The directors present the strategic report for the year ended 31 December 2025.
Cronfa Cyf is the holding company of a diversified Group whose principal trading activities comprise the manufacture of specialist Glass Reinforced Plastic ("GRP") products through Quinshield Limited and the operation of The Plough at Rhosmaen Limited, a hotel and restaurant business in Carmarthenshire. The Group also holds a number of property and investment assets.
The Group reported turnover of £14.16 million for the year (2024: £19.82 million), gross profit of £7.86 million (2024: £12.43 million) and profit before taxation of £2.93 million (2024: £5.78 million). Whilst this represents a reduction from the exceptionally strong performance achieved in the prior year, the Group remained strongly profitable during 2025.
Quinshield Limited remains the Group's principal trading subsidiary and specialises in the design and manufacture of GRP kiosks, housings, enclosures and other composite structures, principally for the utilities, infrastructure and construction sectors. Trading during 2025 was more subdued than the previous year, reflecting the timing and mix of customer projects and a lower level of work in progress at the year end. Nevertheless, the business remained profitable and continues to benefit from its established market position, specialist technical expertise and long-standing customer relationships.
The Group's second trading subsidiary, The Plough at Rhosmaen Limited, operates a hotel and restaurant near Llandeilo. The business generated turnover of £2.15 million during the year compared with £2.38 million in 2024. Gross margin remained strong at 74.3%; however, reduced turnover together with the relatively fixed cost base associated with operating the hotel resulted in a small loss before taxation for the year.
The Directors continue to regard the diversification of the Group's activities as beneficial. The two principal trading businesses operate in different markets and are exposed to different economic and trading cycles, whilst the Group's property and investment holdings provide further diversification and long-term asset backing.
Looking ahead, the Directors remain focused on maintaining the established market position of Quinshield, developing opportunities arising from continued investment in UK infrastructure, and supporting The Plough in responding to the challenges and opportunities within the Welsh hospitality market. The Group's experienced management teams, diversified operations and financial strength provide a solid foundation from which to pursue its long-term objectives.
The Directors remain confident in the Group's strategic direction but recognise that its activities across manufacturing, infrastructure supply and hospitality expose it to a range of commercial and operational risks. The principal risks are considered to be as follows:
Market and demand risk
The Group is exposed to changes in customer demand and the wider economic environment. Within Quinshield, the timing of utility and infrastructure investment programmes can affect order levels and project delivery. The Plough is more directly exposed to tourism levels, consumer confidence and discretionary spending. The Group's diversified activities provide some mitigation against fluctuations within individual markets.
Supply chain and price risk
The availability and pricing of raw materials, particularly resins, glass fibre and structural components used within the manufacturing business, can affect production costs and margins. The hospitality business is similarly exposed to movements in food, beverage and energy costs. Management continues to monitor supplier arrangements, pricing and availability and seeks to manage increases through procurement and appropriate customer pricing where possible.
Employees
The Group's continued success depends upon attracting and retaining appropriately skilled employees. Quinshield requires specialist manufacturing, technical and project management expertise, whilst The Plough relies upon experienced hospitality employees to maintain service standards. The Group continues to focus on employee retention, training and development.
Regulatory and compliance risk
Both trading businesses operate within regulated environments. Quinshield is required to comply with relevant technical standards, product certification and customer specifications, whilst The Plough is subject to hospitality, food safety, licensing and health and safety requirements. Appropriate policies and procedures are maintained and regulatory developments are monitored by management.
Operational and margin risk
The profitability of Quinshield can be affected by project mix, contract pricing, labour utilisation and production efficiency, whilst The Plough has a relatively fixed operating cost base and is therefore sensitive to changes in occupancy and customer volumes. Management monitors trading performance, margins and operating costs closely across both businesses.
Property and asset risk
The Group holds a number of operational and investment properties and is therefore exposed to changes in property values and the ongoing costs of maintaining these assets. The Directors regularly consider the condition and carrying value of significant properties and the requirement for future investment.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2025.
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The auditors Redwood Wales Limited will be proposed fo re-appointment at the forthcoming Annual General Meeting.
United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company 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 group and parent company, 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 United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The financial statements have been prepared on a going concern basis which assumes the Group will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely future cash flows of the business and have considered the facilities that are in place at the date of signing the report.
The Group meets its day to day working capital requirements from its cash reserves. At the date of approval of the financial statements, sales to all key markets have continued to meet budgeted levels. With no indication that the current time this position will change, the Group's forecasts and projections show that the Group will be able to operate within available reserves.
At the time of approving the financial statements, the directors have a reasonable expectation that the Group has adequate resources to continue in operational existence foe the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
We have audited the financial statements of Cronfa Cyf (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).
Basis for opinion
Conclusions relating to going concern
Other information
Opinions on other matters prescribed by the Companies Act 2006
As explained more fully in the directors' responsibilities statement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We obtain an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on operations of the company. The key laws and regulations we consider in this context include UK Companies Act and relevant tax legislation.
Audit procedures performed by the engagement team to respond to the risk of irregularities and non-compliance with laws and regulations, including fraud, include the following:
discussions with management to enquire of any known instances of non-compliance with laws and regulations, including fraud;
discussions with management in respect of any actual or potential litigation claims;
performing analytical procedure to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
testing the appropriateness of journal entries and other adjustments to address the risk of fraud through management override of controls;
review of the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations; and
evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
There are inherent limitations in the audit procedures which means we are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. The risk of not detecting material misstatement due to fraud is higher than the risk of non detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forger or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 ndertaken 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.
As permitted by section 408 of the Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £304,823 (2024 - £302,368 profit).
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
Cronfa Cyf (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is C/o Quinshield, Capel Hendre Industrial Estate, Ammanford, UK, SA18 3SJ.
The group consists of Cronfa Cyf and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS102, being parent of a group which prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
Section 4 'Statement of Financial Position' - Reconciliation of the opening and closing number shares;
Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures;
Section 11 'Basic Financial Instruments' and section 12 'Other Financial Instrument Issues' - Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument'; basis of determining fair values ; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 'Related Party Disclosures'
The consolidated group financial statements consist of the financial statements of the parent company Cronfa Cyf together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Where necessary. adjustments are made to the financial statements of the subsidiaries to bring the accounting policies used into line with those used by other members of the Group.
The financial statements have been prepared on a going concern basis which assumes that the Group will continue in operational existence for the foreseeable future. In making their assessment the directors have reviewed the balance sheet, the likely future cash flows of the business and have considered the facilities that are in place at the date of signing the report.
The Group meets its day to day working capital requirements from its cash reserves at the date of signing, sales to all key markets have continued to meet budgeted levels. With no indication that at the current time this position will change, the Group's forecasts and projections show that the Group will be able to operate within available reserves.
Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The turnover shown in the profit and loss account represents amounts invoiced during the year for manufacturing and the maintenance of GRP structures, exclusive of Value Added Tax.
Turnover in relation to food and drink comprises the fair value of the consideration received or receivable for the sale of food, drink and provision of hotel rooms and services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Revenue from sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be in respect of the transaction can be measured reliably.
In respect of long-term contracts, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts is recognised by reference to stage of completion.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.
Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.
In the parent company financial statements, investments in associates are accounted for at cost less impairment.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, 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.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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 or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The company operates a defined contribution pension scheme for certain directors and employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
When the group acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the group allocates the consideration in the contract to the two elements.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating profit.
Product development
Product development expenditure is written off in the year in which it is incurred.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
In the application of the Group's accounting policies, the Directors are required to make judgements, estimates and assumptions concerning the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors considered relevant. Actual results may differ from these estimates.
The principal areas of judgement and estimation uncertainty considered by the Directors are as follows:
The Group holds a significant portfolio of property, plant and equipment across its manufacturing, hospitality and property activities. The Directors exercise judgement in determining the appropriate useful economic lives and residual values of these assets and review their carrying values for indicators of impairment.
Where indicators of impairment are identified, the recoverable amount of the relevant asset is assessed by reference to its expected future economic benefits, which may require assumptions regarding future trading performance, market conditions and asset values.
Valuation of investment property
The Group holds investment properties which are carried at fair value. The determination of fair value requires judgement and estimation, particularly where there is limited directly comparable market evidence. The Directors consider available market information and, where appropriate, professional valuation evidence in assessing the carrying value of these properties at the reporting date.
Work in progress
The manufacturing subsidiary undertakes contracts which may remain incomplete at the reporting date. The valuation of work in progress requires judgement regarding the stage of completion, costs incurred and recoverability of amounts recognised. Estimates are reviewed regularly as contracts progress and adjusted where necessary to reflect the latest information available.
Inventory valuation
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Judgement is required in identifying slow-moving, obsolete or impaired inventory and in assessing whether the carrying value of stock remains recoverable.
Judgement may be required in determining the appropriate timing of revenue recognition, particularly in respect of manufacturing contracts spanning the reporting date and amounts received in advance by the hospitality business for accommodation, functions and other services. Revenue is recognised in accordance with the Group's accounting policies when the relevant recognition criteria have been satisfied.
The average monthly number of persons (including directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
Investment property consists of freehold land and buildings which are held at cost. Acquisition of these properties are recent and the directors do not consider there is a material difference in market value.
Details of the company's subsidiaries at 31 December 2025 are as follows:
Included in other creditors are amounts of £136,212 (2024: £156,392) which relates to monies collected for deposits and hospitality vouchers.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the group paid rent of £800,000 (2024: £800,000) for use of its manufacturing premises to an entity controlled by Mr D W Jenkins and Mr A D Jenkins, directors.
During the year the company paid £25,816 (2024: £43,257) for consultancy services from a related business.
The ultimate controlling party during the current and previous year was director Dr D J Jenkins.