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REGISTERED NUMBER: 09902441 (England and Wales)















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

PAINE MANWARING GROUP LIMITED

PAINE MANWARING GROUP LIMITED (REGISTERED NUMBER: 09902441)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


PAINE MANWARING GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2025







DIRECTORS: A D Prager
J M Preston
A J Doick
C P Hornsbury
J Seaman





REGISTERED OFFICE: Unit D Easting Close
Dominion Way
Worthing
West Sussex
BN14 8HQ





REGISTERED NUMBER: 09902441 (England and Wales)





AUDITORS: Lewis Brownlee (Chichester) Limited
Statutory Auditors
Appledram Barns
Birdham Road
Chichester
West Sussex
PO20 7EQ

PAINE MANWARING GROUP LIMITED (REGISTERED NUMBER: 09902441)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025


The directors present their strategic report of the company and the group for the year ended 31 March 2025.

FAIR REVIEW OF THE BUSINESS
The group reports revenue of £25.7m for the financial year 2024/25, representing an increase of £6.4m compared to 2023/24 and exceeding the Directors' expectations. This strong performance was achieved despite persistent economic turbulence in the UK, which has significantly impacted the construction industry.

However, the challenging market conditions have led to contract delays and project cancellations anticipated for 2025/26. As a result, the Directors forecast a reduction in revenue to £21/23m for 2025/26.

Despite this expected dip, the group's current order book indicates a recovery beginning in early 2026, which is expected to positively influence the final quarter of 2025/26 and provide a strong foundation for growth in 2026/27.

To date, the group has secured projects totalling £24m, of which £8.7m is expected to be delivered in the 2026/27 financial year. This figure excludes repeat service work and an additional £8.3m in pipeline tenders currently in final contract negotiations.

As part of its strategic development, the group will implement new contract document management software in 2025/26. This initiative aims to streamline document handling, enhance internal efficiency, improve service delivery to main contractors, and ensure compliance with the latest regulatory requirements.

Although the forecasted reduction in activity for 2025/26 is disappointing, the Directors remain confident in a return to growth in 2026/27. This outlook aligns with the group's long-term strategic plans and reflects its resilience in navigating one of the most competitive environments the industry has faced.

Once again, the Directors wish to thank the group's employees for another year of hard work and dedication in achieving these levels of activity.

The core activities of the business continue to be working closely with repeat business clients and contractors and providing the highest level of service in maintaining the group's position as a well-respected and reputable mechanical and electrical contractor. The core focus of specialties in the healthcare, education, leisure, and industrial sectors as well as in high end and luxury projects continues.

The group also has significant involvement in the domestic market where it continues to provide first-class services, including 24-hour emergency call outs in Sussex, Surrey and Hampshire.

Gross profit margins remain one of the group's key challenges. However, the margin improved to 20.4%, up from 18.9% in the previous year. This improvement reflects continued investment in the workforce, management structure, systems, and processes.

Despite these pressures, the Directors are satisfied with a profit before taxation of £2.01m. They believe that ongoing investment in people and infrastructure will position the group strongly as industry standards and requirements continue to evolve.

The statement of financial position continues to demonstrate the Directors' prudent reserve plans needed in this industry and further cements the group's substantial footing with £3.1m in total equity, and healthy cash at bank and in hand balance of £4.0m.

PRINCIPAL RISKS AND UNCERTAINTIES
The fortunes of the group's heating, plumbing and electrical trade are closely tied to those of the construction industry which is currently reporting difficulties for similar sized companies and is likely to remain fiercely competitive whilst we operate in the current economic climate of high inflation, interest rates and client budget restraints. The current wage inflation will keep margins under pressure for the foreseeable future.


PAINE MANWARING GROUP LIMITED (REGISTERED NUMBER: 09902441)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025

There is also a workforce skillset shortage within the plumbing and electrical trade which is putting continued pressure on direct labour costs and the Gross margin achieved, the Directors have maintained the number and continue to invest in apprentices within the group over the last 12 months to help mitigate this impact.

PRINCIPAL RISKS AND UNCERTAINTIES - continued
Wider economic uncertainties also pose a risk, particularly regarding demand for new projects and the potential for business failures within the industry. Additionally, increasing regulation and health and safety requirements remain ongoing challenges.

The group actively monitors industry developments through its trade associations, ECA and BESA, ensuring it remains informed and compliant with evolving standards.

With a strong asset base, robust business plan, ongoing staff training, and investment in systems and compliance, the group is well-positioned to mitigate these risks and maintain operational resilience.

ON BEHALF OF THE BOARD:





A D Prager - Director


11 July 2025

PAINE MANWARING GROUP LIMITED (REGISTERED NUMBER: 09902441)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2025


The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025.

PRINCIPAL ACTIVITY
The company is the holding company of Paine Manwaring Heating Limited and its trading subsidiary, Paine Manwaring Limited. Paine Manwaring Limited’s principal activity continued to be that of contracting for the installation and maintenance of heating and electrical systems. Paine Manwaring Heating Limited provides assets to its subsidiary undertaking.

DIVIDENDS
Dividends were paid amounting to £987,900 (2024 - £55,500). The directors do not recommend payment of a further dividend.

FUTURE DEVELOPMENTS
The directors' consideration of future events, including the principal risks and uncertainties related to these, are included within the Strategic Report

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

A D Prager
J M Preston
A J Doick
C P Hornsbury
J Seaman

FINANCIAL INSTRUMENTS
Treasury operations and financial instruments
The group operates a treasury function which is responsible for managing the liquidity risks associated with the group’s activities.

The group’s principal financial instruments do not include derivative financial instruments. The group has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from its operations.

Liquidity risk
The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the
businesses.

Credit risk
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

THIRD PARTY INDEMNITY PROVISION
There is a third party indemnity provision in place for the benefit of all directors of the group.


PAINE MANWARING GROUP LIMITED (REGISTERED NUMBER: 09902441)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2025

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

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

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

AUDITORS
The auditors, Lewis Brownlee (Chichester) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A D Prager - Director


11 July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PAINE MANWARING GROUP LIMITED


Opinion
We have audited the financial statements of Paine Manwaring Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's 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 group 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 group's and the parent 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 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.

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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PAINE MANWARING GROUP LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

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

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 group through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
- 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 group, including legislation such as the Companies Act 2006 and taxation legislation, the Health and Safety at Work Act, and relevant building and electrical associations;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence, where applicable; 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 group 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PAINE MANWARING GROUP LIMITED


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

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies 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;
- reading the minutes of meetings of those charged with governance, where applicable;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors, where applicable.

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 Report of the Auditors.

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




Sam Ede BFP FCA FCCA (Senior Statutory Auditor)
for and on behalf of Lewis Brownlee (Chichester) Limited
Statutory Auditors
Appledram Barns
Birdham Road
Chichester
West Sussex
PO20 7EQ

11 July 2025

PAINE MANWARING GROUP LIMITED (REGISTERED NUMBER: 09902441)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 MARCH 2025

2025 2024
Notes £ £

TURNOVER 3 25,710,191 19,288,767

Cost of sales 20,466,594 15,649,140
GROSS PROFIT 5,243,597 3,639,627

Administrative expenses 3,300,877 2,860,103
OPERATING PROFIT 5 1,942,720 779,524

Interest receivable and similar income 74,709 30,666
2,017,429 810,190

Interest payable and similar expenses 6 4,316 2,571
PROFIT BEFORE TAXATION 2,013,113 807,619

Tax on profit 7 546,032 245,313
PROFIT FOR THE FINANCIAL YEAR 1,467,081 562,306

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,467,081

562,306

Profit attributable to:
Owners of the parent 1,467,081 562,306

Total comprehensive income attributable to:
Owners of the parent 1,467,081 562,306

PAINE MANWARING GROUP LIMITED (REGISTERED NUMBER: 09902441)

CONSOLIDATED BALANCE SHEET
31 MARCH 2025

2025 2024
Notes £ £ £ £
FIXED ASSETS
Intangible assets 10 166,262 332,520
Tangible assets 11 417,358 356,665
Investments 12 - -
583,620 689,185

CURRENT ASSETS
Stocks 13 26,823 56,571
Debtors 14 3,371,763 2,702,291
Cash at bank 3,978,492 2,773,004
7,377,078 5,531,866
CREDITORS
Amounts falling due within one year 15 4,695,012 3,447,717
NET CURRENT ASSETS 2,682,066 2,084,149
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,265,686

2,773,334

CREDITORS
Amounts falling due after more than one year 16 (37,291 ) (39,427 )

PROVISIONS FOR LIABILITIES 19 (89,214 ) (73,907 )
NET ASSETS 3,139,181 2,660,000

CAPITAL AND RESERVES
Called up share capital 20 185,000 185,000
Capital redemption reserve 21 115,000 115,000
Other reserves 21 (74,493 ) (74,493 )
Retained earnings 21 2,913,674 2,434,493
SHAREHOLDERS' FUNDS 3,139,181 2,660,000

The financial statements were approved by the Board of Directors and authorised for issue on 11 July 2025 and were signed on its behalf by:




J M Preston - Director



A D Prager - Director


PAINE MANWARING GROUP LIMITED (REGISTERED NUMBER: 09902441)

COMPANY BALANCE SHEET
31 MARCH 2025

2025 2024
Notes £ £ £ £
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 3,015,000 3,015,000
3,015,000 3,015,000

CURRENT ASSETS
Cash at bank 25,903 20,941

CREDITORS
Amounts falling due within one year 15 2,726,899 2,724,899
NET CURRENT LIABILITIES (2,700,996 ) (2,703,958 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

314,004

311,042

CAPITAL AND RESERVES
Called up share capital 20 185,000 185,000
Capital redemption reserve 21 115,000 115,000
Other reserves 21 (74,493 ) (74,493 )
Retained earnings 21 88,497 85,535
SHAREHOLDERS' FUNDS 314,004 311,042

Company's profit for the financial year 990,862 57,382

The financial statements were approved by the Board of Directors and authorised for issue on 11 July 2025 and were signed on its behalf by:




J M Preston - Director



A D Prager - Director


PAINE MANWARING GROUP LIMITED (REGISTERED NUMBER: 09902441)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025

Called up Capital
share Retained redemption Other Total
capital earnings reserve reserves equity
£ £ £ £ £
Balance at 1 April 2023 185,000 1,927,687 115,000 (74,493 ) 2,153,194

Changes in equity
Total comprehensive income - 562,306 - - 562,306
Dividends - (55,500 ) - - (55,500 )
Balance at 31 March 2024 185,000 2,434,493 115,000 (74,493 ) 2,660,000

Changes in equity
Total comprehensive income - 1,467,081 - - 1,467,081
Dividends - (987,900 ) - - (987,900 )
Balance at 31 March 2025 185,000 2,913,674 115,000 (74,493 ) 3,139,181

PAINE MANWARING GROUP LIMITED (REGISTERED NUMBER: 09902441)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025

Called up Capital
share Retained redemption Other Total
capital earnings reserve reserves equity
£ £ £ £ £
Balance at 1 April 2023 185,000 83,653 115,000 (74,493 ) 309,160

Changes in equity
Total comprehensive income - 57,382 - - 57,382
Dividends - (55,500 ) - - (55,500 )
Balance at 31 March 2024 185,000 85,535 115,000 (74,493 ) 311,042

Changes in equity
Total comprehensive income - 990,862 - - 990,862
Dividends - (987,900 ) - - (987,900 )
Balance at 31 March 2025 185,000 88,497 115,000 (74,493 ) 314,004

PAINE MANWARING GROUP LIMITED (REGISTERED NUMBER: 09902441)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025

2025 2024
Notes £ £
Cash flows from operating activities
Cash generated from operations 25 2,744,711 1,136,162
Interest element of hire purchase payments
paid

(4,316

)

(2,571

)
Tax paid (437,110 ) (43,046 )
Net cash from operating activities 2,303,285 1,090,545

Cash flows from investing activities
Purchase of tangible fixed assets (164,271 ) (143,081 )
Sale of tangible fixed assets 25,839 8,264
Interest received 74,709 30,666
Net cash from investing activities (63,723 ) (104,151 )

Cash flows from financing activities
Capital repayments on finance leases (46,174 ) (26,993 )
Equity dividends paid (987,900 ) (55,500 )
Net cash from financing activities (1,034,074 ) (82,493 )

Increase in cash and cash equivalents 1,205,488 903,901
Cash and cash equivalents at beginning
of year

26

2,773,004

1,869,103

Cash and cash equivalents at end of year 26 3,978,492 2,773,004

PAINE MANWARING GROUP LIMITED (REGISTERED NUMBER: 09902441)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025


1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

Going concern
The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and the monthly orderbook projections and the impact of subsequent events in making their assessment.

The directors have performed a robust analysis of the ongoing material price increases and wage inflation and their impact on the secured orderbook projections and future cashflows. Whilst at this stage it is difficult to predict all the further material price increases and wage inflation and their impacts with certainty the group has adequate resource to continue in operation existence for the foreseeable future.

Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Basis of consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings. All financial statements are made up to 31 March 2025.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities acquired is recognised as goodwill

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

PAINE MANWARING GROUP LIMITED (REGISTERED NUMBER: 09902441)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade and other discounts.

Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch or collection of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services and construction contracts
Turnover from rendering of services and construction contracts is recognised when the outcome of a service or contract can be measured reliably, the entity will recognise both income and costs by reference to the percentage of completion of the service or contract.

The methods used to determine the stage of completion are:

- the proportion that costs incurred for work performed to date bear to the estimated total costs; and
- surveys of work performed.

If the outcome cannot be reliably measured, all costs are expensed and revenue is only recognised to the
extent that it is probable that costs are recoverable.

When it is probable that a loss will occur on a service or contract, this is recognised in full immediately as an onerous contract provision.

Goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is considered to be 10 years.

Intangible assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software 20% per annum straight line

PAINE MANWARING GROUP LIMITED (REGISTERED NUMBER: 09902441)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - Over the expected life of the lease
Plant and machinery - 10-20% on cost
Fixtures and fittings - 10-20% on cost
Motor vehicles - 20-25% on cost
Computer equipment - 25% on cost

Property, plant and equipment are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investments
Fixed asset investments are stated at cost less provision for diminution in value.

Impairment of non-current assets
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are classified by the director as basic or advanced following the conditions in Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

PAINE MANWARING GROUP LIMITED (REGISTERED NUMBER: 09902441)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

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

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

Critical judgements and estimates
The following judgements have had the most significant effect on amounts recognised in the financial statements.

Construction contracts
In respect to construction contracts, the management undertake regular progress reviews. Profits (or losses) are recognised within the statement of comprehensive income as part of a contract's revenue and cost where management consider that the outcome of a construction contract can be estimated reliably. Reliable estimates are determined with reference to each contract’s stage of completion, future costs to complete and collectability of billings.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2025 2024
£ £
Sale of goods 41,970 51,704
Rendering of services 2,679,656 2,358,186
Construction contracts 22,985,415 16,869,517
Room rental 3,150 9,360
25,710,191 19,288,767

PAINE MANWARING GROUP LIMITED (REGISTERED NUMBER: 09902441)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


3. TURNOVER - continued

An analysis of turnover by geographical market is given below:

2025 2024
£ £
United Kingdom 25,710,191 19,288,767
25,710,191 19,288,767

4. EMPLOYEES AND DIRECTORS
2025 2024
£ £
Wages and salaries 4,379,336 3,878,825
Social security costs 364,266 330,166
Other pension costs 178,197 142,266
4,921,799 4,351,257

The average number of employees during the year was as follows:
2025 2024

Mechanical 36 36
Servicing 31 26
Electrical 30 28
Stores 1 1
Administrative 8 8
106 99

The average number of employees by undertakings that were proportionately consolidated during the year was 106 (2024 - 99 ) .

2025 2024
£ £
Directors' remuneration 312,584 314,273
Directors' pension contributions to money purchase schemes 34,631 28,713

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

Money purchase schemes 5 5

Information regarding the highest paid director is as follows:
2025 2024
£ £
Emoluments etc 70,500 68,360
Pension contributions to money purchase schemes 12,729 8,867

PAINE MANWARING GROUP LIMITED (REGISTERED NUMBER: 09902441)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


5. OPERATING PROFIT

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

2025 2024
£ £
Hire of plant and machinery 247,169 226,548
Other operating leases 59,246 60,400
Depreciation - owned assets 105,638 88,670
Depreciation - assets on hire purchase contracts 26,598 16,640
Profit on disposal of fixed assets (10,457 ) (7,148 )
Goodwill amortisation 166,258 166,258
Auditors' remuneration 14,000 14,000
Auditors' remuneration for non audit work 2,000 2,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2025 2024
£ £
Hire purchase 4,316 2,571

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2025 2024
£ £
Current tax:
UK corporation tax 529,753 222,138
Prior year under provision 972 1,843
Total current tax 530,725 223,981

Deferred tax 15,307 21,332
Tax on profit 546,032 245,313

UK corporation tax has been charged at 25 % .

PAINE MANWARING GROUP LIMITED (REGISTERED NUMBER: 09902441)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025 2024
£ £
Profit before tax 2,013,113 807,619
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2024 - 25 %)

503,278

201,905

Effects of:
Expenses not deductible for tax purposes 218 -
Adjustments to tax charge in respect of previous periods 972 1,843
Amortisation on assets not qualifying for tax allowances 41,564 41,565
Total tax charge 546,032 245,313

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2025 2024
£ £
Ordinary shares of £1.00 each
Interim 987,900 55,500

10. INTANGIBLE FIXED ASSETS

Group
Computer
Goodwill software Totals
£ £ £
COST
At 1 April 2024
and 31 March 2025 1,795,591 11,150 1,806,741
AMORTISATION
At 1 April 2024 1,463,071 11,150 1,474,221
Amortisation for year 166,258 - 166,258
At 31 March 2025 1,629,329 11,150 1,640,479
NET BOOK VALUE
At 31 March 2025 166,262 - 166,262
At 31 March 2024 332,520 - 332,520

PAINE MANWARING GROUP LIMITED (REGISTERED NUMBER: 09902441)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


11. TANGIBLE FIXED ASSETS

Group
Fixtures
Short Plant and and
leasehold machinery fittings
£ £ £
COST
At 1 April 2024 - 36,667 135,144
Additions 7,811 - 52,924
Disposals - (7,807 ) (11,115 )
At 31 March 2025 7,811 28,860 176,953
DEPRECIATION
At 1 April 2024 - 34,798 77,752
Charge for year 312 408 20,024
Eliminated on disposal - (7,807 ) (8,687 )
At 31 March 2025 312 27,399 89,089
NET BOOK VALUE
At 31 March 2025 7,499 1,461 87,864
At 31 March 2024 - 1,869 57,392

Motor Computer
vehicles equipment Totals
£ £ £
COST
At 1 April 2024 967,198 19,898 1,158,907
Additions 136,266 11,311 208,312
Disposals (85,326 ) (19,898 ) (124,146 )
At 31 March 2025 1,018,138 11,311 1,243,073
DEPRECIATION
At 1 April 2024 670,622 19,070 802,242
Charge for year 108,071 3,421 132,236
Eliminated on disposal (72,371 ) (19,898 ) (108,763 )
At 31 March 2025 706,322 2,593 825,715
NET BOOK VALUE
At 31 March 2025 311,816 8,718 417,358
At 31 March 2024 296,576 828 356,665

PAINE MANWARING GROUP LIMITED (REGISTERED NUMBER: 09902441)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


11. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£
COST
At 1 April 2024 119,125
Additions 44,040
Disposals (16,310 )
At 31 March 2025 146,855
DEPRECIATION
At 1 April 2024 27,513
Charge for year 26,598
Eliminated on disposal (7,611 )
At 31 March 2025 46,500
NET BOOK VALUE
At 31 March 2025 100,355
At 31 March 2024 91,612

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£
COST
At 1 April 2024
and 31 March 2025 3,015,000
NET BOOK VALUE
At 31 March 2025 3,015,000
At 31 March 2024 3,015,000

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Paine Manwaring Heating Limited
Registered office: Unit D, Easting Close, Dominion Way, Worthing, West Sussex, BN14 8HQ
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00

PAINE MANWARING GROUP LIMITED (REGISTERED NUMBER: 09902441)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


12. FIXED ASSET INVESTMENTS - continued

Paine Manwaring Limited
Registered office: Unit D, Easting Close, Dominion Way, Worthing, West Sussex, BN14 8HQ
Nature of business: Heating and electrical contracting
%
Class of shares: holding
Ordinary 100.00

The shareholding in Paine Manwaring Limited is held indirectly.


13. STOCKS

Group
2025 2024
£ £
Stocks 26,823 56,571

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2025 2024
£ £
Trade debtors 846,411 712,492
Amounts recoverable on contracts 2,115,607 1,630,610
Other debtors 73,923 106,520
VAT 115,141 57,073
Prepayments 220,681 195,596
3,371,763 2,702,291

Amounts recoverable on contracts includes £211,047 (2024: £263,300) retentions held by customers.

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2025 2024 2025 2024
£ £ £ £
Hire purchase contracts (see note 17) 35,516 35,513 - -
Trade creditors 3,548,824 2,390,623 - -
Amounts owed to group undertakings - - 2,724,899 2,722,899
Corporation Tax 315,753 222,138 - -
Social security and other taxes 91,300 92,174 - -
Other creditors 428,969 526,792 - -
Accruals and deferred income 274,650 180,477 2,000 2,000
4,695,012 3,447,717 2,726,899 2,724,899

PAINE MANWARING GROUP LIMITED (REGISTERED NUMBER: 09902441)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2025 2024
£ £
Hire purchase contracts (see note 17) 37,291 39,427

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2025 2024
£ £
Net obligations repayable:
Within one year 35,516 35,513
Between one and five years 37,291 39,427
72,807 74,940

Group
Non-cancellable
operating leases
2025 2024
£ £
Within one year 113,186 105,536
Between one and five years 279,148 331,185
In more than five years 183,450 244,600
575,784 681,321

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2025 2024
£ £
Hire purchase contracts 72,807 74,940

19. PROVISIONS FOR LIABILITIES

Group
2025 2024
£ £
Deferred tax 89,214 73,907

PAINE MANWARING GROUP LIMITED (REGISTERED NUMBER: 09902441)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


19. PROVISIONS FOR LIABILITIES - continued

Group
Deferred tax
£
Balance at 1 April 2024 73,907
Charge to Statement of Comprehensive Income during year 15,307
Balance at 31 March 2025 89,214

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £ £
185,000 Ordinary £1.00 185,000 185,000

21. RESERVES

Other reserves represent the nominal value of the shares held as treasury shares being 18,500 £1 ordinary shares with an aggregate total negative value of £74,493.

22. CONTINGENT LIABILITIES

The subsidiary undertakings, Paine Manwaring Limited and Paine Manwaring Heating Limited, have provided a composite cross guarantee for the bank borrowing facilities of these two companies. At the end of the current and comparative period there were no contingent liabilities identified by the directors.

23. RELATED PARTY DISCLOSURES

During the year, a total of key management personnel compensation of £ 508,249 (2024 - £ 479,795 ) was paid.

24. POST BALANCE SHEET EVENTS

After the year end, final dividends totalling £239,760 have been voted.

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

2025 2024
£ £
Profit before taxation 2,013,113 807,619
Depreciation charges 298,494 271,568
Profit on disposal of fixed assets (10,457 ) (7,148 )
Finance costs 4,316 2,571
Finance income (74,709 ) (30,666 )
2,230,757 1,043,944
Decrease in stocks 29,748 11,057
(Increase)/decrease in trade and other debtors (669,473 ) 14,916
Increase in trade and other creditors 1,153,679 66,245
Cash generated from operations 2,744,711 1,136,162

PAINE MANWARING GROUP LIMITED (REGISTERED NUMBER: 09902441)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2025


26. CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2025
31/3/25 1/4/24
£ £
Cash and cash equivalents 3,978,492 2,773,004
Year ended 31 March 2024
31/3/24 1/4/23
£ £
Cash and cash equivalents 2,773,004 1,869,103


27. ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24 Cash flow At 31/3/25
£ £ £
Net cash
Cash at bank 2,773,004 1,205,488 3,978,492
2,773,004 1,205,488 3,978,492
Debt
Finance leases (74,940 ) 2,133 (72,807 )
(74,940 ) 2,133 (72,807 )
Total 2,698,064 1,207,621 3,905,685