

Changes in equity

Dividends

-

(500

)

(500

)

Total comprehensive income

-

412,788

412,788

Balance at 30 November 2025

50,000

11,071,260

11,121,260

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 December 2023

50,000

5,982,354

6,032,354

Changes in equity

Dividends

-

(500

)

(500

)

Total comprehensive income

-

625,888

625,888

Balance at 30 November 2024

50,000

6,607,742

6,657,742

Prior year adjustment

-

(234,375

)

(234,375

)

As restated

50,000

6,373,367

6,423,367

Changes in equity

Dividends

-

(500

)

(500

)

Total comprehensive income

-

376,650

376,650

Balance at 30 November 2025

50,000

6,749,517

6,799,517

Cash flows from operating activities

Cash generated from operations

1

691,133

1,154,020

Tax paid

(339,440

)

(296,279

)

Net cash from operating activities

351,693

857,741

Cash flows from investing activities

Purchase of tangible fixed assets

(104,719

)

(37,367

)

Sale of tangible fixed assets

3,000

7,168

Interest received

120,340

122,438

Net cash from investing activities

18,621

92,239

Cash flows from financing activities

Amount introduced by directors

500

500

Amount withdrawn by directors

-

(18,088

)

Movement in dilapidations provision

(125,848

)

(105,000

)

Equity dividends paid

(500

)

(500

)

Net cash from financing activities

(125,848

)

(123,088

)

Increase in cash and cash equivalents

244,466

826,892

Cash and cash equivalents at beginning of year

2

3,562,578

2,735,686

Cash and cash equivalents at end of year

2

3,807,044

3,562,578

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

2025

2024

as restated

£

£

Profit before taxation

587,481

559,059

Depreciation charges

188,780

190,891

Profit on disposal of fixed assets

(3,000

)

(1,044

)

Finance income

(120,340

)

(122,438

)

652,921

626,468

Decrease in stocks

458,943

517,971

Decrease in trade and other debtors

200,857

1,446,927

Decrease in trade and other creditors

(621,588

)

(1,437,346

)

Cash generated from operations

691,133

1,154,020

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

3,807,044

3,562,578

Year ended 30 November 2024

30.11.24

1.12.23

as restated

£

£

Cash and cash equivalents

3,562,578

2,735,686

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

3,562,578

244,466

3,807,044

3,562,578

244,466

3,807,044

Total

3,562,578

244,466

3,807,044

1.	STATUTORY INFORMATION

Weststrand 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.	STATEMENT OF COMPLIANCE

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. There were no material departures from the standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements are prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis.

Basis of consolidation

The group financial statements consolidate the financial statements of Weststrand Limited and all of its subsidiary undertakings drawn up to 30 November 2016 each year. Subsidiaries are consolidated from the date of their acquisition, being the date on which the group obtains control and continues to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the subsidiary so as to obtain benefit from its activities.

Significant judgements and estimates

The preparation of financial statements required management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amount of assets, liabilities, income and expenditure. Actual results may differ from these estimates. Estimates and assumptions are reviewed on an ongoing basis and revisions to the estimates are recognised in the period in which the estimate is revised and in any future periods affected.

Turnover

Group turnover is derived from the sale of steel by the group.

Group turnover is measured at the fair value of the sale of steel, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

Goodwill

Goodwill arising on an acquisition of a trade is the difference between the fair value of the consideration paid and the fair value of the assets and liabilities acquired. Positive goodwill is capitalised and amortised through the profit & loss account over the directors estimate of its economic useful life of up to 10 years. Impairment tests on the carrying value of goodwill are undertaken :-

- at the end of the first full financial year following acquisition;

- in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

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.

Freehold property

-

2% on cost

Short leasehold

-

Over the period of lease

Plant and machinery

-

20% on cost, 10% on cost and at varying rates on cost

Fixtures and fittings

-

20% on cost and 10% on cost

Motor vehicles

-

25% on cost and 20% on cost

Computer equipment

-

25% on cost and 20% on cost

Tangible fixed assets held for the groups own use are stated at cost less accumulated depreciation and accumulated impairment loss.

At each balance sheet date, the group reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs are based on the method appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to the income statement as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. A provision for slow moving and obsolete stock is made based on historical experience and other relevant factors.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amounts of stocks recognised as an expense in the period in which the reversal occurs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.

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.

4.	EMPLOYEES AND DIRECTORS

2025

2024

as restated

£

£

Wages and salaries

1,457,112

1,421,975

Social security costs

151,534

119,959

Other pension costs

145,427

263,191

1,754,073

1,805,125

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

2025

2024

as restated

Management

1

1

Administration and Sales

15

15

Warehouse and Distribution

37

38

53

54

2025

2024

as restated

£

£

Director's remuneration

41,529

43,925

Director's pension contributions to money purchase schemes

3,930

327

5.	OPERATING PROFIT

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

2025

2024

as restated

£

£

Depreciation - owned assets

188,780

190,892

Profit on disposal of fixed assets

(3,000

)

(1,044

)

Auditors' remuneration

23,235

22,375