ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: SC142714

QAS GROUP LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

QAS GROUP LIMITED

COMPANY INFORMATION

Directors	Mr B J I Kemp
	Mr D Page


Company secretary	Mr B J I Kemp


Registered number	SC142714


Registered office	Mitchelston Drive
	Mitchelston Industrial Estate
	Kirkcaldy
	Fife
	KY1 3NF


Independent auditors	Sumer Auditco Limited
	Chartered Accountants & Statutory Auditors
	Pentland House
	Saltire Centre
	Glenrothes
	KY6 2AH

QAS GROUP LIMITED

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 7
Statement of comprehensive income	8
Statement of financial position	9
Statement of changes in equity	10
Notes to the financial statements	11 - 24

QAS GROUP LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

The directors have pleasure in presenting their strategic report for the year ended 31 December 2025.

Business review

The business continues to develop its services and its strategy to be Scotland’s leading independent co-packer and bottler supported by its extensive production and warehouse facilities along with 3PL logistics services.

Offering our comprehensive range of services from our main site simplifies and reduces costs within the customers supply chain and makes QAS Group easy to deal with.

During 2025, sales were marginally down with a small uplift in profitability achieved.

Improving internal operational efficiencies has been a key action through the year.

The continuation of high increases in employment costs continues to be one of the biggest challenges in the business.

Trading conditions for the most part of 2026 have continued to be challenging with no real signs of any uplift emerging within the drinks sector.

QAS is well positioned to execute any future potential acquisition/consolidation opportunities that may arise in the future.

The Board of Directors continue to recognise that this could not be achieved without the valued support of all our employees and key suppliers.

Principal risks and uncertainties

The company, like any business, face a number of operating risks and uncertainties that could impact its performance. Steps are taken to understand these risks and to mitigate them to achieve the director’s long-term goal of creating a sustainable business which delivers benefits to all stakeholders.

The principal risk to the business is the dependence on a limited/small customer base and the competitive nature of the sector. To service the existing customer base the business continues its growth strategy to find and attract new customers in different markets who want to outsource their value-added activities which streamline their own supply chain. A primary focus is to substantially grow the turnover of the bottling division and potential cask storage services.

Focus is placed on operating a sustainable business with minimal impact on the environment, reducing waste and enabling efficient recycling of materials.

Page 1

QAS GROUP LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Key performance indicators

The Company has developed a number of KPI reports that are monitored daily by the directors and the senior management team across the business. These reports measure various performances within the business that are directly linked to revenue, margins, profitability, quality and efficiency whilst ensuring the health and safety and wellbeing of all employees. The directors recognise that with any reward, there are risks and uncertainties attached, and these are monitored constantly by the board.

Turnover £10,647,827 (2024 - £11,022,078)
Gross profit £6,153,035 (2024 - £6,672,420)
Operating profit £733,263 (2024 - £719,452)

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

Mr B J I Kemp

Director

Page 2

QAS 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.

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 judgments 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.

Results and dividends

The profit for the year, after taxation, amounted to £578,292 (2024 - £550,544).

Dividends of £223,000 have been paid during the year (2024 - £223,000)

Directors

The directors who served during the year were:

Mr B J I Kemp

Mr D Page

Future developments

The Company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the strategic report information required by Large and Medium-sized Companies and Groups (accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

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.

Page 3

QAS GROUP LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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

Mr B J I Kemp

Director

Page 4

QAS GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QAS GROUP LIMITED

Opinion

We have audited the financial statements of QAS Group Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Statement of financial position, 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

QAS GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QAS GROUP 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

QAS GROUP LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QAS 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 financial statements.

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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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.

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.

Greg Stapley (Senior statutory auditor)

for and on behalf of

Sumer Auditco Limited

Chartered Accountants & Statutory Auditors

Pentland House

Saltire Centre

Glenrothes

KY6 2AH

22 September 2026

Page 7

QAS GROUP LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025

	2025	2024
	£	£


Turnover	4	10,647,827	11,022,078
Cost of sales		(4,494,792)	(4,349,658)
Gross profit		6,153,035	6,672,420
Administrative expenses		(5,453,364)	(5,998,614)
Other operating income	5	33,592	45,646
Operating profit	6	733,263	719,452
Interest receivable and similar income	10	58,020	60,741
Interest payable and similar expenses	11	(14,542)	(34,403)
Profit before tax		776,741	745,790
Tax on profit	12	(198,449)	(195,246)
Profit for the financial year		578,292	550,544

The notes on pages 11 to 24 form part of these financial statements.

Page 8

QAS GROUP LIMITED

REGISTERED NUMBER: SC142714

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025

		2025		2024
		£		£

Fixed assets
Intangible assets	14		208,778		231,688
Tangible assets	15		2,366,198		2,607,807
			2,574,976		2,839,495
Current assets
Stocks	16	39,550		44,627
Debtors: amounts falling due within one year	17	2,168,330		2,450,647
Cash at bank and in hand	18	2,459,111		1,892,461
		4,666,991		4,387,735
Creditors: amounts falling due within one year	19	(987,409)		(1,128,138)
Net current assets			3,679,582		3,259,597
Total assets less current liabilities			6,254,558		6,099,092
Creditors: amounts falling due after more than one year	20		-		(188,031)
Provisions for liabilities
Deferred tax	22	(364,009)		(384,603)
Other provisions	23	(326,226)		(317,427)
			(690,235)		(702,030)
Net assets			5,564,323		5,209,031

Capital and reserves
Called up share capital	24	34,000	34,000
Share premium account	25	45,492	45,492
Other reserves	25	29,400	29,400
Profit and loss account	25	5,455,431	5,100,139
		5,564,323	5,209,031

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

Mr B J I Kemp	Mr D Page
Director	Director

The notes on pages 11 to 24 form part of these financial statements.

Page 9

QAS GROUP LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025

	Called up share capital	Share premium account	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2025	34,000	45,492	29,400	5,100,139	5,209,031
Comprehensive income for the year
Profit for the year	-	-	-	578,292	578,292
Total comprehensive income for the year	-	-	-	578,292	578,292
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(223,000)	(223,000)
At 31 December 2025	34,000	45,492	29,400	5,455,431	5,564,323

The notes on pages 11 to 24 form part of these financial statements.

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2024	34,000	45,492	29,400	4,772,595	4,881,487
Comprehensive income for the year
Profit for the year	-	-	-	550,544	550,544
Total comprehensive income for the year	-	-	-	550,544	550,544
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	(223,000)	(223,000)
At 31 December 2024	34,000	45,492	29,400	5,100,139	5,209,031

The notes on pages 11 to 24 form part of these financial statements.

Page 10

QAS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1.	General information

QAS Group Limited is a private company, limited by shares, incorporated in Scotland; with registration number: SC142714. The registered office address is Mitchelston Drive, Mitchelston Industrial Estate, Kirkcaldy, Fife, KY1 3NF.

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 judgment in applying the Company's accounting policies (see note 3).

The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Albion Investments Limited as at 31 December 2025 and these financial statements may be obtained from Companies House.

Page 11

QAS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.3

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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:

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 Company 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.

2.4

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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.5

Finance leases and hire purchase contracts

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.

2.6

Interest income

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

2.7

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.

Page 12

QAS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.8

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

2.9

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 tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting 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 reporting 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 reporting date.

2.10

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.

Amortisation is provided on the following bases:

				Software	-	10%	straight line
				Website	-	10%	straight line

Page 13

QAS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.11

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 the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery	-	4% to 40% straight line
Motor vehicles	-	25% straight line
Fixtures, fittings & equipment	-	15% to 25% straight line

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.

2.12

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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

2.13

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.

2.14

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.

2.15

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.

Page 14

QAS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2.Accounting policies (continued)

2.16

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.

2.17

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.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.18

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.	Judgments in applying accounting policies and key sources of estimation uncertainty

The most significant estimations within the company's financial statements relates to depreciation and dilapidations provisions. The directors review depreciation rates on a regular basis to ensure that the policy rates remain appropriate and fairly charge the cost of fixed assets over their predicted useful lives for each specific category of fixed asset.

The directors review the dilapidations provision each year and provide for any additional work they believe will be required to return the property to the original condition on the expiry of the lease agreement.

Production services	6,277,045	6,476,618
Haulage and warehousing	4,370,782	4,545,460
	10,647,827	11,022,078

All turnover arose within the United Kingdom.

Page 15

QAS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

5.	Other operating income
		2025	2024
		£	£

	Revenue from waste disposal	33,592	45,646

Depreciation of tangible fixed assets	483,686	521,197
Amortisation of intangible assets	28,751	29,663
Other operating lease rentals	2,024,174	2,016,235

7.	Auditors' remuneration
		2025	2024
		£	£

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

12,500

11,600

Wages and salaries	3,595,399	3,846,525
Social security costs	409,372	354,661
Cost of defined contribution scheme	255,225	272,717
	4,259,996	4,473,903

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

	2025	2024
	No.	No.

Operating staff	105	119
Administrative staff	27	28

	132	147

Page 16

QAS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

9.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	25,370	23,197
Company contributions to defined contribution pension schemes	90,000	90,000
	115,370	113,197

During the year retirement benefits were accruing to 2 directors (2024 - 2) in respect of defined contribution pension schemes.

10.	Interest receivable
		2025	2024
		£	£

Bank interest receivable

58,020

60,741

11.	Interest payable and similar expenses
		2025	2024
		£	£

Finance leases and hire purchase contracts	14,542	31,720
Other interest payable	-	2,683
	14,542	34,403

Corporation tax
Current tax on profits for the year	219,043	268,260
	219,043	268,260

Total current tax	219,043	268,260

Deferred tax
Origination and reversal of timing differences	(20,594)	(73,014)
Total deferred tax	(20,594)	(73,014)


	Taxation on profit on ordinary activities	198,449	195,246

Page 17

QAS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12.Taxation (continued)

Profit on ordinary activities before tax

776,741

745,790

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	194,185	186,447
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	1,414	5,848
Depreciation on non-qualifying assets	2,850	2,951
Total tax charge for the year	198,449	195,246

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

13.	Dividends
		2025	2024
		£	£

Equity dividends on ordinary shares

223,000

Page 18

QAS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14.	Intangible assets

	Website	Software	Total
	£	£	£
Cost
At 1 January 2025	28,561	354,414	382,975
Additions	-	8,525	8,525
At 31 December 2025	28,561	362,939	391,500
Amortisation
At 1 January 2025	28,561	122,726	151,287
Charge for the year on owned assets	-	28,751	28,751
Transfer between classes	-	2,684	2,684
At 31 December 2025	28,561	154,161	182,722
Net book value
At 31 December 2025	-	208,778	208,778
At 31 December 2024	-	231,688	231,688

Page 19

QAS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Fixtures, fittings & equipment	Total
	£	£	£	£
Cost or valuation
At 1 January 2025	5,249,972	289,020	1,082,701	6,621,693
Additions	150,729	96,198	2,500	249,427
Disposals	(9,445)	(54,370)	(6,644)	(70,459)
Transfers between classes	(165,917)	-	165,917	-
At 31 December 2025	5,225,339	330,848	1,244,474	6,800,661
Depreciation
At 1 January 2025	3,203,635	169,238	641,013	4,013,886
Charge for the year on owned assets	346,290	52,178	85,218	483,686
Disposals	(1,495)	(54,370)	(4,560)	(60,425)
Transfers between classes	(2,730)	-	46	(2,684)
At 31 December 2025	3,545,700	167,046	721,717	4,434,463
Net book value
At 31 December 2025	1,679,639	163,802	522,757	2,366,198
At 31 December 2024	2,046,337	119,782	441,688	2,607,807

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


Plant and machinery	1,005,825	1,221,310
Motor vehicles	34,419	101,523
	1,040,244	1,322,833

16.	Stocks
		2025	2024
		£	£

	Raw materials and consumables	39,550	44,627

Page 20

QAS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

17.

Debtors

					2025	2024
					£	£


Trade debtors	1,817,149	1,736,973
Amounts owed by group undertakings	2,204	135,204
Prepayments and accrued income	348,977	578,470
	2,168,330	2,450,647

18.	Cash and cash equivalents
		2025	2024
		£	£

	Cash at bank and in hand	2,459,111	1,892,461

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

Trade creditors	248,222	260,118
Corporation tax	74,588	11,373
Other taxation and social security	370,931	369,098
Obligations under finance lease and hire purchase contracts	188,031	411,558
Other creditors	47,831	48,936
Accruals and deferred income	57,806	27,055
	987,409	1,128,138

Net obligations under finance lease and hire purchase contracts are secured by the relevant assets

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

	Net obligations under finance leases and hire purchase contracts	-	188,031

Net obligations under finance lease and hire purchase contracts are secured by the relevant assets

Page 21

QAS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Within one year	188,031	411,558
Between 1-5 years	-	188,031
	188,031	599,589

22.	Deferred taxation

		2025
		£

	At beginning of year	(384,603)
	Charged to profit or loss	20,594
	At end of year	(364,009)

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

Accelerated capital allowances	(366,530)	(386,290)
Pension surplus	2,521	1,687
	(364,009)	(384,603)

23.	Provisions

		Dilapidations
		£

	At 1 January 2025	317,427
	Charged to profit or loss	8,799
	At 31 December 2025	326,226

Page 22

QAS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

24.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

30,600 (2024 - 30,600) Ordinary A Shares shares of £1.00 each	30,600	30,600
3,400 (2024 - 3,400) Ordinary B Shares shares of £1.00 each	3,400	3,400

	34,000	34,000

25.

Reserves

Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Other reserves

This reserve records the nominal value of shares repurchased by the company.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.

26.	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 £255,225 (2024 - £272,717). Contributions totalling £10,083 (2024 - £6,745) were payable to the fund at the reporting date and are included in creditors.

Page 23

QAS GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Not later than 1 year	250,000	250,000
Later than 1 year and not later than 5 years	1,000,000	1,000,000
Later than 5 years	187,500	437,500
	1,437,500	1,687,500

28.	Related party transactions
	The company has taken advantage of the exemption available within FRS 102 from disclosing related party transactions with other companies that are wholly owned by the group headed by Albion Investments Limited.

29.	Security and guarantees

The company has an unlimited cross corporate guarantee in favour of Barclays Bank Plc over certain properties held by companies within the group. No bank borrowings were in place at the balance sheet date.

30.	Ultimate controlling party

The immediate and ultimate parent company is Albion Investments Limited, a private company registered in Scotland, whose registered office is the same as the company's. Consolidated accounts for Albion Investments Limited are available from Companies House.

The ultimate controlling party is the director Mr B J I Kemp as a result of his majority shareholding in Albion Investments Limited.

Page 24