Charcroft Electronics Limited Company accounts

COMPANY REGISTRATION NUMBER: 01181853

Charcroft Electronics Limited

Financial Statements

For the year ended

31 January 2026

Charcroft Electronics Limited

Financial Statements

Year ended 31 January 2026

Contents	Page

Officers and professional advisers	1

Strategic report	2

Directors' report	4

Independent auditor's report to the members	6

Statement of income and retained earnings	11

Statement of financial position	12

Statement of cash flows	13

Notes to the financial statements	14

Charcroft Electronics Limited

Officers and Professional Advisers

The board of directors	P G Newman
	V J Mellor
	L D Dilloway
	R Tall

Registered office	Dol Y Coed
	Llanwrtyd Wells
	Powys
	Wales
	LD5 4TH

Auditor	Streets Audit LLP
	Chartered accountants & statutory auditor
	Enterprise House
	38 Tyndall Court
	Commerce Road
	Peterborough
	Cambridgeshire
	PE2 6LR

Charcroft Electronics Limited

Strategic Report

Year ended 31 January 2026

The directors present their strategic report for the year ended 31 January 2026. REVIEW OF BUSINESS The Company's principal activity is the supply of electronic components to the aerospace, military, oil & gas, railways,instrumentation and audio industries. The company saw a 9% increase in revenue during the year, although at reduced margins, with operating profit falling to £1,194,817 (2025: £1,134,767). It's financial position remained strong with net assets of £6,451,953 (2025: £6,341,474).

PRINCIPAL RISKS AND UNCERTAINTIES The company holds or issues financial instruments to finance it's operations. Operations, working capital and fixed assets are all financed out of retained earnings. Various financial instruments such as trade receivables and trade payables arise directly from the company's operations. The company does not enter in to any hedging arrangements. The company is exposed to credit risk from credit sales which it manages by operating sound credit control policies and monitoring of all major customers. It also has exposure to the risk of stock losses. These are managed by ensuring, as much as possible, that customers underwrite large stockholdings and keeping speculative purchases to a minimum. At the statement of financial position date there were no significant concentrations of credit risk and the risk of obsolete stock had been written off through the profit and loss account as a result of our stock valuation policies. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the statement of financial position. The company undertakes transactions in a limited number of foreign currencies and is therefore exposed to foreign exchange risk. To manage this risk the company maintains foreign currency bank accounts and tries to ensure that foreign currency sales are matched to foreign currency purchases. The directors carefully monitor liquidity and cash flow on a regular basis.

FUTURE DEVELOPMENTS The directors expect revenue to grow modestly over the next year. Our order intake since the start of the year has been strong and we have taken on additional staff within our external sales team. The directors, as always, are actively looking at other ways to grow the business.

KEY PERFORMANCE INDICATORS The company employs several financial KPI's of margin and staff costs against gross profit and the financial position KPI's of Inventory turnover days and receivables days.

	2026	2025
	£	£
Revenue	15,037,852	13,779,294
Gross profit	5,359,526	5,347,915
Gross profit %	36	39
Staff Costs	2,970,645	3,129,225
Staff Costs (% of gross profit)	57	59
Inventory Turnover (days)	137	181
Receivables (days)	60	75

This report was approved by the board of directors on 30 October 2026 and signed on behalf of the board by:

L D Dilloway

Director

Registered office:

Dol Y Coed

Llanwrtyd Wells

Powys

Wales

LD5 4TH

Charcroft Electronics Limited

Directors' Report

Year ended 31 January 2026

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

Directors

The directors who served the company during the year were as follows:

P G Newman
V J Mellor
L D Dilloway
R Tall
D C Rowland	(Resigned 3 July 2025)

Dividends

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Disclosure of information in the strategic report

The company has chosen to set out in the strategic report information about the results for the year, principal risks and uncertainties and the future developments of the company.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, 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 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 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 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 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 30 October 2026 and signed on behalf of the board by:

L D Dilloway

Director

Registered office:

Dol Y Coed

Llanwrtyd Wells

Powys

Wales

LD5 4TH

Charcroft Electronics Limited

Independent Auditor's Report to the Members of Charcroft Electronics Limited

Year ended 31 January 2026

Opinion

We have audited the financial statements of Charcroft Electronics Limited (the 'company') for the year ended 31 January 2026 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows 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 FRS 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; - 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 auditor's 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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, 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.

Auditor's 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 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 as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it operates; - we 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 and taxation legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 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 as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 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; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 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 HMRC, relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware 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. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 auditor's 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.

Heather McConnell

(Senior Statutory Auditor)

For and on behalf of

Streets Audit LLP

Chartered accountants & statutory auditor

Enterprise House

38 Tyndall Court

Commerce Road

Peterborough

Cambridgeshire

PE2 6LR

30 October 2026

Charcroft Electronics Limited

Statement of Income and Retained Earnings

Year ended 31 January 2026

		2026	2025
Note		£	£
Turnover	4	15,037,852	13,779,294

Cost of sales	9,678,326	8,431,379
	-------------	-------------
Gross profit	5,359,526	5,347,915

Administrative expenses		4,164,709	4,213,148
		------------	------------
Operating profit	5	1,194,817	1,134,767

Other interest receivable and similar income	9	4,300	3,425
Interest payable and similar expenses	10	913	5,248
		------------	------------
Profit before taxation		1,198,204	1,132,944

Tax on profit	11	329,488	291,221
		------------	------------
Profit for the financial year and total comprehensive income		868,716	841,723
		------------	------------

Dividends paid and payable	12	( 758,237)	( 879,096)

Retained earnings at the start of the year	6,340,474	6,377,847
	------------	------------
Retained earnings at the end of the year	6,450,953	6,340,474
	------------	------------

All the activities of the company are from continuing operations.

Charcroft Electronics Limited

Statement of Financial Position

31 January 2026

	2026	2025
Note	£	£

Fixed assets

Intangible assets	13	158,604	241,354
Tangible assets	14	1,293,657	1,369,441
		------------	------------
		1,452,261	1,610,795

Current assets

Stocks	15	3,588,161	3,871,253
Debtors	16	2,853,954	2,982,284
Cash at bank and in hand		786,807	393,904
		------------	------------
		7,228,922	7,247,441

Creditors: amounts falling due within one year	17	2,195,271	2,473,827
		------------	------------
Net current assets		5,033,651	4,773,614
		------------	------------
Total assets less current liabilities		6,485,912	6,384,409

Provisions	18	33,959	42,935
		------------	------------
Net assets		6,451,953	6,341,474
		------------	------------

Capital and reserves

Called up share capital	21	912	912
Capital redemption reserve	22	88	88
Profit and loss account	22	6,450,953	6,340,474
		------------	------------
Shareholders funds		6,451,953	6,341,474
		------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 30 October 2026 , and are signed on behalf of the board by:

L D Dilloway

Director

Company registration number: 01181853

Charcroft Electronics Limited

Statement of Cash Flows

Year ended 31 January 2026

	2026	2025
	£	£

Cash flows from operating activities

Profit for the financial year	868,716	841,723

Adjustments for:
Depreciation of tangible assets	121,821	118,530
Amortisation of intangible assets	82,750	6,896
Other interest receivable and similar income	( 4,300)	( 3,425)
Interest payable and similar expenses	913	5,248
Tax on profit	329,488	291,221

Changes in:
Stocks	283,092	606,192
Trade and other debtors	128,330	626,206
Trade and other creditors	( 134,228)	( 73,748)
	------------	------------
Cash generated from operations	1,676,582	2,418,843

Interest paid	( 913)	( 5,248)
Interest received	4,300	3,425
Tax paid	( 285,958)	( 359,916)
	------------	------------
Net cash from operating activities	1,394,011	2,057,104
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 46,037)	( 918,750)
Purchase of intangible assets	–	( 248,250)
	------------	------------
Net cash used in investing activities	( 46,037)	( 1,167,000)
	------------	------------

Cash flows from financing activities

Proceeds/(repayments) from borrowings	( 196,834)	280,001
Dividends paid	( 758,237)	( 879,096)
	------------	------------
Net cash used in financing activities	( 955,071)	( 599,095)
	------------	------------

Net increase in cash and cash equivalents	392,903	291,009
Cash and cash equivalents at beginning of year	393,904	102,895
	---------	---------
Cash and cash equivalents at end of year	786,807	393,904
	---------	---------

Charcroft Electronics Limited

Notes to the Financial Statements

Year ended 31 January 2026

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Dol Y Coed, Llanwrtyd Wells, Powys, LD5 4TH, Wales.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

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.

Financial statement preparation software change

The software used to prepare the financial statements changed during the year. This change has not resulted in any changes to the accounting policies applied or to the comparative figures previously reported.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as disclosed in the accounting policies. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as disclosed within the accounting policies. The key assumptions and other source of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: 1. Stock Provision Stock lines that have not moved during the financial year are written down to nil value.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

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

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	33% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property	-	in accordance with the property
Fixtures and fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance

Stocks

Stocks are measured 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 the stock to its present location and condition. Stock lines that have not moved during the financial year are written down to nil value.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Turnover

Turnover arises from:

	2026	2025
	£	£
Sale of goods	15,037,852	13,779,294
	-------------	-------------

An analysis of turnover by geographical market is given below:

	2026	2025
	£	£
United Kingdom	11,354,383	10,257,626
Europe	2,288,020	2,325,931
Rest of the world	1,395,449	1,195,737
	-------------	-------------
	15,037,852	13,779,294
	-------------	-------------

5. Operating profit

Operating profit or loss is stated after charging:

	2026	2025
	£	£
Amortisation of intangible assets	82,750	6,896
Depreciation of tangible assets	121,821	118,530
Impairment of trade debtors	–	59,584
Foreign exchange differences	38,513	22,863
	---------	---------

6. Auditor's remuneration

	2026	2025
	£	£
Fees payable for the audit of the financial statements	12,600	12,000
	--------	--------

7. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2026	2025
	No.	No.
Number of other staff - Sales & purchasing	18	20
Number of other staff - Administration & accounts	12	12
Number of other staff - manufacturing & stores	45	51
	----	----
	75	83
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2026	2025
	£	£
Wages and salaries	2,362,635	2,528,889
Social security costs	275,597	248,534
Other pension costs	332,413	351,802
	------------	------------
	2,970,645	3,129,225
	------------	------------

8. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2026	2025
	£	£
Remuneration	217,835	348,352
Company contributions to defined contribution pension plans	81,357	99,109
	---------	---------
	299,192	447,461
	---------	---------

The number of directors who accrued benefits under company pension plans was as follows:

	2026	2025
	No.	No.
Defined contribution plans	4	4
	----	----

Remuneration of the highest paid director in respect of qualifying services:

	2026	2025
	£	£
Aggregate remuneration	106,913	129,988
Company contributions to defined contribution pension plans	12,404	27,997
	---------	---------
	119,317	157,985
	---------	---------

9. Other interest receivable and similar income

	2026	2025
	£	£
Interest on bank deposits	4,300	3,425
	-------	-------

10. Interest payable and similar expenses

	2026	2025
	£	£
Interest on banks loans and overdrafts	913	5,248
	----	-------

11. Tax on profit

Major components of tax expense

	2026	2025
	£	£

Current tax:

UK current tax expense	338,464	285,957

Deferred tax:

Origination and reversal of timing differences	( 8,976)	5,264
	---------	---------
Tax on profit	329,488	291,221
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is higher than (2025: higher than) the standard rate of corporation tax in the UK of 25 % (2025: 25 %).

	2026	2025
	£	£
Profit on ordinary activities before taxation	1,198,204	1,132,944
	------------	------------
Profit on ordinary activities by rate of tax	299,551	283,236
Effect of expenses not deductible for tax purposes	871	2,231
Effect of capital allowances and depreciation	29,066	5,754
	------------	------------
Tax on profit	329,488	291,221
	------------	------------

12. Dividends

	2026	2025
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	758,237	879,097
	---------	---------

13. Intangible assets

	Goodwill
	£
Cost
At 1 February 2025 and 31 January 2026	626,482
	---------
Amortisation
At 1 February 2025	385,128
Charge for the year	82,750
	---------
At 31 January 2026	467,878
	---------
Carrying amount
At 31 January 2026	158,604
	---------
At 31 January 2025	241,354
	---------

14. Tangible assets

	Freehold property	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 February 2025	1,107,768	1,248,405	107,984	2,464,157
Additions	–	23,247	22,790	46,037
	------------	------------	---------	------------
At 31 January 2026	1,107,768	1,271,652	130,774	2,510,194
	------------	------------	---------	------------
Depreciation
At 1 February 2025	45,498	973,778	75,440	1,094,716
Charge for the year	33,511	74,476	13,834	121,821
	------------	------------	---------	------------
At 31 January 2026	79,009	1,048,254	89,274	1,216,537
	------------	------------	---------	------------
Carrying amount
At 31 January 2026	1,028,759	223,398	41,500	1,293,657
	------------	------------	---------	------------
At 31 January 2025	1,062,270	274,627	32,544	1,369,441
	------------	------------	---------	------------

Included in cost of land and buildings is freehold land of £270,000 (2025 - £270,000) which is not depreciated.

15. Stocks

	2026	2025
	£	£
Stocks	3,588,161	3,871,253
	------------	------------

16. Debtors

	2026	2025
	£	£
Trade debtors	2,694,486	2,831,070
Prepayments and accrued income	159,468	151,214
	------------	------------
	2,853,954	2,982,284
	------------	------------

17. Creditors: amounts falling due within one year

	2026	2025
	£	£
Bank loans and overdrafts	–	83,334
Trade creditors	876,281	840,806
Corporation tax	338,464	285,958
Social security and other taxes	325,360	371,705
Director loan accounts	366,500	480,000
Other creditors	288,666	412,024
	------------	------------
	2,195,271	2,473,827
	------------	------------

18. Provisions

	Deferred tax (note 19)
	£
At 1 February 2025	42,935
Additions	( 8,976)
	--------
At 31 January 2026	33,959
	--------

19. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2026	2025
	£	£
Included in provisions (note 18)	33,959	42,935
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2026	2025
	£	£
Accelerated capital allowances	38,571	51,747
Provisions	( 4,612)	( 8,812)
	--------	--------
	33,959	42,935
	--------	--------

20. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 332,413 (2025: £ 351,802 ).

21. Called up share capital

Issued, called up and fully paid

	2026		2025
	No.	£	No.	£
Ordinary shares of £ 0.10 each	9,120	912	9,120	912
	-------	----	-------	----

22. Reserves

Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.

23. Analysis of changes in net debt

	At 1 Feb 2025	Cash flows	At 31 Jan 2026
	£	£	£
Cash at bank and in hand	393,904	392,903	786,807
Debt due within one year	(83,334)	83,334	–
	---------	---------	---------
	310,570	476,237	786,807
	---------	---------	---------

24. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2026	2025
	£	£
Not later than 1 year	41,560	37,400
Later than 1 year and not later than 5 years	159,950	164,160
Later than 5 years	–	27,707
	---------	---------
	201,510	229,267
	---------	---------

25. Charges on assets

The following secured debts are included within creditors:

	2026	2025
	£	£
Bank loans	–	83,334
	----	--------

The bank loans were secured by a fixed and floating charge over the assets of the company.

26. Other financial commitments

At the year end the company was committed to purchasing a new machine for £188,000.

27. Related party transactions

Dividends received during the year by the directors were as follows:

	2026	2025
	£	£
P G Newman	496,346	575,448
V J Mellor	212,007	245,795
L D Dilloway	33,256	38,576
D C Rowland	8,314	9,639
R Tall	8,314	9,639

Key management remuneration is as disclosed within note 8 of the financial statements.

28. Controlling party

The company was under the control of P G Newman throughout the current and previous period.