REGISTERED NUMBER: 00279524 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JANUARY 2026

FOR

J.BRAND LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

9

Balance Sheet

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

14

DIRECTORS:

R J G Lowe

G Jones

T L Oldershaw

D Little

F J Lowe

J L Rasburn

SECRETARY:

D G Wyles

REGISTERED OFFICE:

Cumnor Road

Wootton

Oxford

Oxfordshire

OX1 5JW

BUSINESS ADDRESS:

2 Margaret Street

London

W1W 8RD

REGISTERED NUMBER:

00279524 (England and Wales)

AUDITORS:

Shaw Gibbs (Audit) Limited

Chartered Certified Accountants

Statutory Auditor

25 St Thomas Street

Winchester

Hampshire

SO23 9HJ

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

REVIEW OF BUSINESS

J. Brand Limited is a long-established service-based business enjoying more than 90 years of delivering first class service, mainly to repeat, long standing customers.

The core service deliveries of the business can be summarised as:

- Electrical installation and maintenance services

- Fire Alarm and Emergency Lighting installation and Maintenance services

- Low energy and renewable solutions

- Data cabling and network deployments

- Wireless LAN - Survey and Installation

- IP CCTV or digital surveillance

- Access Control

- Security Solutions

- Digital signage solutions

- People counting and customer journey solutions

- IT Hardware deployment including:

- Stock Management

- Warehousing

- Logistics

- On Site installation

- End of life IT asset recycling and Data destruction

- Support Desk - delivering 1st and 2nd Line services

- Break/Fix Maintenance services

J Brand always focuses on offering a complete service wrap from initial survey and design through to installation, commissioning and ongoing support and maintenance. These services are delivered to a consistently high standard on a nationwide basis while embedding ESG principles into day-to-day operations. Sustainability considerations are incorporated into project delivery, responsible sourcing, waste reduction, IT asset recycling, energy-efficient solutions and governance processes, ensuring the business continues to deliver long-term value for customers, employees and stakeholders.

Whilst Government policy is generally driving service companies to adopt a sub-contract labour model, the J Brand Board are committed to their resource model of direct employment as they believe this ensures consistent quality installation and service. The commitment to this employment model together with enhanced staff and employee benefits ensures extremely high levels of staff retention which is key in turn, to achieving maximum customer retention.

J Brand continually evolves, diversifies, and embraces new technology with a specific focus on low energy, renewable energy and environmentally beneficial solutions.

J Brand has continued to grow by "onboarding" new customers and delivering a wider portfolio of services to existing customers, all in line with the company ethos of My Customer My Responsibility .

Continued customer demand has driven the strategic expansion of the Company's Runcorn staging, warehousing and support facility, increasing the overall footprint by 50% and effectively doubling warehousing capacity. This investment enhances operational resilience, improves logistics capability, reduces response times and provides the capacity required to support continued growth and new customer opportunities.

ESG (ENVIRONMENTAL, SOCIAL AND GOVERNANCE)

ESG remains a central pillar of J Brand's long-term strategy. The business continues to invest in environmentally responsible technologies, low-carbon and renewable energy solutions, responsible recycling of end-of-life IT assets and improved operational efficiency across its facilities. Socially, J Brand remains committed to direct employment, employee wellbeing, apprenticeships, training and creating long-term career opportunities, recognising that an experienced and engaged workforce underpins exceptional customer service. Strong governance, ethical business practices and transparent decision-making continue to reinforce customer confidence and support sustainable growth. As customer expectations and regulatory requirements continue to evolve, J Brand's ongoing investment in ESG ensures the business remains resilient, responsible and well positioned for future growth.

CYBER SECURITY AND DIGITAL RESILIENCE

Recognising the increasing importance of digital resilience, the Company continues to invest in cyber security, business continuity, data protection and resilient IT infrastructure to safeguard operations and customer services.

RESULTS

The company made a pre-tax profit of £203,938 (2025 - £357,766) for the year on a turnover of £19,007,339 (2025 - £19,920,898).

At 31 January 2026 the company had net assets of £2,868,617 (2025 - £2,721,761).

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the company relate to the general uncertainty as to the level of economic activity going forward, the ability of the retail and hospitality sectors generally to raise funds for new projects and for the company to ensure that they minimise any risks from potential bad debt.

KEY PERFORMANCE INDICATORS

In the opinion of the directors the key performance indicators of the company are turnover, operating profit, EBITDA and return on investment. These are monitored throughout the year by the Board of Directors.

FUTURE OUTLOOK

The Directors remain confident in the Company's prospects. Continued investment in people, technology, operational capability and ESG initiatives positions the business for sustainable long-term growth whilst supporting existing and new customers.

ON BEHALF OF THE BOARD:

R J G Lowe - Director

30th October 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of data cabling.

DIVIDENDS

No dividends will be distributed for the year ended 31st January 2026.

EVENTS SINCE THE END OF THE YEAR

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

DIRECTORS

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

R J G Lowe

G Jones

T L Oldershaw

D Little

F J Lowe

Other changes in directors holding office are as follows:

J L Rasburn was appointed as a director after 31st January 2026 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

R J G Lowe - Director

30th October 2026

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31st 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:

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.

We obtained an understanding of the legal and regulatory framework applicable to the company via discussions with the director and our previous knowledge of the company. This identified that the most significant laws and regulations relate to the form and content of the financial statements such as the UK Companies Act 2006 and Financial Reporting Standard 102. The company complies with these laws and regulations by using appropriately qualified professionals to prepare the financial statements.

As part of our planning process we assessed susceptibility of the company's financial statements to material misstatements, including how fraud might occur by making an assessment of the key risks. The key risks identified in respect of J Brand Limited are revenue recognition and the impact of performance targets on influencing management override. The directors are not aware of any actual, suspected or alleged cases of fraud.

Based on this assessment we designed our audit procedures to address these key risk areas with an emphasis on testing sales cut off, recognition of revenue in respect of work in progress and those areas susceptible to management override including testing manual journals and making enquiries of management.

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.

David Barr FCA (Senior Statutory Auditor)

for and on behalf of Shaw Gibbs (Audit) Limited

Chartered Certified Accountants

Statutory Auditor

25 St Thomas Street

Winchester

Hampshire

SO23 9HJ

30th October 2026

TURNOVER

3

19,007,339

19,920,898

Cost of sales

14,090,900

14,568,860

GROSS PROFIT

4,916,439

5,352,038

Administrative expenses

4,801,664

5,091,556

114,775

260,482

Other operating income

(5,102

)

(4,091

)

OPERATING PROFIT

5

109,673

256,391

Interest receivable and similar income

94,265

101,375

PROFIT BEFORE TAXATION

203,938

357,766

Tax on profit

6

56,653

54,416

PROFIT FOR THE FINANCIAL YEAR

147,285

303,350

Retained earnings at beginning of year

2,309,371

2,006,021

RETAINED EARNINGS AT END OF YEAR

2,456,656

2,309,371

FIXED ASSETS

Intangible assets

7

-

-

Tangible assets

8

101,008

148,226

101,008

148,226

CURRENT ASSETS

Stocks

9

229,971

244,466

Debtors

10

2,034,375

2,316,505

Investments

11

2,314,829

244,764

Cash at bank and in hand

950,294

3,736,413

5,529,469

6,542,148

CREDITORS

Amounts falling due within one year

12

2,761,431

3,968,613

NET CURRENT ASSETS

2,768,038

2,573,535

TOTAL ASSETS LESS CURRENT LIABILITIES

2,869,046

2,721,761

CAPITAL AND RESERVES

Called up share capital

15

40,000

40,000

Share premium

16

360,000

360,000

Other reserves

16

12,390

12,390

Retained earnings

16

2,456,656

2,309,371

SHAREHOLDERS' FUNDS

2,869,046

2,721,761

The financial statements were approved by the Board of Directors and authorised for issue on 30th October 2026 and were signed on its behalf by:

R J G Lowe - Director

Cash flows from operating activities

Cash generated from operations

1

(759,244

)

310,120

Tax paid

(54,416

)

(117,472

)

Net cash from operating activities

(813,660

)

192,648

Cash flows from investing activities

Purchase of tangible fixed assets

-

(8,600

)

Purchase of current asset investments

(2,072,819

)

(247,842

)

Sale of current asset investments

-

988

Interest received

94,265

101,375

Net cash from investing activities

(1,978,554

)

(154,079

)

(Decrease)/increase in cash and cash equivalents

(2,792,214

)

38,569

Cash and cash equivalents at beginning of year

2

3,736,413

3,697,844

Cash and cash equivalents at end of year

2

944,199

3,736,413

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

2026

2025

£

£

Profit before taxation

203,938

357,766

Depreciation charges

47,218

33,811

Unrealised loss current asset investment

2,754

2,086

Realised loss current asset investment

-

4

Finance income

(94,265

)

(101,375

)

159,645

292,292

Decrease in stocks

14,495

128,536

Decrease/(increase) in trade and other debtors

282,130

(28,482

)

Decrease in trade and other creditors

(1,215,514

)

(82,226

)

Cash generated from operations

(759,244

)

310,120

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31st January 2026

31.1.26

1.2.25

£

£

Cash and cash equivalents

950,294

3,736,413

Bank overdrafts

(6,095

)

-

944,199

3,736,413

Year ended 31st January 2025

31.1.25

1.2.24

£

£

Cash and cash equivalents

3,736,413

3,697,844

3.	ANALYSIS OF CHANGES IN NET FUNDS

Other

non-cash

At 1.2.25

Cash flow

changes

At 31.1.26

£

£

£

£

Net cash

Cash at bank

and in hand

3,736,413

(2,786,119

)

950,294

Bank overdrafts

-

(6,095

)

(6,095

)

3,736,413

(2,792,214

)

944,199

Liquid resources

Current asset

investments

244,764

2,072,819

(2,754

)

2,314,829

244,764

2,072,819

(2,754

)

2,314,829

Total

3,981,177

(719,395

)

(2,754

)

3,259,028

1.	STATUTORY INFORMATION

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Amounts received in advance are included in creditors as payments on account.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation 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 the following basis:

Long leasehold - Straight line over the life of the lease

Plant and machinery - 10% straight line

Fixtures and fittings - Straight line over 5-10 years

Motor vehicles - 25% straight line

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.

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value. Cost includes all direct costs incurred in bringing the stocks to their present location and condition.

The purchase cost of raw materials is calculated on a first in first out basis. The cost of work in progress includes an appropriate proportion of manufacturing overheads. Net realisable value is based on estimated selling price less further costs expected to be incurred to completion and disposal.

Financial instruments

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

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

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

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

Investments

Listed investments which have been classified as current asset investments are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit or loss for the period.

Judgements and estimation uncertainty

The directors have made judgements in relation to whether there are any indicators of impairment of the company's tangible fixed assets.

Estimation uncertainty relates to tangible fixed assets, turnover, work in progress and payments on account.

3.

TURNOVER

The total turnover for the year has been derived from its principal activity wholly undertaken in the United Kingdom and Republic of Ireland.

4.	EMPLOYEES AND DIRECTORS

2026

2025

£

£

Wages and salaries

8,455,823

8,625,538

Social security costs

1,050,468

956,270

Other pension costs

258,182

325,655

9,764,473

9,907,463

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

2026

2025

Production

164

159

Administration

11

8

175

167

2026

2025

£

£

Directors' remuneration

1,015,730

1,435,739

Directors' pension contributions to money purchase schemes

22,761

100,101

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

Money purchase schemes

3

4

Information regarding the highest paid director is as follows:

2026

2025

£

£

Emoluments etc

342,208

732,674

5.	OPERATING PROFIT

The operating profit is stated after charging:

2026

2025

£

£

Other operating leases

166,333

158,000

Depreciation - owned assets

47,218

33,812

Auditors' remuneration

20,200

23,110

Foreign exchange differences

2,348

2,001

6.

TAXATION

Analysis of the tax charge

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

2026

2025

£

£

Current tax:

UK corporation tax

56,653

54,416

Tax on profit

56,653

54,416

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

203,938

357,766

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

50,985

89,442

Effects of:

Expenses not deductible for tax purposes

22,524

31,608

Depreciation in excess of capital allowances

11,522

5,959

Utilisation of tax losses

(857

)

(33,159

)

Pension contributions paid

(27,521

)

(39,434

)

Total tax charge

56,653

54,416

7.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st February 2025

and 31st January 2026

34,287

AMORTISATION

At 1st February 2025

and 31st January 2026

34,287

NET BOOK VALUE

At 31st January 2026

-

At 31st January 2025

-

The goodwill was transferred from the company's subsidiary, Canopus Solutions Ltd. The goodwill relates to the acquisition of a trading business in 2014.

8.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1st February 2025

and 31st January 2026

80,908

75,043

219,254

29,193

404,398

DEPRECIATION

At 1st February 2025

54,412

65,663

119,490

16,607

256,172

Charge for year

2,208

7,504

30,278

7,228

47,218

At 31st January 2026

56,620

73,167

149,768

23,835

303,390

NET BOOK VALUE

At 31st January 2026

24,288

1,876

69,486

5,358

101,008

At 31st January 2025

26,496

9,380

99,764

12,586

148,226

9.

STOCKS

2026

2025

£

£

Raw materials

37,634

42,081

Work-in-progress

192,337

202,385

229,971

244,466