REGISTERED NUMBER: 01189095 (England and Wales)

B. W. Industries Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 January 2026

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

6

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

G Reiss

D R Smith

S P Smith

J Petch

K Watson

SECRETARY:

D R Smith

REGISTERED OFFICE:

Lancaster Road

Carnaby

Bridlington

East Yorkshire

YO15 3QY

REGISTERED NUMBER:

01189095 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

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

REVIEW OF BUSINESS

The company traded throughout the year in the supply of a comprehensive range of galvanised and fabricated steel components and accessories for the domestic, construction, manufacturing and agricultural sectors.

The directors are satisfied with the continued performance and progression of the business, despite deteriorating wider economic conditions and the challenges that continues to bring. Following two years of declining turnover mainly accountable to softening prices following Covid and the Russia/Ukraine war, steel prices remained stable for the majority of the year which resulted in turnover and profit figures consistent with the previous year.

Turnover and gross profit are regarded as key performance indicators and while turnover has been varied due to external factors over the past five years the directors are pleased with the gross profit percentage remaining consistent during this period.

2026

2025

2024

£

£

£

Turnover

31,191,253

31,666,539

41,567,219

Gross Profit

10,788,963

11,242,290

16,645,346

PRINCIPAL RISKS AND UNCERTAINTIES

The company's results are sensitive to changes in raw material prices which tend to fluctuate on a regular basis. Any increases in raw material prices have the ability to impact upon the company's profitability.

In addition, the company monitors its credit risk as a priority matter. This is especially important in the current economic environment and the company has systems in place to reduce that risk to an acceptable level.

SECTION 172(1) STATEMENT

The directors have considered the matters set out in section 172 (1) (a) to (f) when performing their duty to

promote the success of the company and the group. The directors continue to ensure that any business decisions consider the long-term impact on all key stakeholders. This includes when evaluating acquisition and growth opportunities. During the period there has been a strong focus on the continued integration of previous acquisitions to ensure that going forward the business can function in a single consistent manner. This integration promotes employee development and allows supplier and customer relationships to be elevated to a group level. Environmental issues continue to be a major focus of the business and are a key consideration as the Board compiles its strategy. The board encourages sharing of best practices between group companies to ensure the business operates at the highest possible standard and endeavours for all members to be treated fairly.

In addition, the directors consider the company's employees, suppliers and customers to be integral to its continued success. The directors have reported on engagement with employees, suppliers, customers and others within the Report of the Directors.

ON BEHALF OF THE BOARD:

D R Smith - Director

26 October 2026

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

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of the supply of pressed and rolled metal sections to industry.

DIVIDENDS

During the year, interim dividends were paid totalling £3,500,000 (2025: £4,500,000).

DIRECTORS

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

G Reiss

D R Smith

S P Smith

J Petch

K Watson

GOING CONCERN

The directors, having considered the available information, have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of 12 months from the date of approval of these financial statements and therefore have prepared the financial statements on a going concern basis.

DISABLED EMPLOYEES

The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a disabled person. Where existing employees become disabled, it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

EMPLOYEE INVOLVEMENT

During the year, the policy of providing employees with information about the company has been continued through internal media methods in which employees have also been encouraged to present their suggestions and views on the company's performance. Regular meetings are held between local management and employees to allow a free flow of information and ideas.

ENGAGEMENT WITH EMPLOYEES

The directors ensure that all employees are kept up to date with key and relevant information which may concern them as employees. Employees are consulted as necessary when making material decisions which may affect them. Employees are encouraged to have an interest in the performance of the company and a general awareness of the group's performance.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The directors continuously consider key stakeholder relationships and develops them through the senior management team. The group considers relationships with customers and suppliers on a global scale and maintains strong relationships at a company and group level. Organic and acquisitive group actions take into consideration these business relationships.

STREAMLINED ENERGY AND CARBON REPORTING

The company is required to report in accordance with The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

UK Greenhouse gas emissions and energy use data for the period 1 February 2025 to 31 January 2026

Current Reporting Year2025/26

Comparative Reporting Year 2024/2025

Consumption Breakdown

Usage in MWh

Usage in MWh

Gas (Scope 1)

877.00

1,335.41

Transport (Scope 1)

1,901.20

2,165.29

Electricity (Scope 2)

907.95

1,467.07

Total MWh

3,686.15

4,967.77

Consumption Breakdown

CO2e Emissions (tonnes

)

CO2e Emissions (tonnes

)

Gas (Scope 1)

215.77

328.46

Transport (Scope 1)

476.04

530.08

Electricity (Scope 2) Location

160.71

303.76

Electricity (Scope 2) Market

7.56

65.29

Water (Scope 3)

0.58

0.57

Total CO2e Location Based

853.09

1,162.86

Total CO2e Market Based

699.94

924.40

Intensity ratio (tCO2e per '000 actual hours worked) Location Based

2.79

3.91

Intensity ratio (tCO2e per '000 actual hours worked) Market Based

2.29

3.11

Associated greenhouse gas emissions have been calculated using the GHG reporting protocol and have used the 2025 UK Governments Conversion Factors for Company Reporting.

BW Industries completed the installation of a 1.324MWp solar panel system on the factory roof in late December 2024. Over the course of the 2026 financial year this system generated 1,084,429 kWh, providing the company with substantial savings in both energy costs and carbon emissions

To fulfil remaining demand, additional electricity needs were provided under 100% renewably sourced electricity contracts for the full year, having started a new contract in April 2025. This significantly reduced the Market Based figures for Scope 2.

In 2025 the company acquired a further electric forklift to add to the fleet, whilst simultaneously decommissioning a diesel forklift. There remains an on-going goal to upgrade all of BW Industries' diesel-powered on-site plant to fully electric by the year 2030, which currently stands at 40%.

The company also replaced four old HGV tractor units with four brand new models, with the increased fuel efficiency further reducing Scope 1 emissions.

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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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, Smailes Goldie, will be proposed for re-appointment in accordance with Section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

D R Smith - Director

26 October 2026

Opinion

We have audited the financial statements of B. W. Industries Limited (the 'company') for the year ended 31 January 2026 which comprise the Statement of 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 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with relevant regulators and the company's legal advisors.

Due to 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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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 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.

William Cowell FCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

26 October 2026

TURNOVER

3

31,191,253

31,666,539

Cost of sales

20,402,290

20,424,249

GROSS PROFIT

10,788,963

11,242,290

Administrative expenses

6,055,397

5,430,656

4,733,566

5,811,634

Other operating income

15,723

-

OPERATING PROFIT

6

4,749,289

5,811,634

Interest receivable and similar income

37,255

26,648

4,786,544

5,838,282

Interest payable and similar expenses

7

206

25,597

PROFIT BEFORE TAXATION

4,786,338

5,812,685

Tax on profit

8

1,217,984

1,461,427

PROFIT FOR THE FINANCIAL YEAR

3,568,354

4,351,258

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,568,354

4,351,258

FIXED ASSETS

Tangible assets

10

8,055,101

5,769,881

CURRENT ASSETS

Stocks

11

2,940,927

3,226,899

Debtors

12

16,570,318

15,767,944

Cash at bank and in hand

189,049

180,176

19,700,294

19,175,019

CREDITORS

Amounts falling due within one year

13

5,764,471

3,487,969

NET CURRENT ASSETS

13,935,823

15,687,050

TOTAL ASSETS LESS CURRENT LIABILITIES

21,990,924

21,456,931

PROVISIONS FOR LIABILITIES

15

1,399,877

934,238

NET ASSETS

20,591,047

20,522,693

CAPITAL AND RESERVES

Called up share capital

16

5,492

5,492

Share premium

17

23,440

23,440

Retained earnings

17

20,562,115

20,493,761

SHAREHOLDERS' FUNDS

20,591,047

20,522,693

The financial statements were approved by the Board of Directors and authorised for issue on 26 October 2026 and were signed on its behalf by:

D R Smith - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 February 2024

5,492

20,642,503

23,440

20,671,435

Changes in equity

Dividends

-

(4,500,000

)

-

(4,500,000

)

Total comprehensive income

-

4,351,258

-

4,351,258

Balance at 31 January 2025

5,492

20,493,761

23,440

20,522,693

Changes in equity

Dividends

-

(3,500,000

)

-

(3,500,000

)

Total comprehensive income

-

3,568,354

-

3,568,354

Balance at 31 January 2026

5,492

20,562,115

23,440

20,591,047

1.	STATUTORY INFORMATION

B. W. Industries 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

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland" (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention.

The significant accounting policies applied in the preparation of these financial statements are set out below.

Financial Reporting Standard 102 - reduced disclosure exemptions

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

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirement of paragraph 33.7.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenditure. These estimates and judgements are based on historical experience and other factors considered relevant. Actual results may differ from these estimates.

Key Sources of Estimation Uncertainty:

The directors consider the following to be the key sources of estimation uncertainty at the reporting date:

Work in Progress (WIP)

The valuation of work in progress requires management to estimate the costs attributable to partially completed jobs at the reporting date. Work in progress is valued using materials consumed, direct labour incurred and absorbed production overheads. The allocation of these costs is based on the quantity of materials used on each job at the year end and the amount of time recorded by employees on job-specific timesheets.

Depreciation of Tangible Fixed Assets

The annual depreciation charge depends on estimates of the useful economic lives and residual values of tangible fixed assets. The directors review these estimates annually, taking account of factors such as asset condition, technological developments and expected future use. Changes in these estimates could result in a higher or lower depreciation charge in future periods.

Stock Provision

The company reviews inventory at each reporting date to assess whether any provision is required for slow-moving, obsolete or damaged stock. The provision is based on management's assessment of future demand, expected selling prices and the condition of inventory.

Trade Debtor Provision (Bad Debts)

The company makes provision for expected credit losses on trade receivables where recovery is considered uncertain. The level of provision is based on factors including the age of debts, historical collection experience, customer creditworthiness and specific knowledge of customer circumstances. Changes in customer financial position or economic conditions could affect the recoverability of outstanding balances and result in adjustments to the provision.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Turnover from the sale of rolled and formed steel sections is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property

2% on cost

Plant and machinery

15% on cost

Motor vehicles

15% - 20% on cost

Stocks and work in progress

Stock and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Tax

Current tax represents the amount payable or receivable in respect of the taxable profit or loss for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Foreign currencies

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

2026

2025

£

£

United Kingdom

29,099,070

30,126,139

Europe

2,092,183

1,540,400

31,191,253

31,666,539

4.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

6,866,128

6,318,108

Social security costs

894,094

717,504

Other pension costs

156,030

149,295

7,916,252

7,184,907

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

2026

2025

Management

5

5

Administration

30

29

Engineering

114

112

149

146

5.	DIRECTORS' EMOLUMENTS

2026

2025

£

£

Directors' remuneration

427,528

360,244

Directors' pension contributions to money purchase schemes

5,552

18,980

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

Money purchase schemes

3

3

Information regarding the highest paid director is as follows:

2026

2025

£

£

Emoluments etc

151,905

198,242

Pension contributions to money purchase schemes

2,910

1,322

6.	OPERATING PROFIT

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

2026

2025

£

£

Depreciation - owned assets

905,735

547,982

Loss/(profit) on disposal of fixed assets

16,377

(8,467

)

Auditors' Remuneration - Audit Services

15,000

15,000

Auditors' remuneration for non audit work

3,650

2,765

Foreign exchange differences

(3,090

)

(257

)

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2026

2025

£

£

Bank interest

206

-

Other interest

-

25,597

206

25,597

8.

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

752,345

832,888

Deferred tax

465,639

628,539

Tax on profit

1,217,984

1,461,427

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:

2026

2025

£

£

Profit before tax

4,786,338

5,812,685

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

1,196,585

1,453,171

Effects of:

Expenses not deductible for tax purposes

21,399

8,256

Total tax charge

1,217,984

1,461,427

9.

DIVIDENDS

2026

2025

£

£

A Ordinary shares of £1 each

Interim

3,500,000

4,500,000

10.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 February 2025

2,310,767

10,154,808

1,546,253

14,011,828

Additions

552,947

2,411,020

274,451

3,238,418

Disposals

-

(1,111,172

)

(154,749

)

(1,265,921

)

At 31 January 2026

2,863,714

11,454,656

1,665,955

15,984,325

DEPRECIATION

At 1 February 2025

660,577

6,695,234

886,136

8,241,947

Charge for year

33,343

679,699

192,693

905,735

Eliminated on disposal

-

(1,086,642

)

(131,816

)

(1,218,458

)

At 31 January 2026

693,920

6,288,291

947,013

7,929,224

NET BOOK VALUE

At 31 January 2026

2,169,794

5,166,365

718,942

8,055,101

At 31 January 2025

1,650,190

3,459,574

660,117

5,769,881

Included in freehold property is land of £703,093 (2025 £695,575) which is not depreciated.

11.

STOCKS

2026

2025

£

£

Raw materials

2,371,811

2,203,341

Work-in-progress

569,116

1,023,558

2,940,927

3,226,899

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

5,231,620

6,138,667

Amounts owed by parent undertakings

10,435,460

9,368,410

Other debtors

388,471

260,867

Corporation tax

514,767

-

16,570,318

15,767,944

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade creditors

2,040,084

2,728,419

Amounts owed to parent undertakings

770

770

Corporation tax

63,581

(67,112

)

Social security and other taxes

167,643

192,793

Other creditors

3,492,393

633,099

5,764,471

3,487,969