REGISTERED NUMBER: 06266375 (England and Wales)

Advanced Plastics Group Limited

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31st December 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

7

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

R J Anderson

C J Pearson

L Arand

M Spence

J Heasty

P I Tyler

SECRETARY:

J Heasty

REGISTERED OFFICE:

Bergen Way

Sutton Fields

Hull

East Yorkshire

HU7 0YQ

REGISTERED NUMBER:

06266375 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

BANKERS:

HSBC plc

3-4 Jameson Street

Hull

HU1 3JX

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

REVIEW OF BUSINESS

The principal activity of the group is the manufacture of technical injection moulded components and assemblies.

The group continued to pursue its strategy of growth and market diversity through a combination of organic growth within existing markets, targeted penetration of complementary sectors and potential further acquisitions. During 2025 the group continued to focus on operational performance, customer diversification and the development of long-term strategic customer relationships.

The principal activity of the company is that of a holding company.

During the year the group maintained a resilient trading performance despite continued economic uncertainty and inflationary pressures affecting the wider manufacturing sector. The directors remain focused on delivering sustainable long-term growth through investment in people, technology, operational capability and customer development.

During the year, a significant milestone in the group's development was the transition to employee ownership. On 3 October 2025, 100% of the share capital of Advanced Plastics Group Limited was acquired by the Advanced Plastics Group Limited Employee Ownership Trust.

The Directors believe employee ownership aligns with the group's long-term strategy, supporting employee engagement, succession planning, and sustainable business growth. The transition preserves continuity of leadership and operations whilst creating a structure that enables employees to share in the future success of the group.

PRINCIPAL RISKS AND UNCERTAINTIES

The availability and pricing of raw materials continue to be influenced by global market conditions and supply chain dynamics. Whilst material availability has generally improved, inflationary pressures and volatility in certain input costs remain areas of focus. In addition, the recruitment and retention of skilled employees continues to present challenges within a competitive labour market.

The group has limited exposure to exchange rate risk and seeks to mitigate this through natural hedging arrangements. Payments received in Euro and US Dollar currencies are matched, where possible, against forecast expenditure in those currencies. Where a natural hedge is not achievable, the group forecasts future currency requirements and enters forward contracts where appropriate.

The group remains susceptible to changes in customer demand. Continued growth is dependent upon securing and retaining a diverse range of customers across multiple sectors. Reliance on any one customer or group of customers could present a risk to future performance; however, continued progress in expanding market diversity helps to mitigate this exposure.

The group operates in a highly competitive marketplace and competitive actions by existing or new market entrants could adversely impact sales volumes or margins. To mitigate this risk, the group continues to focus on strengthening long-term customer relationships, delivering added-value services, maintaining high quality standards and promoting its differentiated technical capabilities.

SECTION 172(1) STATEMENT

In making decisions, the directors consider the long-term interests of the group and its stakeholders, including employees, customers, suppliers, local communities and the wider environment.

During the year continued focus was placed on ensuring that all group companies operate in a consistent and collaborative manner. Sharing best practices across the group supports employee development, strengthens supplier and customer relationships and enables further operational improvements.

Environmental and sustainability considerations continue to be important factors in the development of the group's strategy and long-term decision making. The directors seek to balance the interests of stakeholders when making decisions that support the sustainable long-term success of the group.

ANALYSIS OF KEY PERFORMANCE INDICATORS

The group monitors a number of key performance indicators across the business. The main financial KPIs are as follows:

2025

2024

Turnover

£37,967,491

£37,432,319

Gross margin

£12,220,206

£12,290,632

Gross profit percentage

32.2%

32.8%

Profit before tax

£2,592,220

£2,507,708

Profit after tax

£1,997,617

£2,185,893

The directors also monitor a number of non-financial KPIs, but have chosen not to disclose these on the basis that it may prejudice the group's commercial interests.

ON BEHALF OF THE BOARD:

R J Anderson - Director

21st September 2026

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

DIVIDENDS

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2025 were £149,044 (2024: £165,000)

OTHER DISTRIBUTIONS

A further distribution of profits was made via a cash contribution to the Advanced Plastics Group Limited Employee Ownership Trust during the year of £14,588,170.

FUTURE DEVELOPMENTS

The group continues to maintain a positive net asset position with available liquidity. The business benefits from long-standing relationships with a diverse customer base and continues to invest in infrastructure, technology, operational capability and employee development.

Looking ahead to FY2026, trading activity is expected to remain resilient, although performance will continue to be influenced by market conditions and customer demand. The group remains committed to delivering sustainable growth through continued investment, customer diversification and operational improvement initiatives.

DIRECTORS

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

R J Anderson

C J Pearson

Other changes in directors holding office are as follows:

L Arand - appointed 12th November 2025

M Spence - appointed 12th November 2025

J Heasty - appointed 12th November 2025

M A Hadfield - appointed 12th November 2025

P I Tyler was appointed as a director after 31st December 2025 but prior to the date of this report.

M A Hadfield ceased to be a director after 31st December 2025 but prior to the date of this report.

GOING CONCERN

The directors have performed a robust assessment of the group's ability to continue as a going concern, considering the principal risks and uncertainties facing the business, including those specific to the plastic products manufacturing sector, such as fluctuations in raw material prices, supply chain disruptions, and demand volatility.

This assessment included but was not limited to:

Forecasts and business plans for the five year period to 31st December 2030.

Review of cash flow forecasts which demonstrate sufficient liquidity to meet the group's obligations as they fall due.

Analysis of current and projected financial performance, including sales order books and customer contracts.

Evaluation of the group's access to external financing if required, and testing against covenants to ensure that sufficient headroom exists without breach.

The directors have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the group's ability to continue as a going concern.

They reasonably expect the group to have adequate resources to continue in operational existence for 12 months from the date these financial statements were approved, and therefore, have prepared the financial statements on a going concern basis.

DISABLED EMPLOYEES

The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a disabled person. Where existing employees become disabled, it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

EMPLOYEE INVOLVEMENT

During the year, the company continued its policy of keeping employees informed about matters affecting the business and its performance. Employees are encouraged to contribute ideas and suggestions for continuous improvement, and regular communication takes place between directors, management and employees to promote engagement, collaboration and the effective sharing of information.

The company also communicates key performance information and operational updates through digital communication boards located across the business. These displays provide employees with visibility of relevant performance indicators, business updates and other information intended to support awareness and engagement across the workforce.

ENGAGEMENT WITH EMPLOYEES

The directors are committed to maintaining open and effective communication with employees across the business. Employees are kept informed of matters relevant to the company, its performance and future direction through regular communication from directors and senior management.

The Group Managing Director delivers quarterly employee briefings, known internally as "Talks to the Nation", during which business performance, key developments and future priorities are communicated directly to employees. These sessions provide employees with first-hand updates on the business and support open communication throughout the organisation.

Employees are encouraged to contribute ideas and feedback and to take an active interest in the development, performance and future success of the company and the wider group.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The directors recognise that the long-term success of the group depends upon maintaining strong relationships with customers, suppliers and other key stakeholders. The group seeks to develop long-term partnerships with its customers through the delivery of quality products, reliable service and a commitment to continuous improvement.

Relationships with suppliers are managed on both a group-wide and local basis to promote continuity of supply, service quality and mutually beneficial commercial arrangements. The group seeks to work collaboratively with suppliers and customers to support sustainable long-term growth and operational resilience.

The directors consider the interests of these stakeholders when making strategic decisions and when evaluating both organic growth opportunities and potential acquisitions. The group's decision-making processes take into account the likely impact on customers, suppliers, employees and the wider business community, supporting sustainable long-term value creation.

STREAMLINED ENERGY AND CARBON REPORTING

The company consumes less than 40,000 kWh of energy each year, therefore energy efficiency disclosures under the Streamlined Energy and Carbon Reporting regulations ("SECR") are not included. On a consolidated basis there is no additional disclosure on the basis that all subsidiary companies are not required to report under the SECR in their own right due to either being non- large companies or consuming less than 40,000 kWh of energy annually.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Smailes Goldie, will be deemed re-appointed by virtue of section 487 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

R J Anderson - Director

21st September 2026

Opinion

We have audited the financial statements of Advanced Plastics Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31st 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 five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence..

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

-

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

reading the minutes of meetings of those charged with governance;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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.

Stephen Bramall BSc FCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

22nd September 2026

TURNOVER

3

37,967,491

37,432,319

Cost of sales

25,747,285

25,141,687

GROSS PROFIT

12,220,206

12,290,632

Administrative expenses

9,457,475

9,739,191

OPERATING PROFIT

5

2,762,731

2,551,441

Interest receivable and similar income

79,679

166,921

2,842,410

2,718,362

Interest payable and similar expenses

6

250,190

210,654

PROFIT BEFORE TAXATION

2,592,220

2,507,708

Tax on profit

7

594,603

321,815

PROFIT FOR THE FINANCIAL YEAR

1,997,617

2,185,893

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,997,617

2,185,893

Profit attributable to:

Owners of the parent

1,997,617

2,185,893

Total comprehensive income attributable to:

Owners of the parent

1,997,617

2,185,893

FIXED ASSETS

Intangible assets

10

1,730,615

1,996,864

Tangible assets

11

3,363,408

4,089,471

Investments

12

-

-

5,094,023

6,086,335

CURRENT ASSETS

Stocks

13

2,624,546

2,626,030

Debtors

14

8,943,266

10,022,201

Cash at bank and in hand

1,446,377

5,017,667

13,014,189

17,665,898

CREDITORS

Amounts falling due within one year

15

11,220,107

8,074,692

NET CURRENT ASSETS

1,794,082

9,591,206

TOTAL ASSETS LESS CURRENT LIABILITIES

6,888,105

15,677,541

CREDITORS

Amounts falling due after more than one year

16

(4,822,575

)

(799,682

)

PROVISIONS FOR LIABILITIES

20

(547,739

)

(666,143

)

NET ASSETS

1,517,791

14,211,716

CAPITAL AND RESERVES

Called up share capital

21

416,741

410,000

Share premium

22

38,931

-

Retained earnings

22

1,062,119

13,801,716

SHAREHOLDERS' FUNDS

1,517,791

14,211,716

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

R J Anderson - Director

C J Pearson - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

5,995,985

5,995,985

5,995,985

5,995,985

CURRENT ASSETS

Debtors

14

1,217,248

4,372,636

Cash at bank

14,864

988,881

1,232,112

5,361,517

CREDITORS

Amounts falling due within one year

15

2,298,635

3,546,737

NET CURRENT (LIABILITIES)/ASSETS

(1,066,523

)

1,814,780

TOTAL ASSETS LESS CURRENT LIABILITIES

4,929,462

7,810,765

CREDITORS

Amounts falling due after more than one year

16

4,315,575

386,888

NET ASSETS

613,887

7,423,877

CAPITAL AND RESERVES

Called up share capital

21

416,741

410,000

Share premium

22

38,931

-

Retained earnings

22

158,215

7,013,877

SHAREHOLDERS' FUNDS

613,887

7,423,877

Company's profit for the financial year

7,881,552

2,378,733

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

R J Anderson - Director

C J Pearson - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1st January 2024

410,000

11,781,423

-

12,191,423

Changes in equity

Dividends

-

(165,600

)

-

(165,600

)

Total comprehensive income

-

2,185,893

-

2,185,893

Balance at 31st December 2024

410,000

13,801,716

-

14,211,716

Changes in equity

Issue of share capital

6,741

-

38,931

45,672

Contribution to Employee Ownership Trust

-

(14,588,170

)

-

(14,588,170

)

Dividends

-

(149,044

)

-

(149,044

)

Total comprehensive income

-

1,997,617

-

1,997,617

Balance at 31st December 2025

416,741

1,062,119

38,931

1,517,791

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1st January 2024

410,000

4,800,744

-

5,210,744

Changes in equity

Dividends

-

(165,600

)

-

(165,600

)

Total comprehensive income

-

2,378,733

-

2,378,733

Balance at 31st December 2024

410,000

7,013,877

-

7,423,877

Changes in equity

Issue of share capital

6,741

-

38,931

45,672

Contribution to Employee Ownership Trust

-

(14,588,170

)

-

(14,588,170

)

Dividends

-

(149,044

)

-

(149,044

)

Total comprehensive income

-

7,881,552

-

7,881,552

Balance at 31st December 2025

416,741

158,215

38,931

613,887

Cash flows from operating activities

Cash generated from operations

1

3,014,476

5,732,497

Interest paid

(208,780

)

(172,641

)

Interest element of hire purchase payments paid

(41,410

)

(38,013

)

Tax paid

(807,357

)

(656,071

)

Net cash from operating activities

1,956,929

4,865,772

Cash flows from investing activities

Purchase of tangible fixed assets

(351,743

)

(814,637

)

Interest received

79,679

166,921

Net cash from investing activities

(272,064

)

(647,716

)

Cash flows from financing activities

New loans in year

5,500,000

-

Loan repayments in year

(1,470,308

)

(808,294

)

New HP finance facility

583,532

-

Movement on other finance debt

1,961,150

-

HP repayments in year

(415,292

)

(594,016

)

Repayment of shareholder loans

3,276,305

-

Loans to shareholders

-

(680,553

)

Share issue

45,672

-

Equity dividends paid

(149,044

)

(165,600

)

Contribution to Employee Ownership Trust

(14,588,170

)

-

Net cash from financing activities

(5,256,155

)

(2,248,463

)

(Decrease)/increase in cash and cash equivalents

(3,571,290

)

1,969,593

Cash and cash equivalents at beginning of year

2

5,017,667

3,048,074

Cash and cash equivalents at end of year

2

1,446,377

5,017,667

1.	RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit for the financial year

1,997,617

2,185,893

Depreciation charges

1,343,954

1,437,284

Loss on disposal of fixed assets

101

1,070

Finance costs

250,190

210,654

Finance income

(79,679

)

(166,921

)

Taxation

594,603

321,815

4,106,786

3,989,795

Decrease/(increase) in stocks

1,484

(272,379

)

(Increase)/decrease in trade and other debtors

(2,197,370

)

719,848

Increase in trade and other creditors

1,103,576

1,295,233

Cash generated from operations

3,014,476

5,732,497

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 31st December 2025

31/12/25

1/1/25

£

£

Cash and cash equivalents

1,446,377

5,017,667

Year ended 31st December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

5,017,667

3,048,074

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1/1/25

Cash flow

At 31/12/25

£

£

£

Net cash

Cash at bank and in hand

5,017,667

(3,571,290

)

1,446,377

5,017,667

(3,571,290

)

1,446,377

Debt

Finance leases

(720,999

)

(168,240

)

(889,239

)

Debts falling due within 1 year

(854,818

)

(342,988

)

(1,197,806

)

Debts falling due after 1 year

(432,721

)

(3,882,854

)

(4,315,575

)

(2,008,538

)

(4,394,082

)

(6,402,620

)

Total

3,009,129

(7,965,372

)

(4,956,243

)