REGISTERED NUMBER: 12843315 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30 November 2025

for

TCF Group Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

6

Consolidated Income Statement

8

Consolidated Other 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

17

DIRECTORS:

Mrs J R Chapman

L M Chapman

REGISTERED OFFICE:

Pyke Road

Lincoln

LN6 3QS

REGISTERED NUMBER:

12843315 (England and Wales)

AUDITORS:

Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

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

REVIEW OF BUSINESS

Principal activities and business model

The Group operates across the manufacture, development, distribution and retail of vaping and related products. Its principal trading businesses include Juice Sauz Limited, 888 Vapour Limited and Lincpak Limited.

The Group's strategy is focused on developing its manufacturing and product capabilities, expanding international distribution, growing its retail presence through both organic development and selective acquisitions, and increasing operational integration between the Group's businesses.

Regulatory compliance remains a fundamental part of the Group's operations. The vaping sector continues to experience significant regulatory change in both the UK and international markets and the Group continues to invest management time and resources in navigating this evolving environment.

Business review and financial performance

The Group delivered further revenue growth during the year, with turnover increasing by approximately 12% to £14.04 million from £12.54 million in the prior year. Gross profit increased to £7.54 million from £6.74 million. Operating profit was £1.48 million compared with £1.68 million in the prior year, while profit before taxation was £1.28 million compared with £1.46 million. Profit after taxation remained above £1 million at £1.02 million.

The directors consider the financial performance to be satisfactory in the context of continued investment in the Group, capacity constraints experienced during the period and expenditure associated with developing the Group's operations.

Cash generated from operations amounted to £1.31 million, with net cash from operating activities of £866,000. Cash at bank and in hand increased from £623,000 to £828,000 at the year end.

The Group's net assets increased substantially during the year from £3.38 million to £4.90 million.

The Group continued to invest in working capital to support its operations and growth, with stock increasing from £1.85 million to £2.50 million. The directors continue to monitor inventory, cash generation and borrowing requirements closely as the Group expands.

Operational development

Growth during the year was affected by physical capacity constraints at the Group's existing head office and manufacturing facility. The site comprised approximately 20,000 square feet and increasingly restricted the Group's ability to expand its operations efficiently.

The directors investigated expanding the existing facility during the period. However, following consideration of the commercial valuation of the property relative to the cost of the proposed expansion, the project was paused. The directors subsequently determined that relocating the Group's operations to a substantially larger facility represented a more appropriate long-term solution.

This strategy has subsequently progressed following the year end, with the Group relocating during 2026 to a facility of approximately 60,000 square feet, compared with approximately 20,000 square feet previously. The directors expect the increased capacity to support the Group's future manufacturing, warehousing and operational requirements.

The Group has also continued to invest in its management and wider workforce. Senior team members have been recruited while established employees have continued to receive training and development to enable them to take on greater responsibilities as the Group grows. Average employee numbers increased from 93 to 100 during the year.

International growth

Juice Sauz Limited continued to develop its international distribution network during the year. Products were distributed into 56 countries, compared with 44 countries in the previous year.

International diversification remains an important part of the Group's longer-term strategy, providing access to additional markets while reducing reliance on any single geographical market. The Group continues to evaluate opportunities for further international distribution subject to regulatory and commercial considerations within individual territories.

Retail expansion and acquisitions

The Group continued the development of its retail division through 888 Vapour Limited.

On 30 September 2025, 888 Vapour Limited acquired 100% of OTV Holdings Limited, adding seven retail stores to the Group's existing estate of 11 stores. The acquisition therefore materially increased the scale of the Group's retail operations.

Total consideration for the acquisition was approximately £1.41 million, comprising cash consideration, transaction costs and deferred consideration.

The acquisition forms part of the Group's strategy of selectively consolidating and expanding its retail presence where the directors believe appropriate opportunities exist.

The Group has identified a further potential retail acquisition for 2026. Any decision to proceed will remain subject to market conditions and, in particular, assessment of the trading environment following implementation of changes to the UK taxation regime affecting vaping products.

Lincpak strategic development

During the year the directors continued to review the strategic role of Lincpak Limited within the Group.

The business has been repositioned away from its previous focus as a third-party co-packing operation towards becoming an increasingly integrated supplier to other Group businesses.

In particular, Lincpak has developed its role in the supply and development of flavourings used by Juice Sauz Limited. The directors believe this approach provides greater strategic value by supporting new product development, strengthening the Group's internal capabilities and increasing integration between its manufacturing businesses.

Lincpak generated a profit of approximately £34,000 during the year compared with £47,000 in the previous year.

PRINCIPAL RISKS AND UNCERTAINTIES

Regulatory and taxation risk

The vaping industry operates within a continually developing regulatory environment in the UK and internationally. Regulatory compliance is therefore a core capability of the Group. Changes to product regulation, taxation, packaging, marketing or distribution requirements may affect consumer demand, product ranges, margins and the wider competitive environment. The introduction of UK excise duty on vaping products represents a significant forthcoming market change which the Group continues to prepare for.

Working capital and liquidity

Continued growth, acquisitions and higher inventory requirements can increase the Group's working-capital and financing requirements. Management monitors cash flow, stock holdings, borrowing facilities and forecast liquidity accordingly.

Supply chain and inventory

The Group relies upon the availability of raw materials, components and finished goods from a range of suppliers. Supply disruption, changes in input costs or inappropriate stock levels could adversely affect trading performance. The Group seeks to mitigate these risks through supplier management, stock controls and increasing internal capability where commercially appropriate.

Market and competition

The markets in which the Group operates remain competitive and can be affected by changing consumer preferences, regulation and taxation. The Group seeks to mitigate these risks through product development, international diversification, its own retail presence and continued investment in its brands and people.

Acquisition and integration risk

Acquisitions provide opportunities for growth but also create financial and operational risks. The directors undertake appropriate commercial and financial assessment before completing acquisitions and monitor the integration and subsequent performance of acquired businesses.

People and operational capacity

Continued growth requires appropriate management capability, skilled employees and sufficient operational infrastructure. The Group continues to recruit, develop and retain employees and has taken steps following the year end to materially increase its physical operating capacity.

KEY PERFORMANCE INDICATORS

The directors use a combination of financial and operational information to assess the development and performance of the Group. Key measures for the year include turnover of £14.04 million, gross profit of £7.54 million, operating profit of £1.48 million, profit before taxation of £1.28 million, year-end net assets of £4.90 million and cash generated from operations of £1.31 million.

The directors also monitor non-financial indicators including international distribution coverage, retail estate size, employee numbers, manufacturing capacity and regulatory compliance.

FUTURE DEVELOPMENTS AND OUTLOOK

The directors remain focused on the long-term development of the Group.

Following the capacity constraints experienced at the existing premises, the Group's subsequent relocation during 2026 from approximately 20,000 square feet to approximately 60,000 square feet represents a significant investment in the infrastructure required to support future growth.

Juice Sauz will continue to pursue opportunities for product development and international distribution, supported by the increasingly integrated capabilities of Lincpak.

Within the retail division, the immediate priority following the OTV Holdings acquisition is to continue developing the enlarged store estate and assess its performance within the changing UK market. A further acquisition opportunity has been identified, although the directors intend to assess market conditions following the introduction of the new UK excise-duty regime before determining whether to proceed.

The directors recognise that regulatory and taxation changes may result in a period of adjustment across the UK vaping industry. The Group intends to continue responding proactively to these developments while maintaining appropriate control over working capital, investment and borrowing.

The directors believe that the Group's established manufacturing capability, international distribution network, enlarged retail estate, developing internal supply capabilities, experienced workforce and increased operating capacity provide a strong platform for its continued development.

ON BEHALF OF THE BOARD:

Mrs J R Chapman - Director

3 September 2026

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

PRINCIPAL ACTIVITY

The principal activities of the group are summarised in the strategic report.

DIVIDENDS

Interim dividends were paid throughout the year, the split of which are disclosed in the notes to the financial statements. The directors recommended that no final dividend be paid.

The total distribution of dividends for the year ended 30 November 2025 will be £156,000.

DIRECTORS

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

Mrs J R Chapman

L M Chapman

DISCLOSURE IN THE STRATEGIC REPORT

As permitted by Paragraph 1A of Schedule 7 to the large and medium sized Companies and Group (Accounts and Reports) Regulations 2008, certain matters which are required to be disclosed in the Director's Report have been omitted as they are included in the Strategic Report. These matters include a fair review of the business, future developments and a description of the Group's principal risks and uncertainties.

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

AUDITORS

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

ON BEHALF OF THE BOARD:

Mrs J R Chapman - Director

3 September 2026

Opinion

We have audited the financial statements of TCF Group 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 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:

Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework.

- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and people charged with governance.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

- Substantive procedures performed in accordance with the ISAs (UK).

- Challenging assumptions and judgments made by management in its significant accounting estimates.

- Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals.

- Assessing the extent of compliance with the relevant laws and regulations.

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.

Other matters to report

The year ended 30 November 2025 is the first year that the financial statements for TCF Group Limited are required by law to be audited. Therefore the comparative data, being the year ended 30 November 2024, has not been audited, however the opening balances that affect 30 November 2025 have been audited as part of the 2025 audit work.

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.

James Sewell BA (Hons) FCA CTA (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

3 September 2026

TURNOVER

14,041,310

12,536,037

Cost of sales

6,498,164

5,797,699

GROSS PROFIT

7,543,146

6,738,338

Distribution costs

454,841

434,154

Administrative expenses

5,708,511

4,711,350

6,163,352

5,145,504

1,379,794

1,592,834

Other operating income

96,153

86,505

OPERATING PROFIT

4

1,475,947

1,679,339

Interest payable and similar expenses

5

195,423

223,305

PROFIT BEFORE TAXATION

1,280,524

1,456,034

Tax on profit

6

258,222

408,043

PROFIT FOR THE FINANCIAL YEAR

1,022,302

1,047,991

Profit attributable to:

Owners of the parent

1,021,525

1,047,991

Non-controlling interests

777

-

1,022,302

1,047,991

PROFIT FOR THE YEAR

1,022,302

1,047,991

OTHER COMPREHENSIVE INCOME

Revaluation of tangible fixed assets

795,355

-

Income tax relating to other comprehensive income

(200,089

)

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

595,266

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,617,568

1,047,991

Total comprehensive income attributable to:

Owners of the parent

1,562,978

1,047,991

Non-controlling interests

54,590

-

1,617,568

1,047,991

FIXED ASSETS

Intangible assets

9

1,522,141

293,052

Tangible assets

10

5,327,605

3,834,071

Investments

11

-

-

6,849,746

4,127,123

CURRENT ASSETS

Stocks

12

2,498,894

1,846,118

Debtors

13

1,194,684

1,116,134

Cash at bank and in hand

828,221

623,198

4,521,799

3,585,450

CREDITORS

Amounts falling due within one year

14

3,029,577

2,059,883

NET CURRENT ASSETS

1,492,222

1,525,567

TOTAL ASSETS LESS CURRENT LIABILITIES

8,341,968

5,652,690

CREDITORS

Amounts falling due after more than one year

15

(2,782,867

)

(1,876,894

)

PROVISIONS FOR LIABILITIES

19

(658,919

)

(390,995

)

NET ASSETS

4,900,182

3,384,801

CAPITAL AND RESERVES

Called up share capital

20

1,000

1,000

Revaluation reserve

21

612,834

20,469

Retained earnings

21

4,231,758

3,363,332

SHAREHOLDERS' FUNDS

4,845,592

3,384,801

NON-CONTROLLING INTERESTS

22

54,590

-

TOTAL EQUITY

4,900,182

3,384,801

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2026 and were signed on its behalf by:

Mrs J R Chapman - Director

FIXED ASSETS

Intangible assets

9

20,830

-

Tangible assets

10

3,587,287

2,497,788

Investments

11

24,449

24,449

3,632,566

2,522,237

CURRENT ASSETS

Debtors

13

828,572

304,088

Cash at bank and in hand

38,001

77,709

866,573

381,797

CREDITORS

Amounts falling due within one year

14

711,381

448,912

NET CURRENT ASSETS/(LIABILITIES)

155,192

(67,115

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,787,758

2,455,122

CREDITORS

Amounts falling due after more than one year

15

(1,381,965

)

(1,436,496

)

PROVISIONS FOR LIABILITIES

19

(303,484

)

(105,920

)

NET ASSETS

2,102,309

912,706

CAPITAL AND RESERVES

Called up share capital

20

1,000

1,000

Revaluation reserve

617,881

17,615

Retained earnings

1,483,428

894,091

SHAREHOLDERS' FUNDS

2,102,309

912,706

Company's profit for the financial year

745,337

252,836

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 Board of Directors and authorised for issue on 3 September 2026 and were signed on its behalf by:

Mrs J R Chapman - Director

Called up

share

Retained

Revaluation

capital

earnings

reserve

£

£

£

Balance at 1 December 2023

1,000

2,459,054

66,076

Changes in equity

Dividends

-

(189,320

)

-

Total comprehensive income

-

1,093,598

(45,607

)

Balance at 30 November 2024

1,000

3,363,332

20,469

Changes in equity

Dividends

-

(156,000

)

-

Total comprehensive income

-

1,024,426

592,365

Balance at 30 November 2025

1,000

4,231,758

612,834

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 December 2023

2,526,130

-

2,526,130

Changes in equity

Dividends

(189,320

)

-

(189,320

)

Total comprehensive income

1,047,991

-

1,047,991

Balance at 30 November 2024

3,384,801

-

3,384,801

Changes in equity

Dividends

(156,000

)

-

(156,000

)

Total comprehensive income

1,616,791

54,590

1,671,381

Balance at 30 November 2025

4,845,592

54,590

4,900,182

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 December 2023

1,000

783,014

65,176

849,190

Changes in equity

Dividends

-

(189,320

)

-

(189,320

)

Total comprehensive income

-

300,397

(47,561

)

252,836

Balance at 30 November 2024

1,000

894,091

17,615

912,706

Changes in equity

Dividends

-

(156,000

)

-

(156,000

)

Total comprehensive income

-

745,337

600,266

1,345,603

Balance at 30 November 2025

1,000

1,483,428

617,881

2,102,309

Cash flows from operating activities

Cash generated from operations

1

1,315,268

1,404,805

Interest paid

(195,423

)

(223,305

)

Tax paid

(254,237

)

(157,932

)

Net cash from operating activities

865,608

1,023,568

Cash flows from investing activities

Purchase of intangible fixed assets

(143,836

)

(137,880

)

Purchase of tangible fixed assets

(272,533

)

(486,338

)

Sale of tangible fixed assets

21,038

1,101,629

Acquisition of subsidiary group

(1,005,408

)

-

Net cash from investing activities

(1,400,739

)

477,411

Cash flows from financing activities

New loans in year

1,155,470

-

Loan repayments in year

(78,420

)

(861,837

)

Capital repayments in year

(210,816

)

(180,863

)

Amount introduced by directors

72,000

-

Amount withdrawn by directors

(95,893

)

(133,624

)

Share issue to minority interest

53,813

-

Equity dividends paid

(156,000

)

(189,320

)

Net cash from financing activities

740,154

(1,365,644

)

Increase in cash and cash equivalents

205,023

135,335

Cash and cash equivalents at beginning of year

2

623,198

487,863

Cash and cash equivalents at end of year

2

828,221

623,198

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

2025

2024

£

£

Profit before taxation

1,280,524

1,456,034

Depreciation charges

378,281

228,179

Loss on disposal of fixed assets

3,829

44,541

Finance costs

195,423

223,305

1,858,057

1,952,059

Increase in stocks

(585,441

)

(484,427

)

Increase in trade and other debtors

(61,895

)

(545,110

)

Increase in trade and other creditors

104,547

482,283

Cash generated from operations

1,315,268

1,404,805

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

828,221

623,198

Year ended 30 November 2024

30.11.24

1.12.23

£

£

Cash and cash equivalents

623,198

487,863

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

Acquisition

non-cash

At 1.12.24

Cash flow

of business

changes

At 30.11.25

£

£

£

£

£

Net cash

Cash at bank

and in hand

623,198

40,427

164,596

828,221

623,198

40,427

164,596

828,221

Debt

Hire purchase and

finance leases

(459,206

)

210,816

-

(584,024

)

(832,414

)

Debts falling due

within 1 year

(182,174

)

(313,971

)

-

-

(496,145

)

Debts falling due

after 1 year

(1,438,330

)

(763,079

)

-

-

(2,201,409

)

(2,079,710

)

(866,234

)

-

(584,024

)

(3,529,968

)

Total

(1,456,512

)

(825,807

)

164,596

(584,024

)

(2,701,747

)