ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 03814913

GARNER OSBORNE CIRCUITS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

GARNER OSBORNE CIRCUITS LIMITED

COMPANY INFORMATION

Directors	SJ Honeybun(resigned 18 December 2025)
	D Curran
	C Lambourne (resigned 28 September 2025)


Registered number	03814913


Registered office	Unit 10 Hambridge Business Centre
	Hambridge Lane
	Newbury
	Berkshire
	United Kingdom
	RG14 5TU


Independent auditors	James Cowper Kreston Audit
	Apex
	Forbury Road
	Reading
	United Kingdom
	RG1 1AX

GARNER OSBORNE CIRCUITS LIMITED

CONTENTS

	Page
Strategic report	1
Directors' report	2 - 3
Independent auditors' report	4 - 6
Statement of comprehensive income	7
Balance sheet	8
Statement of changes in equity	9
Notes to the financial statements	10 - 23

GARNER OSBORNE CIRCUITS LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Introduction

The directors present the strategic report for year end 30 September 2025

Business review

The turnover of the business of £14,647,312 for the year ending 30 September 2025 increased by 14.1% from £12,834,355 in the year ending September 2024. The gross profit was the same as prior year at 35.0%. The profit before tax of £865,387 (as restated 2024: £2,136,207) is 5.9% (as restated 2024: 16.6%) of the company’s turnover in the 2025 period.

Distributable reserves have increased from £3,753,983 (as restated) to £4,522,726.

Principal risks and uncertainties

There are several risks and uncertainties that can impact the performance of the company and not be directly influenced by the business and its directors. The main risks and uncertainties are as follows:

Competition: The competition in the PCB manufacture and assembly industry remains high.

Resources: Availability of materials in general has improved compared to the prior year and recruitment of skilled and unskilled staff has been successful.

Financial Risk Management

The company is aiming to neither seek profit nor loss from exposure to currency or interest rate risks. Its policy is to finance working capital through retained earnings and within reason through borrowing at prevailing market interest rates. The company does not use hedge accounting.

Key performance indicators

The company and its directors are monitoring the business performance, development and position by reviewing the order book, revenue, profitability, net working capital and cash levels as its main key performance indicators.

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

D Curran

Director

Date: 21 October 2026

Page 1

GARNER OSBORNE CIRCUITS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 SEPTEMBER 2025

The directors present their report and the financial statements for the year ended 30 September 2025.

Directors

The directors who served during the year were:

SJ Honeybun (resigned 18 December 2025)

D Curran

C Lambourne (resigned 28 September 2025)

Principal activity

The principle business activity is the manufacture of printed circuit boards, PCB prototypes and large scale, small run and individual PCB's.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and 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 for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £768,743 (2024 - £1,633,380).

Ordinary dividends paid during the year was £Nil (2024 - £2,989,496).

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 2

GARNER OSBORNE CIRCUITS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Auditors

The auditors, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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

D Curran

Director

Date: 21 October 2026

Page 3

GARNER OSBORNE CIRCUITS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GARNER OSBORNE CIRCUITS LIMITED

Opinion

We have audited the financial statements of Garner Osborne Circuits Limited (the 'Company') for the year ended 30 September 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 30 September 2025 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 4

GARNER OSBORNE CIRCUITS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GARNER OSBORNE CIRCUITS LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

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

∙adequate accounting records have not been kept, 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 Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Page 5

GARNER OSBORNE CIRCUITS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GARNER OSBORNE CIRCUITS LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

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

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:

· Enquiry of management and those charged with governance around actual and potential litigation and claims;
· Enquiry of management and those charged with governance to identify any material instances of non- compliance with laws and regulations;
· Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
· Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.

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

Use of our report

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

Darren O'Connor BSc (Hons) ACA FCCA (Senior statutory auditor)

for and on behalf of

James Cowper Kreston Audit

Apex

Forbury Road

Reading

United Kingdom

RG1 1AX

23 October 2026

Page 6

GARNER OSBORNE CIRCUITS LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 SEPTEMBER 2025

		As restated
	2025	2024
Note	£	£


Turnover	4	14,647,312	12,834,355
Cost of sales		(9,628,052)	(8,780,576)
Gross profit		5,019,260	4,053,779
Administrative expenses		(4,141,244)	(1,872,866)
Other operating income		-	1,047
Operating profit	5	878,016	2,181,960
Interest receivable and similar income		14,068	3,652
Interest payable and similar expenses	9	(26,697)	(49,405)
Profit before tax		865,387	2,136,207
Tax on profit	10	(96,644)	(502,827)
Profit for the financial year		768,743	1,633,380

Other comprehensive income for the year
Revaluation of tangible fixed assets	-	(936,837)
Tax relating to other comprehensive income	-	234,209
Other comprehensive income for the year	-	(702,628)
Total comprehensive income for the year	768,743	930,752

The notes on pages 10 to 23 form part of these financial statements.

Page 7

GARNER OSBORNE CIRCUITS LIMITED

REGISTERED NUMBER: 03814913

BALANCE SHEET

AS AT 30 SEPTEMBER 2025

		As restated
	2025	2024
Note	£	£

Fixed assets
Tangible assets	11		2,006,289		2,126,713
			2,006,289		2,126,713
Current assets
Stocks	12	1,981,485		1,809,153
Debtors: amounts falling due within one year	13	4,851,307		2,451,282
Cash at bank and in hand	14	307,614		912,417
		7,140,406		5,172,852
Current liabilities
Creditors: amounts falling due within one year	15	(3,999,359)		(2,793,900)
Net current assets			3,141,047		2,378,952
Total assets less current liabilities			5,147,336		4,505,665
Creditors: amounts falling due after more than one year	16		(117,962)		(259,146)
Provisions for liabilities
Deferred tax	18	(466,648)		(492,536)
Other provisions		(40,000)		-
			(506,648)		(492,536)
Net assets			4,522,726		3,753,983

Capital and reserves
Called up share capital	20	1,110,000	1,110,000
Profit and loss account		3,412,726	2,643,983
		4,522,726	3,753,983

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

D Curran

Director

Date: 21 October 2026

The notes on pages 10 to 23 form part of these financial statements.

Page 8

GARNER OSBORNE CIRCUITS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2025

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 October 2024 (as previously stated)	1,110,000	4,223,853	5,333,853
Prior year adjustment - correction of error	-	(1,579,870)	(1,579,870)
At 1 October 2024 (as restated)	1,110,000	2,643,983	3,753,983

Profit for the year	-	768,743	768,743
At 30 September 2025	1,110,000	3,412,726	4,522,726

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 SEPTEMBER 2024

	Called up share capital	Revaluation reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 October 2023 (as previously stated)	1,110,000	702,628	4,210,224	6,022,852
Prior year adjustment - correction of error	-	-	(1,146,962)	(1,146,962)
At 1 October 2023 (as restated)	1,110,000	702,628	3,063,262	4,875,890

Profit for the year	-	-	1,633,380	1,633,380
Tax relating to other comprehensive income	-	234,209	-	234,209
Dividends: Equity capital	-	-	(2,989,496)	(2,989,496)
Revaluation of tangible fixed assets	-	(936,837)	936,837	-
At 30 September 2024	1,110,000	-	2,643,983	3,753,983

The notes on pages 10 to 23 form part of these financial statements.

Page 9

GARNER OSBORNE CIRCUITS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

1.	General information

Garner Osborne Circuits Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 10 Hambridge Business Centre, Hambridge Lane, Newbury, Berkshire, United Kingdom, RG14 5TU.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

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 the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of PJ George Topco Ltd as at 30 September 2025 and these financial statements may be obtained from their registered office.

2.3

Going concern

The financial statements have been prepared on a going concern basis. In assessing the appropriateness of this basis, the directors have considered the wider Group's financial position, cash flow forecasts and available funding facilities for a period of at least twelve months from the date of approval of the financial statements. During the period, one of the Group company's breached certain covenants attached to its borrowing facilities. The lender formally waived these breaches and has provided written confirmation that, where future covenant breaches are considered likely during the twelve months following approval of the financial statements, it intends to provide further waivers. Based on this support, together with the wider Group's forecasts and funding arrangements, the directors have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.

Page 10

GARNER OSBORNE CIRCUITS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

The Company procures electronic components for assembly into printed circuit boards and ancillary electronic products. Most normally, procurement and assembly services are sold as one turnkey service. In some cases, materials purchased for use on assembled product are sold to customers separately from the assembly work. We only recognise revenue for the sale of materials to customers where ownership risks and rewards have passed entirely to the customer. Regardless of whether materials and assembly work are invoiced separately to customers, we only invoice for assembly work at the point of completion or shipping of the assembly. On both activities, sales are only recognised once the relevant service (component procurement or assembly) is complete and the customer has irrevocably assumed ownership.

2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 11

GARNER OSBORNE CIRCUITS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 12

GARNER OSBORNE CIRCUITS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.11

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold Improvements	-	15%	on cost
Plant and machinery	-	10%	on cost
Motor vehicles	-	10%	on cost
Fixtures and fittings	-	20%	on cost
Computer equipment	-	33%	on cost
Assets under construction	-		Nil

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 13

GARNER OSBORNE CIRCUITS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

2.Accounting policies (continued)

2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.17

Financial instruments

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

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

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

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

a) Impairment of stocks
The company buys and stocks specialist electronic parts which have specialist demand and are liable to technological change. As a result it is necessary to consider recoverability of the cost of the inventory and the associated provision required. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated usage of the components.

b) Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual value assessments consider issues such as the remaining life of the asset and projected disposal values.

Page 14

GARNER OSBORNE CIRCUITS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Sale of goods	14,647,312	12,834,355
	14,647,312	12,834,355

Analysis of turnover by country of destination:

					2025	2024
					£	£

United Kingdom	14,094,575	12,420,466
Rest of the world	552,737	413,889
	14,647,312	12,834,355

Profit on disposal of tangible fixed assets	-	(703,093)
Exchange differences	(8,347)	1,177
Other operating lease rentals	217,864	77,266
Depreciation of tangible fixed assets	366,003	387,235

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

18,000

17,280

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 15

GARNER OSBORNE CIRCUITS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Wages and salaries	4,361,134	3,947,778
Social security costs	483,135	375,970
Cost of defined contribution scheme	126,664	83,773
	4,970,933	4,407,521

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

	2025	2024
	No.	No.

Average number of employees	131	126

8.	Directors' remuneration
		2025	2024
		£	£

Directors' emoluments	167,732	369,452
Company contributions to defined contribution pension schemes	4,685	20,186
	172,417	389,638

	During the year retirement benefits were accruing to 2 directors (2024 - 5) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £95,000 (2024 - £94,631).
	The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,981 (2024 - £1,321).

Key management personnel are deemed to be the Company Directors.

9.	Interest payable and similar expenses
		2025	2024
		£	£

HP interest payable	26,057	42,579
Interest payable on overdue tax	640	6,826
	26,697	49,405

Page 16

GARNER OSBORNE CIRCUITS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

Corporation tax
Current tax on profits for the year	66,352	456,441
Adjustments in respect of previous periods	56,180	-
	122,532	456,441

Total current tax	122,532	456,441

Deferred tax
Origination and reversal of timing differences	(25,888)	46,386
Total deferred tax	(25,888)	46,386


		96,644	502,827

Profit on ordinary activities before tax

865,387

2,136,207

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%)	216,347	534,052
Effects of:
Expenses not deductible for tax purposes	2,779	(138,941)
Group relief surrendered/(claimed)	(170,704)	-
Adjustments to tax charge in respect of previous periods	56,180	-
Adjustments to tax charge in respect of previous periods - deferred tax	(25)	-
Other differences leading to an increase (decrease) in the tax charge	(7,933)	108,227
Permanent capital allowances in excess of depreciation	-	(511)
Total tax charge for the year	96,644	502,827

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 17


		GARNER OSBORNE CIRCUITS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

11.

Tangible fixed assets

	Leasehold improvements	Plant and machinery	Motor vehicles	Fixtures and fittings	Computer equipment	Assets under construction	Total
	£	£	£	£	£	£	£
Cost or valuation
At 1 October 2024	-	4,137,497	12,700	403,702	230,172	-	4,784,071
Additions	53,070	47,917	-	11,179	69,442	75,507	257,115
Disposals	-	-	(12,700)	-	-	-	(12,700)
At 30 September 2025	53,070	4,185,414	-	414,881	299,614	75,507	5,028,486
Depreciation
At 1 October 2024	-	2,151,721	1,164	333,662	170,811	-	2,657,358
Charge for the year	-	305,415	-	26,763	33,825	-	366,003
Disposals	-	-	(1,164)	-	-	-	(1,164)
At 30 September 2025	-	2,457,136	-	360,425	204,636	-	3,022,197
Net book value
At 30 September 2025	53,070	1,728,278	-	54,456	94,978	75,507	2,006,289
At 30 September 2024	-	1,985,776	11,536	70,040	59,361	-	2,126,713

Page 18

GARNER OSBORNE CIRCUITS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

11.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


Plant and machinery	807,112	921,704
	807,112	921,704

Raw materials and consumables	1,718,178	1,649,410
Work in progress (goods to be sold)	238,856	159,743
Finished goods and goods for resale	24,451	-
	1,981,485	1,809,153

13.

Debtors

					2025	2024
					£	£


Trade debtors	3,185,221	1,989,192
Amounts owed by group undertakings	1,472,589	271,875
Other debtors	8,375	56,426
Prepayments and accrued income	161,500	110,167
Tax recoverable	23,622	23,622
	4,851,307	2,451,282

14.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	307,614	912,417
	307,614	912,417

Page 19

GARNER OSBORNE CIRCUITS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

15.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	1,819,049	1,007,814
Amounts owed to group undertakings	480,000	-
Corporation tax	519,462	727,855
Other taxation and social security	675,102	450,584
Obligations under finance lease and hire purchase contracts	144,056	253,285
Other creditors	171,657	204,888
Accruals and deferred income	190,033	149,474
	3,999,359	2,793,900

16.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Net obligations under finance leases and hire purchase contracts	117,962	259,146
	117,962	259,146

Within one year	144,056	253,284
Between 1-5 years	117,962	259,146
	262,018	512,430

Obligations under finance lease and hire purchase contracts are secured against the asset to which it relates.

Page 20

GARNER OSBORNE CIRCUITS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

18.	Deferred taxation

		2025
		£

	At beginning of year	(492,536)
	Charged to profit or loss	25,888
	At end of year	(466,648)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Fixed asset timing differences	(473,131)	(495,535)
Short term timing differences	6,483	2,999
	(466,648)	(492,536)

19.	Provisions

		Dilapidation provision
		£

	Charged to profit or loss	40,000
	At 30 September 2025	40,000

Provisions for liabilities relate to the estimated cost of reinstating leasehold premises to their original state at the end of the lease period.

20.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

1,110,000 (2024 - 1,110,000) Ordinary of £1 each shares of £1.0 each	1,110,000	1,110,000

Page 21

GARNER OSBORNE CIRCUITS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

21.	Prior year adjustment

During the year, the directors identified errors in the valuation of inventories included in the previously issued financial statements. These errors affected the reported results and financial position for the years ended 30 September 2024 and 30 September 2023. Accordingly, the comparative information has been restated to correct these errors.

The impact of the restatement on the year ended 30 September 2024 was to decrease inventories and retained earnings by £1,579,870 compared to previously stated. The impact on the profit and loss in the year was (£432,908)

The impact of the restatement on the year ended 30 September 2023 was to decrease inventories and retained earnings by £1,146,962 compared to previously stated.

22.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £126,664 (2024 - £83,773). Contributions totalling £22,179 (2024 - £13,696) were payable to the fund at the balance sheet date and are included in creditors.

Not later than 1 year	215,004	210,064
Later than 1 year and not later than 5 years	773,868	774,483
Later than 5 years	696,667	886,666
	1,685,539	1,871,213

24.Other financial commitments

The Company has granted fixed and floating charges over substantially all of its assets and undertaking in favour of TC Loans Limited and Ethos Partners LLP (as security agent for the noteholders) in support of financing arrangements entered into elsewhere within the Group. The Company had no external borrowings outstanding at the balance sheet date.

25.	Related party transactions
	The Company is exempt from disclosing related party transactions with other 100% owned members of the group headed by PJ George Topco Ltd by virtue of FRS102 section 33.1A.

Page 22

GARNER OSBORNE CIRCUITS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2025

26.	Controlling party

The ultimate parent company of Garner Osborne Circuits Limited at the balance sheet date was PJ George Topco Ltd, a company incorporated in England and Wales.

The parent of the smallest and largest group for which group accounts including Garner Osborne Circuits Limited are drawn up is PJ George Topco Ltd. Copies of the accounts can be obtained from their registered office.

Page 23