REGISTERED NUMBER: 01772901 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

FOR

GRIPPLE LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

7

Report of the Independent Auditors

12

Consolidated Profit and Loss Account

15

Consolidated Other Comprehensive Income

16

Consolidated Balance Sheet

17

Company Balance Sheet

18

Consolidated Statement of Changes in Equity

19

Company Statement of Changes in Equity

20

Consolidated Cash Flow Statement

21

Notes to the Consolidated Cash Flow Statement

22

Notes to the Consolidated Financial Statements

24

DIRECTORS:

H D Facey

E J P Stubbs

R A Davies

S N Khan

M Hodgson

Mrs D J Oxley

K J St Clair

P C Hartland

Mrs C F Legg

Ms J L Ritzema

SECRETARY:

Miss K B Cullen

REGISTERED OFFICE:

The Old West Gun Works

201 Savile Street East

Sheffield

South Yorkshire

S4 7UQ

REGISTERED NUMBER:

01772901 (England and Wales)

AUDITORS:

Hollis and Co Limited

Chartered Accountants

Statutory Auditor

35 Wilkinson Street

Sheffield

South Yorkshire

S10 2GB

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

REVIEW OF BUSINESS

Despite 2025 being another challenging year, it was still a year of continued investment and success throughout the business. We remain focussed on long term growth, investment in new products and looking after and rewarding our employee owners worldwide in times of significant rises in cost of living.

In the circumstances it is pleasing to report an annual sales volume growth of 8.1%, with an annual net profit before tax of £5.2m.

The number of employee shareholders in the year moved from 991 to 956.

A number of new products were launched during the year including continued developments in new markets such as Rail, Solar and Seismic; all of which contributed to the total of £20 million new product sales.

During the year cash management performed well. At the year-end trade debtors averaged 48 calendar days, 5 days less than the end of 2024 and trade creditors averaged 63 calendar days, 2 days higher than 2024.

As in previous years, 2025 continued to show the difference that being an employee owned business can make in challenging times. A sincere thank you to all employees for continuing to make that difference in 2025.

DIVIDENDS AND SHARE VALUATION

Gripple Limited, has paid 4 interim dividends, totalling 13p. The total dividend of 13p is 2.5p lower than 2024, resulting in a year-end share valuation of £3.90..

THE FUTURE

Based on the trading performance to date in 2026 and over the last 5 years, the business remains in a strong position to continue to support long term business growth and trade profitably through the ongoing challenging conditions caused by high inflation, cost of living, US tariffs and the conflicts in the Middle East and Ukraine.

Expansion to facilitate future growth targets was supported by the purchase in January 2025 of land and buildings at Windsor Street in Sheffield, UK. Through the course of 2025 and into 2026 the site is being renovated and will become operational in Q3 2026.

The business will continue to support specific investments and will launch a number of significant new products to support growth in key markets.

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors have a continual process for identifying, evaluating and managing the principal risks and uncertainties facing the Group. These risks are reviewed regularly by the Directors through the Group’s risk register.

FINANCIAL LIQUIDITY AND TREASURY RISK

Gripple requires sufficient liquidity to fund operations, invest in growth and meet obligations as they fall due. Risks include adverse trading conditions, increased working capital requirements, restricted access to banking facilities, FX exposure, interest rates and bad debt.

To mitigate these risks, in Q1 2025 Gripple transitioned to HSBC from Barclays. With expectation that the size and infrastructure of HSBC globally will better suit current and future banking requirements.

The principal foreign currency exposure arises from significant trading in both USD and the Euro. A natural hedge is created by significant purchases being made in USD and, in addition, forward contracts for the sale of foreign currencies are entered into.

All major customers are covered by credit insurance.

MACROECONOMIC AND GEOPOLITICAL RISK

Gripple operates in multiple international markets and is exposed to global economic conditions, including inflationary pressures, interest rate movements, geopolitical instability and conflict.

This risk is mitigated through geographic and market diversification across construction, agriculture, infrastructure and solar sectors. Gripple maintains a strong balance sheet and a conservative approach to financing. Long-term decision-making and the employee-owned culture support resilience during periods of uncertainty.

SUPPLY CHAIN AND OPERATIONAL DISRUPTION

The business relies on global supply chains and manufacturing operations to deliver products to customers efficiently and at the required quality. Disruption arising from supplier failure, logistics constraints, material shortages, energy availability, labour constraints or operational incidents could impact service levels, increase costs and damage customer relationships.

Gripple benefits from vertically integrated manufacturing across the UK, US, India and Europe, reducing dependence on any single location. Multiple sourcing strategies are used where practical, alongside ongoing investment in automation, lean manufacturing and capacity planning. Business continuity arrangements are in place and reviewed regularly.

PRODUCT QUALITY, SAFETY AND LIABILITY

Gripple’s reputation is built on the safety, reliability and performance of the products. Product failure, quality issues or inadequate control over licensed manufacturing partners could lead to product liability claims, recalls, regulatory action or reputational damage.

Robust product development, testing and approval processes are embedded across the business. Quality management systems are maintained and monitored across licensed partners and suppliers. Crisis management and product recall procedures are established and reviewed, and appropriate insurance cover is maintained.

CYBER SECURITY AND IT SYSTEMS

Gripple is increasingly dependent on digital systems to support operations, manufacturing, sales, finance and supply chains. Cyber attack, system failure or data breach affecting Gripple or key suppliers could disrupt operations, compromise sensitive information and result in financial or reputational damage.

Investment continues to be made in cloud-based systems, resilient infrastructure and secure backups. Cyber security controls, awareness and policies are in place, supported by cyber insurance and Cyber Essentials certification. Business continuity and disaster recovery plans are established and regularly reviewed.

PEOPLE, SKILLS AND CULTURE

Gripple’s continued success depends on attracting, developing and retaining skilled and engaged people who share its culture of ownership, innovation and continuous improvement. Failure to do so could limit the Group’s ability to grow, innovate and maintain high operational standards.

The employee-owned structure underpins strong engagement, long-term thinking and shared responsibility. Significant investment is made in training, leadership development and succession planning, while maintaining a culture focused on safety, wellbeing and continuous improvement.

SECTION 172(1) STATEMENT

The Companies (Miscellaneous Reporting) Regulations 2018 applies to financial years beginning on or after 1 January 2019 and these regulations require the Directors to explain how they considered the interests of key stakeholders and the broader matters set out in section 172(1) (A) to (F) of the Companies Act 2006 when performing their duty to promote the success of the Company under S172.

This statement focuses on matters of strategic importance to Gripple Limited and the level of information disclosed is consistent with the size and the complexity of the business.

S172(1) (A) - THE LIKELY CONSEQUENCES OF ANY DECISION IN THE LONG TERM

The Directors understand the business and the evolving environment in which we operate, including the conflict in the Middle East, Ukraine and the rising cost of living.

All decisions in the business continue to be made for the long term in order to serve the growth, sustainability and value of the business to its current and future employee shareholders.

A growing population and increasing customer focus on locality, sustainability and efficiency give the Director's confidence that there will continue to be growing marketplaces for Gripple solutions for years to come.

S172(1) (B) - THE INTERESTS OF THE COMPANY'S EMPLOYEES

The group has been established on a culture of employee involvement and ownership. All employees of the group are required to acquire shares in the parent company and at the year end, there were 956 shareholders.

Regular meetings are held with employees to keep them informed of matters of concern to them and the directors continually review the means whereby information may be provided to employees.

There are 45 elected employee representatives who in addition to supporting employee engagement on a day-to-day basis, convene 3 board meetings per annum with the Group Managing Director.

Employee personal development is actively supported through the Gripple Spirit annual appraisal system. During 2025 there were 54 internal promotions, over 1574 days training were delivered and staff retention was 89.5%.

S172(1) (C) - THE NEED TO FOSTER THE COMPANY'S BUSINESS RELATIONSHIPS WITH SUPPLIERS, CUSTOMERS AND OTHERS

Gripple is a long-term business focused on innovation, quality and service. The business seeks to establish the same relationship with suppliers, wherever possible establishing local, long term and single source relationships.

Gripple continues to invest in the development of new products to solve our customer's problems and reduce their costs, working closely with customers and suppliers to innovate.

Gripple have long standing ties with the local communities in which they operate, all subsidiary businesses have excellent relationships with local businesses, government bodies, hostelries and many others for which the business and employees are very grateful.

S172(1) (D) - THE IMPACT OF THE COMPANY'S OPERATIONS ON THE COMMUNITY AND THE ENVIRONMENT

COMMUNITY

Gripple and the Gripple Foundation are committed to supporting local communities and charities. In 2025 over 180 charities were supported, donating over £125k.

The business also encourages employees to engage in their own fundraising activities and in 2025, UK employees raised an additional £54.5k for their own causes.

Each subsidiary business has a "charities committee" that work with local charities and community groups to channel financial support and to provide volunteer resource to carry out projects, visit charities and support people in need.

Gripple's financial commitment to charities is matched by commitment of time and people involvement, much to the benefit of those in need and also to the employee's and business as a whole.

ENVIRONMENT

The business succeeds by providing innovative and greener alternatives to traditional methods, where Gripple solutions contain 95% less embodied carbon, significantly reduce on site waste, labour and improve health and safety.

Investment is made in local supply chains with in house automated manufacturing in all key geographies working with local suppliers wherever possible. Customers increasingly value the local, green and traceable supply chain offered.

Gripple is ISO14001 accredited, including recycling, achieving year on year energy and waste reduction per unit produced and significant energy production from investment in renewables.

Gripple is undertaking various initiatives that form part of a structured, multi-year energy strategy aimed at achieving continual year-on-year improvement in energy performance and supporting our wider journey towards net zero carbon.

S172(1) (E) - THE DESIRABILITY OF THE COMPANY MAINTAINING A REPUTATION FOR HIGH STANDARDS OF BUSINESS CONDUCT

As the market leader Gripple continue to invest in achieving all leading manufacturing and marketplace accreditations.

The business is very proud to have been awarded the BESA Supplier of the year award and the Community Impact Award (UK Business Awards) during 2025. This continues the recognition of the companies efforts alongside our first Kings Award for Enterprise in Innovation in 2024 and previously awarded 5 Queens Awards for Enterprise and the IMEC UK Manufacturer of the Year.

Gripple Limited are Trustee Board Members of the UK Employee Ownership Association and vocal advocates of the benefits of Employee Ownership as a way to ensure high standards of business conduct and long-term business growth and sustainability.

S172(1) (F) - THE NEED TO ACT FAIRLY AS BETWEEN MEMBERS OF THE COMPANY

The Director's refer to the section S172 (1) (B)

As a long-term employee owned company all decisions made by the Directors are intended to serve the long term strategy of the business and its employee owners. The company does not operate bonus or incentive schemes for Directors or any other employees. The company does not have shareholders that have not previously been involved in the business. Employee's work alongside one another as business owners; equal, aligned and all benefitting from the achievement of the Companies objectives.

ON BEHALF OF THE BOARD:

Mrs C F Legg - Director

23 April 2026

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

PRINCIPAL ACTIVITIES

The principal activities of the Company, its subsidiaries and joint ventures during the year were the manufacture and distribution of wire joining, tensioning and suspension systems.

DIVIDENDS

Interim dividends per share on the Ordinary 50p shares were paid as follows:

5.25p

- 25 April 2025

3.50p

- 31 July 2025

2.50p

- 31 October 2025

1.75p

- 23 December 2025

13.00p

The directors recommend that no final dividend be paid on the company's ordinary 50p share capital.

The Golden £1 shares are not entitled to receive dividends.

The total distribution of dividends for the year ended 31 December 2025 will be £2,791,249.

RESEARCH AND DEVELOPMENT

During the period the parent company continued to reinvest in the research and development of new and innovative products and processes to gain a competitive advantage in existing and new markets.

DIRECTORS

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

H D Facey

E J P Stubbs

R A Davies

S N Khan

M Hodgson

Mrs D J Oxley

K J St Clair

P C Hartland

Other changes in directors holding office are as follows:

P Taylor - resigned 22 October 2025

C P Bentley - resigned 8 May 2025

Mrs C F Legg - appointed 8 May 2025

Ms J L Ritzema - appointed 22 July 2025

QUALIFYING THIRD PARTY INDEMNITY PROVISION

During the financial year and at the time the directors report is approved, a Qualifying Third Party Indemnity Provision for the benefit of the directors is in force.

DISABLED EMPLOYEES

It is the group's policy to offer the same opportunity in matters to disabled employees in matters of recruitment and career advancement, provided that they have the ability to perform the tasks required with or without training, and to provide retraining where necessary when disability is incurred during employment with the company.

STREAMLINED ENERGY AND CARBON REPORTING

Energy Efficiency Commentary

Gripple is committed to continual, year-on-year improvements in its operational energy efficiency and carbon footprint reduction. A register of energy efficiency measures has been compiled and is actively reviewed with a view to implementing identified opportunities over a five-year period.

Measures Undertaken in FY2025

Cooling Setpoints Review and Maintenance

At the Norfolk Bridge and Hellaby sites, cooling setpoints were optimised and operational schedules established to ensure efficient performance. Weekly maintenance routines were introduced, and equipment is serviced twice yearly, reducing electricity consumption and supporting consistent temperature control across the facilities.

Heating and Boiler Efficiency

Improvements at Norfolk Bridge and Hellaby included adding insulation to heating and domestic hot water valves and to exposed boiler pipework. Thermal cut-offs were installed on factory heaters to prevent unnecessary energy use, enhancing gas efficiency and lowering heating-related emissions.

Air Compressor Optimisation

Air compressors at Norfolk Bridge and Hellaby were optimised through setpoint reviews, updated maintenance schedules, and regular checks for air leaks. Revised filter policies further reduce energy consumption and ensure reliable machine performance.

Fleet Expansion

Gripple continues transitioning to Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs),supported by a flexible leasing model.

Sustainability Champions

Champions continue to perform weekly energy audits, monitor consumption, and identify savings opportunities. This initiative supports the company's SMART decarbonisation targets.

Year-on-Year Energy and Emissions Changes (FY2025 vs FY2024)

Natural Gas and Other Fuels Emissions increased by 3.01%, largely due to the inclusion of bottled gas for sintering that was not previously reported.

Electricity Emissions decreased by 12.55%, primarily due to a reduction in the UK electricity generation emissions factor, supported by operational efficiency measures.

Transport Emissions marginally increased by 1.55% remaining relatively consistent with 2024.

Planned Measures for FY2026

Boiler and Compressor Upgrades

At the Gunworks and Hellaby sites, office boilers are scheduled for replacement, and the main air compressor will be upgraded to a Variable Speed Drive (VSD) type. Additional improvements to fresh air intake systems are ongoing, which will enhance heating and compressed air efficiency, reduce energy demand, and contribute to lower operational emissions.

Gripple is committed to year-on-year improvements in its operational energy efficiency. A register of energy efficiency measures has been compiled, with a view to implementing these measures in the next five years

Annual reporting figures

The following figures outline the energy consumption and associated carbon emissions for Gripple's UK operations during the reporting year January - December 2025, alongside comparative data from FY2024.

Scope 1 emissions include direct combustion of natural gas and fuels used for transport operations (e.g., company fleet).

Scope 2 emissions refer to indirect emissions from the consumption of purchased and self-generated electricity used in daily operations.

Scope 1 & 2 Emissions Overview (Location-Based)

In 2025, Gripple's total Scope 1 and Scope 2 emissions were:

- Scope 1 (direct emissions): 351.21 tCO2e from 1,722,257 kWh of fuel

- Scope 2 (purchased electricity): 1,009.32 tCO2e from 6,103,124 kWh of electricity (including self-generated solar electricity)

This represents a 2.5% increase in Scope 1 emissions and a 12.5% decrease in Scope 2 emissions compared to FY2024.

Metric

FY2025

FY2024

% change

Total SVOP (£m)

£89.89m

£99.92

-

Total UK Employees (FTE)

515

503

-

Location-Based Emissions per £m SVOP (tCO2e)

15.14

14.98

+ 1.03%

Market-Based Emissions per £m SVOP (tCO2e)

29.25

17.30

+ 69.06%

Location-Based Emissions per FTE (tCO2e)

2.64

2.98

- 11.22%

Market-Based Emissions per FTE (tCO2e)

5.11

3.44

+ 48.55%

Utility and Scope

2025 Consumption

2024 Consumption

Gaseous and other fuels (Scope1)

1,014,443 kWh

985,167 kWh

Transportation (Scope 1)

726,654 kWh

721,853 kWh

Grid-Supplied Electricity (Scope 2)

6,084,284 kWh

5,970,754 kWh

TOTAL

7,825,382 kWh

7,677,774 kWh

Utility and Scope

2025 Emissions (tCo2e

)

2024 Emissions (tCO2e

)

Natural Gas (Scope1)

185.62

180.19

Transportation (Scope 1)

165.60

162.35

Scope 1 Total

351.22

342.54

Grid-Supplied Electricity (Scope 2)

1,005.99

1,150.31

Transportation (Scope 2)

3.33

4.00

Scope 2 Total

1,009.32

1,154.31

TOTAL (Scope 1 & 2)

1,360.54

1,496.85

Reporting Methodology

This report (including Scope 1 and Scope 2 kWh consumption and CO2e emissions data) has been developed and calculated using the following standards and guidelines:

- GHG Protocol - A Corporate Accounting and Reporting Standard (World Resources Institute and World Business Council for Sustainable Development, 2004)

- Greenhouse Gas Protocol - Scope 2 Guidance (World Resources Institute, 2015)

- ISO 14064-1 and ISO 14064-2 (ISO, 2018; ISO, 2019) - Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Guidance (HM Government, 2019)

Government Emissions Factor Database 2025 (version 1.0), has been used, utilising the published kWh gross Calorific Value (CV) and kgCO2e emissions factors relevant for the reporting period 1st January 2025 - 31st December 2025.

Estimation Methodology

Estimations were undertaken to cover missing billing periods for properties directly invoiced to Gripple Limited. These were calculated at the meter level on a kWh/day pro-rata basis.

These estimates were applied to one gas and one electricity supply. All estimations equated to 0.03% of reported consumption.

FY2025 is the first year that Other Fuels are included within Scope 1. In FY2024, the reported figure reflects Natural Gas only, whereas in FY2025 it includes both Natural Gas and Other Fuels.

Market-based emissions were calculated using a supplier-specific emissions factor and a REGO-backed electricity contract. Supplier-specific factors were obtained from fuel mix disclosures for the following utility providers:

- TotalEnergies Gas & Power Limited (REGO-backed)

- Sefe Energy

The UK residual grid factor, representing the emission intensity of electricity not covered by specific supplier emission factors, was applied where supplier information was unavailable. This factor is sourced from the Association of Issuing Bodies (AIB).

Transport Emissions Methodology

As the majority of Gripple Limited's PHEV and BEV vehicles are charged at company buildings, the transport methodology excludes a portion of their consumption and emissions to avoid double-counting under Scope 2 reporting. This aligns with the previous year’s methodology.

Renewable Generation

Gripple Limited self-generates solar energy onsite through solar arrays, which produced 400,742 kWh of renewable electricity during the reporting period from January to December 2025, in addition to electricity consumed from the grid. Self-generated renewable electricity has zero associated emissions.

Intensity Metrics

Intensity metrics have been calculated using total tCO2e figures, and the selected performance indicators agreed with Gripple Limited for the relevant report period:

- UK Sales Value of Production (SVOP) (£m)

FY2025: £89.89m (FY2024: £99.92m)

- Total Full-Time Employees (FTE)

FY2025: 515 (FY2024: 503)

DISCLOSURE IN THE STRATEGIC REPORT

Certain items required under Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports Regulations) 2008 to be disclosed in the directors' report are set out in the Strategic Report in accordance with Section 414C(11) Companies Act 2006.

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, Hollis and Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs C F Legg - Director

23 April 2026

Opinion

We have audited the financial statements of Gripple Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Profit and Loss Account, 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 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 pages ten and eleven, 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 design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management, those charged with governance and the entity's in-house legal team around actual and potential litigation and claims;

- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;

- Reviewing minutes of meetings of those charged with governance;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the further that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Peter Hollis (Senior Statutory Auditor)

for and on behalf of Hollis and Co Limited

Chartered Accountants

Statutory Auditor

35 Wilkinson Street

Sheffield

South Yorkshire

S10 2GB

24 April 2026

TURNOVER

3

128,771,999

121,269,151

Cost of sales

74,172,219

68,457,226

GROSS PROFIT

54,599,780

52,811,925

Distribution costs

24,377,059

26,659,407

Administrative expenses

24,854,917

21,529,434

49,231,976

48,188,841

5,367,804

4,623,084

Other operating income

1,789,436

1,704,909

GROUP OPERATING PROFIT

5

7,157,240

6,327,993

Share of operating profit in

Joint ventures

468,717

411,596

Income from interest in associated undertakings

9,000

10,800

Income from fixed asset investments

236,808

225,139

Interest receivable and similar income

-

600

(Loss)/gain on revaluation of investments

(54,000

)

285,626

Interest payable and similar expenses

Group

6

(2,574,033

)

(2,422,918

)

Joint ventures

(35,802

)

(36,779

)

(2,418,027

)

(1,937,532

)

PROFIT BEFORE TAXATION

5,207,930

4,802,057

Tax on profit

7

1,075,462

1,121,469

PROFIT FOR THE FINANCIAL YEAR

4,132,468

3,680,588

Profit attributable to:

Owners of the parent

4,132,468

3,680,588

PROFIT FOR THE YEAR

4,132,468

3,680,588

OTHER COMPREHENSIVE INCOME

Currency translation differences on

foreign currency net investments

(384,124

)

162,541

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(384,124

)

162,541

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,748,344

Prior year adjustment

3,340

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

3,846,469

Total comprehensive income attributable to:

Owners of the parent

3,748,344

3,846,469

FIXED ASSETS

Intangible assets

10

2,310,485

2,109,020

Tangible assets

11

48,496,785

47,275,844

Investments

12

Interests in joint ventures

1,042,701

1,044,873

Interests in associates

270,000

324,000

Other investments

7,573,837

6,843,037

59,693,808

57,596,774

CURRENT ASSETS

Stocks

13

16,433,287

14,414,330

Debtors

14

27,303,742

23,725,680

Cash at bank and in hand

3,832,202

1,057,504

47,569,231

39,197,514

CREDITORS

Amounts falling due within one year

15

46,091,137

44,554,711

NET CURRENT ASSETS/(LIABILITIES)

1,478,094

(5,357,197

)

TOTAL ASSETS LESS CURRENT LIABILITIES

61,171,902

52,239,577

CREDITORS

Amounts falling due after more than one year

16

(20,546,790

)

(12,806,343

)

PROVISIONS FOR LIABILITIES

20

(4,796,714

)

(4,561,931

)

NET ASSETS

35,828,398

34,871,303

CAPITAL AND RESERVES

Called up share capital

21

10,735,554

10,735,554

Share premium

4,780,592

4,780,592

Retained earnings

20,312,252

19,355,157

SHAREHOLDERS' FUNDS

35,828,398

34,871,303

The financial statements were approved by the Board of Directors and authorised for issue on 23 April 2026 and were signed on its behalf by:

Mrs C F Legg - Director

FIXED ASSETS

Intangible assets

10

2,308,654

2,109,018

Tangible assets

11

38,619,335

36,319,780

Investments

12

9,780,794

9,150,688

50,708,783

47,579,486

CURRENT ASSETS

Stocks

13

14,945,062

13,161,129

Debtors

14

18,311,576

15,515,686

Cash at bank and in hand

2,440,598

5,425

35,697,236

28,682,240

CREDITORS

Amounts falling due within one year

15

38,398,822

36,694,251

NET CURRENT LIABILITIES

(2,701,586

)

(8,012,011

)

TOTAL ASSETS LESS CURRENT LIABILITIES

48,007,197

39,567,475

CREDITORS

Amounts falling due after more than one year

16

(18,663,463

)

(10,336,890

)

PROVISIONS FOR LIABILITIES

20

(4,020,100

)

(3,664,500

)

NET ASSETS

25,323,634

25,566,085

CAPITAL AND RESERVES

Called up share capital

21

10,735,554

10,735,554

Share premium

4,780,592

4,780,592

Retained earnings

9,807,488

10,049,939

SHAREHOLDERS' FUNDS

25,323,634

25,566,085

Company's profit for the financial year

2,548,798

3,505,086

The financial statements were approved by the Board of Directors and authorised for issue on 23 April 2026 and were signed on its behalf by:

Mrs C F Legg - Director