REGISTERED NUMBER: 01778335 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2025

for

Coolers & Condensers Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

10

Balance Sheet

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

15

DIRECTORS:

D R Gillett

J Kianizadeh

D South

SECRETARY:

D South

REGISTERED OFFICE:

36 Brunel Way

Fareham

Hampshire

PO15 5SA

REGISTERED NUMBER:

01778335 (England and Wales)

AUDITORS:

Roches

1 Manor Court

6 Barnes Wallis Road

Segensworth

Fareham

Hampshire

PO15 5TH

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

This Strategic Report has been prepared in accordance with the requirements of Section 414 of the Companies Act 2006. Its purpose is to inform members of the company and help them assess how the directors have performed their duty to promote the success of the company in accordance with Section 172 of the Companies Act 2006.

REVIEW OF BUSINESS

Financial review and key performance indicators:

2025 2024

Revenue £23.2m £19.1m

Gross margin 23.8% 23.9%

Operating margin 4.9% 5.1%

Net profit before tax £1,128k £966k

The Company delivered a strong performance in 2025, achieving significant revenue growth while maintaining robust margins and profitability. This performance reflects continued demand for the Company's products and the effectiveness of its operational and commercial strategies.

To support future growth opportunities, the Company invested in additional premises during 2025, increasing production capacity and strengthening its ability to meet customer demand.

The Company enters 2026 with a strong order book, providing confidence in future trading. Capital investment programmes continue to be progressed to enhance production output, improve operational efficiency, and support the Company's long-term growth objectives.

PRINCIPAL RISKS AND UNCERTAINTIES

The company is subject to risks and uncertainties relating to future business which might affect its financial performance. The board has implemented systems to identify risks, to assess them and ensure that reasonable mitigation plans are in place. In addition to generic risks which affect all businesses the board has identified the following principal risks and uncertainties:

Changing technology - The company may be affected by changes in technology which may render its current products and solutions obsolete or uncompetitive. This risk is minimised by continually developing and refining the products and monitoring activity of the competition.

Foreign exchange fluctuations - The company may be adversely affected by changes in foreign currency exchange rates. The directors regularly monitor the company's exposure and review hedging opportunities.

Credit risk - Investment of cash surpluses and borrowings are only made through major UK clearing banks. All customers who wish to trade on credit terms are subject to credit validation procedures. Provision is made for doubtful debts where necessary.

Cash flow - The company may be affected by cash flow pressures associated with adverse economic conditions, including reductions in bank facilities. Cash resources are monitored on an ongoing basis to ensure as far as possible that there are adequate funds available to meet operating requirements. The directors liaise with the company's bankers so as to instil confidence and continued support.

ON BEHALF OF THE BOARD:

D South - Director

11 September 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 the provision of world class solutions in the design and manufacture of heat exchange, refrigeration and cold storage products.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2025 will be £ 190,000 .

RESEARCH AND DEVELOPMENT

The company has continued to develop its product range to incorporate advances in materials and technology. In particular it is committed to low energy, environmentally friendly refrigeration and cold storage solutions for the future.

FUTURE DEVELOPMENTS

There have not been any events since the balance sheet date that need to be reported to shareholders.

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 R Gillett

J Kianizadeh

D South

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). 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, Roches, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D South - Director

11 September 2026

Opinion

We have audited the financial statements of Coolers & Condensers Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the 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 company's affairs as at 31 December 2025 and of its 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 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 four, 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 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

o the nature of the industry and sector, control environment and business performance including the design of the Company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;

o the Company's own assessment of the risks that irregularities may occur either as a result of fraud or error;

o results of our enquiries of management about their own identification and assessment of the risks of irregularities;

o any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and

o the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as the disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the Company operates in, focusing 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 included the UK Companies Act, Financial Conduct Authority regulations, pensions and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty. These included the competition and anti-bribery laws, data protection and employment, environmental and health and safety regulations.

Audit response to risks identified

As a result of performing the above, we identified the disclosure of adjusting items as a key audit matter related to the potential risk of fraud. The key audit matters section of our report explains this matter in more detail and also describes the specific procedures we performed in response to that key audit matter.

In addition to the above, our procedures to respond to risks identified included the following:

o reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

o enquiring of management concerning actual and potential litigation and claims;

o performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

o reading minutes of those charged with governance and reviewing correspondence with HMRC; and

o 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 fraud risks to all engagement team members including internal specialists audit teams, 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.

Richard Roche (Senior Statutory Auditor)

for and on behalf of Roches

1 Manor Court

6 Barnes Wallis Road

Segensworth

Fareham

Hampshire

PO15 5TH

11 September 2026

TURNOVER

3

23,234,956

19,109,781

Cost of sales

17,715,295

14,547,969

GROSS PROFIT

5,519,661

4,561,812

Administrative expenses

4,285,475

3,483,583

OPERATING PROFIT

5

1,234,186

1,078,229

Interest receivable and similar income

6,479

-

1,240,665

1,078,229

Interest payable and similar expenses

6

112,667

112,652

PROFIT BEFORE TAXATION

1,127,998

965,577

Tax on profit

7

285,879

192,553

PROFIT FOR THE FINANCIAL YEAR

842,119

773,024

Retained earnings at beginning of year

2,309,915

1,536,891

Dividends

8

(190,000

)

-

RETAINED EARNINGS AT END OF YEAR

2,962,034

2,309,915

FIXED ASSETS

Tangible assets

9

540,480

675,094

CURRENT ASSETS

Stocks

10

2,767,834

2,383,929

Debtors

11

6,300,710

4,033,222

Cash at bank

36,298

23,533

9,104,842

6,440,684

CREDITORS

Amounts falling due within one year

12

6,565,618

4,657,121

NET CURRENT ASSETS

2,539,224

1,783,563

TOTAL ASSETS LESS CURRENT LIABILITIES

3,079,704

2,458,657

PROVISIONS FOR LIABILITIES

15

116,670

147,742

NET ASSETS

2,963,034

2,310,915

CAPITAL AND RESERVES

Called up share capital

16

1,000

1,000

Retained earnings

17

2,962,034

2,309,915

SHAREHOLDERS' FUNDS

2,963,034

2,310,915

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2026 and were signed on its behalf by:

D South - Director

Cash flows from operating activities

Cash generated from operations

1

117,824

721,102

Interest paid

(112,667

)

(112,652

)

Tax paid

(164,762

)

(1

)

Taxation refund

100,462

-

Net cash from operating activities

(59,143

)

608,449

Cash flows from investing activities

Purchase of tangible fixed assets

(39,221

)

(201,172

)

Sale of tangible fixed assets

-

11,000

Interest received

6,479

-

Net cash from investing activities

(32,742

)

(190,172

)

Cash flows from financing activities

New loans in year

180,000

-

Equity dividends paid

(190,000

)

-

Net cash from financing activities

(10,000

)

-

(Decrease)/increase in cash and cash equivalents

(101,885

)

418,277

Cash and cash equivalents at beginning of year

2

(577,122

)

(995,399

)

Cash and cash equivalents at end of year

2

(679,007

)

(577,122

)

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

31.12.25

31.12.24

£

£

Profit before taxation

1,127,998

965,577

Depreciation charges

173,725

161,380

Loss on disposal of fixed assets

110

12,304

Finance costs

112,667

112,652

Finance income

(6,479

)

-

1,408,021

1,251,913

(Increase)/decrease in stocks

(383,905

)

347,038

Increase in trade and other debtors

(2,584,439

)

(957,472

)

Increase in trade and other creditors

1,678,147

79,623

Cash generated from operations

117,824

721,102

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

36,298

23,533

Bank overdrafts

(715,305

)

(600,655

)

(679,007

)

(577,122

)

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

23,533

27,565

Bank overdrafts

(600,655

)

(1,022,964

)

(577,122

)

(995,399

)

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank

23,533

12,765

36,298

Bank overdrafts

(600,655

)

(114,650

)

(715,305

)

(577,122

)

(101,885

)

(679,007

)

Debt

Debts falling due within 1 year

(320,000

)

(180,000

)

(500,000

)

(320,000

)

(180,000

)

(500,000

)

Total

(897,122

)

(281,885

)

(1,179,007

)

1.	STATUTORY INFORMATION

Coolers & Condensers 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.

Turnover from the rendering of services is recognised as the performance obligations are satisfied.

Tangible fixed assets

Depreciation is provided at the following rates in order to write off each asset over its estimated useful life or if held under finance lease, over the lease term, whichever is shorter.

Improvements to property - Over the term of the lease.

Plant & machinery - Straight line over 4-10 years.

Computer equipment - Straight line over 4 years.

Stocks

Stocks, work in progress and finished goods are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method.

The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

Work in progress and finished goods costs include materials, as incurred, and a relevant proportion of the total labour and overhead costs according to the stage of completion.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to related parties.

Financial assets & financial liabilities are initially recognised at the transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. However, if the arrangement constitutes a financing transaction then it is measured at the present value of the future receipts discounted at a market rate of interest.

Financial assets & financial liabilities classified as receivable within one year are not amortised.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.

At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Hire purchase and leasing commitments

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases.

The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments.

Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.

Operating lease payments are recognised as an expense 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 profit or loss in the period to which they relate.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

31.12.25

31.12.24

£

£

United Kingdom

20,593,281

16,770,591

Europe

1,934,756

1,637,429

United States of America

33,390

-

Asia

673,529

701,761

23,234,956

19,109,781

4.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

4,433,823

3,438,186

Social security costs

275,161

167,730

Other pension costs

217,986

193,728

4,926,970

3,799,644

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

31.12.25

31.12.24

Administration

17

16

Development

6

5

Distribution

5

3

Manufacturing

77

56

Sales

8

7

113

87

31.12.25

31.12.24

£

£

Directors' remuneration

158,537

197,355

Directors' pension contributions to money purchase schemes

77,583

116,204

5.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.25

31.12.24

£

£

Hire of plant and machinery

12,995

10,153

Other operating leases

11,310

5,720

Depreciation - owned assets

173,725

161,381

Loss on disposal of fixed assets

110

12,304

Auditors' remuneration

11,250

8,124

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.25

31.12.24

£

£

Bank interest

91,017

95,252

Bank loan interest

21,650

17,400

112,667

112,652

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.25

31.12.24

£

£

Current tax:

UK corporation tax

-

164,746

Group Relief (receipt)/payment

316,951

74,552

Adjustment in resect of previo

us periods

-

(100,446

)

Total current tax

316,951

138,852

Deferred tax

(31,072

)

53,701

Tax on profit

285,879

192,553

UK corporation tax was charged at 25%) in 2024.

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.25

31.12.24

£

£

Profit before tax

1,127,998

965,577

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

282,000

241,394

Effects of:

Expenses not deductible for tax purposes

1,297

2,025

Capital allowances in excess of depreciation

-

(7,198

)

Depreciation in excess of capital allowances

33,626

-

Deferred taxation - effect of timing differences

(31,072

)

53,701

Enhanced R&D expenditure

-

(100,445

)

Disposal of assets

28

3,076

Total tax charge

285,879

192,553

8.

DIVIDENDS

31.12.25

31.12.24

£

£

Interim

190,000

-

9.	TANGIBLE FIXED ASSETS

Improvement

to

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST

At 1 January 2025

106,579

828,325

148,693

1,083,597

Additions

-

12,316

26,905

39,221

Disposals

-

-

(3,046

)

(3,046

)

At 31 December 2025

106,579

840,641

172,552

1,119,772

DEPRECIATION

At 1 January 2025

19,736

340,778

47,989

408,503

Charge for year

10,658

124,640

38,427

173,725

Eliminated on disposal

-

-

(2,936

)

(2,936

)

At 31 December 2025

30,394

465,418

83,480

579,292

NET BOOK VALUE

At 31 December 2025

76,185

375,223

89,072

540,480

At 31 December 2024

86,843

487,547

100,704

675,094

10.

STOCKS

31.12.25

31.12.24

£

£

Stocks

2,292,985

1,848,668

Work-in-progress

465,786

447,560

Finished goods

9,063

87,701

2,767,834

2,383,929

Impairment losses totalling £17,432 (2024 : £3,126) have been reversed in the period, in relation to slow-moving and obsolete stock. The impairment loss and reversal have been included in cost of sales.

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

4,016,076

2,685,565

Amounts owed by group undertakings

2,058,193

1,034,177

Other debtors

18,750

200,542

Prepayments

207,691

112,938

6,300,710

4,033,222

Included in trade debtors are amounts totalling £3,391,891 (2024 - £2,023,600) covered under an invoice discounting facility.