REGISTERED NUMBER: 07549979 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2025

for

Waverley Contract & Supply Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Statement of Comprehensive Income

10

Statement of Financial Position

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Statement of Cash Flows

14

Notes to the Financial Statements

15

DIRECTORS:

D James

B James

F James

SECRETARIES:

B James

J James

V E James

REGISTERED OFFICE:

Rowan House

Guildford Road Trading Estate

Farnham

Surrey

GU9 9PZ

REGISTERED NUMBER:

07549979 (England and Wales)

AUDITORS:

WP Audit Services LLP

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

The directors present their strategic report for the year ended 31 December 2025.

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS

The Board aims to present a review of the development and performance of the company during the year under review and its position at the year end. This review is consistent with the size and nature of the company and is written in the context of risks and uncertainties it faces.

During the period under review turnover was stable year on year. The directors however are pleased to report that gross profit % increased from 28.6% in 2024 to 31.0% in 2025.

The company considers that its key performance indicators are those that communicate the financial performance and strength of the company, primarily turnover, gross profit and operating profit. 2025 proved to be a challenging year however the company was able to maintain its turnover at £14.8m, and with tight controls over cost improve its gross profit margin.

The company however saw a general increase in overheads and so consequently the operating profit fell from £558k to £94k.

After corporation tax and dividends, the net assets of the company decreased from £2.34m to £1.975m.

The directors are of the opinion that further analysis using Key Performance Indicators is not necessary for an understanding of the development, performance or position of the company.

The directors aim to maintain the company's existing management policies which have resulted in the company's successful period of trading. These policies include the intention to grow sales and maintain control over costs.

The directors consider that the results for the period to be satisfactory and are confident that the company will continue to trade profitably in the future. The continuing profitability has left the company in a sound financial position at the end of the year and is in line with the company's expectations.

The company considers its Key Performance Indicators to be turnover, gross profit and operating profit.

2025

2024

£

£

Turnover

14,774,875

14,831,196

Gross profit

4,583,582

4,247,306

Gross profit margin

31.0%

28.64%

Operating profit

94,241

558,307

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the company and the nature of its trading strategy are subject to a number of risks. The company operates a thorough risk assessment and management process which involves a formal review of all the risks identified and introducing processes to monitor and mitigate each risk, where possible.

The directors review the principal risks and uncertainties facing the company on a regular basis and ensure systems and policies are continuously updated to reflect any changes, they work in an efficient manner to minimise those risks and help achieve the company's objectives.

Cost inflation

The company continues to have a strong supply chain system, which allows it to negotiate better purchasing terms and work with suppliers to improve supply chain efficiency. However, the company remains exposed to periods of cost inflation and continually assesses any risks identified with the aim of mitigating the threats these may have on the company's operations and profitability.

Market conditions

The company operates in a variety of sectors including commercial, leisure, public sector, education and multiple dwelling units, with demand and pricing for the company's products dependant on the success in these sectors. The company mitigates this risk by ensuring it monitors the market to ensure production runs are optimised, stock holding levels are closely monitored with its pricing strategy being constantly assessed by comparison to competitors rates.

Principal financial instruments

The company's principal financial instruments comprise of bank balances, inventories, trade debtors, trade creditors and hire purchase finance. The main purpose of these instruments is to provide funds for the company's operations. Their existence exposes the company to a number of financial risks, which have been considered and are managed as follows:

Operational risk

Operational risk is the risk of a direct or indirect loss resulting from the inadequacies or failures of processes or controls due to technology, staff, organisation or external factors. To monitor and control operational risk, the company maintains a system of comprehensive policies and a control framework which is designed to provide a sound and well-controlled operational environment.

Liquidity risk

Liquidity risk is the risk that the company will have insufficient resources to meet its financial liabilities as they fall due. The company's strategy to managing liquidity risk is to ensure that the company has sufficient funds to meet all its potential liabilities as they fall due. In respect of bank balances, the liquidity risk is managed by maintaining a substantial cash balance at all times. In respect of the director/shareholder loans, there are no fixed payment dates, the directors/shareholders will only seek repayment if there are sufficient liquid resources to enable any payments. The liquidity risk is therefore managed by ensuring there are always sufficient funds available to meet all monthly liabilities.

Price risk

Price risk is the risk that financial performance of the company will be adversely affected by pricing changes. This risk is managed by actively ensuring alternative sources of supply so that suppliers for all key components are always in a competitive situation. Generous allowances for price increases are built into project costings as a contingency, whilst also keeping the quote validity terms relatively short. Competitors would also be exposed to the same risks and therefore it would be expected that any significant price increases could be passed onto customers.

Interest rate risk

Interest rate risk is the risk that the financial performance of the company will be adversely affected by adverse fluctuations on interest rates being charged to the company on its financial instruments. The interest rate risk is managed by the on-going monitoring and assessment of its borrowings and the interest rate charged. The company has HP loans with fixed rates of interest.

Credit risk

The company has a significant and diverse customer base, ranging from large contractors to individual operations. This, combined with undertaking stringent credit checks and the implementation of further safeguards, where necessary, minimises credit risk.

Currency risk

Currency risk is the risk that the financial performance of the company will be adversely affected by adverse fluctuations in foreign currencies used by the company. The company has minimal exposure to foreign currency risk.

The directors review the principal risks and uncertainties facing the company on a regular basis and ensure systems and policies are continuously updated to reflect any changes, they work in an efficient manner to minimise those risks and help achieve the company's objectives.

GOING CONCERN

The company's business activities, together with the factors likely to affect its future development, performance and position are set out above. After making enquiries, the directors have an expectation that the company's net current assets as at 31 December 2025 of £1.6m are more than sufficient to provide adequate resources to continue in operational existence for the foreseeable future.

The directors have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis.

ON BEHALF OF THE BOARD:

D James - Director

9 June 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of manufacturing and supplying blinds, curtains, canopies, screens and partitions.

DIVIDENDS

During the year, interim dividends were paid totalling £360.00 per £1 Ordinary Share. The total interim dividends paid amounted to £360,000. No interim dividends were paid on the £100 Redeemable Preference Shares. The directors recommend that no final dividends be paid with respect to the year ended 31 December 2025.

RESEARCH AND DEVELOPMENT

The company is engaged in ongoing research and development aimed at moving ahead of its competitors, improving its business processes, altering existing products and services to include new knowledge or components, and drive up revenues through better sales and marketing. This commercial work underpinned the company's need to carry out research and development.

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.

D James

B James

F James

Other changes in directors holding office are as follows:

J James ceased to be a director after 31 December 2025 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, WP Audit Services LLP, have indicated their willingness to continue in office.

ON BEHALF OF THE BOARD:

D James - Director

9 June 2026

Opinion

We have audited the financial statements of Waverley Contract & Supply Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the 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 company's affairs as at 31 December 2025 and of its loss 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 company 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 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the 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 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 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 obtained an understanding of the legal and regulatory framework that the company operates in, focussing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context include the Companies Act and tax legislation. In addition we considered the provisions of other laws and regulations that do not have an effect on the financial statements but compliance with which may be fundamental to the company's ability to incur or to avoid a material penalty, including the company's operating licences and environmental regulations.

Our procedures in response to the risks identified included reviewing the financial statements disclosures and testing supporting documentation to assess compliance with the provisions of relevant laws and regulations considered to have a direct effect in the financial statements, enquiring of management concerning actual or potential litigation and claims, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud, reading minutes of meetings of those charged with governance, reviewing correspondence with relevant regulatory authorities and in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential audit risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

Stuart Wright (FCA) (Senior Statutory Auditor)

for and on behalf of WP Audit Services LLP

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

9 June 2026

REVENUE

4

14,774,875

14,831,196

Cost of sales

(10,191,052

)

(10,583,890

)

GROSS PROFIT

4,583,823

4,247,306

Administrative expenses

(4,523,582

)

(3,776,052

)

60,241

471,254

Other operating income

5

34,000

87,053

OPERATING PROFIT

7

94,241

558,307

Interest receivable and similar income

2,006

1,365

96,247

559,672

Interest payable and similar expenses

8

(56,376

)

(64,818

)

PROFIT BEFORE TAXATION

39,871

494,854

Tax on profit

9

(45,312

)

(123,000

)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(5,441

)

371,854

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(5,441

)

371,854

FIXED ASSETS

Intangible assets

11

14,683

15,570

Property, plant and equipment

12

550,208

677,439

564,891

693,009

CURRENT ASSETS

Inventories

13

2,360,385

1,307,982

Debtors

14

1,190,199

1,179,905

Prepayments and accrued income

1,803,284

1,076,952

Cash at bank

309,696

811,779

5,663,564

4,376,618

CREDITORS

Amounts falling due within one year

15

(4,057,150

)

(2,419,424

)

NET CURRENT ASSETS

1,606,414

1,957,194

TOTAL ASSETS LESS CURRENT LIABILITIES

2,171,305

2,650,203

CREDITORS

Amounts falling due after more than one year

16

(76,720

)

(143,750

)

PROVISIONS FOR LIABILITIES

20

(120,062

)

(166,489

)

NET ASSETS

1,974,523

2,339,964

CAPITAL AND RESERVES

Called up share capital

21

1,000

1,000

Retained earnings

22

1,973,523

2,338,964

SHAREHOLDERS' FUNDS

1,974,523

2,339,964

The financial statements were approved by the Board of Directors and authorised for issue on 9 June 2026 and were signed on its behalf by:

D James - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2024

1,000

2,333,510

2,334,510

Changes in equity

Dividends

-

(366,400

)

(366,400

)

Total comprehensive income

-

371,854

371,854

Balance at 31 December 2024

1,000

2,338,964

2,339,964

Changes in equity

Dividends

-

(360,000

)

(360,000

)

Total comprehensive income

-

(5,441

)

(5,441

)

Balance at 31 December 2025

1,000

1,973,523

1,974,523

Cash flows from operating activities

Cash generated from operations

1

20,396

779,234

Interest paid

(41,142

)

(43,057

)

Interest element of hire purchase payments paid

(15,234

)

(21,761

)

Tax paid

(147,023

)

(116,490

)

Net cash from operating activities

(183,003

)

597,926

Cash flows from investing activities

Purchase of intangible fixed assets

(4,180

)

-

Purchase of tangible fixed assets

(98,594

)

(74,017

)

Sale of tangible fixed assets

23,491

33,196

Interest received

2,006

1,365

Net cash from investing activities

(77,277

)

(39,456

)

Cash flows from financing activities

Capital repayments in year

(105,347

)

(173,616

)

Amount introduced by directors

235,000

281,785

Amount withdrawn by directors

(11,456

)

(53,006

)

Equity dividends paid

(360,000

)

(366,400

)

Net cash from financing activities

(241,803

)

(311,237

)

(Decrease)/increase in cash and cash equivalents

(502,083

)

247,233

Cash and cash equivalents at beginning of year

2

811,779

564,546

Cash and cash equivalents at end of year

2

309,696

811,779

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

31/12/25

31/12/24

£

£

Profit before taxation

39,871

494,854

Depreciation charges

192,354

229,299

Loss on disposal of fixed assets

15,047

16,231

Finance costs

56,376

64,818

Finance income

(2,006

)

(1,365

)

301,642

803,837

Increase in inventories

(1,052,403

)

(86,144

)

(Increase)/decrease in trade and other debtors

(736,626

)

944,210

Increase/(decrease) in trade and other creditors

1,507,783

(882,669

)

Cash generated from operations

20,396

779,234

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2025

31/12/25

1/1/25

£

£

Cash and cash equivalents

309,696

811,779

Year ended 31 December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

811,779

564,546

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/25

Cash flow

At 31/12/25

£

£

£

Net cash

Cash at bank

811,779

(502,083

)

309,696

811,779

(502,083

)

309,696

Debt

Finance leases

(224,097

)

105,347

(118,750

)

Debts falling due after 1 year

(25,000

)

-

(25,000

)

(249,097

)

105,347

(143,750

)

Total

562,682

(396,736

)

165,946

1.	STATUTORY INFORMATION

Waverley Contract & Supply Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Going concern

The company's business activities, together with the factors likely to affect its future development, performance and position are set out above. After making enquiries, the directors have an expectation that the company's net current assets as at 31 December 2025 of £1.6m are more than sufficient to provide adequate resources to continue in operational existence for the foreseeable future. The directors have therefore concluded that it is appropriate to prepare the financial statements on a going concern basis.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised when it is probable that economic benefits will flow to the company and the amount of revenue can be measured reliably. Revenue is measured at the fair value of the consideration received or receivable, net of discounts, rebates, and VAT.

The company derives its turnover from project work which is recognised on a stage completion basis over the life of the contract.

Goodwill

Goodwill, representing the excess of the purchase price compared with the fair value of net assets acquired, is capitalised and written off evenly over the number of years which, in the opinion of the directors, represents the goodwill's useful economic life.

Goodwill recognised at acquisition is measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets

Fixed assets are stated at cost, net of depreciation and any provision for impairment.

Depreciation is provided on all tangible fixed assets at rates calculated to write each asset down to its estimate residual value on a straight line basis over its expected useful life, as follows:-

Fixtures, fittings and equipment - 25% on a reducing balance

Motor vehicles - 25% on a reducing balance.

Residual value is calculated on prices prevailing at the reporting date, after estimated costs of disposal, for the asset as if it were at the age and in the condition expected at the end of its useful life.

Impairment of fixed assets

Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by relevant accounting standards.

Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of net realisable value and value-in-use, are recognised as impairments. Impairment losses are recognised in the profit and loss account.

Inventories

Inventories are valued at the lower of cost and net realisable value. Cost of finished goods and work in progress includes overheads appropriate to the stage of manufacture. Net realisable value is based upon estimated selling price less further costs expected to be incurred to completion and disposal. Provision is made for obsolete and slow-moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

The company's functional and presentational currency is Pound Sterling (£).

Transactions in currencies other than the functional currency (foreign currencies) are initially recorded at the exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction or, if the asset or liability is measure at fair value, the rate when that fair value was determined.

All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

Hire purchase and leasing commitments

Where assets are financed by leasing agreements that give rights approximating to ownership ("finance leases"), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable during the lease term. The corresponding leasing commitments are shown as obligations to the lessor.

Lease payments are treated as consisting of capital and interest elements, and the interest is charged to the profit and loss account in proportion to the remaining balance outstanding.

All other leases are "operating leases" and the annual rentals are charged to the income statement on a straight line basis over the lease term.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

For defined contribution schemes the amount charged to the profit and loss account in respect of pension costs and other post retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock.

The holiday year for the company ends at the reporting date. Employees are entitled to carry forward unused holiday and the financial statements include an accrual for this accordingly.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102, in full, to all of its financial instruments.

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument, and are offset only when the company currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets

Debtors

Debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Where an arrangement with a debtor constitutes a financing transaction, the debtor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

A provision for impairment of debtors is established when there is evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event accruing after the impairment loss was recognised, are recognised immediately in profit or loss.

Financial liabilities and equity

Creditors

Creditors which are payable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Borrowings

Borrowings are initially recognised at the transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Derecognition of financial assets and liabilities

A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

Dividends

Dividends are recognised as liabilities once they are no longer at the discretion of the company.

Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Valuation of inventories

Inventories are stated at the lower of cost and net realisable value. Estimates are made in respect of determining the net realisable value of inventories and so the amount of impairment losses. The directors have assessed the net realisable value of the company's inventories having regard to the age of the stock, the number of individual items held and the level of recent sales of stock lines. However the assessment of net realisable value is inherently subjective as it is made on the basis on previous sale activity which may in future not prove to be accurate.

4.

REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

An analysis of revenue by geographical market is given below:

31/12/25

31/12/24

£

£

United Kingdom

14,774,875

14,831,196

14,774,875

14,831,196

5.	OTHER OPERATING INCOME

31/12/25

31/12/24

£

£

Management fees charged

34,000

7,053

Sale of client portfolio

-

80,000

34,000

87,053

6.	EMPLOYEES AND DIRECTORS

31/12/25

31/12/24

£

£

Wages and salaries

3,988,644

3,636,723

Social security costs

284,139

229,462

Other pension costs

91,321

48,117

4,364,104

3,914,302

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

31/12/25

31/12/24

Directors

4

4

Finance & Office

19

14

Project Managers & Admin

13

10

Sales & Marketing

11

19

Workshop

22

21

69

68

31/12/25

31/12/24

£

£

Directors' remuneration

155,950

161,562