REGISTERED NUMBER: 01491878 (England and Wales)

LANGHAM INDUSTRIES LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Group Strategic Report

2

to

6

Report of the Directors

7

to

8

Report of the Independent Auditors

9

to

12

Consolidated Income Statement

13

Consolidated Other Comprehensive Income

14

Consolidated Statement of Financial Position

15

to

16

Company Statement of Financial Position

17

Consolidated Statement of Changes in Equity

18

Company Statement of Changes in Equity

19

Consolidated Statement of Cash Flows

20

Notes to the Consolidated Statement of Cash Flows

21

to

22

Notes to the Consolidated Financial Statements

23

to

46

DIRECTORS:

J C Langham

Mrs J M May

J M Langham

A D Deves

Mrs S J Rodgers

J G M Langham

I G May

SECRETARY:

A D Deves

REGISTERED OFFICE:

Dower House

Binghams Melcombe

Dorchester

Dorset

DT2 7PZ

REGISTERED NUMBER:

01491878 (England and Wales)

SENIOR STATUTORY AUDITOR:

Theo Banos BA FCA

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

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

The directors aim to present a balanced and comprehensive review of the development and performance of the group during the year and its position at the year end. The review is consistent with the size and the non-complex nature of the group and is written in the context of the risks and uncertainties faced.

REVIEW OF BUSINESS

The profit on ordinary activities before taxation was £7,442,801 (2024 - £10,707,216). Overall, turnover and profitability were in line with expectations. Whilst turnover was lower than 2024, this was as a result of some unusually high sales in 2024 in both the port and in marine engineering businesses. The other engineering businesses showed a growth in turnover to levels which it is anticipated will continue into the future. Profit was impacted by the reduced turnover and also some higher infrastructure maintenance costs at the port, whilst the higher turnover in the other engineering business saw a return to profitability after a number of challenging years.

Net assets, after payment of dividends, have increased by £4,703,739 to £87,588,483 as at 31 December 2025. Cash reserves are in line with expectations, whilst payments to creditors have been made on time.

DEVELOPMENT AND PERFORMANCE

The group continues to review the market place it operates within and places effort in areas with the most potential and where it can expect to maximise its returns through strong management and leadership, whilst constantly reviewing the group's business sectors, its performance and opportunities. The group continues to explore avenues to expand the existing business within the group and other opportunities as they arise.

It is anticipated that the forthcoming year will see a similar level of activity and profitability. The long term future prospects and the underlying business remains strong.

KEY PERFORMANCE INDICATORS

The directors consider the key performance indicators to be sales, gross profit and profit on ordinary activities before taxation. A table illustrating the performance for the last five years is as follows:

2025

2024

2023

2022

2021

£'000

£'000

£'000

£'000

£'000

Turnover

Portland Port

14,160

19,203

15,160

12,500

11,887

Marine Engineering

27,962

34,162

17,083

13,867

12,051

Other Engineering

11,460

9,327

8,272

7,544

5,753

Other Activities

685

654

601

590

553

54,267

63,346

41,116

34,501

30,244

Gross Profit

Portland Port

5,328

10,600

9,152

7,806

8,110

Marine Engineering

8,972

8,003

7,158

4,903

5,329

Other Engineering

2,645

1,631

824

1,915

373

Other Activities

445

429

421

371

360

17,390

20,663

17,555

14,995

14,172

Gross Profit %

Portland Port

37.36%

55.20%

60.37%

62.45%

68.23%

Marine Engineering

32.09%

23.43%

41.90%

35.36%

44.22%

Other Engineering

23.09%

17.49%

9.97%

25.38%

6.48%

Other Activities

64.98%

65.56%

69.91%

62.97%

65.06%

32.05%

32.62%

42.70%

43.46%

46.86%

Profit on Ordinary Activities Before Taxation

Portland Port

2,310

7,450

6,528

5,904

6,313

Marine Engineering

4,812

4,866

3,675

2,162

1,992

Other Engineering

348

(167

)

(668

)

(123

)

(565

)

Other Activities

(27

)

(1,442

)

(224

)

(2,182

)

(1,282

)

7,443

10,707

9,311

5,761

6,458

Exceptional Items

Property Revaluations

-

-

-

-

4,522

7,443

10,707

9,311

5,761

10,980

PRINCIPAL RISKS AND UNCERTAINTIES

The group's operations and assets are well diversified and as such the levels of operational and other risks are considered by the directors to be acceptable. The group does not have any material exposure to any high risk markets or geographical areas.

The group's principal financial instruments comprise bank balances, bank overdrafts and loans, trade creditors, trade debtors and finance lease agreements. The main purpose of these instruments is to raise funds for the group operations and to finance the group's operations. Due to the nature of the financial instruments used by the group there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments minimises the risk to a level that the directors consider acceptable.

The group's exposure to interest and exchange rate fluctuations is managed by the close monitoring of funds held on accounts and debtor and creditor balances.

The group's exposure to increases in prices of raw materials is managed by a regular review of raw material costs, market conditions and sales prices. As a result of the Russian invasion of Ukraine, a number of projects the group is involved in have been delayed or there will be significant increases in costs. The group continues to seek alternative suppliers to minimise risk.

Cyber security remains a risk and as such the systems and infrastructure are constantly under review and employees are made aware of the latest protocols and the risks involved.

The directors consider the levels of risk are acceptable.

SECTION 172(1) STATEMENT

The directors are bound by their duties under the Companies Act 2006 (the "Act") and understand each duty is in the interest of the overall success of the company and group. This statement sets out how the directors have regard to the matters set out in Section 172 of the Act whilst undertaking their roles, including but not limited to:

(a) the likely consequences of any decision in the long term;

(b) the interests of the company and group’s employees;

(c) the need to foster the company and group’s business relationships with suppliers, customers and others;

(d) the impact of the company and group’s operations on the community and the environment;

(e) the desirability of the company and group maintaining a reputation for high standards of business conduct; and

(f) need to act fairly as between members of the company.

As the holding company of a group, the board of directors recognise the importance of the wider stakeholders in delivering the strategy and business sustainability through the subsidiary undertakings. The directors are conscientious about our responsibilities and duties to our stakeholders under Section 172 of the Companies Act 2006.

The Board ensures that decisions are always taken for the long term, and collectively and individually aims to uphold the highest standards of conduct.

Whilst day to day operational decisions are delegated to management teams, the group has established clear reporting lines into the board of directors, which has ultimate responsibility for any strategic decisions or decisions of key importance with the likely long term consequences of any decision in mind.

The Board recognises the importance of the contribution made by our employees, who deliver the highest levels of service for our customers and clients. Engagement with employees helps to build a deep and diverse talent pool, attract and retain talent and ensure that employees remain enthusiastic about their work and their organisation. Regularly listening to employees' feedback ensures they feel valued with their views recognised and acted upon.

Engagement with customers helps the group develop and maintain open and transparent relationships, which maintains a reputation for high standards of business conduct.

In addition, there is customer engagement at various levels within the group, including day to day engagement at operational level. This engagement provides the directors with information on how our customers view the performance of the subsidiary companies, enabling them to modify behaviours to promote the overall success of the group.

Our business is supported by a large number of suppliers who enables us to provide high standards of service to our customers, clients and partners. Engagement with suppliers enables the group to develop and maintain long-term and sustainable relationships and helps ensure that the group purchases products and services from suppliers who operate responsibly and in line with our policies and standards.

The Board recognises that the environmental impact of the subsidiary companies is an important consideration in the current and long-term goals of the group. The group has procedures in place such as recycling and uses a digital environment where possible to reduce paper usage.

The Board engages with local communities through the subsidiary companies, by means of charitable support and regular communications, including how we can create opportunities to recruit and develop local people. The key issues and themes across local communities are reported back to the Board.

The board of directors wishes at all times to maintain the strong reputation of the Langham Industries Limited group of companies, and to ensure that decisions are made with a high standard of business conduct in mind. Integrity is a key element of business behaviour throughout the group and the board of directors recognise that acting ethically and with integrity at all times protects the Group’s reputation, shareholders, stakeholders and employees, and that the culture and values of the group companies are fundamental contributors to the overall success of the group in the longer term.

The board of directors wishes to set high standards by its conduct and procedures that will permeate throughout the organisation and be maintained at all levels by colleagues and carry over into all interactions with stakeholders.

ON BEHALF OF THE BOARD:

A D Deves - Secretary

21 September 2026

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

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review were those of a holding company and through its subsidiaries carries on the business of port operation, the manufacture and sale of marine propellers, shafting and sterngear, other marine engineering equipment, aerospace and industrial light alloy castings, industrial fasteners, precision machining and yacht services.

DIVIDENDS

Interim dividends of 80p per share on the Ordinary A £1 shares were paid on 8 April 2025 and 6 October 2025. The directors recommend that no final dividend to be paid on these shares.

The total distribution of dividends for the year ended 31 December 2025 will be £1,600,000 (2024 - £13,600,000).

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

J C Langham

Mrs J M May

J M Langham

A D Deves

Mrs S J Rodgers

J G M Langham

I G May

POLITICAL DONATIONS AND EXPENDITURE

During the year no political contributions were made (2024 - £nil).

GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY

Greenhouse gas emissions, energy consumption and energy efficiency disclosures do not apply to the group given that no individual companies in the group are classed as large (Companies Act definition).

TRANSFER TO RESERVES

It is proposed to transfer £6,228,266 (before dividends of £1,600,000) to reserves as set out in the income statement.

EMPLOYEES

During the year consultations took place with employee representatives to inform them of the progress of the business and to discuss factors affecting the group.

The group gives proper consideration to all applications for employment of disabled persons. Those who are recruited and those who become disabled in employment receive appropriate training, career development and promotion.

ENGAGEMENT WITH EMPLOYEES

The board of directors takes a long term view in all decision making ensuring that the highest standards of conduct are maintained. The directors work closely with the management teams of each company taking a close interest in the management and operations of the companies to ensure that high standards of performance and conduct are maintained. All employees have direct access to the board of directors should they have suggestions that will improve performance or the work environment or should they have any concerns. The group has adopted a whistleblowing policy which is followed should employees wish to raise any issues. It is recognised that the employees are key to the future of the group and as such, career progression of staff is encouraged with suitable support, training and mentoring.

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:

A D Deves - Secretary

21 September 2026

Opinion

We have audited the financial statements of Langham Industries Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, 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 year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page eight, 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 valuation of investment property, inventory provisions and the valuation of amounts recoverable on contracts, 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 unusual material journal entries and challenging management on key 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 and data used by management to make those estimates, reperforming the calculation, reviewing the outcome of prior year estimates, and also reviewing the outcome of current year estimates since the financial reporting date.

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, Employment laws, various subsidiaries are ISO9100 (Quality Management System) accredited and the port companies are subject to Maritime laws and regulations. The group and those subsidiary companies affected are subject to regular internal and external audits to ensure compliance with these areas.

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 a review of the external audits conducted within the year for any evidence of non-compliance, reading minutes of meetings of those charged with governance, in addition to 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.

Theo Banos BA FCA (Senior Statutory Auditor)

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

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

21 September 2026

REVENUE

3

54,266,567

63,346,083

Cost of sales

36,876,291

42,682,918

GROSS PROFIT

17,390,276

20,663,165

Distribution costs

440,944

535,078

Administrative expenses

11,079,474

12,209,877

11,520,418

12,744,955

5,869,858

7,918,210

Other operating income

757,423

1,266,641

OPERATING PROFIT

5

6,627,281

9,184,851

Income from fixed asset investments

26,920

96,539

Interest receivable and similar income

6

1,081,939

1,988,488

1,108,859

2,085,027

7,736,140

11,269,878

Interest payable and similar expenses

7

293,339

562,662

PROFIT BEFORE TAXATION

7,442,801

10,707,216

Tax on profit

8

1,214,535

3,180,075

PROFIT FOR THE FINANCIAL YEAR

6,228,266

7,527,141

Profit attributable to:

Owners of the parent

6,124,589

7,225,750

Non-controlling interests

103,677

301,391

6,228,266

7,527,141

PROFIT FOR THE YEAR

6,228,266

7,527,141

OTHER COMPREHENSIVE INCOME

Exchange gains/(losses) on retranslation

of opening net assets of overseas

subsidiaries

75,473

(15,911

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

75,473

(15,911

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

6,303,739

7,511,230

Total comprehensive income attributable to:

Owners of the parent

6,200,062

7,209,839

Non-controlling interests

103,677

301,391

6,303,739

7,511,230

FIXED ASSETS

Intangible assets

11

19,479

58,436

Property, plant and equipment

12

58,995,835

59,398,193

Investments

13

330,000

330,000

Investment property

14

8,288,881

8,265,617

67,634,195

68,052,246

CURRENT ASSETS

Inventories

15

3,921,016

4,614,663

Debtors

16

14,713,319

15,162,813

Investments

17

28,819

27,178

Cash at bank and in hand

31,900,106

34,286,493

50,563,260

54,091,147

CREDITORS

Amounts falling due within one year

18

16,827,847

19,086,391

NET CURRENT ASSETS

33,735,413

35,004,756

TOTAL ASSETS LESS CURRENT LIABILITIES

101,369,608

103,057,002

CREDITORS

Amounts falling due after more than one year

19

(9,577

)

(5,945,155

)

PROVISIONS FOR LIABILITIES

23

(13,771,548

)

(14,227,103

)

NET ASSETS

87,588,483

82,884,744

CAPITAL AND RESERVES

Called up share capital

24

2,000,000

2,000,000

Revaluation reserve

25

4,324,138

4,340,009

Capital redemption reserve

25

750,000

750,000

Retained earnings

25

79,757,186

75,141,253

SHAREHOLDERS' FUNDS

86,831,324

82,231,262

NON-CONTROLLING INTERESTS

26

757,159

653,482

TOTAL EQUITY

87,588,483

82,884,744

The financial statements were approved by the Board of Directors and authorised for issue on 21 September 2026 and were signed on its behalf by:

A D Deves - Director

J C Langham - Director

FIXED ASSETS

Intangible assets

11

-

-

Property, plant and equipment

12

1,885,758

1,930,597

Investments

13

9,259,442

8,759,442

Investment property

14

13,128,719

12,690,808

24,273,919

23,380,847

CURRENT ASSETS

Debtors

16

10,541,830

7,847,491

Investments

17

28,819

27,178

Cash and cash equivalents

17,503,972

16,666,349

28,074,621

24,541,018

CREDITORS

Amounts falling due within one year

18

2,099,220

1,680,822

NET CURRENT ASSETS

25,975,401

22,860,196

TOTAL ASSETS LESS CURRENT LIABILITIES

50,249,320

46,241,043

PROVISIONS FOR LIABILITIES

23

1,502,018

1,492,083

NET ASSETS

48,747,302

44,748,960

CAPITAL AND RESERVES

Called up share capital

24

2,000,000

2,000,000

Revaluation reserve

25

5,273,412

5,273,412

Capital redemption reserve

25

750,000

750,000

Retained earnings

25

40,723,890

36,725,548

SHAREHOLDERS' FUNDS

48,747,302

44,748,960

Company's profit for the financial year

5,598,342

6,235,701

The financial statements were approved by the Board of Directors and authorised for issue on 21 September 2026 and were signed on its behalf by:

A D Deves - Director

J C Langham - Director

Called up

share

Retained

Revaluation

capital

earnings

reserve

£

£

£

Balance at 1 January 2024

2,000,000

79,248,126

4,355,880

Changes in equity

Revaluation transfer

-

15,871

(15,871

)

Dividends

-

(13,600,000

)

-

Total comprehensive income

-

7,209,839

-

Other movement in

non-controlling interest

-

2,267,417

-

Balance at 31 December 2024

2,000,000

75,141,253

4,340,009

Changes in equity

Revaluation transfer

-

15,871

(15,871

)

Dividends

-

(1,600,000

)

-

Total comprehensive income

-

6,200,062

-

Balance at 31 December 2025

2,000,000

79,757,186

4,324,138

Capital

redemption

Non-controlling

Total

reserve

Total

interests

equity

£

£

£

£

Balance at 1 January 2024

750,000

86,354,006

4,594,262

90,948,268

Changes in equity

Dividends

-

(13,600,000

)

(1,974,754

)

(15,574,754

)

Total comprehensive income

-

7,209,839

301,391

7,511,230

Other movement in

non-controlling interest

-

2,267,417

(2,267,417

)

-

Balance at 31 December 2024

750,000

82,231,262

653,482

82,884,744

Changes in equity

Dividends

-

(1,600,000

)

-

(1,600,000

)

Total comprehensive income

-

6,200,062

103,677

6,303,739

Balance at 31 December 2025

750,000

86,831,324

757,159

87,588,483