REGISTERED NUMBER: 00176558 (England and Wales)

MICRONCLEAN LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Group Strategic Report

2

to

6

Report of the Directors

7

to

9

Report of the Independent Auditors

10

to

13

Consolidated Income Statement

14

Consolidated Other Comprehensive Income

15

Consolidated Statement of Financial Position

16

to

17

Company Statement of Financial Position

18

Consolidated Statement of Changes in Equity

19

Company Statement of Changes in Equity

20

Consolidated Statement of Cash Flows

21

Notes to the Consolidated Statement of Cash Flows

22

to

23

Notes to the Consolidated Financial Statements

24

to

44

DIRECTORS:

S J Fry

C M Fry

R J Parker

M S Simpson

D T Parry

G Cochran

S Yates

S C Harris

SECRETARY:

M S Simpson

REGISTERED OFFICE:

Roman Bank

Skegness

Lincolnshire

PE25 1SQ

REGISTERED NUMBER:

00176558 (England and Wales)

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

Enterprise Way

Pinchbeck

Spalding

Lincolnshire

PE11 3YR

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

REVIEW OF BUSINESS

We aim to present a balanced and comprehensive review of the development and performance of the group during the year and its position at the year-ended 31 December 2025. Our review is consistent with the size and nature of our group and is written in the context of risks and uncertainties we face.

The Group delivered resilient financial performance during 2025 despite a challenging economic backdrop and the absence of the significant exceptional gain we recognised last year. Turnover increased to £51.5m (2024: £50.9m), reflecting continued customer demand across our core markets, contributions from strategic acquisitions completed during the year and growth in international sales. Revenue generated outside the United Kingdom increased by 20% to £4.3m, demonstrating ongoing progress in expanding our international footprint

Gross profit remained strong at £14.0m (2024: £14.2m), notwithstanding ongoing cost inflation, integration activities and investment in future growth initiatives. Operating profit before exceptional items was £3.3m (2024: £3.7m). Whilst lower than the prior year, this performance reflects deliberate investment in the Group's long-term strategic objectives, including on acquisitions and operational capital expenditure. Exceptional income of £0.4m was recognised during the year, relating to the finalisation of the disposal of our Industrial Workwear business unit. The trade and assets were disposed of in the prior year, with the associated freehold property sold after the date of these Financial Statements. Further information is provided in note 6.

A key milestone during the year was the acquisition of Assured Micro Limited and Cleanroom Zone Limited. These acquisitions strengthen the Group's capability within cleanroom services and microbiology, broadening the services we are able to offer and further supporting our strategy of providing integrated contamination control solutions. The businesses were successfully integrated into the Group and contributed positively during the period.

The Group continued to invest significantly in its operations, committing over £4.4m to capital expenditure during the year. Investment was focused on replacement of key operational equipment across our sites. Net tangible fixed assets increased to £14.6m, reflecting our continued commitment to supporting customer growth whilst maintaining industry-leading standards of quality and service. Capital commitments at the year end remained significant at £2.3m which relates to a project to replace a key piece of plant and machinery at our Louth.

Within our textile services division, performance remained robust despite the disposal of the Industrial Workwear business in the prior period. The Group maintained strong customer retention levels and continued to benefit from operational efficiency improvements implemented across its processing facilities. Our focus remains on providing high-quality cleanroom garment services and developing innovative solutions that support customers operating in highly regulated environments.

The consumables division maintained its position as a key growth driver for the Group. Despite a significant supply chain disruption during the period, we were able to maintain product availability and service to our customers. The Group continues to make significant investment in Research and Development, supporting the creation of new and enhanced contamination control products and ensuring the division remains well positioned to provide market leading solutions.

The Group's international operations continued to present mixed trading conditions. Whilst overseas consumables revenue increased during the year, sales development activities in India remained impacted by extended customer procurement cycles and delayed investment decisions. Nevertheless, the Board remains confident in the long-term opportunity presented by the Indian market and continues to support the business through targeted investment and business development activities.

The Group generated operating cash flows of £6.0m during the year, demonstrating the underlying strength of its business model. Cash resources were primarily utilised to fund acquisitions and ongoing capital investment. Net assets increased to £28.3m (2024: £26.9m), supported by retained earnings generated during the year. The Group remains well positioned financially to support its continued investment programme and strategic objectives.

Looking ahead, the Board remains focused on the successful integration of acquired businesses, development of new products and services, investment in operational excellence and delivery of sustainable growth. Supported by a strong balance sheet, a diversified customer base and a long-term strategic outlook, the Group remains well placed to capitalise on opportunities within its core markets whilst continuing to invest in innovation, its people and its infrastructure.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors regularly review the financial position of the group throughout the year and assess the commercial and financial risks. They consider that there are no specific matters to be commented on other than as referred to in the business review above.

SECTION 172(1) STATEMENT

"Our passion is to be the first to develop new technological solutions that change the shape of the markets we serve."

Our purpose statement is the framework Micronclean has adopted to entering new markets and developing new products.

Our SKIE Values - Stewardship, Knowledge, Innovation, Excellence - reflect the long-term ethos of the company. They provide a compass for our strategic direction, inform day-to-day business decisions, and keep our customers firmly at the heart of everything we do.

Stewardship

Micronclean has been owned and managed by the Fry family since Cedric Fry acquired the original laundry in 1928, the business can trace its roots to the 1870's. Donovan Fry took over when his father Cedric died in 1968, and he in turn handed over the reins when he retired in 1993 to his son Simon Fry who is our current Chairman.

Ownership by one family for so long stamps an identity that separates the us from other businesses. For Micronclean, this is a long-term focus on sustainability to create world beating technology, systems, products and services. These are supported by the honesty and integrity of our people and backed by financial investment based on our long-term vision.

Knowledge

Knowledge is the foundation of Micronclean's ability to serve its customers with Excellence and Innovation. To support our strategic ambition, we improve our processes through sustainable investment into our technology and people, to transform and improve efficiency in everything we do. We work closely with our customers to find new opportunities and bring them successfully to market.

This strategic ambition is transforming Micronclean so it has retained its position as a market leading supplier of cleanroom garments, mops and laundry services but it has actively developed its position as a market leading provider and manufacturer of contamination control products and services.

Innovation

Micronclean's primary strategic choice is to position itself as the technological market leader and this defines the business.

As a result, Micronclean operate a discrete Product Development and Research Team that is focused on taking concepts and ideas and from these delivering innovative new products and solutions to serve our customers worldwide. Whilst the focus of R&D must be firmly on the bringing to market of new products and services, it is also heavily involved in the incremental improvement of existing products, services and internal systems that are necessary to maintain our position of market leadership. Sustainability is at the heart of innovation and our solutions are often focused and steered to achieve this ambition.

Excellence

Excellence is Micronclean's dedication to continually improve the quality, sustainability, and cost base of our products and services. At the core is our drive to lead the market technologically. This is shown by the invention, introduction, and refinement of our industry leading ideas. This includes sustainable production facilities that break new ground, control systems to ensure product conformance, software that produces unparalleled product traceability and environmental monitoring systems to ensure compliant product release.

It is all too easy, with a new successful product that is producing good margins and with little competitive pressure, to rest on one's laurels. However, cost controls are still vital as lowering costs allows Micronclean to simultaneously ensure its future survival but also pass on a lower price to customers.

Decisions during the Year

We continued in 2025 to procure Renewable Energy via a Renewable Energy Guarantees of Origin (REGO) electricity contract, at increased cost to the company. This scheme, operated by OFGEM ensures all our electricity is generated from 100% renewable sources such as wind, hydro and solar.

The business continued to offer staff a successful hybrid working policy following the successes of the mandated working from home rule set by HM Government during the COVID-19 pandemic.

The Board has continued to support the group's investment in Micronclean India to support its working capital requirements associated with onboarding new customers.

The Board continued to set annual strategic objectives to give focus to our strategy and management activities. The Board reviews progress of these objectives each month.

The Board remained focused on the importance of long-term investment in the business. During the year, capital expenditure was approved for the replacement and upgrade of plant and machinery across our production sites. In parallel, we continued to develop strategic plans for the establishment of new facilities to support future growth.

Our People

To achieve our purpose and SKIE Values we need our employees to be fully engaged with our goals. We have a dedicated workforce who have long-term service. As we continue to grow, we are adding new employees and talent into our business. We have successful engagement, reward and training schemes that support our teams, including:

-

Market leading rates of pay at the real living wage value

-

Profit related pay for all employees

-

A well resource learning and development programme, including our FLITE leadership programme

-

Family Fun Days

-

Regular staff communication including The Spin and Company Days

-

Company wide initiatives including our Mental Health & Wellbeing Group, SKIEs Council and Women's Network

-

Summer Placements for 16-21-year-olds

-

Graduate 'Year in Industry' Placements

-

Company policies including industry leading Parental Policies.

Our Customers

Sustainable, innovative, quality products and services are at the heart of our culture. Our product management model means we have high-level strategy to deliver our products and services to customers.

Our preference is to engage in long term relationships with our customers. Where we have been able to build long term relationships, we have seen the greatest mutual benefit. We have one of the best Customer retention rates in the industry, this is due to a high level of customer engagement and service.

Our Suppliers

Our relationship with our suppliers is key to our impact on the environment and our communities. We work together closely with our suppliers to ensure high levels of business conduct and the provision of excellent products and services to our customers. We ensure we build strong, long-term relationships with our suppliers.

Our Community

We are committed to the long-term sustainability and protection of our local communities. Micronclean supports local charities and good causes through donations. We engage with community events through the SKIE Council who are also responsible for distributing the company's charitable donations.

Our Environment

Our Microngreen Environment & Sustainability Strategy is built on three pillars which means, we will:

- Work to protect our climate by reducing our carbon emissions.

- Work to adopt a circular economy for all our products and their packaging.

- Work with our people and communities to deliver an environment where we can all prosper and develop.

Achieving our overall aim will require significant time and investment. We have committed to initial targets that will see Micronclean reduce our waste by 5% year on year and by 2027 reduce our scope 1 and 2 carbon emissions by 50%.

Micronclean has a history of supporting environmental activity over three generations which includes being one of the laundries to be registered to what is now ISO14001. We were an early adopter of best practice for energy efficiency and continue to pursue improvements in energy efficiency and carbon reduction through our strategy and ISO50001.

Board Statement

As the Board at Micronclean Ltd, we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider, in good faith, would be most likely to promote the company's success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on our company, people, communities and the planet. The Board is satisfied that the foregoing not only demonstrates how we are meeting that responsibility but that the S172 responsibilities including people and planet have been at the core of Board ethos long before they became a requirement.

ON BEHALF OF THE BOARD:

S J Fry - Director

7 September 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of textile rental and laundry and the sale of cleanroom consumables.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 will be £300,000.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

S J Fry

C M Fry

R J Parker

M S Simpson

D T Parry

G Cochran

Other changes in directors holding office are as follows:

S Yates - appointed 1 July 2025

S C Harris - appointed 1 July 2025

P Cresswell and A J Kettle ceased to be directors after 31 December 2025 but prior to the date of this report.

EMPLOYMENT OF DISABLED PERSONS

The company is committed to the Government's initiatives for the employment of the disabled. This means the company will ensure that the disabled are considered for all vacancies except where a disability make it impossible for the job to be carried out or would put the disabled person or any other employee at risk. Should an employee become disabled during service, then continuation of employment would, whenever possible, be the company's objective. The career development, training and promotion of disabled persons is viewed identically to that of able-bodied employees. The company's policy on disability covers all disabilities, whether physical or mental.

ENGAGEMENT WITH EMPLOYEES

The involvement of employees in the group is seen as a priority and is encouraged and enacted throughout all companies and it's departments, wherever possible. The group introduced a profit related pay scheme during 2009 in recognition of employee contribution to the business. This bonus paid £359,593 to all staff in relation to 2025 results (2024: £433,090). The group will continue to operate the profit related pay scheme in 2026.

CARBON EMISSIONS STATEMENT

It is a stated Policy of Micronclean Limited to continually improve the companies environmental and energy performance to protect and reduce its impact on the environment. Carbon reducing measures form an integral part our Microngreen Environment and Sustainability Strategy. Microngreen has three pillars: Our Climate, Our Circular Economy and Our People and Communities. The Our Climate Pillar drives continuous improvement in both operational performance and in reducing the release of carbon emissions to the atmosphere.

Micronclean's current medium-term plan is to work towards reducing our direct carbon emissions up to 50% by the end of 2027, with a short-term goal of 10% in 2025 (25% total against our 2021 baseline). Micronclean aims to continually reduce carbon intensity in ongoing operations through efficiency projects, and where feasible, the introduction of renewable technology. Wider plans to improve performance improvements will occur when new facilities are built and powered on renewables and new, state of the art technology. Our fleet is a key deliverable in our Microngreen Strategy. We continue to investigate electric, hybrid and alternative, environmentally friendly, fuel options.

To help achieve our carbon footprint Micronclean will and in some cases have already:

-

Design new facilities with carbon neutral technologies as they become available.

-

Promote environmental awareness and responsibility amongst employees, partners, contractors, customers and suppliers and will seek where practicable, to continuously improve environmental performance.

-

Expect our partners and suppliers to have credible environmental policies.

-

Reduce travel where possible with flexible home working and robust video conferencing facilities.

-

Have a Company Car Policy to allow electric and hybrid options for business use.

-

Carry out an Energy Audits and implement corrective and preventative actions.

-

Set Energy targets and monitor and deliver energy efficiency initiatives throughout the year.

-

Employ dedicated resource to provide expertise and guidance on environmental matters.

-

Report our carbon reductions in our Carbon Reduction Plan on an annual basis.

-

Understand and create a plan to reduce our scope 3 emissions.

-

Evaluate the environmental impact of new products produced by Micronclean R&D.

-

Seek accreditation or membership of ethical institutions which support the reduction of carbon emissions.

Actions in 2025

-

Continued to procure Renewable Energy Guarantee of Origin (REGO) scheme energy contract which means 100% of our electricity is generated from renewable sources, such as wind, hydro and solar.

-

Introduced HVO to 50% of our Fleet at 90% blend.

-

Monitored our energy dashboard to accurately measure energy usage.

-

Delivered energy efficiency projects on our sites through our Energy Reduction Boards.

2025 Performance

Micronclean's performance in 2025 showed significant reductions largely due to the mid-year introduction of HVO fuel to the Fleet. Subsequently the intensity ratio also decreased slightly in 2025 to increased efficiency compared to previous years.

In 2025 the figures continue to include energy (gas, electricity, solar, and transport) and emissions for all three laundry sites, our Head Office and Manufacturing facilities.

2025

2024

Units

Energy consumption

12,037,994

12,743,415

kWh

Scope 1 emissions

1,867

2,269

tCO2e

Scope 2 emissions

-

-

tCO2e

Total gross scope 1 & 2 emissions

1,867

2,269

tCO2e

Intensity ratio

0.65

0.69

tCO2e / Tonnes of Production

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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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, Duncan & Toplis Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S J Fry - Director

7 September 2026

Opinion

We have audited the financial statements of Micronclean Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 31 December 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 nine, 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:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of external audits conducted within the year for any evidence of non-compliance, in addition to an assessment of the company's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items. It was concluded that the ISO accreditations were also still in place and complied with.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may have not detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all 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.

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.

Alistair Main FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

Enterprise Way

Pinchbeck

Spalding

Lincolnshire

PE11 3YR

8 September 2026

TURNOVER

3

51,509,686

50,884,462

Cost of sales

37,486,532

36,680,187

GROSS PROFIT

14,023,154

14,204,275

Administrative expenses

10,905,349

10,731,935

3,117,805

3,472,340

Other operating income

228,615

188,817

OPERATING PROFIT

5

3,346,420

3,661,157

Exceptional Items

6

426,191

2,213,109

3,772,611

5,874,266

Interest receivable and similar income

84,310

5,409

3,856,921

5,879,675

Interest payable and similar expenses

7

121,122

133,945

PROFIT BEFORE TAXATION

3,735,799

5,745,730

Tax on profit

8

932,429

858,013

PROFIT FOR THE FINANCIAL YEAR

2,803,370

4,887,717

Profit attributable to:

Owners of the parent

2,821,858

4,895,841

Non-controlling interests

(18,488

)

(8,124

)

2,803,370

4,887,717

PROFIT FOR THE YEAR

2,803,370

4,887,717

OTHER COMPREHENSIVE INCOME

Foreign exchange difference

(1,011,032

)

(37,402

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(1,011,032

)

(37,402

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,792,338

4,850,315

Total comprehensive income attributable to:

Owners of the parent

1,810,826

4,858,439

Non-controlling interests

(18,488

)

(8,124

)

1,792,338

4,850,315

FIXED ASSETS

Intangible assets

11

1,530,241

60,841

Tangible assets

12

14,605,178

12,786,217

Investments

13

Interest in associate

3,700

3,700

Other investments

300

300

16,139,419

12,851,058

CURRENT ASSETS

Stocks

14

11,408,485

10,212,119

Debtors

15

9,507,017

10,077,275

Cash at bank

993,473

2,238,999

21,908,975

22,528,393

CREDITORS

Amounts falling due within one year

16

7,243,005

7,274,204

NET CURRENT ASSETS

14,665,970

15,254,189

TOTAL ASSETS LESS CURRENT LIABILITIES

30,805,389

28,105,247

CREDITORS

Amounts falling due after more than one year

17

(243,891

)

(305,762

)

PROVISIONS FOR LIABILITIES

20

(2,212,593

)

(942,918

)

NET ASSETS

28,348,905

26,856,567

CAPITAL AND RESERVES

Called up share capital

21

1,200

1,200

Revaluation reserve

22

197,538

200,599

Retained earnings

22

28,156,779

26,642,892

SHAREHOLDERS' FUNDS

28,355,517

26,844,691

NON-CONTROLLING INTERESTS

23

(6,612

)

11,876

TOTAL EQUITY

28,348,905

26,856,567

The financial statements were approved by the Board of Directors and authorised for issue on 7 September 2026 and were signed on its behalf by:

S J Fry - Director

R J Parker - Director

FIXED ASSETS

Intangible assets

11

32,327

26,266

Tangible assets

12

11,225,714

8,488,689

Investments

13

6,647,009

4,537,971

17,905,050

13,052,926

CURRENT ASSETS

Stocks

14

8,970,899

8,665,150

Debtors

15

18,574,008

18,156,637

Cash at bank

1,010,614

1,564,198

28,555,521

28,385,985

CREDITORS

Amounts falling due within one year

16

6,211,204

5,947,158

NET CURRENT ASSETS

22,344,317

22,438,827

TOTAL ASSETS LESS CURRENT LIABILITIES

40,249,367

35,491,753

CREDITORS

Amounts falling due after more than one year

17

(228,974

)

(300,104

)

PROVISIONS FOR LIABILITIES

20

(2,009,048

)

(703,859

)

NET ASSETS

38,011,345

34,487,790

CAPITAL AND RESERVES

Called up share capital

21

1,200

1,200

Revaluation reserve

22

197,538

200,599

Retained earnings

22

37,812,607

34,285,991

SHAREHOLDERS' FUNDS

38,011,345

34,487,790

Company's profit for the financial year

3,823,555

6,487,561

The financial statements were approved by the Board of Directors and authorised for issue on 7 September 2026 and were signed on its behalf by:

S J Fry - Director

R J Parker - Director

Called up

share

Retained

Revaluation

capital

earnings

reserve

£

£

£

Balance at 1 January 2024

1,200

22,381,392

203,660

Changes in equity

Dividends

-

(600,000

)

-

Total comprehensive income

-

4,858,439

-

Transfer

-

3,061

(3,061

)

1,200

26,642,892

200,599

Acquisition of non-controlling interest

-

-

-

Balance at 31 December 2024

1,200

26,642,892

200,599

Changes in equity

Dividends

-

(300,000

)

-

Total comprehensive income

-

1,810,826

-

Transfer

-

3,061

(3,061

)

Balance at 31 December 2025

1,200

28,156,779

197,538

Non-controlling

Total

Total

interests

equity

£

£

£

Balance at 1 January 2024

22,586,252

-

22,586,252

Changes in equity

Dividends

(600,000

)

-

(600,000

)

Total comprehensive income

4,858,439

(8,124

)

4,850,315

26,844,691

(8,124

)

26,836,567

Acquisition of non-controlling interest

-

20,000

20,000

Balance at 31 December 2024

26,844,691

11,876

26,856,567

Changes in equity

Dividends

(300,000

)

-

(300,000

)

Total comprehensive income

1,810,826

(18,488

)

1,792,338

Balance at 31 December 2025

28,355,517

(6,612

)

28,348,905