REGISTERED NUMBER: 15355297 (England and Wales)

COXCOCAPITAL LIMITED

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

19

DIRECTORS:

W C Cox

S N Cox

REGISTERED OFFICE:

Burraton Road

Saltash

Cornwall

PL12 6LU

REGISTERED NUMBER:

15355297 (England and Wales)

AUDITORS:

WP Audit Services LLP

Chartered Accountant & Statutory Auditor

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

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

The prior year accounts were the first set of consolidated accounts prepared by Coxcocapital Limited. As a result the comparatives recorded cover a long period from 22 December 2023 to 31 December 2024.

REVIEW OF BUSINESS

The group has completed a successful year of trading, with significant profit levels delivered.

During 2025 the trading entity, Westward Building Services Limited, has continued to focus on increasing its market presence and growing its market share, which has been a successful strategy.

Despite the tough economic conditions, with market competition putting pressure on margins, the business remains resilient and strong profit levels continue to be reported (EBITDA 2025: £5.81m, 2024: £5.44m.)

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk to the group is an increase in competition in the industry of the supply of power tools and materials to the building and DIY trade as well as any disruptions to the supply chain. The reputation of the group has grown over many years of trading and the directors consider themselves to be in a strong market position to deal with the increasing competition.

SECTION 172(1) STATEMENT

The directors are aware of their duty under s.172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the group for the benefit of its shareholders.

The directors consider it crucial that the whole group maintains a reputation for high standards of business conduct. The directors are responsible for setting, monitoring and upholding the culture, values, standards, ethics, brand and reputation of the company. Management drives the embedding of the desired culture throughout the organisation.

GROUP STRUCTURE

Westward Building Services Limited is the 100% owned subsidiary of Coxco Holdings Limited, which is the 100% subsidiary of Coxcocapital Limited.

For the year ended 31st December 2025, Group accounts have been prepared by Coxcocapital Limited.

FINANCIAL KEY PERFORMANCE INDICATORS

Westward Building Services Limited is the trading entity of the group, trading as a supplier to the building trades. As a supplier to the building trades, sales growth is of particular importance in order to maintain healthy margins.

The group considers two key performance indicators to be as follows:

Turnover - when looking at a comparable 12 month period, the financial statements report an increase of 9% for 2025 (2024: 10.79% increase on 2023). The increase in turnover comes from the efforts to strengthen the group's online presence.

Gross profit margin - reported at 20.2% (2024: 19.6%). Which is supported by the increased sales activity that drove the rise in turnover.

ENVIRONMENT AND SUSTAINABILITY

The group continues with their sustainable approach to business, maintaining their drive to use environmentally friendly or recyclable products where possible. Reducing plastic consumption onsite is something the management team are actively working to achieve.

The trading subsidiary is now keeping a record of tonnes of packaging used so that it can be monitored and targets are set to reduce this.

EMPLOYEE INVOLVEMENT AND EQUAL OPPORTUNITY

All team members undergo a continuous training programme, relevant to their role, to ensure the safety of all customers, suppliers and employees.

The group is committed to non-discriminatory recruitment procedures and practices and all job offers are based on merit taking into account aptitude and capability to carry out the roles as defined in the job specification.

CREDITOR PAYMENT POLICY AND PRACTICE

It is the Group's policy that payments to suppliers are made in accordance with those terms and conditions agreed between the Group and its suppliers, provided that all trading terms and conditions have been complied with. At the year end, creditor days totalled 8.19 (2024: 34.71) this reduction reflects the timing of settling a significant volume of supplier balances shortly before the year end, rather than any change in the Group’s payment terms.

ON BEHALF OF THE BOARD:

W C Cox - Director

14 September 2026

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of supply of products to building tools and materials industry.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

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

W C Cox

S N Cox

STAKEHOLDER RELATIONSHIPS & ENGAGEMENTS

The directors are responsible for overseeing meaningful engagements with stakeholders, including the workforce, and having regard to their views when taking decisions.

Customer safety and satisfaction are pivotal to the success of the business. The needs, behaviours, and feedback of the customers are collected, assessed and used to develop the long-term strategy of the business.

The directors regularly engage with suppliers and also receive frequent reporting regarding the business interactions. The directors consider the impact to suppliers when making key strategic decisions relating to product ranges or supply and logistics.

The directors recognise that the implementation of an effective people strategy and strong culture underpin the effective delivery of the company's strategy and drive strong performance. The directors acknowledge the importance of retaining talent and considering the views of the workforce when making decisions and considering the impact of those decisions on said workforce.

DISCLOSURE IN THE STRATEGIC REPORT

Information regarding business performance, risk and KPIs is reported in the strategic report.

ENERGY AND CARBON REPORT

The annual quantity of emissions arising from different sources are as follows:

Scope 1 direct emissions from the burning of fuels for purposes of transport - 8.44 tonnes of C02e (2024: 13.93 tonnes).

Scope 2 indirect emissions from the purchase of electricity or gas for own use - 30.15 tonnes of C02e (2024: 36.05 tonnes).

Total emissions in the year amount to 186,893 kWh (38.32 tCO2e), 2024: 244,675 kWh (49.98 tC02e). This can be analysed as 1.06 tonnes of CO2e per full time employee (2024: 1.79 tonnes) or 0.61 tonnes of CO2e per million pound of turnover (2024: 0.87 tonnes).

The conversion factors used for the current year have been obtained from the Department for Business, Energy and Industrial Strategy available at: https://www.gov.uk/government/publications/greenhouse-gas-reporting-conversion-factors-2025.

The conversion factors used for the prior year have been obtained from the Department for Business, Energy and Industrial Strategy available at: https://www.gov.uk/government/publications/greenhouse-gas-reporting-conversion-factors-2024.

The Company is committed to reducing any negative environmental impact resulting from their activities and continue to promote this ethos throughout their employees by encouraging recycling of all possible materials, reducing usage of single use plastics and encouraging employees to build on their understanding of green matters.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, WP Audit Services LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

W C Cox - Director

14 September 2026

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Objectives

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.

Audit approach

Our approach was as follows:

- We obtained an understanding of the legal and regulatory requirements applicable to the group and considered that the most significant are the Consumer Rights Act, the Consumer Protection (Distance Selling) Regulations, the Companies Act 2006, FRS 102, and UK taxation legislation.

- We obtained an understanding of how the group complies with these requirements by discussions with management and those charged with governance, as well a review of relevant correspondence and certifications.

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

- We used our knowledge of the group and the industry in which it operates to determine if management's explanations were consistent with our own conclusions.

- Based on our understanding developed from the above, we designed specific appropriate audit procedures to identify instances of non-compliance with the key laws and regulations which may result in potential fraud. This included making enquiries of management and those charged with governance, investigating unusual or unexpected relationships or movements in figures disclosed in the accounts and remaining alert for any transactions that appeared to be outside the normal course of business.

- Furthermore, as required by auditing standards, and taking into account our overall knowledge of the control environment, we have performed procedures to address the risks of management override of controls and the risk of fraudulent revenue recognition. Procedures such as a review of journal entries and assessing estimates for management bias have enabled us to conclude in this area.

No instances of fraud were identified from the above procedures.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control environment relevant to the audit, in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the Group's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director.

- Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion.

Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the group to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Context of the ability of the audit to detect fraud or breaches of law or regulation

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remains a risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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

Use of our report

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

Stephanie Williams (Senior Statutory Auditor)

for and on behalf of WP Audit Services LLP

Chartered Accountant & Statutory Auditor

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

14 September 2026

TURNOVER

5

62,679,665

58,436,398

Cost of sales

(50,011,370

)

(47,010,998

)

GROSS PROFIT

12,668,295

11,425,400

Distribution costs

(5,400,413

)

(4,236,422

)

Administrative expenses

(5,289,748

)

(5,594,627

)

OPERATING PROFIT

7

1,978,134

1,594,351

Interest receivable and similar income

190,027

116,369

2,168,161

1,710,720

Interest payable and similar expenses

8

(88,350

)

(97,133

)

PROFIT BEFORE TAXATION

2,079,811

1,613,587

Tax on profit

9

(1,478,146

)

(1,354,740

)

PROFIT FOR THE FINANCIAL YEAR

601,665

258,847

Profit attributable to:

Owners of the parent

601,665

258,847

PROFIT FOR THE YEAR

601,665

258,847

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

601,665

258,847

Total comprehensive income attributable to:

Owners of the parent

601,665

258,847

FIXED ASSETS

Intangible assets

11

29,778,703

33,501,041

Tangible assets

12

1,096,238

1,167,437

Investments

13

-

-

30,874,941

34,668,478

CURRENT ASSETS

Stocks

14

8,246,063

9,558,087

Debtors

15

6,243,045

5,223,584

Cash at bank and in hand

7,150,275

6,032,288

21,639,383

20,813,959

CREDITORS

Amounts falling due within one year

16

6,347,910

13,904,688

NET CURRENT ASSETS

15,291,473

6,909,271

TOTAL ASSETS LESS CURRENT LIABILITIES

46,166,414

41,577,749

CREDITORS

Amounts falling due after more than one year

17

(33,686,400

)

(29,686,400

)

PROVISIONS FOR LIABILITIES

20

(47,000

)

(60,000

)

NET ASSETS

12,433,014

11,831,349

CAPITAL AND RESERVES

Called up share capital

21

1,126

1,126

Share premium

22

11,571,376

11,571,376

Capital redemption reserve

22

5,000,000

5,000,000

Retained earnings

22

(4,139,488

)

(4,741,153

)

SHAREHOLDERS' FUNDS

12,433,014

11,831,349

The financial statements were approved by the Board of Directors and authorised for issue on 14 September 2026 and were signed on its behalf by:

W C Cox - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

58,147,301

58,147,301

58,147,301

58,147,301

CURRENT ASSETS

Debtors

15

2,456,372

3,273,672

CREDITORS

Amounts falling due within one year

16

3,909,208

8,639,493

NET CURRENT LIABILITIES

(1,452,836

)

(5,365,821

)

TOTAL ASSETS LESS CURRENT LIABILITIES

56,694,465

52,781,480

CREDITORS

Amounts falling due after more than one year

17

33,686,400

29,686,400

NET ASSETS

23,008,065

23,095,080

CAPITAL AND RESERVES

Called up share capital

21

1,126

1,126

Share premium

22

11,571,376

11,571,376

Capital redemption reserve

22

5,000,000

5,000,000

Retained earnings

22

6,435,563

6,522,578

SHAREHOLDERS' FUNDS

23,008,065

23,095,080

Company's (loss)/profit for the financial year

(87,015

)

11,522,578

The financial statements were approved by the Board of Directors and authorised for issue on 14 September 2026 and were signed on its behalf by:

W C Cox - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Changes in equity

Profit for the period

-

258,847

-

-

258,847

Preference share redemption

-

(5,000,000

)

-

5,000,000

-

Total comprehensive income

-

(4,741,153

)

-

5,000,000

258,847

Issue of share capital

1,126

-

11,571,376

-

11,572,502

Balance at 31 December 2024

1,126

(4,741,153

)

11,571,376

5,000,000

11,831,349

Changes in equity

Profit for the year

-

601,665

-

-

601,665

Total comprehensive income

-

601,665

-

-

601,665

Balance at 31 December 2025

1,126

(4,139,488

)

11,571,376

5,000,000

12,433,014

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Changes in equity

Profit for the period

-

11,522,578

-

-

11,522,578

Preference share redemption

-

(5,000,000

)

-

5,000,000

-

Total comprehensive income

-

6,522,578

-

5,000,000

11,522,578

Issue of share capital

1,126

-

11,571,376

-

11,572,502

Balance at 31 December 2024

1,126

6,522,578

11,571,376

5,000,000

23,095,080

Changes in equity

Deficit for the year

-

(87,015

)

-

-

(87,015

)

Total comprehensive income

-

(87,015

)

-

-

(87,015

)

Balance at 31 December 2025

1,126

6,435,563

11,571,376

5,000,000

23,008,065

Cash flows from operating activities

Cash generated from operations

1

2,737,370

2,267,092

Interest paid

(15

)

-

Finance costs paid

(88,335

)

-

Tax paid

(951,146

)

(1,233,075

)

Net cash from operating activities

1,697,874

1,034,017

Cash flows from investing activities

Purchase of tangible fixed assets

(40,088

)

(141,494

)

Sale of tangible fixed assets

12,500

57,750

Cash arising on group reorganisation

-

8,548,496

Stamp duty paid on acquisition

-

(289,300

)

Interest received

190,027

116,369

Net cash from investing activities

162,439

8,291,821

Cash flows from financing activities

Amount introduced by directors

590,829

-

Amount withdrawn by directors

(1,321,114

)

(3,305,591

)

Net cash from financing activities

(730,285

)

(3,305,591

)

Increase in cash and cash equivalents

1,130,028

6,020,247

Cash and cash equivalents at beginning of year

2

6,020,247

-

Cash and cash equivalents at end of year

2

7,150,275

6,020,247

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

Period

16.12.23

Year Ended

to

31.12.25

31.12.24

£

£

Profit before taxation

2,079,811

1,613,587

Depreciation charges

3,833,624

3,845,811

Profit on disposal of fixed assets

(12,500

)

(944

)

Finance costs

88,350

97,133

Finance income

(190,027

)

(116,369

)

5,799,258

5,439,218

Decrease/(increase) in stocks

1,312,024

(474,027

)

Increase in trade and other debtors

(1,019,460

)

(658,831

)

Decrease in trade and other creditors

(3,354,452

)

(2,039,268

)

Cash generated from operations

2,737,370

2,267,092

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

7,150,275

6,032,288

Bank overdrafts

-

(12,041

)

7,150,275

6,020,247

Period ended 31 December 2024

31.12.24

16.12.23

£

£

Cash and cash equivalents

6,032,288

-

Bank overdrafts

(12,041

)

-

6,020,247

-

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

6,032,288

1,117,987

7,150,275

Bank overdrafts

(12,041

)

12,041

-

6,020,247

1,130,028

7,150,275

Debt

Debts falling due within 1 year

(5,000,000

)

4,000,000

(1,000,000

)

Debts falling due after 1 year

(29,686,400

)

(4,000,000

)

(33,686,400

)

(34,686,400

)

-

(34,686,400

)

Total

(28,666,153

)

1,130,028

(27,536,125

)