REGISTERED NUMBER: 02533340 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2026

for

Austin Hayes Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Income and Retained Earnings

7

Statement of Financial Position

8

Statement of Cash Flows

9

Notes to the Statement of Cash Flows

10

Notes to the Financial Statements

11

DIRECTORS:

N D Eagleton

S J Graves

N Vjestica

REGISTERED OFFICE:

Carlton Works Cemetery Road

Yeadon

Leeds

West Yorkshire

LS19 7BD

REGISTERED NUMBER:

02533340 (England and Wales)

AUDITORS:

Ford Campbell Freedman Limited

Chartered accountant & statutory auditor

2nd Floor

33 Park Place

Leeds

LS1 2RY

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

Business Activities

The principal activity of the company is the provision of specialist packaging for UK MOD.

REVIEW OF BUSINESS

The company has continued to meet its varied customer requirements, and this stability of workflow has also enabled the company to ensure consistency of the workforce.

KEY PERFORMANCE INDICATORS

The directors use a number of performance measures on a regular basis to manage the business. In the year these included:

2026

2025

£

£

Turnover

11,505,183

8,388,971

Gross Profit %

29.6

31.4

Net Profit %

4.7

8.8

PRINCIPAL RISKS AND UNCERTAINTIES

A significant amount of turnover is conducted with a key customer, the company is looking at the ways it can reduce this reliance by increasing the range of services on offer including potential new markets.

The company holds a significant amount of cash which it believes will support it through any future uncertainties and continues to see a strong order book.

The company places a lot of investment in being an ISO accredited business creating genuine benefits through the security of the workforce.

FUTURE PLANS

The company will continue to invest in its workforce, plant and internal systems in order to support future growth and help mitigate risks.

ON BEHALF OF THE BOARD:

S J Graves - Director

21 October 2026

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

DIVIDENDS

No interim dividend was paid during the year. The directors recommend a final dividend of per share.

The total distribution of dividends for the year ended 31 March 2026 will be £80,570.

FUTURE DEVELOPMENTS

The company has chosen to include this information as part of the company's strategic report.

DIRECTORS

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

N D Eagleton

S J Graves

N Vjestica

FINANCIAL INSTRUMENTS

The company's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds and to finance the company's operations.

The company operations expose it to a variety of financial risks that include the effects of changes in credit risk. The company has in place risk management processes that seek to limit the adverse effects on the financial performance of the company.

PRICE RISK

The company is exposed to material price changes. The directors monitor prices and source from a variety of suppliers to minimise material price movements.

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.

AUDITORS

The auditors, Ford Campbell Freedman Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S J Graves - Director

21 October 2026

Opinion

We have audited the financial statements of Austin Hayes Limited (the 'company') for the year ended 31 March 2026 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 March 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 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.

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:

While planning our audit, we have made enquiries of management and those charged with governance around any actual or potential litigation and claims against the company for non-compliance with specific laws and regulations. The same has been done in respect of any instances of fraud or irregularities. The responses received have been communicated with the engagement team at the planning stage.

We have not been informed of any specific laws or regulatory related issues that could materially impact the financial statements and in addition to this, there has been no suspected fraud or irregularities reported to us.

While planning our audit the engagement partner selected appropriately trained staff to be engaged in the audit and the team are allocated based on their competence and capabilities.

The audit work undertaken is a substantive work based audit approach, reviewing to source documentation where appropriate and includes a review and walkthrough of the systems which management have put in place. These tests are directional. Therefore, they are designed in a way to maximise audit effectiveness and the possible identification of any material fraud, irregularities, or instances of systems and procedure breaches. Our testing did not identify any issues that requires any additional reporting.

These tests and other areas of our audit work are designed to enhance our ability to detect cases of material fraud and certain irregularities. It should be noted that our audit is carried out using a material based approach and therefore does not test every transaction, as such, it would not detect all instances of irregularities and specifically fraud which is inherently more difficult to detect.

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.

Lisa Calvert BA (HONS) FCA (Senior Statutory Auditor)

for and on behalf of Ford Campbell Freedman Limited

Chartered accountant & statutory auditor

2nd Floor

33 Park Place

Leeds

LS1 2RY

21 October 2026

TURNOVER

4

11,505,183

8,388,971

Cost of sales

(8,102,616

)

(5,754,636

)

GROSS PROFIT

3,402,567

2,634,335

Administrative expenses

(2,771,356

)

(1,753,194

)

631,211

881,141

Other operating income

1,484

1,398

OPERATING PROFIT

6

632,695

882,539

Interest receivable and similar income

81,686

124,532

714,381

1,007,071

Interest payable and similar expenses

7

(914

)

-

PROFIT BEFORE TAXATION

713,467

1,007,071

Tax on profit

8

(173,968

)

(268,178

)

PROFIT FOR THE FINANCIAL YEAR

539,499

738,893

Retained earnings at beginning of year

4,439,276

3,775,983

Dividends

9

(80,570

)

(75,600

)

RETAINED EARNINGS AT END OF YEAR

4,898,205

4,439,276

FIXED ASSETS

Tangible assets

10

588,920

412,701

CURRENT ASSETS

Stocks

11

124,140

157,059

Debtors

12

419,282

1,370,801

Cash at bank

5,202,023

3,720,362

5,745,445

5,248,222

CREDITORS

Amounts falling due within one year

13

1,389,680

1,166,626

NET CURRENT ASSETS

4,355,765

4,081,596

TOTAL ASSETS LESS CURRENT LIABILITIES

4,944,685

4,494,297

PROVISIONS FOR LIABILITIES

15

46,473

55,014

NET ASSETS

4,898,212

4,439,283

CAPITAL AND RESERVES

Called up share capital

16

7

7

Retained earnings

17

4,898,205

4,439,276

SHAREHOLDERS' FUNDS

4,898,212

4,439,283

The financial statements were approved by the Board of Directors and authorised for issue on 21 October 2026 and were signed on its behalf by:

S J Graves - Director

Cash flows from operating activities

Cash generated from operations

1

1,924,119

(732,146

)

Interest paid

(914

)

-

Tax paid

(109,539

)

(2,135

)

Interest received

81,686

124,532

Net cash from operating activities

1,895,352

(609,749

)

Cash flows from investing activities

Purchase of tangible fixed assets

(333,121

)

(194,893

)

Sale of tangible fixed assets

-

113,460

Net cash from investing activities

(333,121

)

(81,433

)

Cash flows from financing activities

Equity dividends paid

(80,570

)

(75,600

)

Net cash from financing activities

(80,570

)

(75,600

)

Increase/(decrease) in cash and cash equivalents

1,481,661

(766,782

)

Cash and cash equivalents at beginning of year

2

3,720,362

4,487,144

Cash and cash equivalents at end of year

2

5,202,023

3,720,362

1.	RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

31.3.26

31.3.25

£

£

Profit for the financial year

539,499

738,893

Depreciation charges

156,902

114,621

Loss on disposal of fixed assets

-

26,916

Increase/(decrease) in trade provision

(56,596

)

-

Finance costs

914

-

Finance income

(81,686

)

(124,532

)

Taxation

173,968

268,178

733,001

1,024,076

Decrease/(increase) in stocks

32,919

(26,487

)

Decrease/(increase) in trade and other debtors

952,094

(373,041

)

Increase/(decrease) in trade and other creditors

206,105

(1,356,694

)

Cash generated from operations

1,924,119

(732,146

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

5,202,023

3,720,362

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

3,720,362

4,487,144

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.25

Cash flow

At 31.3.26

£

£

£

Net cash

Cash at bank

3,720,362

1,481,661

5,202,023

3,720,362

1,481,661

5,202,023

Total

3,720,362

1,481,661

5,202,023

1.	STATUTORY INFORMATION

Austin Hayes 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Judgements and key sources of estimation uncertainty

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. Significant judgements, 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:

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic life and residual value of each asset. Useful economic lives and residual values are re-assessed annually and amended, when necessary, to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors at the end of each reporting period. When assessing whether any impairment should be recognised management considers factors including the current credit rating of the debtor, the ageing profile of balances and historical experience.

Revenue recognition

The turnover is recognised on dispatch of goods to customers and is exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates for amounts not invoiced. Turnover in this respect is recognised by reference to stage of completion.

Tangible fixed assets

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

Long leasehold

-

Over the period of the lease

Plant and machinery

-

20% straight line

Fixtures and fittings

-

20% to 33% straight line

Motor vehicles

-

20% straight line

Stocks

Stocks are valued at the lower of cost and net realisable value.

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

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

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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.

Pension costs and other post-retirement benefits

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.3.26

31.3.25

£

£

Packaging services

11,505,183

8,388,971

11,505,183

8,388,971

5.	EMPLOYEES AND DIRECTORS

31.3.26

31.3.25

£

£

Wages and salaries

2,441,393

1,594,908

Social security costs

319,046

52,747

Other pension costs

45,563

13,782

2,806,002

1,661,437

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

31.3.26

31.3.25

Production staff

38

38

Office staff

7

8

45

46

31.3.26

31.3.25

£

£

Directors' remuneration

1,113,232

223,834

Directors' pension contributions to money purchase schemes

18,748

5,675

Information regarding the highest paid director is as follows:

31.3.26

31.3.25

£

£

Emoluments etc

698,905

89,971

Pension contributions to money purchase schemes

3,750

3,750

6.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.26

31.3.25

£

£

Depreciation - owned assets

156,902

114,621

Loss on disposal of fixed assets

-

26,916

Auditors' remuneration

11,783

12,240

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.26

31.3.25

£

£

Bank interest

914

-

8.

TAXATION

Analysis of the tax charge

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

31.3.26

31.3.25

£

£

Current tax:

UK corporation tax

182,509

282,407

Deferred tax

(8,541

)

(14,229

)

Tax on profit

173,968

268,178

Reconciliation of total tax charge included in profit and loss

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

31.3.26

31.3.25

£

£

Profit before tax

713,467

1,007,071

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2025 - 25%)

178,367

251,768

Effects of:

Expenses not deductible for tax purposes

2,227

9,893

Depreciation in excess of capital allowances

8,478

20,746

Adjustments to tax charge in respect of previous periods

(6,563

)

-

Deferred tax

(8,541

)

(14,229

)

Total tax charge

173,968

268,178

9.

DIVIDENDS

31.3.26

31.3.25

£

£

Ordinary shares of £1 shares of 1 each

Final

80,570

75,600

10.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2025

81,521

1,354,608

209,102

195,022

1,840,253

Additions

-

56,238

10,028

266,855

333,121

Disposals

-

-

(5,704

)

-

(5,704

)

At 31 March 2026

81,521

1,410,846

213,426

461,877

2,167,670

DEPRECIATION

At 1 April 2025

2,310

1,173,465

168,678

83,099

1,427,552

Charge for year

1,630

71,685

16,536

67,051

156,902

Eliminated on disposal

-

-

(5,704

)

-

(5,704

)

At 31 March 2026

3,940

1,245,150

179,510

150,150

1,578,750

NET BOOK VALUE

At 31 March 2026

77,581

165,696

33,916

311,727

588,920

At 31 March 2025

79,211

181,143

40,424

111,923

412,701

11.

STOCKS

31.3.26

31.3.25

£

£

Stocks

124,140

157,059

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

£

£

Trade debtors

284,555

701,782

Amounts recoverable on contract

61,072

149,033

Directors' loan accounts

9,373

276,362

Tax

574

45,565

Prepayments and accrued income

63,708

198,059

419,282

1,370,801

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

31.3.25

£

£

Trade creditors

75,751

726,213

Tax

189,072

-

Social security and other taxes

227,321

278,813

Other creditors

20,933

20,559

Accruals and deferred income

876,603

141,041

1,389,680

1,166,626

14.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.26

31.3.25

£

£

Within one year

142,217

260,745

Between one and five years

12,464

129,353

154,681

390,098

15.	PROVISIONS FOR LIABILITIES

31.3.26

31.3.25

£

£

Deferred tax

Deferred tax

55,014

69,243

Deferred tax additions

(8,541

)

(14,229

)

46,473

55,014

Deferred tax

£

Balance at 1 April 2025

55,014

Deferred tax additions

(8,541

)

Balance at 31 March 2026

46,473

16.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.26

31.3.25

value:

£

£

7

Ordinary shares of £1

1

7

7