ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

2024
As restated

Registered number: 12731096

CENTRADO GROUP LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

CENTRADO GROUP LIMITED

COMPANY INFORMATION

Directors	J R Middleton
	A Middleton
	B Middleton
	W P Middleton
	K Stanton


Registered number	12731096


Registered office	Centrado House
	Willow Road
	The Lakes Business Park
	Fenstanton, Huntingdon
	Cambridgeshire
	PE28 9RB


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

CENTRADO GROUP LIMITED

CONTENTS

	Page
Group Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditors' Report	5 - 8
Consolidated Statement of Comprehensive Income	9
Consolidated Balance Sheet	10 - 11
Company Balance Sheet	12
Consolidated Statement of Changes in Equity	13
Company Statement of Changes in Equity	14
Consolidated Statement of Cash Flows	15
Notes to the Financial Statements	16 - 36

CENTRADO GROUP LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

The Director's present their strategic report for the year ending 31 December 2025.

Business review

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

The Group has generated £31,478,064 (2024: £29,020,097) of turnover due to excellent products and customer service. The Group has generated £5,057,675 (2024: £3,754,019) of profits before tax to give satisfactory results.

At the year end the Group had shareholders’ funds of £17,464,787 (2024: £17,057,295) including distributable profits of £17,571,502 (2024: £17,088,412). The directors therefore believe the Group’s position to be satisfactory, especially as the Group’s current assets exceed its current liabilities by £11,873,229 (2024: £11,857,351).

The Group 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 Group 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 Group’s balance sheet.

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

Foreign Exchange Transactional Currency Exposure
The Group 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 Group uses forward contracts and options to hedge its exposure to currency fluctuations.

Liquidity Risk

The objective of the Group in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The Group 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 Group offers credit terms to its customers which allow payment of the debt after delivery of the goods. The Group 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 GROUP LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Financial key performance indicators

The Group 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 Group.

2025 2024

Turnover (£'000) 31,478 29,020
Cash (£'000) 5,308 5,909
Debtors (£'000) 6,092 5,551
Headcount 125 123

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

................................................

J R Middleton

Director

Page 2

CENTRADO GROUP 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.

Principal activity

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

Directors

The directors who served during the year were:

J R Middleton

A Middleton

B Middleton

W P Middleton

K Stanton

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 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 for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Charitable donations

During the year the Group 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 £3,835,922 (2024 - £2,806,904).

Future developments

In accordance with S414C(11) of the Companies Act 2006, the information relating to future developments is included in the Strategic Report.

Page 3

CENTRADO GROUP 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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

For further details on post balance sheet events, see note 31 of the financial statements.

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.

................................................

J R Middleton

Director

Page 4

CENTRADO GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTRADO GROUP LIMITED

Opinion

We have audited the financial statements of Centrado Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the Parent Company's 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 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 Group's or 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.

Page 5

CENTRADO GROUP LIMITED

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

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.

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 Group 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 Group 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 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 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 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 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 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.

Page 6

CENTRADO GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTRADO GROUP 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 Group 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 group and 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 group and 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 regarding 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 GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CENTRADO GROUP 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 GROUP LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
Note	£	£


Turnover	4	31,478,064	29,020,097
Cost of sales		(18,522,745)	(17,572,543)
Gross profit		12,955,319	11,447,554
Distribution costs		(2,575,362)	(2,346,198)
Administrative expenses		(5,226,349)	(5,040,544)
Operating profit	5	5,153,608	4,060,812
Interest receivable and similar income	9	184,611	89,495
Interest payable and similar expenses	10	(280,544)	(396,288)
Profit before tax		5,057,675	3,754,019
Tax on profit	11	(1,221,753)	(947,115)
Profit for the financial year		3,835,922	2,806,904

Other comprehensive income for the year
Currency translation differences	(75,788)	(28,479)
Total comprehensive income for the year	3,760,134	2,778,425

There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.

The notes on pages 16 to 36 form part of these financial statements.

Page 9

CENTRADO GROUP LIMITED

REGISTERED NUMBER: 12731096

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	12		186,591		232,179
Tangible assets	13		9,722,900		9,828,467
			9,909,491		10,060,646
Current assets
Stocks	15	5,727,444		4,469,506
Debtors: amounts falling due within one year	16	6,091,667		5,551,203
Cash at bank and in hand	17	5,308,376		5,908,665
		17,127,487		15,929,374
Creditors: amounts falling due within one year	18	(5,254,258)		(4,072,023)
Net current assets			11,873,229		11,857,351
Total assets less current liabilities			21,782,720		21,917,997
Creditors: amounts falling due after more than one year	19		(3,649,356)		(4,182,767)
Provisions for liabilities
Deferred taxation	22		(668,577)		(677,935)
Net assets			17,464,787		17,057,295

Capital and reserves
Called up share capital	23	390	200
Capital redemption reserve	24	10	-
Foreign exchange reserve	24	(107,105)	(31,317)
Profit and loss account	24	17,571,492	17,088,412
		17,464,787	17,057,295

Page 10

CENTRADO GROUP LIMITED

REGISTERED NUMBER: 12731096

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2025

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

................................................

J R Middleton

Director

The notes on pages 16 to 36 form part of these financial statements.

Page 11

CENTRADO GROUP LIMITED

REGISTERED NUMBER: 12731096

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Investments	14		201		201
Current assets
Debtors: amounts falling due within one year	16	4,261,220		4,258,414
Cash at bank and in hand	17	739,363		2,408,423
		5,000,583		6,666,837
Creditors: amounts falling due within one year	18	(308,947)		(120,651)
Net current assets			4,691,636		6,546,186


Net assets			4,691,837		6,546,387

Capital and reserves
Called up share capital	23	390	200
Capital redemption reserve	24	10	-
Profit and loss account carried forward		4,691,437	6,546,187
		4,691,837	6,546,387

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

................................................

J R Middleton

Director

The notes on pages 16 to 36 form part of these financial statements.

Page 12

CENTRADO GROUP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Capital redemption reserve	Foreign exchange reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2024	200	-	(2,838)	14,929,951	14,927,313

Profit for the year	-	-	-	2,806,904	2,806,904
Currency translation differences	-	-	(28,479)	-	(28,479)
Dividends: Equity capital	-	-	-	(648,443)	(648,443)

At 1 January 2025	200	-	(31,317)	17,088,412	17,057,295

Profit for the year	-	-	-	3,835,922	3,835,922
Currency translation differences	-	-	(75,788)	-	(75,788)
Dividends: Equity capital	-	-	-	(2,398,092)	(2,398,092)
Purchase of own shares	-	-	-	(954,750)	(954,750)
Shares issued during the year	200	-	-	-	200
Shares cancelled during the year	(10)	10	-	-	-
At 31 December 2025	390	10	(107,105)	17,571,492	17,464,787

The notes on pages 16 to 36 form part of these financial statements.

Page 13

CENTRADO GROUP LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024	200	-	4,126,767	4,126,967

Profit for the year	-	-	3,067,863	3,067,863
Dividends: Equity capital	-	-	(648,443)	(648,443)

At 1 January 2025	200	-	6,546,187	6,546,387

Profit for the year	-	-	1,498,092	1,498,092
Dividends: Equity capital	-	-	(2,398,092)	(2,398,092)
Purchase of own shares	-	-	(954,750)	(954,750)
Shares issued during the year	200	-	-	200
Shares cancelled during the year	(10)	10	-	-
At 31 December 2025	390	10	4,691,437	4,691,837

The notes on pages 16 to 36 form part of these financial statements.

Page 14

CENTRADO GROUP LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025

			2025	2024
			£	£

Cash flows from operating activities
Profit for the financial year	3,835,922	2,806,904
Adjustments for:
Amortisation of intangible assets	58,303	28,594
Depreciation of tangible assets	686,284	714,453
Loss on disposal of tangible assets	47,560	7,216
Interest paid	280,544	396,288
Interest received	(184,611)	(89,495)
Taxation charge	1,221,753	947,115
(Increase) in stocks	(1,257,938)	(536,295)
(Increase) in debtors	(540,464)	(283,303)
Increase/(decrease) in creditors	707,908	(67,585)
(Decrease) in provisions	(9,358)	(37,167)
Corporation tax (paid)	(1,036,193)	(405,000)
Foreign exchange	(75,788)	8,688
Net cash generated from operating activities	3,733,922	3,490,413

Cash flows from investing activities
Purchase of intangible fixed assets	(12,715)	(174,998)
Purchase of tangible fixed assets	(664,308)	(716,448)
Sale of tangible fixed assets	36,031	64,221
Interest received	184,611	89,495
Net cash from investing activities	(456,381)	(737,730)
Cash flows from financing activities
Purchase of ordinary shares	(954,750)	-
Repayment of loans	(289,647)	(140,202)
Repayment of/new finance leases	45,203	(8,540)
Dividends paid	(2,398,092)	(648,443)
Interest paid	(280,544)	(396,288)
Net cash used in financing activities	(3,877,830)	(1,193,473)
Net (decrease)/increase in cash and cash equivalents	(600,289)	1,559,210
Cash and cash equivalents at beginning of year	5,908,665	4,349,455
Cash and cash equivalents at the end of year	5,308,376	5,908,665

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	5,308,376	5,908,665

Page 15

CENTRADO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

Centrado Group Limited is a private limited company incorporated in England and Wales, United Kingdom. The registered office address is Centrado House, Willow Road, The Lakes Business Park, Fenstanton, Huntingdon, PE28 9RB.

2.Accounting policies

2.1

Basis of preparation of financial statements

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

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3

Going concern

In reaching the going concern conclusion the directors have considered the group's strong balance sheet position and the performance of the subsidiary companies throughout the year as well as the risks posed to the group.

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

Page 16

CENTRADO GROUP 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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 17

CENTRADO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

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

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

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

∙the amount of revenue can be measured reliably;

∙it is probable that the Group 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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.6

Operating leases: the Group as lessee

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

2.7

Interest income

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

2.8

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.

2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 18

CENTRADO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group 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 and the Group operate and generate 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;

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

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

Page 19

CENTRADO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

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 the Group's share 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 Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

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:

Freehold property	-	2%	per annum straight line
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.

Page 20

CENTRADO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

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.

Page 21

CENTRADO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.20

Financial instruments

The Group 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 Group'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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initally recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy. The group does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

Page 22

CENTRADO GROUP 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 Group. 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 values of fixed assets requires estimates to be made of the useful life of the assets. The estimates are based on the Group'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	31,478,064	29,020,097

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	28,695,725	25,514,605
Rest of World	2,782,339	3,505,492
	31,478,064	29,020,097

Page 23

CENTRADO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Depreciation	686,284	714,453
Exchange differences	15,217	1,380
Other operating lease rentals	158,809	172,211

Fees payable to the Company's auditors for the audit of the consolidated and Parent Company's financial statements	37,000	35,000
Fees payable to the Company's auditors in respect of:
All non-audit services not included above	47,215	8,675

Employees

Group	Group	Company	Company
2025	2024	2025	2024
£	£	£	£


Wages and salaries	4,657,972	4,411,332	-	-
Social security costs	507,226	384,323	-	-
Cost of defined contribution scheme	79,191	74,281	-	-
	5,244,389	4,869,936	-	-

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

	2025	2024
	No.	No.

Directors	5	5
Sales and distribution	120	118

	125	123

Page 24

CENTRADO GROUP 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

184,611

89,495

10.	Interest payable and similar expenses
		2025	2024
		£	£

Bank interest payable	218,168	335,117
Other loan interest payable	2,556	4,429
Finance leases and hire purchase contracts	59,820	56,742
	280,544	396,288

Corporation tax
Current tax on profits for the year	1,231,111	984,282
	1,231,111	984,282

Total current tax	1,231,111	984,282

Deferred tax
Origination and reversal of timing differences	(9,358)	(37,167)
Total deferred tax	(9,358)	(37,167)


		1,221,753	947,115

Page 25

CENTRADO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11.Taxation (continued)

Profit on ordinary activities before tax

5,057,676

3,754,019

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	1,264,419	938,505
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	(14,950)	44,672
Capital allowances for year in excess of depreciation	(27,716)	(36,062)
Total tax charge for the year	1,221,753	947,115

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 26

CENTRADO GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.	Intangible assets
	Group

		Goodwill
		£

	At 1 January 2025	376,600
	Additions	12,715
	At 31 December 2025	389,315

	At 1 January 2025	144,421
	Charge for the year on owned assets	58,303
	At 31 December 2025	202,724
	Net book value
	At 31 December 2025	186,591
	At 31 December 2024	232,179

Page 27