REGISTERED NUMBER: 00782263 (England and Wales)

STEWART SIGNS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

A S Townson

M J Townson

M G Barcia

G Livingstone

REGISTERED OFFICE:

Trafalgar Close

Chandlers Ford Industrial Estate

Eastleigh

Hampshire

SO53 4BW

REGISTERED NUMBER:

00782263 (England and Wales)

SENIOR STATUTORY AUDITOR:

James Flood FCA

AUDITORS:

Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

BANKERS:

HSBC Bank plc

58 High Street

Winchester

Hampshire

SO23 9BZ

The directors present their strategic report for the year ended 31 October 2025.

REVIEW OF BUSINESS

The results of the company in the year is as follows:

31.10.25 (£)

31.10.24 (£)

Variance

Turnover

12,142,701

11,608,447

534,254

Gross profit

2,701,042

2,694,417

6,625

Profit before tax

839,312

466,120

373,192

Gross profit margin

22.2%

23.2%

(1.0%

)

The business has delivered strong turnover performance during the year, reflecting robust client relationships and continued demand across our key sectors. Revenue increased by 4.6%, with a mixture of large tender wins, repeat business from existing clients, as well as the delivery of new opportunities.

We continued to make strategic investments across our team, systems, and infrastructure that supported both current operations and our long-term growth prospects.

Profit before tax has increased year-on-year, due to the prior year's results reflecting a period of planned investment and business transition, including one-off and forward-looking costs.

At the balance sheet date, the company had net assets of £8,318,621 (2024: £9,329,292).

PRINCIPAL RISKS AND UNCERTAINTIES

The business remains focused on aligning cost structures with operational needs, improving efficiency, and leveraging economies of scale where possible. As the company continues to evolve, emphasis will be placed on maintaining financial resilience, ensuring margins are not eroded, and delivering consistent performance across all areas of the business.

FUTURE OUTLOOK

Operational disciplines such as credit control and supplier management have improved year-on-year and will further strengthen financial performance. The organisation continues to review its structure, and this year of consolidation is setting a future strategy for growth and increasing shareholder value.

The company enters the next financial year in a strong position, with a solid foundation, scalable operations, and a clear focus on delivering long-term sustainable growth.

ON BEHALF OF THE BOARD:

G Livingstone - Director

13 October 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of manufacturing and installation of signs, graphic media, and livery.

DIVIDENDS

The total distribution of dividends for the year ended 31 October 2025 will be £1,633,500 (2024: £20,500).

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2024 to the date of this report.

A S Townson

M J Townson

M G Barcia

G Livingstone

DISCLOSURE IN THE STRATEGIC REPORT

The directors set out an analysis of the company's performance, details of key risks and uncertainties, details of research and development activities and details of future developments within the separate strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

G Livingstone - Director

13 October 2026

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 October 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

-	adequate accounting records have not been kept, 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 Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

Auditors' responsibilities for the audit of the financial statements

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

Extent to which the audit was capable of detecting irregularities, including fraud

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. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the company.

- We obtained an understanding of how the company is complying with these frameworks through discussions with management.

- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence.

- We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.

- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature.

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

Use of our report

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

James Flood FCA (Senior Statutory Auditor)

for and on behalf of Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

14 October 2026

TURNOVER

12,142,701

11,608,447

Cost of sales

(9,441,659

)

(8,914,030

)

GROSS PROFIT

2,701,042

2,694,417

Administrative expenses

(1,746,739

)

(1,937,645

)

954,303

756,772

Other operating income

9,809

3,398

OPERATING PROFIT

4

964,112

760,170

Exceptional costs

5

(90,532

)

(254,364

)

873,580

505,806

Interest receivable and similar income

29,292

7,356

902,872

513,162

Interest payable and similar expenses

6

(63,560

)

(47,042

)

PROFIT BEFORE TAXATION

839,312

466,120

Tax on profit

7

(216,483

)

(138,913

)

PROFIT FOR THE FINANCIAL YEAR

622,829

327,207

PROFIT FOR THE YEAR

622,829

327,207

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

622,829

327,207

FIXED ASSETS

Intangible assets

10

3,505

18,166

Tangible assets

11

1,155,987

872,339

1,159,492

890,505

CURRENT ASSETS

Stocks

12

702,241

834,729

Debtors

13

10,171,627

10,053,796

Cash at bank and in hand

710,498

698,959

11,584,366

11,587,484

CREDITORS

Amounts falling due within one year

14

(2,867,900

)

(2,108,780

)

NET CURRENT ASSETS

8,716,466

9,478,704

TOTAL ASSETS LESS CURRENT LIABILITIES

9,875,958

10,369,209

CREDITORS

Amounts falling due after more than one year

15

(865,607

)

(459,338

)

PROVISIONS FOR LIABILITIES

19

(691,730

)

(580,579

)

NET ASSETS

8,318,621

9,329,292

CAPITAL AND RESERVES

Called up share capital

20

142,666

142,666

Retained earnings

21

8,175,955

9,186,626

SHAREHOLDERS' FUNDS

8,318,621

9,329,292

The financial statements were approved by the Board of Directors and authorised for issue on 13 October 2026 and were signed on its behalf by:

G Livingstone - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 November 2023

142,666

8,879,919

9,022,585

Changes in equity

Dividends

-

(20,500

)

(20,500

)

Total comprehensive income

-

327,207

327,207

Balance at 31 October 2024

142,666

9,186,626

9,329,292

Changes in equity

Dividends

-

(1,633,500

)

(1,633,500

)

Total comprehensive income

-

622,829

622,829

Balance at 31 October 2025

142,666

8,175,955

8,318,621

1.	STATUTORY INFORMATION

Stewart Signs Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with FRS102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Financial Reporting Standard 102 - reduced disclosure exemptions

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

•

the requirements of Section 7 Statement of Cash Flows.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents amounts receivable for goods supplied and services provided in the ordinary course of business, net of value added tax and trade discounts.

Revenue from the manufacture and supply of signage, graphics, vehicle livery, vehicle wrapping products and related branding solutions is recognised when control of the goods passes to the customer and the company has satisfied its performance obligations.

Revenue from installation and fitting services is recognised when the related services have been performed.

Where contracts include both the manufacture of products and installation services, revenue is recognised when the combined performance obligation has been satisfied.

For projects that are partially complete at the reporting date, revenue is recognised by reference to the stage of completion of the contract, provided that the outcome can be measured reliably. The stage of completion is assessed based on the value of work performed to date as a proportion of the total contract value. Costs incurred relating to work not yet recognised as revenue are included within work in progress. Foreseeable losses on contracts are recognised immediately in the profit and loss account.

Amounts invoiced in advance of performance obligations being satisfied are recognised as deferred income until the associated goods or services have been provided.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, has now been fully amortised.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences have now been fully amortised.

Development costs are being amortised on a 15% straight line basis.

Amortisation charges are included in administrative expenses in the Income Statement.

Tangible fixed assets

Tangible fixed assets are initially recognised at cost within the financial statements.

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Leasehold improvements

- Over the length of the lease

Plant and machinery

- 15-33% straight line

Fixtures and fittings

- 10% straight line

Motor vehicles

- 25% reducing balance

Computer equipment

- 15-33% straight line

The profit or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research and development is recognised in the Income Statement in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Operating lease agreements

Rentals payable on operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial assets

The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities

Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3.	EMPLOYEES AND DIRECTORS

2025

2024

as restated

£

£

Wages and salaries

3,025,534

3,027,965

Social security costs

336,182

272,240

Other pension costs

151,048

143,509

3,512,764

3,443,714

The average number of employees during the year was as follows:

2025

2024

as restated

Office and management

38

44

Manufacturing and production

38

34

76

78

2025

2024

as restated

£

£

Directors' remuneration

156,619

170,712

Directors' pension contributions to money purchase schemes

7,710

7,058

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

2

4.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

as restated

£

£

Depreciation - owned assets

73,494

70,370

Depreciation - assets on hire purchase contracts and finance leases

124,334

122,099

Loss on disposal of fixed assets

137

407

Development costs amortisation

14,661

23,190

Auditors' remuneration

15,225

14,500

Auditors' remuneration for non audit work

12,210

7,655

Foreign exchange differences

6,751

1,145

Operating lease expenses

399,726

379,781

5.	EXCEPTIONAL ITEMS

2025

2024

as restated

£

£

Exceptional costs

(90,532

)

(254,364

)

Exceptional costs in the current year of £90,532 relate to the recognition of an impairment provision against an amount owed by a fellow group company.

In the prior year, exceptional costs related to the recognition of a provision for property dilapidation costs.

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

as restated

£

£

Bank loan interest

37,940

23,847

Other interest

9

-

Hire purchase and finance

lease charges

25,611

23,195

63,560

47,042

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

as restated

£

£

Current tax:

UK corporation tax

161,554

161,233

Prior year over provision

(16,222

)

-

Total current tax

145,332

161,233

Deferred tax

71,151

(22,320

)

Tax on profit

216,483

138,913

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

as restated

£

£

Profit before tax

839,312

466,120

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

209,828

116,530

Effects of:

Expenses not deductible for tax purposes

27,647

3,089

Depreciation on non-qualifying assets

411

40

Group relief

(363

)

(1,578

)

Prior year over provision in respect of R&D

(16,222

)

-

Expenditure timing differences

(4,818

)

20,832

Total tax charge

216,483

138,913

8.

DIVIDENDS

2025

2024

as restated

£

£

Interim

1,633,500

20,500

9.	PRIOR YEAR ADJUSTMENT

During the year the directors reconsidered the classification of amounts due from group undertakings. In the prior year, intercompany loan balances totalling of £8,023,329 were included within debtors falling due after more than one year.

As the balance is repayable on demand and, accordingly, the company is legally entitled to recall the loan within twelve months from the reporting date. The comparative has therefore been updated to reclassify the balance within debtors falling due within one year.

The reclassification has no effect on the company's profit for the year, net assets or shareholders' funds.