REGISTERED NUMBER: 10266695 (England and Wales)

SHD HOLDINGS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD

1 DECEMBER 2024 TO 31 DECEMBER 2025

Page

Company Information

1

Group Strategic Report

2

to

4

Report of the Directors

5

to

7

Report of the Independent Auditors

8

to

11

Consolidated Statement of Comprehensive Income

12

Consolidated Other Comprehensive Income

13

Consolidated Statement of Financial Position

14

Company Statement of Financial Position

15

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Statement of Cash Flows

18

Notes to the Consolidated Statement of Cash Flows

19

to

20

Notes to the Consolidated Financial Statements

21

to

35

DIRECTORS:

S C Doughty

Mrs J Jackson

N A Blatherwick

A E Doughty

B R Schneider

REGISTERED OFFICE:

Unit 4 The Reservation

Sleaford Enterprise Park

Sleaford

Lincolnshire

NG34 7BY

REGISTERED NUMBER:

10266695 (England and Wales)

SENIOR STATUTORY AUDITOR:

Rachel Rudkin FCCA

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

18 Northgate

Sleaford

Lincolnshire

NG34 7BJ

The directors present their strategic report of the company and the group for the period 1 December 2024 to 31 December 2025.

REVIEW OF BUSINESS

SHD Composite Materials Group (SHD Group) businesses supply and service a global customer base from manufacturing sites in the UK, Europe and the USA. SHD Group supply a fully comprehensive range of advanced composite tooling and component prepreg materials, catering for a vast array of applications. SHD Group's in-house formulated resin systems are supplied combined with a range of fabric and uni-directional reinforcements, each tailored to best match customers' specific technical and commercial needs.

SHD Group’s turnover has grown from £45,073,506 in 2024 to £51,373,336 in 2025, an increase of £6,299,830 (14%). Operating profit has decreased slightly from £5,733,412 in 2024 to £5,343,863 in 2025, a decrease of £389,729 (6.8%). The gross profit margin decreased by 0.6% from 33.7% in 2024 to 33.1% in 2025.

Funds have been kept with the SHD Group and the financial strength of SHD Composite Materials Ltd in the UK has supported the formation of SHD Group and its subsidiaries in Europe and the USA without the need for any external investment.

The SHD Group supplies a large customer base across a broad range of industry sectors, including aerospace, defence, high-end automotive, motorsport, sports and leisure, marine and industrial. The fact that the group's service model and technologies read well across many sectors, and as such is not overly exposed to any one single market nor single customer, adds significantly to its financial robustness and potential for growth.

The resilience and flexibility of the SHD Group reflected in a very strong 2025 financial performance. The level of profit has enabled and supported the considerable growth seen throughout the group and ensured stability for our customers and suppliers.

PRINCIPAL RISKS AND UNCERTAINTIES

In November 2025 the SHD Group were acquired by Cambium Biomaterials Inc, a US based company specialising in developing new chemicals and formulations using AI based techniques. This strategic partnership funded by venture capital investment will enable the new Group to grow globally through new product innovation and expansion into new markets and sectors.

SECTION 172(1) STATEMENT

The directors of the company act in accordance with the duties set out in section 172(1) of the Companies Act 2006 to promote the success of the company for the benefit of its members, and in doing so have regard (amongst other matters) to:

- The likely consequences of any decision in long term

- The interests of the company`s employees

- The need to foster the company`s business relationships with suppliers, customers and others

- The impact of the company`s operation on the community and the environment

- The desirability of the company maintaining a reputation for high standards of the business conduct

- The need to act fairly as between members of the company longevity and stakeholders are at the forefront of the company`s decision making process.

Informed, calculated decisions are made to ensure the long-term future of the business and continued support for its stakeholders. Recognition and maintenance of the symbiotic relationship between suppliers, employees and customers is of paramount importance in the company`s long term objectives.

The group acknowledge that employees play a fundamental role in achieving the long-term goals and maintaining a reputation for high standards.

Employees are provided with training, competitive remuneration and an environment to progress within the business.

The group works closely with suppliers and customers, ensuring focussed relationships and clear lines of communication. This relationship with suppliers and customers assists with delivering positive outcomes for both customers and suppliers and delivering high quality outcomes to customers.

The group appreciates the important role it plays within the local community. We understand the positive impacts of offering long term futures for its employees and the reassurances and benefits this gives within the local community. Every year the company with the help of its employees, take part in charitable events. Community clubs and societies benefit from various sponsorships.

In recent times the company has strived to reduce its carbon footprint. This has seen improvements to improve energy consumption of existing machinery and investment in electric vehicles.

Future projects are being explored to reduce the carbon footprint further, including solar energy.

The group strives towards maintaining high standards. To assist with achieving these goals the company is accredited to AS9100 and are members of Composites UK and Make UK.

Until the end of November 2025 the company was an owner managed business. All members were involved in the key decisions made by the company.

The directors' responsibilities towards shareholders are directly interconnected with their responsibilities towards future shareholders of the company.

COMPANY DEVELOPMENT AND GROWTH

SHD Group is committed to the very highest level of customer support, quality and leading-edge innovation. Key to the SHD Group strategy is providing its ever-growing international customer base with the benefits derived from a global manufacturing network, combined with local know-how and responsiveness. Embedded within this core strategy is a commitment to maintain the Group’s short production lead-times, to which its customer base has become accustomed and draws significant operational benefit.

Through continual product development, both internally driven and through collaboration with customers the SHD Group has identified key strategic growth areas. These meet the market demand for net zero emissions, sustainability and environment-friendly technologies and resulted in the development of a world-leading range of bio based composite materials. The continued investment in the Technical Centre equipment and capacity has further strengthened our research and development programs and enhanced our technical support capabilities. This facilitates continual product development, both internally driven and through collaboration with customers.

All manufacturing sites are fully AS9100 accredited.

ON BEHALF OF THE BOARD:

Mrs J Jackson - Director

26 August 2026

The directors present their report with the financial statements of the company and the group for the period 1 December 2024 to 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the period under review was that of composite material manufacturing.

DIVIDENDS

The directors recommend that no final dividends be paid.

The total distribution of dividends for the year ended 31 December 2025 will be £1,828,889

In the prior period at the time the dividends were paid the directors were not aware that there would be insufficient profits available for distribution. Additional dividends were paid up from the subsidiaries to increase the amount of profits available for distribution.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 December 2024 to the date of this report.

S C Doughty

Mrs J Jackson

N A Blatherwick

Other changes in directors holding office are as follows:

Mrs H L Doughty - resigned 24 November 2025

N J G Smith - resigned 24 November 2025

A E Doughty - appointed 1 June 2025

B R Schneider - appointed 24 November 2025

POLITICAL DONATIONS AND EXPENDITURE

Donations costs totalled £4,701 (2024: £4,103), none of which were political donations.

STREAMLINED ENERGY AND CARBON REPORTING

In accordance with the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, SHD Composite Materials Ltd presents its Streamlined Energy and Carbon Reporting disclosure for the financial year ending 30th November 2025.

This is the first financial year in which the Company has been required to report under SECR. Directly comparable prior-year SECR energy figures are therefore not presented.

However, the Company has measured its organisational carbon footprint since 2023. It's 2023/24 footprint was prepared in accordance with the GHG Protocol Corporate Accounting and Reporting Standard and was subject to limited assurance in line with ISO 14064-3. This work established a baseline for monitoring emissions, improving data quality and developing the Company's carbon-reduction strategy.

Energy consumption and greenhouse gas emissions (tCO2e)

Scope

Energy consumption (kWh)

Emissions (tCO2e)

Categories Included

1

254,262.70

62.82

Fugitive emissions, Mobile Combustion and Stationary Combustion

2

667,570.52

118.16

Electricity

3

29,488.81

7.23

Business Travel

Totals

951,322.03

188.21

Scope 1 emissions include refrigerant losses of 3.05 tCO2e, for which there is no corresponding energy-consumption value.

Intensity Metrics

Metric

Energy intensity (kWh)

Carbon intensity (tCO2e)

Per 1m of Revenue

34923.72

6.91

Per employee

10810.48

2.14

Per sq Metre

188

0.04

The intensity metrics were calculated using turnover of £27.24 million, 88 employees and total occupied floorspace of 5063.22m2

Reporting boundary and methodology

The disclosure covers energy consumed by the Company's UK operations during the period 1st December 2024 to 30th November 2025. The organisational boundary has been determined using the operational-control approach and includes purchased electricity, propane used for heating, fuel used in Company controlled vehicles and refrigerant losses.

Scope 3 emissions associated with business mileage in employee-owned vehicles and hire cars have also been included voluntarily to provide a more complete representation of business travel emissions.

Energy consumption data has been obtained from utilities invoices and fuel records. Where complete consumption information was unavailable, reasonable estimate or annualised figures were used. The Company will continue to improve the completeness and accuracy of its energy data.

Emissions (tCO2e) have been calculated in accordance with the GHG Protocol Corporate Standard using the 2025 UK Government GHG conversion factors published by the Department for Energy Security and Net Zero (DESNZ). Purchased electricity emissions have been calculated using the location-based method.

Energy efficiency and carbon reduction activity

In 2023 the company established a carbon-footprinting programme covering Scope 1, Scope 2 and selected Scope 3 emissions. The programme identified opportunities to improve the quality of energy and emissions data and provided a foundation for the Company's carbon-reduction and net-zero planning.

During the reporting year 24/25 the Company continued to strengthen its energy and carbon data collection arrangements and reviewed energy performance across its operations. Energy efficiency measures included the investment in smart Tool-Temp technology for manufacturing equipment, the transition of Company vehicles to electric and hybrid alternatives and the selection of energy efficient leased premises supported by onsite solar generation. Inefficient equipment such as the R&D freezer was replaced with a more energy efficient unit.

The Company is also developing an Environmental Management System aligned with ISO 14001 and a structured carbon-reduction programme. These arrangements will support improved data collection, the prioritisation of energy-efficiency projects and more meaningful year on year performance evaluation.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

Mrs J Jackson - Director

26 August 2026

Opinion

We have audited the financial statements of SHD Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 December 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2025 and of the group's profit for the period then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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

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

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

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included an assessment of the company's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Rachel Rudkin FCCA (Senior Statutory Auditor)

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

18 Northgate

Sleaford

Lincolnshire

NG34 7BJ

15 September 2026

TURNOVER

3

51,373,336

45,073,506

Cost of sales

34,355,503

29,901,740

GROSS PROFIT

17,017,833

15,171,766

Administrative expenses

11,727,514

9,452,131

5,290,319

5,719,635

Other operating income

53,364

13,777

OPERATING PROFIT

5

5,343,683

5,733,412

Interest receivable and similar income

55,013

41,337

5,398,696

5,774,749

Interest payable and similar expenses

6

54,473

37,589

PROFIT BEFORE TAXATION

5,344,223

5,737,160

Tax on profit

7

1,337,207

1,666,653

PROFIT FOR THE FINANCIAL PERIOD

4,007,016

4,070,507

Profit attributable to:

Owners of the parent

4,007,016

3,870,424

Non-controlling interests

-

200,083

4,007,016

4,070,507

PROFIT FOR THE PERIOD

4,007,016

4,070,507

OTHER COMPREHENSIVE INCOME

Currency translation differences

54,691

(78,857

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX

54,691

(78,857

)

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

4,061,707

3,991,650

Total comprehensive income attributable to:

Owners of the parent

4,061,707

3,791,567

Non-controlling interests

-

200,083

4,061,707

3,991,650

FIXED ASSETS

Tangible assets

10

3,551,666

2,909,605

Investments

11

-

-

3,551,666

2,909,605

CURRENT ASSETS

Stocks

12

7,995,396

8,891,796

Debtors

13

7,599,941

8,343,716

Cash at bank and in hand

3,211,666

639,181

18,807,003

17,874,693

CREDITORS

Amounts falling due within one year

14

6,713,138

7,560,810

NET CURRENT ASSETS

12,093,865

10,313,883

TOTAL ASSETS LESS CURRENT LIABILITIES

15,645,531

13,223,488

CREDITORS

Amounts falling due after more than one year

15

(40,276

)

(58,009

)

PROVISIONS FOR LIABILITIES

20

(672,800

)

(465,842

)

NET ASSETS

14,932,455

12,699,637

CAPITAL AND RESERVES

Called up share capital

21

210

210

Retained earnings

22

14,932,245

12,699,427

SHAREHOLDERS' FUNDS

14,932,455

12,699,637

The financial statements were approved by the Board of Directors and authorised for issue on 26 August 2026 and were signed on its behalf by:

Mrs J Jackson - Director

FIXED ASSETS

Tangible assets

10

-

-

Investments

11

1,810,475

1,810,475

1,810,475

1,810,475

CURRENT ASSETS

Debtors

13

86,693

281,743

Cash at bank

298,798

7,865

385,491

289,608

CREDITORS

Amounts falling due within one year

14

365,465

905,971

NET CURRENT ASSETS/(LIABILITIES)

20,026

(616,363

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,830,501

1,194,112

CAPITAL AND RESERVES

Called up share capital

21

210

210

Merger reserve

22

1,808,877

1,808,877

Retained earnings

22

21,414

(614,975

)

SHAREHOLDERS' FUNDS

1,830,501

1,194,112

Company's profit for the financial year

2,465,278

911,297

The financial statements were approved by the Board of Directors and authorised for issue on 26 August 2026 and were signed on its behalf by:

Mrs J Jackson - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Balance at 1 December 2023

204

9,957,158

9,957,362

370,695

10,328,057

Changes in equity

Issue of share capital

6

-

6

-

6

Dividends

-

(1,619,726

)

(1,619,726

)

-

(1,619,726

)

Total comprehensive income

-

4,361,995

4,361,995

200,083

4,562,078

210

12,699,427

12,699,637

570,778

13,270,415

Acquisition of non-controlling interest

-

-

-

(570,778

)

(570,778

)

Balance at 30 November 2024

210

12,699,427

12,699,637

-

12,699,637

Changes in equity

Dividends

-

(1,828,889

)

(1,828,889

)

-

(1,828,889

)

Total comprehensive income

-

4,061,707

4,061,707

-

4,061,707

Balance at 31 December 2025

210

14,932,245

14,932,455

-

14,932,455

Called up

share

Retained

Merger

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 December 2023

204

37,128

1,808,877

1,846,209

Changes in equity

Issue of share capital

6

-

-

6

Dividends

-

(1,563,400

)

-

(1,563,400

)

Total comprehensive income

-

911,297

-

911,297

Balance at 30 November 2024

210

(614,975

)

1,808,877

1,194,112

Changes in equity

Dividends

-

(1,828,889

)

-

(1,828,889

)

Total comprehensive income

-

2,465,278

-

2,465,278

Balance at 31 December 2025

210

21,414

1,808,877

1,830,501

Cash flows from operating activities

Cash generated from operations

1

7,677,995

3,840,887

Interest paid

(47,217

)

(28,969

)

Interest element of hire purchase and finance lease rental payments paid

(7,256

)

(8,620

)

Tax paid

(1,207,688

)

(1,483,195

)

Net cash from operating activities

6,415,834

2,320,103

Cash flows from investing activities

Purchase of tangible fixed assets

(1,173,866

)

(958,740

)

Sale of tangible fixed assets

22,055

9,256

Interest received

55,013

8,652

Government Grants

35,493

(2,699

)

Net cash from investing activities

(1,061,305

)

(943,531

)

Cash flows from financing activities

HP repayments in year

(59,704

)

(54,231

)

Amount introduced by directors

-

30

Amount withdrawn by directors

(978

)

(505

)

Equity dividends paid

(1,828,889

)

(1,619,726

)

Net cash from financing activities

(1,889,571

)

(1,674,432

)

Increase/(decrease) in cash and cash equivalents

3,464,958

(297,860

)

Cash and cash equivalents at beginning of period

2

(351,082

)

(53,222

)

Cash and cash equivalents at end of period

2

3,113,876

(351,082

)

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

Period

1.12.24

to

Year Ended

31.12.25

30.11.24

£

£

Profit before taxation

5,344,223

5,737,160

Depreciation charges

498,796

411,550

Loss on disposal of fixed assets

10,954

5,458

Unrealised foreign exchange movements

54,690

(56,639

)

Government grants

(50,653

)

(13,777

)

Finance costs

54,473

37,589

Finance income

(55,013

)

(41,337

)

5,857,470

6,080,004

Decrease/(increase) in stocks

896,398

(1,839,830

)

Decrease/(increase) in trade and other debtors

747,548

(377,180

)

Increase/(decrease) in trade and other creditors

176,579

(22,107

)

Cash generated from operations

7,677,995

3,840,887

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:

Period ended 31 December 2025

31.12.25

1.12.24

£

£

Cash and cash equivalents

3,211,666

639,181

Invoice financing and bank overdrafts

(97,790

)

(990,263

)

3,113,876

(351,082

)

Year ended 30 November 2024

30.11.24

1.12.23

£

£

Cash and cash equivalents

639,181

1,074,588

Invoice financing and bank overdrafts

(990,263

)

(1,127,810

)

(351,082

)

(53,222

)