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REGISTERED NUMBER: 03745354 (England and Wales)











Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2025

for

Bolton Brothers Limited

Bolton Brothers Limited (Registered number: 03745354)






Contents of the Financial Statements
for the Year Ended 31 March 2025




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


Bolton Brothers Limited

Company Information
for the Year Ended 31 March 2025







DIRECTORS: M J Bolton
O H J Bolton
R S J Bolton
Ms W H Bolton
Ms J G P Bolton Smith





SECRETARY: Ms J G P Bolton Smith





REGISTERED OFFICE: Bramford Road
Great Blakenham
Ipswich
Suffolk
IP6 0SL





REGISTERED NUMBER: 03745354 (England and Wales)





AUDITORS: Knights Lowe Limited
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

Bolton Brothers Limited (Registered number: 03745354)

Strategic Report
for the Year Ended 31 March 2025

The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS
Overall market conditions demonstrated a strong recovery this year, with commodity prices remaining stable across various sectors' seasonal trends. Turnover increased by approximately £415,358, or 3.65%, reaching £11.8 million, reflecting healthy sales growth for Bolton Brothers Limited.

A significant achievement was the decrease in Cost of Sales despite higher turnover. This was a direct result of shifting towards a more efficient and effective production model, a positive factor that has greatly contributed to the business's stabilisation and growth trajectory.

A concerted effort was made to significantly reduce administrative expenses, which dropped from £2,456,970 in 2024 to £2,268,796 in 2025. This reduction of almost £188,000 was a key contributor to the improved profitability, underscoring effective cost control measures.

The company continues to invest in future growth through the purchase of new operating vehicles, plant, and machinery.

Financially, Bolton Brothers Limited operated comfortably within its overdraft facility throughout the year. The company also successfully transitioned to a single consolidated loan, simplifying past agreements, improving cash flow, and streamlining costs. This new consolidated loan is set to expire in 2030.

The strong trading profit for the year has been instrumental in regaining some of the net asset reduction caused by the 2024 trading loss. Net assets increased by £0.426 million to £4.523 million, reflecting a positive step in strengthening the company's financial position.

The current financial year has seen continued improvement in financial control alongside more stabilised market conditions, directly contributing to the enhanced performance observed this year.


Bolton Brothers Limited (Registered number: 03745354)

Strategic Report
for the Year Ended 31 March 2025

PRINCIPAL RISKS AND UNCERTAINTIES
The key business risks and uncertainties faced by Bolton Brothers Limited include fuel and energy prices, fluctuating commodity prices, the ability to source materials, competitor pressure, and employee recruitment and retention. These risks are mitigated through active monitoring and dynamic management of operations. This allows for quick addressing of any cost volatility and ensures the company operates effectively within market parameters.

KEY PERFORMANCE INDICATORS (KPIs)
Bolton Brothers Limited focuses on turnover, gross profit margin, and net profit as its key performance indicators.

- Turnover and gross profit margin are crucial as increasing turnover has been a primary objective in recent years, complemented by significant investment in modernising the company's assets.

- Net profit provides a holistic view of the company's overall performance, allowing for continuous review of costs and maximisation of efficiencies.

During the year, the company's turnover increased by 3.65% to £11.8 million, and its gross margin improved from 23.9% to 28.37%. The profit for the year after interest was £425.6k.

ON BEHALF OF THE BOARD:





R S J Bolton - Director


4 August 2025

Bolton Brothers Limited (Registered number: 03745354)

Report of the Directors
for the Year Ended 31 March 2025

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of recycling and targeted waste management solutions.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2025.

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

M J Bolton
O H J Bolton
R S J Bolton
Ms W H Bolton
Ms J G P Bolton Smith

POLITICAL DONATIONS AND EXPENDITURE
Donations made in the year totalling £5,433 (2024: £12,066) all related to charity donations.

There were no donations made in respect of political parties.

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

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

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

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

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

Bolton Brothers Limited (Registered number: 03745354)

Report of the Directors
for the Year Ended 31 March 2025


AUDITORS
The auditors, Knights Lowe Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R S J Bolton - Director


4 August 2025

Report of the Independent Auditors to the Members of
Bolton Brothers Limited

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

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Bolton Brothers Limited


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

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

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

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Bolton Brothers Limited


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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with the director and other management, and from our commercial knowledge and experience of the companies operating 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 company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
- 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;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC, relevant regulators including the Environment Agency and the company's legal advisors;


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Report of the Independent Auditors to the Members of
Bolton Brothers Limited


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.




James Knights BSc ACA (Senior Statutory Auditor)
for and on behalf of Knights Lowe Limited
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

13 August 2025

Bolton Brothers Limited (Registered number: 03745354)

Statement of Comprehensive
Income
for the Year Ended 31 March 2025

2025 2024
Notes £    £    £    £   

TURNOVER 11,778,572 11,363,214

Cost of sales 8,442,693 8,652,012
GROSS PROFIT 3,335,879 2,711,202

Distribution costs 549,241 522,098
Administrative expenses 2,268,796 2,456,970
2,818,037 2,979,068
OPERATING PROFIT/(LOSS) 6 517,842 (267,866 )

Interest receivable and similar income 638 3,300
518,480 (264,566 )

Interest payable and similar expenses 7 118,156 156,177
PROFIT/(LOSS) BEFORE TAXATION 400,324 (420,743 )

Tax on profit/(loss) 8 (25,299 ) 52,863
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 425,623 (473,606 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

425,623

(473,606

)

Bolton Brothers Limited (Registered number: 03745354)

Balance Sheet
31 March 2025

2025 2024
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 6,491,163 6,928,563
Investments 12 1 1
6,491,164 6,928,564

CURRENT ASSETS
Stocks 13 102,839 226,270
Debtors 14 1,780,776 1,682,334
Cash at bank and in hand 93,645 17,924
1,977,260 1,926,528
CREDITORS
Amounts falling due within one year 15 2,311,443 2,881,660
NET CURRENT LIABILITIES (334,183 ) (955,132 )
TOTAL ASSETS LESS CURRENT LIABILITIES 6,156,981 5,973,432

CREDITORS
Amounts falling due after more than one
year

16

(976,352

)

(1,154,606

)

PROVISIONS FOR LIABILITIES 20 (657,877 ) (721,697 )
NET ASSETS 4,522,752 4,097,129

CAPITAL AND RESERVES
Called up share capital 21 180,000 180,000
Capital redemption reserve 22 20,000 20,000
Retained earnings 22 4,322,752 3,897,129
SHAREHOLDERS' FUNDS 4,522,752 4,097,129

The financial statements were approved by the Board of Directors and authorised for issue on 4 August 2025 and were signed on its behalf by:




R S J Bolton - Director



Ms J G P Bolton Smith - Director


Bolton Brothers Limited (Registered number: 03745354)

Statement of Changes in Equity
for the Year Ended 31 March 2025

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2023 180,000 4,802,735 20,000 5,002,735

Changes in equity
Dividends - (432,000 ) - (432,000 )
Total comprehensive income - (473,606 ) - (473,606 )
Balance at 31 March 2024 180,000 3,897,129 20,000 4,097,129

Changes in equity
Total comprehensive income - 425,623 - 425,623
Balance at 31 March 2025 180,000 4,322,752 20,000 4,522,752

Bolton Brothers Limited (Registered number: 03745354)

Cash Flow Statement
for the Year Ended 31 March 2025

2025 2024
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,379,845 389,770
Interest paid (51,440 ) (79,748 )
Interest element of hire purchase payments
paid

(66,716

)

(76,429

)
Net cash from operating activities 1,261,689 233,593

Cash flows from investing activities
Purchase of tangible fixed assets (155,398 ) (719,344 )
Sale of tangible fixed assets 47,645 237,213
Interest received 638 3,300
Net cash from investing activities (107,115 ) (478,831 )

Cash flows from financing activities
New loans in year 590,000 250,000
Loan repayments in year (847,880 ) (268,495 )
Capital repayments in year (626,044 ) (550,811 )
Amount introduced by directors 49,608 203,738
New HP agreements in year 75,309 483,496
Equity dividends paid - (432,000 )
Net cash from financing activities (759,007 ) (314,072 )

Increase/(decrease) in cash and cash equivalents 395,567 (559,310 )
Cash and cash equivalents at beginning of
year

2

(301,922

)

257,388

Cash and cash equivalents at end of year 2 93,645 (301,922 )

Bolton Brothers Limited (Registered number: 03745354)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2025

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025 2024
£    £   
Profit/(loss) before taxation 400,324 (420,743 )
Depreciation charges 556,996 475,645
Profit on disposal of fixed assets (11,843 ) (115,359 )
Finance costs 118,156 156,177
Finance income (638 ) (3,300 )
1,062,995 92,420
Decrease in stocks 123,431 396,016
(Increase)/decrease in trade and other debtors (147,104 ) 371,472
Increase/(decrease) in trade and other creditors 340,523 (470,138 )
Cash generated from operations 1,379,845 389,770

2. CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2025
31.3.25 1.4.24
£    £   
Cash and cash equivalents 93,645 17,924
Bank overdrafts - (319,846 )
93,645 (301,922 )
Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 17,924 257,388
Bank overdrafts (319,846 ) -
(301,922 ) 257,388


Bolton Brothers Limited (Registered number: 03745354)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2025

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24 Cash flow At 31.3.25
£    £    £   
Net cash
Cash at bank and in hand 17,924 75,721 93,645
Bank overdrafts (319,846 ) 319,846 -
(301,922 ) 395,567 93,645
Debt
Finance leases (1,433,979 ) 550,735 (883,244 )
Debts falling due within 1 year (565,498 ) 463,815 (101,683 )
Debts falling due after 1 year (282,381 ) (205,936 ) (488,317 )
(2,281,858 ) 808,614 (1,473,244 )
Total (2,583,780 ) 1,204,181 (1,379,599 )

Bolton Brothers Limited (Registered number: 03745354)

Notes to the Financial Statements
for the Year Ended 31 March 2025

1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2001, has been amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The intangible assets are amortised over its useful life.

Bolton Brothers Limited (Registered number: 03745354)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

3. 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.
Freehold property - Straight line over 40 years
Plant and machinery - 10% on cost
Fixtures and fittings - 33% on cost and 10% on cost
Motor vehicles - 5 years straight line and 10 years straight line

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.

Bolton Brothers Limited (Registered number: 03745354)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

3. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities

Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs). If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when, there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method:

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a)).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

Other debt instruments not meeting these conditions are measured at fair value through profit and loss.

Financial assets are derecognised when, and only when, (a) the contractual rights to the cash flows from the financial asset expire or are settled, (b) the company transfers to another part substantially all of the risks and rewards of ownership of the financial asset, or (c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.


Bolton Brothers Limited (Registered number: 03745354)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

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

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

Bolton Brothers Limited (Registered number: 03745354)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

3. ACCOUNTING POLICIES - continued

Going concern
The company's business activities, together with factors likely to affect its future development, performance and position are set out in the strategic report.

The company meets its day to day working capital requirements through a loan and overdraft facility. The company's forecasts show that the company should be able to operate within the level of its current facility and the company have the support of the bank.

The company is in a net current liabilities position due to the financing of some plant and machinery. Due to the nature of the business this is not unexpected and the company has a strong net assets position.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Impairment
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in the income statement.

4. 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 amounts 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.

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

Critical judgements in applying the company's accounting policies
The following are the critical judgements, including those involving estimations, that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Depreciation of tangible fixed assets
Tangible fixed assets are recognised at cost and depreciated over the basis appropriate to charge to the profit and loss account the economic consumption of those assets during the accounting period. The charge is calculated as described above and is based on the directors' knowledge of the reduction in the residual value of trading assets on average over the investment cycle of each class of asset. The rates of depreciation are kept under review such that assets are written down to residual value at the end of their economic lives.

Bolton Brothers Limited (Registered number: 03745354)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

5. EMPLOYEES AND DIRECTORS
2025 2024
£    £   
Wages and salaries 2,265,142 2,530,751
Social security costs 278,910 304,585
Other pension costs 110,009 94,845
2,654,061 2,930,181

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

Warehouse, drivers and admin 43 48
Directors 5 5
48 53

2025 2024
£    £   
Directors' remuneration 544,219 467,538
Directors' pension contributions to money purchase schemes 75,360 48,600

Information regarding the highest paid director is as follows:
2025 2024
£    £   
Emoluments etc 203,723 135,720
Pension contributions to money purchase schemes 30,000 22,500

6. OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging/(crediting):

2025 2024
£    £   
Hire of plant and machinery 51,404 85,683
Depreciation - owned assets 272,458 210,675
Depreciation - assets on hire purchase contracts 284,538 264,883
Profit on disposal of fixed assets (11,843 ) (115,359 )
Auditors' remuneration 10,925 9,550
Foreign exchange differences 8,216 12,652

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2025 2024
£    £   
Bank loan interest 51,440 79,748
Hire purchase interest 66,716 76,429
118,156 156,177

Bolton Brothers Limited (Registered number: 03745354)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

8. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2025 2024
£    £   
Current tax:
UK corporation tax 38,521 -

Deferred tax (63,820 ) 52,863
Tax on profit/(loss) (25,299 ) 52,863

UK corporation tax has been charged at 25% (2024 - 25%).

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

2025 2024
£    £   
Profit/(loss) before tax 400,324 (420,743 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25% (2024 - 25%)

100,081

(105,186

)

Effects of:
Expenses not deductible for tax purposes 18,884 2,908
Capital allowances in excess of depreciation - (38,086 )
Utilisation of tax losses (156,739 ) 140,364
Adjustments to tax charge in respect of previous periods 13,833 -
Deferred tax movement - 52,863
Marginal relief (1,358 ) -
Total tax (credit)/charge (25,299 ) 52,863

9. DIVIDENDS
2025 2024
£    £   
Ordinary shares of £1 each
Interim - 432,000

Bolton Brothers Limited (Registered number: 03745354)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2024
and 31 March 2025 470,452
AMORTISATION
At 1 April 2024
and 31 March 2025 470,452
NET BOOK VALUE
At 31 March 2025 -
At 31 March 2024 -

11. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2024 4,420,411 3,487,233 147,403 2,176,439 10,231,486
Additions 320 142,319 12,759 - 155,398
Disposals (20,000 ) (401,678 ) (30,295 ) (176,905 ) (628,878 )
Reclassification/transfer (48,505 ) 48,505 - - -
At 31 March 2025 4,352,226 3,276,379 129,867 1,999,534 9,758,006
DEPRECIATION
At 1 April 2024 542,969 1,633,149 87,082 1,039,723 3,302,923
Charge for year 67,289 323,721 26,131 139,855 556,996
Eliminated on disposal (12,542 ) (373,334 ) (30,295 ) (176,905 ) (593,076 )
Reclassification/transfer (7,671 ) 7,671 - - -
At 31 March 2025 590,045 1,591,207 82,918 1,002,673 3,266,843
NET BOOK VALUE
At 31 March 2025 3,762,181 1,685,172 46,949 996,861 6,491,163
At 31 March 2024 3,877,442 1,854,084 60,321 1,136,716 6,928,563

Included in cost of freehold property is freehold land of £1,691,376 (2024: £1,691,376) which is not
depreciated.

Bolton Brothers Limited (Registered number: 03745354)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

11. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2024 1,540,306 1,238,266 2,778,572
Additions 75,309 - 75,309
Transfer to ownership (283,341 ) (367,057 ) (650,398 )
At 31 March 2025 1,332,274 871,209 2,203,483
DEPRECIATION
At 1 April 2024 430,927 190,001 620,928
Charge for year 158,570 125,968 284,538
Transfer to ownership (107,737 ) (132,056 ) (239,793 )
At 31 March 2025 481,760 183,913 665,673
NET BOOK VALUE
At 31 March 2025 850,514 687,296 1,537,810
At 31 March 2024 1,109,379 1,048,265 2,157,644

12. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 April 2024
and 31 March 2025 1
NET BOOK VALUE
At 31 March 2025 1
At 31 March 2024 1

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

Bolton Waste Disposal Limited
Registered office: Bramford Lane, Great Blakenham, Ipswich, Suffolk, IP6 0SL
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
30.6.25 30.6.24
£    £   
Aggregate capital and reserves 1 1

This subsidiary is not consolidated in these financial statements as it is excluded from consolidation under Section 405 of the Companies Act 2006.

Bolton Brothers Limited (Registered number: 03745354)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

13. STOCKS
2025 2024
£    £   
Stocks 102,839 226,270

14. DEBTORS
2025 2024
£    £   
Amounts falling due within one year:
Trade debtors 1,337,142 1,237,464
Other debtors 19,323 68,353
Directors' loan accounts 125,076 173,739
VAT - 14,464
Prepayments and accrued income 262,495 135,759
1,744,036 1,629,779

Amounts falling due after more than one year:
Other debtors 36,740 52,555

Aggregate amounts 1,780,776 1,682,334

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Bank loans and overdrafts (see note 17) 101,683 885,344
Hire purchase contracts (see note 18) 395,209 561,754
Trade creditors 1,270,894 1,078,162
Corporation tax 38,521 -
Social security and other taxes 64,982 50,569
VAT 86,248 -
Other creditors 22,353 14,297
Directors' loan accounts 123,631 122,686
Accruals and deferred income 207,922 168,848
2,311,443 2,881,660

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025 2024
£    £   
Bank loans (see note 17) 488,317 282,381
Hire purchase contracts (see note 18) 488,035 872,225
976,352 1,154,606

Bolton Brothers Limited (Registered number: 03745354)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

17. LOANS

An analysis of the maturity of loans is given below:

2025 2024
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 319,846
Bank loans 101,683 565,498
101,683 885,344

Amounts falling due between one and two years:
Bank loans - 1-2 years 109,256 191,608

Amounts falling due between two and five years:
Bank loans - 2-5 years 379,061 90,773

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase
contracts
2025 2024
£    £   
Net obligations repayable:
Within one year 395,209 561,754
Between one and five years 488,035 872,225
883,244 1,433,979

Non-cancellable
operating leases
2025 2024
£    £   
Within one year 42,366 13,595
Between one and five years 59,113 73,529
101,479 87,124

Bolton Brothers Limited (Registered number: 03745354)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

19. SECURED DEBTS

The following secured debts are included within creditors:

2025 2024
£    £   
Bank loans 590,000 847,879
Hire purchase contracts 883,244 1,433,979
1,473,244 2,281,858

Bank loans due to Barclays Bank Plc are secured by a charge over all of the company's properties, land and associated assets.

Hire purchase liabilities are secured over the assets financed.

20. PROVISIONS FOR LIABILITIES
2025 2024
£    £   
Deferred tax
Accelerated capital allowances 657,877 721,697

Deferred
tax
£   
Balance at 1 April 2024 721,697
Provided during year (63,820 )
Balance at 31 March 2025 657,877

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
180,000 Ordinary £1 180,000 180,000

22. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2024 3,897,129 20,000 3,917,129
Profit for the year 425,623 425,623
At 31 March 2025 4,322,752 20,000 4,342,752

23. ULTIMATE PARENT COMPANY

Boltons Recycling Limited is regarded by the directors as being the company's ultimate parent company.

Bolton Brothers Limited (Registered number: 03745354)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2025 and 31 March 2024:

2025 2024
£    £   
M J Bolton and Ms W H Bolton
Balance outstanding at start of year - 61,856
Amounts advanced - 111,871
Amounts repaid - (173,727 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

O H J Bolton
Balance outstanding at start of year 49,309 55,286
Amounts advanced 420 44,223
Amounts repaid (18,609 ) (50,200 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 31,120 49,309

Ms J G P Bolton Smith
Balance outstanding at start of year 56,828 62,213
Amounts advanced 320 49,025
Amounts repaid (10,985 ) (54,410 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 46,163 56,828

R S J Bolton
Balance outstanding at start of year 67,602 75,437
Amounts advanced 25,841 48,416
Amounts repaid (45,650 ) (56,251 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 47,793 67,602

25. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr M J Bolton and Mrs W H Bolton.