ACCOUNTS - Final Accounts preparation

OPERATING PROFIT

The operating profit is stated after charging:

Registered number: 08172714

CENTRADO TRADING LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

CENTRADO TRADING LIMITED

COMPANY INFORMATION

DIRECTORS	Mr C Stanton (resigned 19 December 2025)
	Mr K Stanton
	Mr A Middleton
	Mr B Middleton
	Mr J R Middleton
	Mr W P Middleton


REGISTERED NUMBER	08172714


REGISTERED OFFICE	Centrado House
	Willow Road
	The Lakes Business Park
	Fenstanton
	Huntingdon
	PE28 9RB


INDEPENDENT AUDITORS	Price Bailey LLP
	Chartered Accountants & Statutory Auditors
	Tennyson House
	Cambridge Business Park
	Cambridge
	CB4 0WZ

CENTRADO TRADING LIMITED

CONTENTS

	Page
Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditors' Report	5 - 8
Statement of Comprehensive Income	9
Balance Sheet	10
Statement of Changes in Equity	11
Notes to the Financial Statements	12 - 27

CENTRADO TRADING LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

INTRODUCTION

The Company’s principal activity is the wholesale of picture framing materials to the picture framing trade.

BUSINESS REVIEW

The Directors are pleased to report a successful year for the Company.

The Company has generated £29,736,080 (2024: £27,484,334) of turnover due to excellent products and customer service. The Company has generated £4,605,113 (2024: 3,570,484) of profits before tax to give satisfactory results.

Cash balances have improved by 31.4% in the year as the Company continues to focus on cash management to meet the requirements of its long-term forecasts to ensure stability and minimise liquidity risk.

At the year end the Company had shareholders’ funds of £12,772,616 (2024: £10,764,057) including distributable profits of £12,772,416 (2024: £10,763,857). The directors therefore believe the Company’s position to be satisfactory, especially as the Company’s current assets exceed its current liabilities by £11,373,741 (2024: £9,358,064).

The Company continued to focus on delivering outstanding customer service and deepening customer relationships during the year as part of its ongoing strategy to strengthen its position as the leading supplier of picture framing materials in the UK.

Wybenga Centrado GmbH continued to operate as a wholly owned German subsidiary during the year to reduce risk in a post-Brexit environment.

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors have assessed the principal risks facing the Company as being uncertainties arising from global supply chain disruption and economic uncertainty. Whilst it is impossible to forecast the full impact of this uncertainty the Directors are confident that the business impact will remain manageable throughout 2026 due to thorough scenario planning and the healthy nature of the Company’s balance sheet.

The Company has exposure to three main areas of risk - foreign exchange currency exposure, liquidity risk and customer credit exposure.

Foreign Exchange Transactional Currency Exposure
The Company is exposed to currency exchange rate risk due to some receivables and cost of sale expenses being denominated in non-sterling currencies. The net exposure of each currency is monitored, and the Company uses forward contracts and options to hedge its exposure to currency fluctuations.

Liquidity Risk
The objective of the Company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The Company expects to meet its financial obligations through a combination of operating cash flows and external finance for some investment activities. Future obligations are regularly measured against forecasts and additional funding would be secured in good time if required.

Customer Credit Exposure
The Company offers credit terms to its customers which allow payment of the debt after delivery of the goods. The Company is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is mitigated by developing long term customer relationships. Further internal controls are in place when on-boarding a new client to minimise credit risk and manage the overall commercial exposure.

Page 1

CENTRADO TRADING LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

FINANCIAL KEY PERFORMANCE INDICATORS

The company uses a set of key performance indicators, financial and non-financial, to monitor the business linked to the principal risks. The KPI's and results for the year are considered to be satisfactory by the directors and senior management within the company.

FUTURE DEVELOPMENTS

Throughout 2026 the Group has demonstrated its ability to utilise its advantages in liquidity and supply chain contacts to positively react to changing market conditions and continue to solidify its position as the market leader in picture framing materials.

This report was approved by the board on 22 September 2026 and signed on its behalf.

Mr B Middleton

Director

Page 2

CENTRADO TRADING LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

DIRECTORS

The directors who served during the year were:

Mr C Stanton (resigned 19 December 2025)

Mr K Stanton

Mr A Middleton

Mr B Middleton

Mr J R Middleton

Mr W P Middleton

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

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

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

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

CHARITABLE DONATIONS

During the year the company made charitable donations of £148,057 (2024 - £118,000) to a charity to be used for a range of charitable causes.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £3,473,852 (2024 - £2,621,183).

The directors recommended the payment of a dividend totalling £1,465,293 (2024: £3,057,825).

Page 3

CENTRADO TRADING LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

AUDITORS

Under section 487(2) of the Companies Act 2006, Price Bailey LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 22 September 2026 and signed on its behalf.

Mr B Middleton

Director

Page 4

CENTRADO TRADING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTRADO TRADING LIMITED

OPINION

We have audited the financial statements of Centrado Trading Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its profit for the year then ended;

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

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

BASIS FOR OPINION

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

CONCLUSIONS RELATING TO GOING CONCERN

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

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

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

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.

Page 5

CENTRADO TRADING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTRADO TRADING LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

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

∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

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

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

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

∙the financial statements are not in agreement with the accounting records and returns; or

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

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

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Page 6

CENTRADO TRADING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTRADO TRADING LIMITED (CONTINUED)

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 an Auditors' Report 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:

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of
the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks
of material misstatement due to fraud, through designing and implementing appropriate responses to those
assessed risks, and to respond appropriately to instances of fraud or suspected fraud identified during the audit.
However, the primary responsibility for the prevention and detection of fraud rests with both management and
those charged with governance of the group and company.

Our approach was as follows:

∙We considered the nature of the commercial activities undertaken and the business performance for the year and held discussions with management.

∙We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, UK taxation legislation and Health and Safety.

∙We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

∙We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

∙We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

∙We discussed during the audit engagement team briefing how and where fraud might arise in the financial statements and any potential indication of fraud. We remained alert to any indication of fraud or non-compliance with laws and regulations throughout the audit.

∙Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations.

To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. We also assessed management bias in relation to the accounting policies adopted and in determining significant accounting estimates.

Because of 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. 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 Auditors' Report.

Page 7

CENTRADO TRADING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTRADO TRADING LIMITED (CONTINUED)

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 an Auditors' Report 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.

Shaun Jordan ACA (Senior Statutory Auditor)

for and on behalf of

Price Bailey LLP

Chartered Accountants

Statutory Auditors

Tennyson House

Cambridge Business Park

Cambridge

CB4 0WZ

23 September 2026

Page 8

CENTRADO TRADING LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	29,736,080	27,484,334
Cost of sales		(17,441,816)	(16,673,037)
Gross profit		12,294,264	10,811,297
Distribution costs		(2,564,070)	(2,344,903)
Administrative expenses		(5,173,757)	(4,907,085)
Operating profit	5	4,556,437	3,559,309
Interest receivable and similar income	9	110,288	72,346
Interest payable and similar expenses	10	(61,612)	(61,171)
Profit before taxation		4,605,113	3,570,484
Tax on profit	11	(1,131,261)	(949,301)
Profit for the financial year		3,473,852	2,621,183


Total comprehensive income for the year		3,473,852	2,621,183

The notes on pages 12 to 27 form part of these financial statements.

Page 9

CENTRADO TRADING LIMITED

REGISTERED NUMBER: 08172714

BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	13		173,876		218,709
Tangible assets	14		2,003,744		2,035,450
Investments	15		21,153		21,153
			2,198,773		2,275,312
Current assets
Stocks	16	5,209,871		4,215,897
Debtors: amounts falling due within one year	17	6,286,764		5,713,415
Cash at bank and in hand	18	4,020,081		3,059,674
		15,516,716		12,988,986
Creditors: amounts falling due within one year	19	(4,142,975)		(3,630,922)
Net current assets			11,373,741		9,358,064
Total assets less current liabilities			13,572,514		11,633,376
Creditors: amounts falling due after more than one year	20		(439,943)		(483,622)
Provisions for liabilities
Deferred taxation	22		(359,955)		(385,697)
Net assets			12,772,616		10,764,057

Capital and reserves
Called up share capital	23	200	200
Profit and loss account	24	12,772,416	10,763,857
Equity attributable to owners of the parent Company		12,772,616	10,764,057

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 September 2026.

Mr B Middleton

Director

The notes on pages 12 to 27 form part of these financial statements.

Page 10

CENTRADO TRADING LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	200	11,200,499	11,200,699

Profit for the year	-	2,621,183	2,621,183
Contributions by and distributions to owners
Dividends: Equity capital	-	(3,057,825)	(3,057,825)

At 1 January 2025	200	10,763,857	10,764,057

Profit for the year	-	3,473,852	3,473,852
Contributions by and distributions to owners
Dividends: Equity capital	-	(1,465,293)	(1,465,293)
At 31 December 2025	200	12,772,416	12,772,616

The notes on pages 12 to 27 form part of these financial statements.

Page 11

CENTRADO TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	GENERAL INFORMATION

Centrado Trading Limited is a private company, limited by shares, in England and Wales, United Kingdom. The address of the registered office is Centrado House, Willow Road, The Lakes Business Park, Fenstanton, Huntingdon, Cambridgeshire, United Kingdom, PE28 9RB.

The principal activity of the company is that of the wholesale supply of picture frame mouldings, mounts and glass.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

EXEMPTIONS FOR QUALIFYING ENTITIES

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

The Company has taken advantage of the following exemptions under the provisions of FRS 102:
(i) The requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d) to prepare a statement of cash flows on the basis that the Company is a qualifying entity and the Company's ultimate parent, Centrado Group Limited, includes the Company's cash flows in its consolidated financial statements;

(ii) The requirements of Section 11 paragraphs 11.39 to 11.48(a) and Section 12 paragraphs 12.26 to 12.29A, regarding disclosures for financial liabilities and assets, as the equivalent disclosures required by FRS 102 are included in the consolidated financial statements of the group in which the entity is consolidated; and

(iii) From disclosing the Company key management personnel compensation, as required by paragraph 33.7.

2.3

GOING CONCERN

In reaching the going concern conclusion the directors have considered the company's strong balance sheet position and buoyant market conditions throughout the year as well as the risks posed to the company.

The directors therefore believe the company continues to be a going concern and have prepared the financial statements on this basis.

Page 12

CENTRADO TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.4

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.5

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.6

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.7

LEASED ASSETS: THE COMPANY AS LESSEE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.8

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

Page 13

CENTRADO TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.9

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.10

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.11

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.12

INTANGIBLE ASSETS

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life of 5 years.

Page 14

CENTRADO TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.13

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either the straight line or reducing balance method.

Depreciation is provided on the following basis:

Plant and machinery	-	15%	On a straight line basis
Motor vehicles	-	25%	per annum reducing balance
Fixtures and fittings	-	15%	On a straight line basis
Office equipment	-	33%	On a straight line basis
Property Improvements	-	20%	On a straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.14

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

2.15

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.16

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.17

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 15

CENTRADO TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.18

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.19

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.20

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit or loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 16

CENTRADO TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.ACCOUNTING POLICIES (CONTINUED)

2.21

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates.

The key assumptions concerning the future and other key sources of estimation uncertainty at the Balance Sheet date, that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

Stock provisions
Determining stock provisions involves estimating the recoverable amount of stock held by the company. Calculating the recoverable amount of stock requires a degree of estimation in terms of the likely demand and prices for individual items.

Amortisation, depreciation and carrying amounts of fixed assets
Calculation of the amortisation and depreciation charge and hence the carrying value of fixed assets requires estimates to be made of the useful life of the assets. The estimates are based on the company's experience of similar assets and details are set out in notes 2.12 and 2.13.

TURNOVER

An analysis of turnover by class of business is as follows:
	2025	2024
	£	£

	Sales of goods	29,736,080	27,484,334

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	27,339,529	25,368,753
Rest of the world	2,396,551	2,115,581
	29,736,080	27,484,334

Page 17

CENTRADO TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Exchange differences	15,217	1,380
Other operating lease rentals	116,218	117,964
Depreciation and amortisation	639,838	594,981

Fees payable to the Company's auditors for the audit of the Company's financial statements

13,500

13,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Wages and salaries	4,390,655	4,048,229
Social security costs	507,226	384,323
Cost of defined contribution scheme	79,191	74,281
	4,977,072	4,506,833

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Directors	6	6
Sales and distribution	114	110

	120	116

Page 18

CENTRADO TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

8.	DIRECTORS' REMUNERATION
		2025	2024
		£	£

	Directors' emoluments	65,603	73,325

9.	INTEREST RECEIVABLE
		2025	2024
		£	£

Other interest receivable

110,288

72,346

10.	INTEREST PAYABLE AND SIMILAR EXPENSES
		2025	2024
		£	£

Other loan interest payable	2,556	4,429
Finance leases and hire purchase contracts	59,056	56,742
	61,612	61,171

Corporation tax
Current tax on profits for the year	1,157,003	953,080

Total current tax	1,157,003	953,080

Deferred tax
Origination and reversal of timing differences	(25,742)	(3,779)
Total deferred tax	(25,742)	(3,779)


	Taxation on profit on ordinary activities	1,131,261	949,301

Page 19

CENTRADO TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.TAXATION (CONTINUED)

Profit on ordinary activities before tax

4,605,113

3,570,484

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	1,151,278	892,621
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	198	52,172
Capital allowances for year in excess of depreciation	(20,215)	4,508
Total tax charge for the year	1,131,261	949,301

12.	DIVIDENDS
		2025	2024
		£	£

Dividends - Ordinary shares

1,465,293

3,057,825

Page 20

CENTRADO TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13.	INTANGIBLE ASSETS

		Goodwill
		£

	At 1 January 2025	355,974
	At 31 December 2025	355,974

	At 1 January 2025	137,265
	Charge for the year on owned assets	44,833
	At 31 December 2025	182,098
	Net book value
	At 31 December 2025	173,876
	At 31 December 2024	218,709

Page 21


		CENTRADO TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

14.

TANGIBLE FIXED ASSETS

	Plant and machinery	Motor vehicles	Fixtures and fittings	Office equipment	Property improv'mts	Total
	£	£	£	£	£	£
Cost
At 1 January 2025	416,853	1,437,848	518,125	433,910	754,379	3,561,115
Additions	170,691	340,439	43,297	49,582	2,657	606,666
Disposals	(47,200)	(168,915)	-	-	-	(216,115)
At 31 December 2025	540,344	1,609,372	561,422	483,492	757,036	3,951,666
Depreciation
At 1 January 2025	193,264	631,488	161,192	285,621	254,100	1,525,665
Charge for the year on owned assets	48,950	97,278	80,953	88,460	68,833	384,474
Charge for the year on financed assets	19,898	147,539	-	-	39,649	207,086
Disposals	(44,603)	(124,700)	-	-	-	(169,303)
At 31 December 2025	217,509	751,605	242,145	374,081	362,582	1,947,922
Net book value
At 31 December 2025	322,835	857,767	319,277	109,411	394,454	2,003,744
At 31 December 2024	223,589	806,360	356,933	148,289	500,279	2,035,450

Page 22

CENTRADO TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.TANGIBLE FIXED ASSETS (CONTINUED)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


Property Improvements	277,544	317,194
Motor vehicles	442,616	590,155
Office equipment	68,729	88,627
	788,889	995,976

15.	FIXED ASSET INVESTMENTS

		Investments in subsidiary companies
		£
	Cost
	At 1 January 2025	21,153
	At 31 December 2025	21,153

SUBSIDIARY UNDERTAKING
The following was a subsidiary undertaking of the Company:
Name	Registered office	Class of shares	Holding

Wybenga Centrado GmbH

Neue Mainzer Strasse 75, 60311 Frankfurt am Main

Ordinary

100%

	The aggregate of the share capital and reserves as at 31 December 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
	Name	Aggregate of share capital and reserves	Profit/(Loss)

Wybenga Centrado GmbH

(263,508)

74,614

Page 23

CENTRADO TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

16.	STOCKS
		2025	2024
		£	£

	Finished goods and goods for resale	5,209,871	4,215,897

The difference between purchase price or production cost of stocks and their replacement cost is not
material.

17.

DEBTORS

					2025	2024
					£	£


Trade debtors	5,409,698	4,885,553
Amounts owed by group undertakings	450,648	487,701
Other debtors	14,343	6,668
Prepayments and accrued income	412,075	333,493
	6,286,764	5,713,415

18.	CASH AND CASH EQUIVALENTS
		2025	2024
		£	£

	Cash at bank and in hand	4,020,081	3,059,674

Page 24

CENTRADO TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

19.	CREDITORS: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	1,764,038	1,624,807
Corporation tax	717,429	596,619
Other taxation and social security	768,241	680,301
Obligations under finance lease and hire purchase contracts	420,734	331,852
Other creditors	19,178	66,468
Accruals and deferred income	453,355	330,875
	4,142,975	3,630,922

The following liabilities were secured:
	2025	2024
	£	£

Obligations under finance lease and hire purchase contracts

860,677

815,474

Details of security provided:

Obligations under finance lease and hire purchase contracts are secured on the fixed assets to which they relate.

20.	CREDITORS: Amounts falling due after more than one year
		2025	2024
		£	£

	Net obligations under finance leases and hire purchase contracts	439,943	483,622

Within one year	420,734	331,852
Between 1-5 years	439,943	483,622
	860,677	815,474

Page 25

CENTRADO TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

22.	DEFERRED TAXATION

		2025
		£

	At beginning of year	(385,697)
	Charged to profit or loss	25,742
	At end of year	(359,955)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances

(359,955)

(385,697)

23.	SHARE CAPITAL
		2025	2024
		£	£

Allotted, called up and fully paid

200 (2024 - 200) A1 Ordinary shares of £1.00 each	200	200

24.

RESERVES

Profit and loss account

The profit and loss account is made up of accumulated gains and losses as recognised directly in the Statement of Comprehensive Income, less any dividends paid.

25.	PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £79,191 (2024 - £74,281). Pension contributions of £15,632 (2024 - £15,211) were payable to the fund at the balance sheet date.

Page 26

CENTRADO TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Not later than 1 year	773,505	731,119
Later than 1 year and not later than 5 years	713,302	1,179,267
Later than 5 years	-	13,750
	1,486,807	1,924,136

The comparative operating lease commitment disclosure for 2024 has been restated to remove commitments relating to finance lease arrangements that were incorrectly included within the prior year operating lease disclosure. The amendment affects disclosure only and has no impact on the reported profit, net assets or cash flows of the Company.

27.	RELATED PARTY TRANSACTIONS
	The company has taken advantage of the exemption afforded by FRS 102 not to disclose transactions or balances with other wholly owned members of the group.

28.	CONTINGENT LIABILITY

Centrado Trading Limited has provided a cross guarantee incorporating a fixed and floating charge over the assets of the company for a £3,514,264 (2024 - £3,803,911) bank loan provided to Centrado Investments Limited, a fellow subsidiary.

29.	POST BALANCE SHEET EVENTS

Since the year end the Company has paid dividends of £1,217,571.

30.	CONTROLLING PARTY

The Company's immediate and ultimate parent undertaking is Centrado Group Limited.

The Company's results are included within the consolidated financial statements of Centrado Group Limited. A copy of the consolidated financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

Page 27