ACCOUNTS - Final Accounts preparation

AUDITORS' REMUNERATION

During the year, the Group obtained the following services from the Company's auditors:

Unaudited 2025

Registered number: 04674822

J C THOMAS GROUP 1924 LIMITED (formerly SOMERSET STORAGE LIMITED)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

J C THOMAS GROUP 1924 LIMITED

COMPANY INFORMATION

DIRECTORS	A M Thomas
	J C Thomas
	M P Thomas


REGISTERED NUMBER	04674822


REGISTERED OFFICE	C/O Bishop Fleming LLP
	10 Temple Back
	Bristol
	BS1 6FL


INDEPENDENT AUDITORS	Bishop Fleming Audit Limited
	Chartered Accountants & Statutory Auditors
	10 Temple Back
	Bristol
	BS1 6FL

J C THOMAS GROUP 1924 LIMITED

CONTENTS

	Page
Group strategic report	1
Directors' report	2 - 3
Directors' responsibilities statement	4
Independent auditors' report	5 - 8
Consolidated statement of comprehensive income	9
Consolidated statement of financial position	10
Company statement of financial position	11
Consolidated statement of changes in equity	12
Company statement of changes in equity	13
Consolidated statement of cash flows	14
Notes to the financial statements	15 - 32

J C THOMAS GROUP 1924 LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2026

INTRODUCTION

The directors present their strategic report for the year ended 31 March 2026.

BUSINESS REVIEW

On 31 December 2025, the Group completed a restructuring under common ownership whereby J C Thomas 1924 Group Limited became the parent company of J C Thomas & Sons Limited. The reorganisation was undertaken to simplify the Group structure and provide a platform for the future development and growth of the business.

The directors consider turnover, profit after taxation, net current assets and net assets to be the Group's key financial performance indicators, as these measures provide an overview of its financial performance and overall strength.

Turnover for the year amounted to £22,411,716 (2025: £22,042,575), representing an increase on the previous year. Profit after taxation totalled £1,589,397 (2025: £1,746,034).

At the financial year end, the Group reported net current assets of £7,105,099 (2025: £7,417,494) and net assets of £18,572,294 (2025: £18,032,894), reflecting a continued strengthening of the balance sheet.

The directors are satisfied with the Group's financial performance during the year and its financial position at the balance sheet date.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group operates in the storage container rental and scrap metal recycling sectors and is exposed to risks arising from changes in economic conditions, customer demand, scrap metal prices, competitive market pressures, credit risk, and compliance with health, safety and environmental regulations. The Group's performance is also dependent upon the effective management and utilisation of its container fleet and operational assets. The Directors monitor these risks on an ongoing basis and seek to mitigate their impact through appropriate controls and regular review of business activities.

FINANCIAL KEY PERFORMANCE INDICATORS

The Group's key performance indicators are turnover, gross margin and net assets. No other KPI analysis is considered necessary for an understanding of the development, performance and position of the Group.

This report was approved by the board and signed on its behalf by:.

J C Thomas

Director

Date: 25 September 2026

Page 1

J C THOMAS GROUP 1924 LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2026

The Directors present their report and the financial statements for the year ended 31 March 2026.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £1,589,397 (2025: £1,746,034).

Dividends of £1,050,000 were declared during the period (2025: £1,116,750).

DIRECTORS

The Directors who served during the year were:

A M Thomas

J C Thomas

M P Thomas

GOING CONCERN

The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors have adopted the going concern basis in preparing the financial statements.

In reaching this conclusion, the directors have considered the Group's current financial position, cash flow forecasts and available funding. Further details regarding the adoption of the going concern basis can be found in Note 1 to the financial statements.

FUTURE DEVELOPMENTS

The Group continues to maintain and upgrade its plant and equipment to improve operational efficiencies. In addition, the directors are continually seeking suitable opportunities to diversify the business and remain open to further investment opportunities.

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.

AUDITORS

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

Page 2

J C THOMAS GROUP 1924 LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2026

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

J C Thomas

Director

Date: 25 September 2026

C/O Bishop Fleming LLP

10 Temple Back

Bristol

BS1 6FL

Page 3

J C THOMAS GROUP 1924 LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 MARCH 2026

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 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 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.

Page 4

J C THOMAS GROUP 1924 LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J C THOMAS GROUP 1924 LIMITED

OPINION

We have audited the financial statements of J C Thomas 1924 Group Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2026, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows 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 March 2026 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.

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

J C THOMAS GROUP 1924 LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J C THOMAS GROUP 1924 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 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 4, 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

J C THOMAS GROUP 1924 LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J C THOMAS GROUP 1924 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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:

∙the nature of the industry and sector, control environment and business performance;

∙the results of our enquiries of management and the directors about their own identification and assessment of the risk of irregularities;

∙any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:

°identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

°detecting and responding to the risk of fraud and whether they have knowledge of actual, suspected, or alleged fraud; and

°the internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.

∙the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, and incorrect recognition of revenue was identified as the greatest potential area for fraud.

We obtained an understanding of the legal and regulatory frameworks that the Company operates in, and identified the key laws and regulations that:

∙had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included in the UK Companies Act, Financial Reporting Standard 102 and UK tax legislation; and

∙do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty. These included health and safety regulations, employment legislation and data protection laws.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

∙reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

∙enquiring of management concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and

Page 7

J C THOMAS GROUP 1924 LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J C THOMAS GROUP 1924 LIMITED (CONTINUED)

∙reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit

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.

OTHER MATTERS

The corresponding figures within these financial statements have not been audited.

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.

Simon Morrison FCA (Senior statutory auditor)

for and on behalf of

Bishop Fleming Audit Limited

Chartered Accountants

Statutory Auditors

10 Temple Back

Bristol

BS1 6FL

29 September 2026

Page 8

J C THOMAS GROUP 1924 LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2026

	2026	Unaudited 2025
Note	£	£


Turnover	4	22,411,716	22,042,575
Cost of sales		(17,930,928)	(18,198,356)
GROSS PROFIT		4,480,788	3,844,219
Administrative expenses		(2,219,741)	(1,715,708)
OPERATING PROFIT		2,261,047	2,128,511
Interest receivable and similar income	7	133,707	272,703
PROFIT BEFORE TAX		2,394,754	2,401,214
Tax on profit	8	(805,357)	(655,180)
PROFIT FOR THE FINANCIAL YEAR		1,589,397	1,746,034

There was no other comprehensive income for 2026 (2025:£NIL).

The notes on pages 15 to 32 form part of these financial statements.

Page 9

J C THOMAS GROUP 1924 LIMITED

REGISTERED NUMBER:04674822

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2026

		2026		Unaudited 2025
Note		£		£

Fixed assets
Intangible assets	10		715,638		894,547
Tangible assets	11		10,177,729		10,230,859
Investment property	13		1,446,132		346,134
			12,339,499		11,471,540
Current assets
Stocks		968,583		682,446
Debtors: amounts falling due within one year	15	1,955,570		1,202,195
Current asset investments	16	-		4,000,000
Cash at bank and in hand		6,492,988		3,328,668
		9,417,141		9,213,309
Creditors: amounts falling due within one year	17	(2,312,042)		(1,795,815)
Net current assets			7,105,099		7,417,494
Total assets less current liabilities			19,444,598		18,889,034
Provisions for liabilities
Deferred tax	18	(872,304)		(856,140)
			(872,304)		(856,140)
Net assets			18,572,294		18,032,894

Capital and reserves
Called up share capital	19	9	6
Capital redemption reserve	20	2	2
Profit and loss account	20	18,572,283	18,032,886
		18,572,294	18,032,894

The financial statements were approved and authorised for issue by the board and were signed on its behalf by by:

J C Thomas

Director

Date: 25 September 2026

The notes on pages 15 to 32 form part of these financial statements.

Page 10

J C THOMAS GROUP 1924 LIMITED

REGISTERED NUMBER:04674822

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2026

		2026		Unaudited 2025
Note		£		£

Fixed assets
Tangible assets	11		6,300,375		3,459,502
Investments	12		3		-
Investment Property	13		1,446,131		-
			7,746,509		3,459,502
Current assets
Debtors: amounts falling due within one year	15	519,311		60,764
Cash And Cash Equivalents		283,386		1,037,559
		802,697		1,098,323
Creditors: amounts falling due within one year	17	(5,447,328)		(1,532,839)
Net current liabilities			(4,644,631)		(434,516)
Total assets less current liabilities			3,101,878		3,024,986

Provisions for liabilities
Deferred taxation	18	(78,876)		(77,182)
			(78,876)		(77,182)
Net assets			3,023,002		2,947,804

Capital and reserves
Called up share capital	19		9		6
Capital redemption reserve	20		2		2
Profit and loss account brought forward		2,947,796		2,871,771
Profit for the year		375,195		376,025
Other changes in the profit and loss account		(300,000)		(300,000)
Profit and loss account carried forward			3,022,991		2,947,796
			3,023,002		2,947,804

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

J C Thomas

Director

Date: 25 September 2026

The notes on pages 15 to 32 form part of these financial statements.

Page 11

J C THOMAS GROUP 1924 LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2024	6	2	17,403,602	17,403,610

Profit for the year	-	-	1,746,034	1,746,034
Dividends	-	-	(1,116,750)	(1,116,750)

At 1 April 2025	6	2	18,032,886	18,032,894

Profit for the year	-	-	1,589,397	1,589,397
Dividends	-	-	(1,050,000)	(1,050,000)
Shares issued during the year	3	-	-	3
At 31 March 2026	9	2	18,572,283	18,572,294

The notes on pages 15 to 32 form part of these financial statements.

Page 12

J C THOMAS GROUP 1924 LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2024	6	2	2,871,771	2,871,779

Profit for the year	-	-	376,025	376,025
Dividends	-	-	(300,000)	(300,000)

At 1 April 2025	6	2	2,947,796	2,947,804

Profit for the year	-	-	375,195	375,195
Dividends	-	-	(300,000)	(300,000)
Shares issued during the year	3	-	-	3
At 31 March 2026	9	2	3,022,991	3,023,002

The notes on pages 15 to 32 form part of these financial statements.

Page 13

J C THOMAS GROUP 1924 LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2026

			2026	Unaudited 2025
			£	£

Cash flows from operating activities
Profit for the financial year	1,589,397	2,128,511
Adjustments for:
Amortisation of intangible assets	178,909	178,909
Depreciation of tangible assets	1,127,263	639,076
Interest received	(133,707)	(272,703)
Taxation charge	805,357	655,180
(Increase) in stocks	(286,137)	(191,600)
(Increase)/decrease in debtors	(753,375)	749,136
Increase/(decrease) in creditors	491,557	(1,226,011)
Increase/(decrease) in provisions	-	(81,253)
Tax paid	(764,523)	(810,300)
Net cash generated from operating activities	2,254,741	1,768,945

Cash flows from investing activities
Purchase of tangible fixed assets	(1,167,915)	(2,815,660)
Sale of tangible fixed assets	93,785	-
Purchase of investment properties	(1,099,998)	-
Movement of short-term unlisted investments	4,000,000	(4,000,000)
Interest received	133,707	272,703
Net cash used in investing activities	1,959,579	(6,542,957)
Cash flows from financing activities
Issue of ordinary shares	-	(3)
Dividends paid	(1,050,000)	-
Net cash used in financing activities	(1,050,000)	(3)
Net increase/(decrease) in cash and cash equivalents	3,164,320	(4,774,015)
Cash and cash equivalents at beginning of year	3,328,668	8,102,683
Cash and cash equivalents at the end of year	6,492,988	3,328,668

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	6,492,988	3,328,668
	6,492,988	3,328,668

The notes on pages 15 to 32 form part of these financial statements.

Page 14

J C THOMAS GROUP 1924 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

1.	GENERAL INFORMATION

J C Thomas Group 1924 Limited (trading as Somerset Storage Limited) is a limited liability company incorporated in England and Wales. The address of the registered office is C/O Bishop Fleming LLP 10 Temple Back, Bristol, BS1 6FL, United Kingdom and the registered number is 04674822.

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 Group management to exercise judgment 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 acquisition of the subsidiary was accounted for using the merger accounting method in accordance with Section 19 of FRS 102 as the transaction constituted a group reconstruction. The results of the combining entities are included in the consolidated financial statements as if the combination had occurred at the beginning of the earliest period presented. Accordingly, the assets and liabilities of the combining entities are included at their existing book values and no fair value adjustments or goodwill have been recognised on consolidation.

In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 23 January 2025.

2.3

GOING CONCERN

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Group and Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Page 15

J C THOMAS GROUP 1924 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.ACCOUNTING POLICIES (CONTINUED)

2.4

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.

2.5

OPERATING LEASES: THE GROUP AS LESSOR

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

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.

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.

2.7

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.

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J C THOMAS GROUP 1924 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.ACCOUNTING POLICIES (CONTINUED)

2.9

PENSIONS

The Company operates a defined contribution scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

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

2.10

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 income 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 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 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;

∙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 reporting date.

Page 17

J C THOMAS GROUP 1924 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.ACCOUNTING POLICIES (CONTINUED)

2.11

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.

2.12

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 and reducing balance method.

Depreciation is provided on the following basis:

Leasehold property	-	4% straight-line
Leasehold Improvements	-	10% straight-line
Plant and machinery	-	25% reducing balances
Motor vehicles	-	25% straight-line
Office equipment	-	25% reducing balance

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.

2.13

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

The Group has taken advantage of FRS102 para 16.4A and has recognised property rented to another group entity as PPE under the section 17 cost model.

Page 18

J C THOMAS GROUP 1924 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.ACCOUNTING POLICIES (CONTINUED)

2.14

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.

2.15

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.

2.16

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.

2.17

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.

2.18

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.

2.19

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.

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

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 and 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

Page 19

J C THOMAS GROUP 1924 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

2.ACCOUNTING POLICIES (CONTINUED)

2.19

FINANCIAL INSTRUMENTS (CONTINUED)

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.

Basic 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.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

2.20

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.

Page 20

J C THOMAS GROUP 1924 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

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

In the application of the Group’s accounting policies, the Directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revise where the revision affects only that period, or in the period of the revision and future periods where the revised affects both current and future periods. The key sources of estimation uncertainty are listed below:

Investment property
The fair value of investment property involves the use of professional valuation techniques, which are reviewed annually by management. Where factors that could impact the fair value are identified, appropriate adjustments are made through the statement of comprehensive income.

Carrying value of tangible fixed assets
Tangible fixed assets are carried at cost less provision for depreciation, amortisation and impairment. Carrying values are subject to periodic impairment reviews to ensure they are consistent with management’s expectations of recoverability through value in use.

TURNOVER

An analysis of turnover by class of business is as follows:
	2026	Unaudited 2025
	£	£

Sale of scrap	21,162,527	20,834,466
Rental of storage containers	1,111,516	1,076,525
Other Income	60,654	63,606
Rent Receivable	77,019	67,978
	22,411,716	22,042,575

All turnover arose within the United Kingdom.

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

26,300

18,900

Page 21

J C THOMAS GROUP 1924 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

6.	EMPLOYEES
	Staff costs, including Directors' remuneration, were as follows:

Group	Group	Company	Company
2026	2025	2026	2025
£	£	£	£


Wages and salaries	1,144,354	1,033,301	67,525	64,539
Social security costs	127,393	100,503	7,069	3,726
Cost of defined contribution scheme	22,332	18,902	1,278	-
	1,294,079	1,152,706	75,872	68,265

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

	Group	Group	Company	Company
	2026	2025	2026	2025
	No.	No.	No.	No.

Employees	54	54	4	4

7.	INTEREST RECEIVABLE
		2026	Unaudited 2025
		£	£

	Other interest receivable	133,707	272,703
		133,707	272,703

Page 22

J C THOMAS GROUP 1924 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

CORPORATION TAX
Current tax on profits for the year	793,249	789,630
Adjustments in respect of previous periods	(4,056)	1,927
	789,193	791,557

TOTAL CURRENT TAX	789,193	791,557

DEFERRED TAX
Origination and reversal of timing differences	16,164	(130,582)
Adjustment in respect of prior periods	-	(5,795)
TOTAL DEFERRED TAX	16,164	(136,377)


	TAX ON PROFIT	805,357	655,180

Profit on ordinary activities before tax

2,394,754

2,401,214

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025: 25%)	598,689	600,303
EFFECTS OF:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	4,802	1,549
Remeasurement of deferred tax for changes in tax rates	-	(5,795)
Depreciation on assets ineligible for capital allowances	88,609	44,727
Adjustments to tax charge in respect of prior periods	(4,056)	-
Other differences leading to an increase (decrease) in the tax charge	117,313	14,396
TOTAL TAX CHARGE FOR THE YEAR	805,357	655,180

Page 23

J C THOMAS GROUP 1924 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

8.TAXATION (CONTINUED)

FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

9.	DIVIDENDS
		2026	Unaudited 2025
		£	£

	Dividends	1,050,000	1,116,750
		1,050,000	1,116,750

10.	INTANGIBLE ASSETS
	Group

		Goodwill
		£

	At 1 April 2025	2,069,093
	At 31 March 2026	2,069,093

	At 1 April 2025	1,174,546
	Charge for the year	178,909
	At 31 March 2026	1,353,455
	NET BOOK VALUE
	At 31 March 2026	715,638
	At 31 March 2025	894,547

Page 24

J C THOMAS GROUP 1924 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

10.INTANGIBLE ASSETS (CONTINUED)

	Company

		Goodwill
		£

	At 1 April 2025	30,000
	At 31 March 2026	30,000

	At 1 April 2025	30,000
	At 31 March 2026	30,000
	NET BOOK VALUE
	At 31 March 2026	-
	At 31 March 2025	-

Page 25

J C THOMAS GROUP 1924 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

11.	TANGIBLE FIXED ASSETS
	Group

	Leasehold property	Leasehold Improvements	Plant and machinery	Motor vehicles	Office equipment	Total
	£	£	£	£	£	£
COST
At 1 April 2025	6,844,420	112,150	7,360,824	862,544	15,766	15,195,704
Additions	412,868	-	205,002	541,861	-	1,159,731
Disposals	(9,200)	-	(248,517)	(348,636)	(7,442)	(613,795)
At 31 March 2026	7,248,088	112,150	7,317,309	1,055,769	8,324	15,741,640
DEPRECIATION
At 1 April 2025	604,349	110,447	3,489,215	746,090	14,744	4,964,845
Charge for the year	46,292	619	982,512	97,588	252	1,127,263
Disposals	(5,980)	-	(178,661)	(336,131)	(7,425)	(528,197)
At 31 March 2026	644,661	111,066	4,293,066	507,547	7,571	5,563,911
NET BOOK VALUE
At 31 March 2026	6,603,427	1,084	3,024,243	548,222	753	10,177,729
At 31 March 2025	6,240,071	1,703	3,871,609	116,454	1,022	10,230,859

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2026	2025
	£	£


Motor vehicles	175,794	-
	175,794	-

Page 26

J C THOMAS GROUP 1924 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

11.TANGIBLE FIXED ASSETS (CONTINUED)

	Company

	Leasehold property	Leasehold Improvements	Plant and machinery	Office equipment	Total
	£	£	£	£	£
COST
At 1 April 2025	3,780,466	6,198	1,400,717	15,766	5,203,147
Additions	412,868	-	128,430	-	541,298
Transfers intra group	2,430,296	-	-	-	2,430,296
Disposals	(9,200)	-	(4,979)	(7,442)	(21,621)
At 31 March 2026	6,614,430	6,198	1,524,168	8,324	8,153,120
DEPRECIATION
At 1 April 2025	595,020	4,495	1,129,386	14,744	1,743,645
Charge for the year	44,139	619	82,442	252	127,452
Disposals	(5,980)	-	(4,947)	(7,425)	(18,352)
At 31 March 2026	633,179	5,114	1,206,881	7,571	1,852,745
NET BOOK VALUE
At 31 March 2026	5,981,251	1,084	317,287	753	6,300,375
At 31 March 2025	3,185,446	1,703	271,331	1,022	3,459,502

Page 27

J C THOMAS GROUP 1924 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

12.	FIXED ASSET INVESTMENTS

	Company

		Investments in subsidiary companies
		£
	COST
	At 1 April 2025	-
	Additions	3
	At 31 March 2026	3

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

J C Thomas & Sons Limited

C/O Bishop Fleming, 10 Temple Back, Bristol, United Kingdom, BS1 6FL

Ordinary

100%

Page 28

J C THOMAS GROUP 1924 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

13.	INVESTMENT PROPERTY
	Group

		Freehold investment property
		£
	VALUATION
	At 1 April 2025	346,134
	Additions at cost	1,099,998
	AT 31 MARCH 2026	1,446,132

	Company

		Freehold investment property
		£
	VALUATION
	Additions at cost	1,099,998
	Transfers intra group	346,133
	AT 31 MARCH 2026	1,446,131

14.	STOCKS
		Group	Unaudited Group
		2026	2025
		£	£

Finished goods and goods for resale	968,583	682,446
	968,583	682,446

Page 29

J C THOMAS GROUP 1924 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

15.

DEBTORS

Group	Unaudited Group	Company	Unaudited Company
2026	2025	2026	2025
£	£	£	£


Trade debtors	1,024,339	380,440	72,754	49,738
Other debtors	470,301	9,529	443,618	9,013
Prepayments and accrued income	460,930	812,226	2,939	2,013
	1,955,570	1,202,195	519,311	60,764

16.	CURRENT ASSET INVESTMENTS
		Group	Unaudited Group
		2026	2025
		£	£

Short term deposits	-	4,000,000
	-	4,000,000

17.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		Group	Unaudited Group	Company	Unaudited Company
		2026	2025	2026	2025
		£	£	£	£

Trade creditors	159,723	194,868	998	1,145
Amounts owed to group undertakings	-	-	5,148,530	1,233,537
Corporation tax	471,244	446,574	162,132	140,521
Other taxation and social security	1,003,360	625,194	964	34,555
Obligations under finance lease and hire purchase contracts	90,175	-	-	-
Other creditors	48,730	57,663	33,004	32,043
Accruals and deferred income	538,810	471,516	101,700	91,038
	2,312,042	1,795,815	5,447,328	1,532,839

Page 30

J C THOMAS GROUP 1924 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

18.	DEFERRED TAXATION
	Group

		2026
		£

	At beginning of year	(856,140)
	Charged to profit or loss	(16,164)
	AT END OF YEAR	(872,304)

	Company

		2026
		£

	At beginning of year	(77,182)
	Charged to profit or loss	(1,694)
	AT END OF YEAR	(78,876)

Group	Unaudited Group	Company	Unaudited Company
2026	2025	2026	2025
£	£	£	£

	Accelerated capital allowances	(872,304)	(856,140)	(78,876)	(77,182)
		(872,304)	(856,140)	(78,876)	(77,182)

19.	SHARE CAPITAL
		2026	Unaudited 2025
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

9 (2025: 6) Ordinary shares of £1.00 each	9	6

On 23 October 2025, 3 Ordinary shares were issued at a nominal value of £1.

Page 31

J C THOMAS GROUP 1924 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

20.

RESERVES

Capital redemption reserve

Capital redemption reserve records the nominal value of shares repurchased by the company and subsequently cancelled.

Merger Relief

The group resturcture in the year has qualified for merger relief and so in accordance with FRS102 Section 19 no merger reserve has been recognised.

Profit and loss account

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

21.	PENSION COMMITMENTS

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £22,322 (2025: £18,902). Contributions totalling £Nil (2025: £49) were payable to the fund at the reporting date and are included in creditors.

22.	RELATED PARTY TRANSACTIONS
	The group has taken advantage of the exemption under FRS102 section 33.1a from disclosing transactions with wholly owned group companies. During the year, the directors received dividends of £1,050,000 (2025: £1,116,750). At the year end, the group was owed £12,433 (2025: £NIL) by directors, and the group owed £7,372 (2025: £17,727) to its directors.

23.	CONTROLLING PARTY

There is no ultimate controlling party.

Page 32