Caseware UK (AP4) 2025.0.111 2025.0.111 2025-10-31 2025-10-31 22435 false 2024-11-01 false Manufacture of other products of wood; manufacture of articles of cork, straw and plaiting materials false 25 23 false 01734220 2024-11-01 2025-10-31 01734220 2023-11-01 2024-10-31 01734220 2025-10-31 01734220 2024-10-31 01734220 2023-11-01 01734220 4 2024-11-01 2025-10-31 01734220 4 2023-11-01 2024-10-31 01734220 5 2024-11-01 2025-10-31 01734220 5 2023-11-01 2024-10-31 01734220 d:CompanySecretary1 2024-11-01 2025-10-31 01734220 d:Director4 2024-11-01 2025-10-31 01734220 d:Director6 2024-11-01 2025-10-31 01734220 d:Director7 2024-11-01 2025-10-31 01734220 d:RegisteredOffice 2024-11-01 2025-10-31 01734220 e:Buildings 2024-11-01 2025-10-31 01734220 e:Buildings 2025-10-31 01734220 e:Buildings 2024-10-31 01734220 e:Buildings e:OwnedOrFreeholdAssets 2024-11-01 2025-10-31 01734220 e:Buildings e:LeasedAssetsHeldAsLessee 2024-11-01 2025-10-31 01734220 e:Buildings e:LongLeaseholdAssets 2024-11-01 2025-10-31 01734220 e:Buildings e:LongLeaseholdAssets 2025-10-31 01734220 e:Buildings e:LongLeaseholdAssets 2024-10-31 01734220 e:PlantMachinery 2024-11-01 2025-10-31 01734220 e:PlantMachinery 2025-10-31 01734220 e:PlantMachinery 2024-10-31 01734220 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-11-01 2025-10-31 01734220 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2024-11-01 2025-10-31 01734220 e:MotorVehicles 2024-11-01 2025-10-31 01734220 e:MotorVehicles 2025-10-31 01734220 e:MotorVehicles 2024-10-31 01734220 e:MotorVehicles e:OwnedOrFreeholdAssets 2024-11-01 2025-10-31 01734220 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-11-01 2025-10-31 01734220 e:OfficeEquipment 2024-11-01 2025-10-31 01734220 e:OfficeEquipment 2025-10-31 01734220 e:OfficeEquipment 2024-10-31 01734220 e:OfficeEquipment e:OwnedOrFreeholdAssets 2024-11-01 2025-10-31 01734220 e:OfficeEquipment e:LeasedAssetsHeldAsLessee 2024-11-01 2025-10-31 01734220 e:OwnedOrFreeholdAssets 2024-11-01 2025-10-31 01734220 e:LeasedAssetsHeldAsLessee 2024-11-01 2025-10-31 01734220 e:CurrentFinancialInstruments 2025-10-31 01734220 e:CurrentFinancialInstruments 2024-10-31 01734220 e:Non-currentFinancialInstruments 2025-10-31 01734220 e:Non-currentFinancialInstruments 2024-10-31 01734220 e:CurrentFinancialInstruments e:WithinOneYear 2025-10-31 01734220 e:CurrentFinancialInstruments e:WithinOneYear 2024-10-31 01734220 e:Non-currentFinancialInstruments e:AfterOneYear 2025-10-31 01734220 e:Non-currentFinancialInstruments e:AfterOneYear 2024-10-31 01734220 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2025-10-31 01734220 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-10-31 01734220 e:ReportableOperatingSegment1 2024-11-01 2025-10-31 01734220 e:ReportableOperatingSegment1 2023-11-01 2024-10-31 01734220 e:UKTax 2024-11-01 2025-10-31 01734220 e:UKTax 2023-11-01 2024-10-31 01734220 e:ShareCapital 2024-11-01 2025-10-31 01734220 e:ShareCapital 2025-10-31 01734220 e:ShareCapital 2023-11-01 2024-10-31 01734220 e:ShareCapital 2024-10-31 01734220 e:ShareCapital 2023-11-01 01734220 e:CapitalRedemptionReserve 2024-11-01 2025-10-31 01734220 e:CapitalRedemptionReserve 2025-10-31 01734220 e:CapitalRedemptionReserve 2023-11-01 2024-10-31 01734220 e:CapitalRedemptionReserve 2024-10-31 01734220 e:CapitalRedemptionReserve 2023-11-01 01734220 e:RetainedEarningsAccumulatedLosses 2024-11-01 2025-10-31 01734220 e:RetainedEarningsAccumulatedLosses 2025-10-31 01734220 e:RetainedEarningsAccumulatedLosses 2023-11-01 2024-10-31 01734220 e:RetainedEarningsAccumulatedLosses 2024-10-31 01734220 e:RetainedEarningsAccumulatedLosses 2023-11-01 01734220 d:OrdinaryShareClass1 2024-11-01 2025-10-31 01734220 d:OrdinaryShareClass1 2025-10-31 01734220 d:OrdinaryShareClass1 2024-10-31 01734220 d:FRS102 2024-11-01 2025-10-31 01734220 d:Audited 2024-11-01 2025-10-31 01734220 d:FullAccounts 2024-11-01 2025-10-31 01734220 d:PrivateLimitedCompanyLtd 2024-11-01 2025-10-31 01734220 e:WithinOneYear 2025-10-31 01734220 e:WithinOneYear 2024-10-31 01734220 e:BetweenOneFiveYears 2025-10-31 01734220 e:BetweenOneFiveYears 2024-10-31 01734220 e:HirePurchaseContracts e:WithinOneYear 2025-10-31 01734220 e:HirePurchaseContracts e:WithinOneYear 2024-10-31 01734220 e:HirePurchaseContracts e:BetweenOneFiveYears 2025-10-31 01734220 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-10-31 01734220 e:AcceleratedTaxDepreciationDeferredTax 2025-10-31 01734220 e:AcceleratedTaxDepreciationDeferredTax 2024-10-31 01734220 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2025-10-31 01734220 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2024-10-31 01734220 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2025-10-31 01734220 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-10-31 01734220 e:LeasedAssetsHeldAsLessee 2025-10-31 01734220 e:LeasedAssetsHeldAsLessee 2024-10-31 01734220 f:PoundSterling 2024-11-01 2025-10-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01734220 MELCOURT INDUSTRIES LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
MELCOURT INDUSTRIES LIMITED COMPANY INFORMATION
Directors | Mr A W Jenkinson
| Mrs N Burton
| Mr A Smith
Company secretary | Mr A Smith
Registered number | 01734220
Registered office | Boldridge Brake
| Long Newnton
| Tetbury
| Gloucestershire
| GL8 8RT
Independent auditors | WR Partners
| Chartered Accountants & Statutory Auditors
| Belmont House
| Shrewsbury Business Park
| Shrewsbury
| Shropshire
| SY2 6LG
MELCOURT INDUSTRIES LIMITED CONTENTS
| Page
Strategic report | 1 - 2
Directors' report | 3 - 4
Independent auditors' report | 5 - 8
Statement of comprehensive income | 9
Statement of financial position | 10 - 11
Statement of changes in equity | 12
Statement of cash flows | 13
Notes to the financial statements | 14 - 31
MELCOURT INDUSTRIES LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 OCTOBER 2025
Introduction
The Directors present their report for the financial statements for the year ended 31 October 2025. The company specialises in the supply of mulches, growing media, play surfaces, soil improvers, equestrian surfaces, biofiltration media and other products based on bark, wood and other natural materials.
Business review
Melcourt has delivered a strong performance during the year ended 31 October 2025, despite continued market pressures and a competitive trading environment. The profit before taxation for the year was £1,361,266, compared to £973,857 in the prior year. Turnover increased to £14,365,376 from £12,961,221 in 2024. This improvement reflects stable gross margins, effective cost control and disciplined investment, alongside a continued focus on operational efficiencies and growth within targeted sectors. The Company continues to trade successfully across its key sectors, including retail outlets, builders’ merchants and professional growers. Demand for peat-free products within the retail market remained resilient, although pricing pressure persists. Adoption within the professional grower market progressed at a slower pace, reflecting the continued absence of a formal legislative ban on peat; however, the Company continues to support customers through trials and technical engagement, positioning the business well for future regulatory change. The retail market remains competitive, with new entrants continuing to enter the peat-free growing media sector. During the year, Melcourt strengthened its premium brand positioning through the continued impact of the King’s Warrant for its peat-free organic growing media, alongside increased marketing activity, including targeted sponsorship such as collaboration with the YouTube channel Gardening with Alan Titchmarsh. Research and development remain central to the Company’s strategy. R&D activity continued across three test sites, and the technical team was expanded from two to three during the year, strengthening product development, quality assurance and technical support. Leadership continuity was maintained during the year, with Nikki Burton completing her first full year as Managing Director and Andy Chalmers continuing in his role as Chairman.
Principal risks and uncertainties
∙Raw material supply: Availability of suitable raw materials for peat-free products, mitigated through close supplier relationships and stock management. ∙Supplier lead times: Potential delays impacting production planning and customer fulfilment, managed through forecasting and supplier engagement. ∙Market competition: Increased competition within the peat-free growing media market, particularly in retail, managed through premium brand positioning and product quality. ∙Regulatory uncertainty: Uncertainty surrounding the timing of any future peat ban, which may influence customer purchasing behaviour, particularly within the professional grower sector. ∙Financial risk: Ongoing monitoring of customer credit risk, cost inflation and cash flow.
Financial key performance indicators
Financial key performance indicators used by the directors in assessing the performance of the business are gross margin and growth in turnover. Page 1
MELCOURT INDUSTRIES LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
Other key performance indicators
Other key performance indicators used by the directors in assessing the performance of the business are volume of product supplied to customers per week, stock turnover days and productivity of employees, measured through output per employee. This report was approved by the board and signed on its behalf.
................................................ Mrs N Burton Director
Date: 19 June 2026
Page 2
MELCOURT INDUSTRIES LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 OCTOBER 2025 The directors present their report and the financial statements for the year ended 31 October 2025.
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 £1,016,275 (2024 - £745,514). During the year the Company paid dividends of £500,000 (2024: £400,000).
Directors
The directors who served during the year were:
Mr A W Jenkinson
Mrs N Burton
Mr A Smith
Future Developments There are no specific future developments planned for the Company, other than the continuation of its current activities. Page 3
MELCOURT INDUSTRIES LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2025
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.
Auditors
The auditors, WR Partners, 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.
................................................ Mrs N Burton Director
Date: 19 June 2026
Page 4
MELCOURT INDUSTRIES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MELCOURT INDUSTRIES LIMITED
Opinion
We have audited the financial statements of Melcourt Industries Limited (the 'Company') for the year ended 31 October 2025, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, 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 31 October 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. Page 5
MELCOURT INDUSTRIES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MELCOURT INDUSTRIES LIMITED (CONTINUED)
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.
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. Page 6
MELCOURT INDUSTRIES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MELCOURT INDUSTRIES LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page 3, 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.
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 Auditors' 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: The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations and the EU General Data Protection Regulation (GDPR). We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non-compliance that might have a material impact on the financial statements. We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements. Page 7
MELCOURT INDUSTRIES LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MELCOURT INDUSTRIES LIMITED (CONTINUED) 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. 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. Alex Riley FCCA (Senior statutory auditor) for and on behalf of WR Partners Chartered Accountants Statutory Auditors Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG 19 June 2026 Page 8
MELCOURT INDUSTRIES LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 OCTOBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 14,365,762 | 12,961,221
Cost of sales |  | (10,887,270) | (9,662,722)
Gross profit |  | 3,478,492 | 3,298,499
Distribution costs |  | (139,741) | (103,995)
Administrative expenses |  | (1,909,579) | (2,101,427)
Operating profit | 5 | 1,429,172 | 1,093,077
Interest payable and similar expenses | 8 | (67,906) | (119,220)
Profit before tax |  | 1,361,266 | 973,857
Tax on profit | 9 | (344,991) | (228,343)
Profit for the year |  | 1,016,275 | 745,514
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 14 to 31 form part of these financial statements.
Page 9
MELCOURT INDUSTRIES LIMITED REGISTERED NUMBER: 01734220 STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2025
|  |  |  | As restated
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 11 |  | 3,707,671 |  | 3,785,308
|  |  | 3,707,671 |  | 3,785,308
Current assets |  |  |  |  |
Stocks | 12 | 1,726,317 |  | 1,729,038 |
Debtors: amounts falling due within one year | 13 | 1,784,402 |  | 1,509,961 |
Cash at bank and in hand | 14 | 982,151 |  | 1,036,721 |
|  | 4,492,870 |  | 4,275,720 |
Creditors: amounts falling due within one year | 15 | (2,356,426) |  | (2,195,354) |
Net current assets |  |  | 2,136,444 |  | 2,080,366
Total assets less current liabilities |  |  | 5,844,115 |  | 5,865,674
Creditors: amounts falling due after more than one year | 16 |  | (307,773) |  | (828,787)
Provisions for liabilities |  |  |  |  |
Deferred tax | 19 | (473,498) |  | (490,318) |
|  |  | (473,498) |  | (490,318)
Net assets |  |  | 5,062,844 |  | 4,546,569
Page 10
MELCOURT INDUSTRIES LIMITED REGISTERED NUMBER: 01734220 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 OCTOBER 2025
|  |  |  | As restated
|  | 2025 |  | 2024
Note |  | £ |  | £
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 292,500 |  | 292,500
Capital redemption reserve | 21 |  | 97,500 |  | 97,500
Profit and loss account | 21 |  | 4,672,844 |  | 4,156,569
|  |  | 5,062,844 |  | 4,546,569
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ Mrs N Burton
Director
Date: 19 June 2026
The notes on pages 14 to 31 form part of these financial statements. Page 11
MELCOURT INDUSTRIES LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 OCTOBER 2025
| Called up share capital | Capital redemption reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 November 2023 | 292,500 | 97,500 | 3,811,055 | 4,201,055
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 745,514 | 745,514
Total comprehensive income for the year | - | - | 745,514 | 745,514
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (400,000) | (400,000)
Total transactions with owners | - | - | (400,000) | (400,000)
At 1 November 2024 | 292,500 | 97,500 | 4,156,569 | 4,546,569
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,016,275 | 1,016,275
Total comprehensive income for the year | - | - | 1,016,275 | 1,016,275
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (500,000) | (500,000)
Total transactions with owners | - | - | (500,000) | (500,000)
At 31 October 2025 | 292,500 | 97,500 | 4,672,844 | 5,062,844
| The notes on pages 14 to 31 form part of these financial statements.
Page 12
MELCOURT INDUSTRIES LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 1,016,275 | 745,514
Adjustments for: |  |
Depreciation of tangible assets | 479,691 | 470,511
Loss on disposal of tangible assets | 7,080 | (28,995)
Interest paid | 67,906 | 119,220
Taxation charge | 344,991 | 228,343
Decrease/(increase) in stocks | 2,721 | (141,726)
(Increase)/decrease in debtors | (274,441) | 268,738
Increase/(decrease) in creditors | 322,794 | (281,825)
Corporation tax (paid) | (257,168) | (228,487)
Net cash generated from operating activities | 1,709,849 | 1,151,293
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (433,541) | (398,293)
Sale of tangible fixed assets | 24,407 | 54,677
HP interest paid | (49,307) | (60,253)
Net cash from investing activities | (458,441) | (403,869)
Cash flows from financing activities |  |
Repayment of loans | (485,637) | (96,901)
Repayment of/new finance leases | (301,742) | (178,713)
Dividends paid | (500,000) | (443,333)
Interest paid | (18,599) | (58,967)
Net cash used in financing activities | (1,305,978) | (777,914)
Net (decrease) in cash and cash equivalents | (54,570) | (30,490)
Cash and cash equivalents at beginning of year | 1,036,721 | 1,067,211
Cash and cash equivalents at the end of year | 982,151 | 1,036,721
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 982,151 | 1,036,721
| 982,151 | 1,036,721
Page 13
MELCOURT INDUSTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
1. | General information
Melcourt Industries Limited is a Company incorporated and domiciled in England and has its registered office and principal place of business at Boldridge Brake, Long Newnton, Tetbury, Gloucestershire, GL8 8RT. The principal activity of the Company is the supply of mulches, growing media, play surfaces, soil improvers, equestrian surfaces, biofiltration media and more, based on bark, wood and other natural materials. 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 | Going concern
After making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
| 2.3 | 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. Page 14
MELCOURT INDUSTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.4 | 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.
| 2.5 | 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. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | 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.
| 2.7 | 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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds. Page 15
MELCOURT INDUSTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.8 | 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 reporting 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 reporting 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 reporting date.
| 2.9 | 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. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | Not depreciated
|  |  |  | Property improvements | - | 10% Straight line basis
|  |  |  | Plant and machinery | - | 10 - 20% Straight Line/Reducing balance basis
|  |  |  | Motor vehicles | - | 33% Reducing balance basis
|  |  |  | Office equipment | - | 20% Reducing balance basis
Freehold property is not depreciated on the grounds that its residual value will at least be equal to the carrying value in the financial statements. Page 16
MELCOURT INDUSTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.10 | 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 reporting 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.
| 2.11 | 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.
| 2.12 | 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. In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
| 2.13 | 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.
| 2.14 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” and Section 12 “Other Financial Statements Issues” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument. 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. Page 17
MELCOURT INDUSTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.14 | Financial instruments (continued)
Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Page 18
MELCOURT INDUSTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 2.Accounting policies (continued)
| 2.14 | Financial instruments (continued)
Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Other financial instruments Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss. Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
| 2.15 | 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. Page 19
MELCOURT INDUSTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are addressed below. Stock Valuation Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Raw materials 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 including processing costs. Management use specific compaction factors to estimate the quantities of stock items held. The carrying value of stock is £1,726,317 (2024: £1,729,038).
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sustainable products for the Garden Centre, Builders' Merchants, Professional Growers, Landscape, Play and other special industries | 14,365,762 | 12,961,221
|  | 14,365,762 | 12,961,221
| All turnover arose within the United Kingdom.
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| (Profit)/loss on sale of tangible fixed assets | 7,080 | (28,995)
| Depreciation on tangible fixed assets | 479,691 | 470,511
| Auditor's remuneration | 13,060 | 12,495
| Defined contribution pension costs | 75,997 | 161,386
Page 20
MELCOURT INDUSTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
6. | Employees
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 1,140,892 | 1,082,441
| Social security costs | 90,098 | 121,300
| Cost of defined contribution scheme | 75,997 | 161,386
|  | 1,306,987 | 1,365,127
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Employees | 25 | 23
7. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 127,465 | 163,009
| Company contributions to defined contribution pension schemes | 15,439 | 36,301
|  | 142,904 | 199,310
| During the year retirement benefits were accruing to no directors (2024 - NIL) in respect of defined contribution pension schemes.
8. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 18,599 | 58,967
| Finance leases and hire purchase contracts | 49,307 | 60,253
|  | 67,906 | 119,220
Page 21
MELCOURT INDUSTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
9. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 361,811 | 257,168
| Adjustments in respect of previous periods | - | (269)
|  | 361,811 | 256,899
| Total current tax | 361,811 | 256,899
| Deferred tax |  |
| Origination and reversal of timing differences | (16,820) | (28,556)
| Total deferred tax | (16,820) | (28,556)
| Taxation on profit on ordinary activities | 344,991 | 228,343
Page 22
MELCOURT INDUSTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 9.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,361,266 | 973,857
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 340,317 | 243,464
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 152 | 1,564
| Adjustments to tax charge in respect of prior periods | - | (269)
| Timing difference leading to an increase (decrease) in deferred taxation | 4,522 | 8,796
| Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge | - | (18,462)
| Book profit on chargeable assets | - | (7,249)
| Changes in provisions leading to an increase (decrease) in the tax charge | - | 499
| Total tax charge for the year | 344,991 | 228,343
| Factors that may affect future tax charges
There are no factors that may affect future tax charges.
10. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Paid on ordinary share capital | 500,000 | 400,000
|  | 500,000 | 400,000
Page 23
MELCOURT INDUSTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
11. | Tangible fixed assets
|  | Freehold property | Property improvements | Plant and machinery | Motor vehicles | Office equipment | Total
|  | £ | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |  |
| At 1 November 2024 | 1,505,695 | 975,128 | 4,215,441 | 350,811 | 284,087 | 7,331,162
| Additions | - | 121,266 | 187,003 | 93,283 | 31,989 | 433,541
| Disposals | - | - | - | (105,904) | - | (105,904)
| At 31 October 2025 | 1,505,695 | 1,096,394 | 4,402,444 | 338,190 | 316,076 | 7,658,799
| Depreciation |  |  |  |  |  |
| At 1 November 2024 | - | 844,070 | 2,305,496 | 165,627 | 230,661 | 3,545,854
| Charge for the year on owned assets | - | 22,435 | 160,983 | 14,894 | 14,388 | 212,700
| Charge for the year on financed assets | - | - | 219,117 | 47,874 | - | 266,991
| Disposals | - | - | - | (74,417) | - | (74,417)
| At 31 October 2025 | - | 866,505 | 2,685,596 | 153,978 | 245,049 | 3,951,128
| Net book value |  |  |  |  |  |
| At 31 October 2025 | 1,505,695 | 229,889 | 1,716,848 | 184,212 | 71,027 | 3,707,671
| At 31 October 2024 | 1,505,695 | 131,058 | 1,909,945 | 185,184 | 53,426 | 3,785,308
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Plant and machinery | 1,117,193 | 1,388,200
| Motor vehicles | 152,992 | 154,910
|  | 1,270,185 | 1,543,110
Page 24
MELCOURT INDUSTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
12. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 1,225,678 | 1,233,949
| Finished goods and goods for resale | 500,639 | 495,089
|  | 1,726,317 | 1,729,038
| An impairment loss of £nil (2024: £27,018) was recognised in cost of sales against stock due to slow-moving and obsolete stock.
13. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,594,691 | 1,278,006
| Prepayments and accrued income | 189,711 | 231,955
|  | 1,784,402 | 1,509,961
14. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 982,151 | 1,036,721
|  | 982,151 | 1,036,721
Page 25
MELCOURT INDUSTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
15. | Creditors: Amounts falling due within one year
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 198,014 | 483,078
| Trade creditors | 1,043,539 | 800,504
| Corporation tax | 361,811 | 257,168
| Other taxation and social security | 121,902 | 60,789
| Obligations under finance lease and hire purchase contracts | 456,870 | 438,171
| Accruals and deferred income | 174,290 | 155,644
|  | 2,356,426 | 2,195,354
| The bank have secured fixed and floating charges over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery. The bank loan is secured against the acquired freehold title at Boldridge Brake, Long Newnton including the land. Hire purchase liabilities are secured against the assets to which they relate.
16. | Creditors: Amounts falling due after more than one year
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 200,573
| Net obligations under finance leases and hire purchase contracts | 307,773 | 628,214
|  | 307,773 | 828,787
| Hire purchase liabilities are secured against the assets to which they relate to.
Page 26
MELCOURT INDUSTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
17. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  |  | As restated
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 198,014 | 483,078
|  | 198,014 | 483,078
| Amounts falling due 1-2 years |  |
| Bank loans | - | 200,573
|  | - | 200,573
|  | 198,014 | 683,651
| Included within loans is a bank loan repayable in monthly instalments of £3,843, with a lump sum payment due on maturity. Interest is charged on the loan on a floating rate basis that shall never fall below the margin of 3.3%. The balance is expected to be repaid in full in December 2025. The loan is secured by a legal charge over freehold property, a debenture granted by the Company in favour of Barclays Bank PLC and the guarantees disclosed in note 23.
Page 27
MELCOURT INDUSTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
18. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 456,870 | 438,171
| Between 1-5 years | 307,773 | 628,214
|  | 764,643 | 1,066,385
19. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (490,318) | (518,874)
| Charged to profit or loss | 16,820 | 28,556
| At end of year | (473,498) | (490,318)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (473,498) | (490,318)
|  | (473,498) | (490,318)
20. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 292,500 (2024 - 292,500) Ordinary shares of £1.00 each | 292,500 | 292,500
| There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.
Page 28
MELCOURT INDUSTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
21. | Reserves
Capital redemption reserve The capital redemption reserve represents the nominal value of shares redeemed by the Company. Profit and loss account The profit and loss account represents accumulated undistributed profits/losses since incorporation.
22. | Analysis of net debt
|  | At 1 November 2024 | Cash flows | At 31 October 2025
|  | £ | £ | £
| Cash at bank and in hand | 1,036,721 | (54,570) | 982,151
| Debt due after 1 year | (200,573) | - | (200,573)
| Debt due within 1 year | (483,078) | 485,637 | 2,559
| Finance leases | (1,066,385) | 301,742 | (764,643)
|  | (713,315) | 732,809 | 19,494
23. | Prior year adjustment
During the current year, it was identified that there was an error in the prior year classification of bank loans. Therefore, the comparative information has been restated to correct the ageing of bank loans. Creditors due within one year was decreased by £200,573 and creditors due after more than one year increased by the same amount. This restatement has no impact on profit.
24. | Contingent liabilities
A W Jenkinson has provided a guarantee to the Company's bankers limited to £75,000. Charles Ransford and Son Limited have provided a guarantee to the Company's bankers limited to £75,000. Page 29
MELCOURT INDUSTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
25. | Capital commitments
| At 31 October 2025 the Company had capital commitments as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Contracted for but not provided in these financial statements | 77,461 | 114,298
|  | 77,461 | 114,298
26. | Pension commitments
The Company operates a defined contribution 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 £75,997 (2024: £161,386) Included within Creditors is a balance for defined contribution pension scheme contributions payable of £13,548 (2024: £22,903).
27. | Commitments under operating leases
| At 31 October 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 41,347 | 33,448
| Later than 1 year and not later than 5 years | 105,039 | 101,882
|  | 146,386 | 135,330
Page 30
MELCOURT INDUSTRIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025
28. | Related party transactions
| The Company entered into transactions with Charles Ransford & Son Ltd, a company with common shareholders. Purchases made during the year from Charles Ransford & Son Ltd totalled £575,673 (2024: £453,927). There was a creditor due at the year-end for the balance of £61,647 (2024: £39,564) which is included within trade creditors. The Company entered into transactions with A W Jenkinson Forest Products, a business with a common owner/shareholder. Purchases made during the year from A W Jenkinson Forest Products totalled £2,528,431 (2024: £2,008,925). There was a creditor due at the year-end for the balance of £217,023 (2024: £138,787) which is included within trade creditors. Sales made to A W Jenkinson Forest Products during the year totalled £7,481 (2024: £1,678). There was a debtor at the year-end for the balance of £8,977 (2024: £1,574) which was included in trade debtors. The Company entered into transactions with Amenity Horticultural Services Ltd, a company with a common shareholder. Sales made during the year to Amenity Horticultural Services Ltd totalled £67,953 (2024: £16,026). There was an outstanding debtor due from Amenity Horticultural Services Ltd at the end of the year of £12,738 (2024: £3,325) which is included within trade debtors. The Company entered into transactions with Berite Sawmills Ltd, a company with a common shareholder. Purchases made during the year from Berite Sawmills Ltd totalled £64,035 (2024: £31,319). There was a creditor due at the year-end for the balance of £7,095 (2024: £1,632) which is included within trade creditors. The Company entered into transactions with Blazers Fuels Ltd, a company with a common shareholder. Purchases made during the year from Blazers Fuels Ltd totalled £4,563 (2024: £Nil). There was no creditor due at the year-end.
29. | Controlling party
There is no one individual controlling party of the Company.
Page 31