REGISTERED NUMBER: 01586822 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 January 2026

for

Roundel Manufacturing Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

10

Balance Sheet

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

T L Oman

M L Cole

SECRETARY:

M L Cole

REGISTERED OFFICE:

5-8 Sedling Road

Wear Industrial Estate

Washington

Tyne and Wear

NE38 9BZ

REGISTERED NUMBER:

01586822 (England and Wales)

SENIOR STATUTORY AUDITOR:

Martin Hobson BA (Hons), FCCA

AUDITORS:

Clive Owen LLP

Chartered Accountants

& Statutory Auditors

Great North House, 20 Allington Way

Darlington

County Durham

DL1 4QB

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

PRINCIPAL ACTIVITIES

The principal activities of Roundel Manufacturing Limited (RML) are manufacturing, distributing and installing fitted kitchen, bedroom, bathroom and home office furniture and appliances to the UK house building industry and retail customers.

BUSINESS MODEL

The company operates as a UK-based furniture manufacturer, with a primary focus on kitchen furniture for the private residential development sector. In addition to manufacturing, the company also distributes and installs kitchen appliances and supplies and installs solid work surface solutions, providing a comprehensive, turnkey service to its clients.

Our vertically integrated model enables us to control the entire value chain from design and production through to delivery and installation ensuring consistency in quality, cost management, and service levels. This integrated approach, combined with a strong focus on best-in-class products and sector-leading customer service, positions the company as a trusted partner to developers across the UK.

BUSINESS REVIEW AND FUTURE DEVELOPMENTS

The company is a premium supplier to UK house builders of bespoke kitchen, bedroom, bathroom and home study furniture. Roundel has a reputation for delivering a high quality product with first class service.

The company generated turnover of £34.1 million for the financial year ended 31 January 2026, compared to £30.2 million in the prior year. The UK private residential development market remained challenging throughout the year; however, the company continued to grow its market share, with turnover increasing by 12.8%. This growth was accompanied by a stronger operating performance, driven by improved cost control, operational discipline, and proactive margin management.

Gross profit margin improved to 37%, up from 31%, while profit before tax increased to 4.6% of turnover, from 2.0% in the previous year. This improved profitability reflects the continued focus on strategic sourcing, efficient labour planning, and disciplined project execution.

The company is investing heavily in automation, infrastructure and environmental areas of the business. Investment in automated manufacturing processes is improving productivity, consistency and capacity, while continued investment in our facilities and infrastructure strengthens our ability to serve customers and to support future growth. Environmental investment forms a key part of our commitment to sustainable operations and reflects the company's stewardship value. The directors believe these investments position the company well for the medium and long term.

The key financial indicators are shown below:

2026

2025

Change

£

£

%

Turnover

34,101,441

30,234,948

12.8

Operating profit/(loss)

1,648,863

746,340

120.9

Profit/(Loss) after tax

1,164,270

462,347

151.8

Shareholders' funds

10,594,317

9,986,047

6.1

STRATEGY

The company has, over many years, developed deep relationships with key customers; however, to minimise risk to the business, customer concentration is kept meaningful with the development of customer diversification. The company's results continue to be driven by its contract business on account of its size.

To grow market share and profitability the company seeks to strengthen customer relationships through investment in innovation, resources, and quality, extend its share of a customer's total spend, and engage its people in meaningful, diverse, and interesting roles to find new ways to work to improve efficiency and productivity. In a challenging marketplace, the company is growing its market share, supported by heavy investment in automation, infrastructure and environmental initiatives. Significant investment has also been made to increase resources and strengthen the company's service function, a key factor in influencing customer retention and growing new business.

KEY PERFORMANCE INDICATORS

The company uses a number of metrics to evaluate performance against budgeted and historical trends, both from a profitability, sales, and service point of view. These are used to communicate strategic and financial progress to our employees and to the Board.

These measures are monitored monthly against benchmarks, prior year actuals and current year targets and revised annually as part of our annual budgeting process. Financial measures include sales, gross and net profit.

FUTURE DEVELOPMENTS

Looking ahead, the UK private development market is expected to experience growth in both the medium and long term, supported by ongoing housing demand and evolving consumer preferences for modern, high-quality interiors.

The company is well-positioned to capitalise on this growth through:

- Strengthening relationships with existing developer clients

- Expanding into new geographic markets within the UK

- Continuing to invest in process automation, infrastructure, environmental initiatives, product development, and service enhancement

- Increasing market share by demonstrating consistent value, service excellence, and product innovation

Our strong operational platform, industry reputation, and strategic focus will enable the company to grow sustainably while continuing to improve profitability.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the business include:

- Market Conditions: The private development sector is cyclical and influenced by broader economic trends, including interest rates, housing demand, and government policy on planning and housing.

- Supply Chain Disruption: Volatility in the global supply chain, including material price inflation and lead time extensions, remains a risk to cost and service continuity.

- Labour Availability: Skills shortages in both manufacturing and installation trades could impact operational delivery timelines and costs.

- Regulatory Compliance: Changes to building regulations or trade requirements post-Brexit continue to require close monitoring and adaptation.

The company actively manages these risks through strategic supplier relationships, forward purchasing where appropriate, workforce planning, and continual regulatory engagement.

ON BEHALF OF THE BOARD:

T L Oman - Director

19 October 2026

The directors present their report with the financial statements of the company for the year ended 31 January 2026.

DIVIDENDS

The total distribution of dividends for the year ended 31 January 2026 will be £ 556,000 .

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

T L Oman

M L Cole

Other changes in directors holding office are as follows:

L Oman - resigned 29 May 2025

G K Oman - resigned 29 May 2025

M E Oman - resigned 29 May 2025

G Parkin - resigned 29 May 2025

K Morton - resigned 6 June 2025

DISCLOSURE IN THE STRATEGIC REPORT

The following information, which would otherwise be disclosed in the directors' report, is instead disclosed in the strategic report, as permitted by s414C(11) of the Companies Act 2006:

- principal risks and uncertainties;

- future developments;

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). 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.

AUDITORS

The auditors, Clive Owen LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

T L Oman - Director

19 October 2026

Opinion

We have audited the financial statements of Roundel Manufacturing Limited (the 'company') for the year ended 31 January 2026 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 January 2026 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 four, 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, to detect material misstatements in respect of irregularities, including fraud. Our audit must be alert to the risk of manipulation of the financial statements and seek to understand the incentives and opportunities for management to achieve this.

We undertake the following procedures to identify and respond to these risks of non-compliance:

-

Understanding the key legal and regulatory frameworks that are applicable to the Company. We communicated identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. We determined the most significant of these to be financial reporting legislation, taxation legislation, health & safety and employment law.

-

Enquiry of directors and management as to policies and procedures to ensure compliance and any known instances of non-compliance,

-

Review of board minutes and correspondence with regulators,

-

Enquiry of directors and management as to areas of the financial statements susceptible to fraud and how these risks are managed,

-

Challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. These key areas of uncertainty are disclosed in the accounting policies,

-

Identifying and testing unusual journal entries, with a particular focus on manual journal entries.

Through these procedures, we did not become aware of actual or suspected non-compliance.

We planned and performed our audit in accordance with auditing standards but owing to the inherent limitations of procedures required in these areas, there is an unavoidable risk that we may not have detected a material misstatement in the accounts. 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. 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 concealment, collusion, forgery, misrepresentations, or override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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

Use of our report

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

Martin Hobson BA (Hons), FCCA (Senior Statutory Auditor)

for and on behalf of Clive Owen LLP

Chartered Accountants

& Statutory Auditors

Great North House, 20 Allington Way

Darlington

County Durham

DL1 4QB

19 October 2026

TURNOVER

34,101,441

30,234,948

Cost of sales

(21,519,119

)

(21,013,662

)

GROSS PROFIT

12,582,322

9,221,286

Distribution costs

(2,287,150

)

(1,885,443

)

Administrative expenses

(8,646,309

)

(6,589,503

)

OPERATING PROFIT

4

1,648,863

746,340

Interest receivable and similar income

53,601

18,542

1,702,464

764,882

Interest payable and similar expenses

5

(142,286

)

(146,719

)

PROFIT BEFORE TAXATION

1,560,178

618,163

Tax on profit

6

(395,908

)

(155,816

)

PROFIT FOR THE FINANCIAL YEAR

1,164,270

462,347

Retained earnings at beginning of year

9,984,947

9,903,600

Dividends

7

(556,000

)

(381,000

)

RETAINED EARNINGS AT END OF YEAR

10,593,217

9,984,947

FIXED ASSETS

Tangible assets

8

7,392,641

7,841,193

CURRENT ASSETS

Stocks

9

1,618,483

1,580,282

Debtors

10

6,729,394

5,837,378

Cash at bank and in hand

2,333,667

1,233,733

10,681,544

8,651,393

CREDITORS

Amounts falling due within one year

11

(5,215,642

)

(4,281,646

)

NET CURRENT ASSETS

5,465,902

4,369,747

TOTAL ASSETS LESS CURRENT LIABILITIES

12,858,543

12,210,940

CREDITORS

Amounts falling due after more than one year

12

(858,699

)

(1,160,006

)

PROVISIONS FOR LIABILITIES

15

(1,405,527

)

(1,064,887

)

NET ASSETS

10,594,317

9,986,047

CAPITAL AND RESERVES

Called up share capital

16

1,100

1,100

Retained earnings

10,593,217

9,984,947

SHAREHOLDERS' FUNDS

10,594,317

9,986,047

The financial statements were approved by the Board of Directors and authorised for issue on 19 October 2026 and were signed on its behalf by:

T L Oman - Director

M L Cole - Director

Cash flows from operating activities

Cash generated from operations

1

2,907,311

1,789,944

Interest element of hire purchase payments paid

(142,286

)

(146,719

)

Tax credit received

147,608

82,309

Net cash from operating activities

2,912,633

1,725,534

Cash flows from investing activities

Purchase of tangible fixed assets

(780,912

)

(649,710

)

Sale of tangible fixed assets

-

18,400

Interest received

53,601

18,542

Net cash from investing activities

(727,311

)

(612,768

)

Cash flows from financing activities

Hire purchase -new tangible fixed assets

87,115

164,790

Capital repayments in year

(590,301

)

(665,917

)

Amount advanced to directors

(26,202

)

77,868

Equity dividends paid

(556,000

)

(381,000

)

Net cash from financing activities

(1,085,388

)

(804,259

)

Increase in cash and cash equivalents

1,099,934

308,507

Cash and cash equivalents at beginning of year

2

1,233,733

925,226

Cash and cash equivalents at end of year

2

2,333,667

1,233,733

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

2026

2025

£

£

Profit before taxation

1,560,178

618,163

Depreciation charges

1,229,464

697,608

Profit on disposal of fixed assets

-

(15,154

)

Finance costs

142,286

146,719

Finance income

(53,601

)

(18,542

)

2,878,327

1,428,794

(Increase)/decrease in stocks

(38,201

)

79,978

(Increase)/decrease in trade and other debtors

(1,033,913

)

893,843

Increase/(decrease) in trade and other creditors

1,101,098

(612,671

)

Cash generated from operations

2,907,311

1,789,944

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 January 2026

31.1.26

1.2.25

£

£

Cash and cash equivalents

2,333,667

1,233,733

Year ended 31 January 2025

31.1.25

1.2.24

£

£

Cash and cash equivalents

1,233,733

925,226

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.2.25

Cash flow

At 31.1.26

£

£

£

Net cash

Cash at bank and in hand

1,233,733

1,099,934

2,333,667

1,233,733

1,099,934

2,333,667

Debt

Finance leases

(1,735,133

)

503,186

(1,231,947

)

(1,735,133

)

503,186

(1,231,947

)

Total

(501,400

)

1,603,120

1,101,720

1.	STATUTORY INFORMATION

Roundel Manufacturing 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows.

Debtors provision - the amounts owed from customers are reviewed by management on a monthly basis to consider if there are any bad or doubtful debts. Provision is then made within the financial statements.

Turnover

Turnover represents income from the design, manufacture, supply and installation of bespoke kitchen, bedroom, bathroom and home study furniture. Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.

Income recognition

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the goods have been delivered to the customer.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulated depreciation.

Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets, other than freehold land, over their expected useful lives, using the straight-line method. The rates applicable are:

-

Freehold property

50 years

-

Long leasehold property

2 years, 50 years

-

Assets under construction

Not depreciated

-

Plant and machinery

5 to 16 years

-

Fixtures and fittings

3 to 25 years

-

Motor vehicles

5 to 10 years

For long leasehold property the expected useful life on one of the properties has been reduced from 50 years to 2 years, on the basis that at the period end there was an expectation that the company will be purchasing that leasehold property in the next year, which would result in a property cost replacing previous improvements.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Cost includes all costs incurred in bringing each product to its present location and condition, as follows:

Raw materials, consumables and goods for resale: purchase cost on a first-in, first-out basis.

Work in progress and finished goods: cost of direct materials and labour plus attributable overheads based on a normal level of activity.

Financial instruments

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

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 interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates two defined contribution schemes covering the directors as well as a defined contribution scheme covering a number of permanent employees. Contributions payable to the company's pension schemes are charged to the profit and loss account in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

8,012,204

7,272,499

Social security costs

1,016,981

757,090

Other pension costs

270,691

199,986

9,299,876

8,229,575

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

2026

2025

Production staff

84

85

Transport staff

39

41

Administrative staff

100

94

223

220

The directors are considered to be the key management personnel of the company.

2026

2025

£

£

Directors' remuneration

609,992

492,116

Directors' pension contributions to money purchase schemes

22,566

15,577

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

Money purchase schemes

2

2

Information regarding the highest paid director is as follows:

2026

2025

£

£

Emoluments etc

243,827

136,629

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2026

2025

£

£

Hire of plant and machinery

171,106

33,474

Depreciation - owned assets

922,871

339,124

Depreciation - assets on hire purchase contracts

306,593

358,484

Profit on disposal of fixed assets

-

(15,154

)

Auditors' remuneration

31,000

41,270

Operating lease rentals (rent)

405,000

288,166

Operating lease rentals (other)

4,802

4,956

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2026

2025

£

£

Hire purchase

142,286

146,719

6.

TAXATION

Analysis of the tax charge

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

2026

2025

£

£

Current tax:

UK corporation tax

60,979

-

Prior year over provision

(5,711

)

-

R&D refund

-

(17,380

)

Total current tax

55,268

(17,380

)

Deferred tax

340,640

173,196

Tax on profit

395,908

155,816