REGISTERED NUMBER: 02326932 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

ALLAERO LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Statement of Income and Retained Earnings

8

Balance Sheet

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTORS:

S C Greasley

P D Greasley

J P Greasley

J Greasley

REGISTERED OFFICE:

Hawker House Link 10

Napier Way

Crawley

West Sussex

RH10 9RA

REGISTERED NUMBER:

02326932 (England and Wales)

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

REVIEW OF BUSINESS

Allaero continues to be one of the world's largest independent stockists of business aircraft parts. The company's offering includes the sale and exchange of business aircraft parts both through online ordering and through our sales team, a competitive service to repair customer owned parts, 'one stop shop' sourcing, inventory consignments and repairs through our in-house FAA/EASA/CAA Part 145 repair facility - Repaero.

BUSINESS MODEL

Allaero hold a large inventory of business aircraft parts that are continually being updated, expanded and replenished. The aircraft that we provide a full parts support service for include turbo prop aircraft and all jets from entry level to long range.

Repaero has the capability to repair/overhaul a vast range of electrical components fitted not only to business aircraft but also to all types of aircraft. Our capability is continuously expanding to meet the needs of our customers.

We operate a quality system that combines over 35 years of aerospace best practise, with the requirements of the ASA100 Standard. Accordingly, we only source stock from our network of quality approved suppliers and repair facilities. This ensures that dual (FAA/EASA) or triple (CAA/EASA/FAA) release accompanies any return to service parts.

Our products are marketed globally to aircraft owners and operators through our website, online ordering and aviation specific marketplaces. This year we have been awarded the Kings Award for International Growth, cementing our continued international success with our strategy.

MARKETS AND TRENDS

The business aviation market is experiencing steady growth in 2025, this is demonstrated in the increase in business jet deliveries - set for 11% growth and departures showing modest growth. The industry is poised to benefit from a robust global economy, increased urbanization and a growing middle class. However, potential headwinds include continued supply chain issues, geopolitical tensions and trade tariffs.

OBJECTIVES AND STRATEGY

The company continues on its trajectory to transform the business aviation supply chain through the development of gold standard processes including the fully automated warehouse, 15 year development of our bespoke computer system 'Parts' to deliver industry leading process improvements and enable the business to diversify its offering into different markets.

Our current corporate targets include the completion of a new warehouse in the Manor Royal for the increase in capability for Repaero, looking into AI developments within the industry to complement our existing service and continuing to invest in stock replenishment.

RISKS

Supply chain:

Whilst the industry continues to recover from supply chain issues, Allaero monitors and forecasts such holes in the market to ensure the stock is in place to buffer any shortages from the OEM's. We also continue to expand and strengthen our network of trusted quality suppliers.

Financial risk:

As we expand and strengthen our international reach and online buying increases in popularity with our customers, we are continuously monitoring our credit risks throughout the business, adjusting where required. This includes the use of a third-party credit scoring company, advice from lawyers and use of fintech and payment processing parties, in addition to our robust internal procedures.

Tariffs

The imposition of tariffs has created uncertainty in the business aviation market, which has lead to market volatility and difficulty for buyers and sellers to make informed decisions. Allaero continues to monitor the situation and, unlike other suppliers, has not increased our pricing in as a knee-jerk reaction, instead we continue to adjust in response to the actual cost we are experiencing.

OEM support:

As aircraft age the OEM releases its support on certain aircraft and product types, which make the repair of some units impossible. There is also a tightening in the market of OEM supply, which does not allow third party repairs of their product. This makes product support difficult for the aircraft we support so we seek to reduce this risk by repairing more product through Repaero and investing into superseded and PMA parts to ensure the supply of these parts.

FUTURE DEVELOPMENTS

Repaero's new warehouse is in the final stages of completion, and we are now looking to gear up to expand our capabilities. We continue to invest in the development of Parts and our website, including the assessment of AI tools. We are also assessing the implications of tariffs on our business and, in consultation with specialists, the best way forward to deal with these business impacts.

ON BEHALF OF THE BOARD:

S C Greasley - Director

2 September 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 continued to be that of supply and distribution of goods in the air transport industry.

DIVIDENDS

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

FUTURE DEVELOPMENTS

In accordance with schedule 414C(11) of the Companies Act 2006, details of future developments are set out in the Strategic Report.

DIRECTORS

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

S C Greasley

P D Greasley

J P Greasley

J Greasley

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies 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.

AUDITORS

The auditors, Caldwell Penn Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

S C Greasley - Director

2 September 2025

Opinion

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

In our opinion the financial statements:

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

How the audit was considered capable of detecting irregularities, including fraud

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:

- ensuring that the team collectively had appropriate competence, capabilities and skills to identify and recognise non-compliance with applicable laws and regulation;

- considering the nature of the industry and control environment affecting the company;

- undertaking a review of business performance including consideration of key drivers for directors’ remuneration, bonus levels and performance targets;

- enquiring of management about their identification and assessment of risks, how they detect and respond to risk, the internal controls established to mitigate risks of fraud or non-compliance with laws and whether they have any knowledge of actual, suspected or alleged fraud;

- identification of laws and regulations impacting the company and enquiring of management whether they were aware of any instances of non-compliance;

- reviewing the company’s documentation of their policies and procedures relevant to the above;

In addition to the above, our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and undertaking testing to assess compliance with provisions of relevant laws and regulations;

- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and

- testing the appropriateness of journal entries and other adjustments;

- performing analytical procedures to identify large, unusual or unexpected transactions and investigating any large variances from the prior year;

- assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and

- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, no key audit matters were identified that related to the potential risk of fraud.

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.

Katharine Halsall (Senior Statutory Auditor)

for and on behalf of Caldwell Penn Limited, Statutory Auditor

7a Abbey Business Park

Monks Walk

Farnham

Surrey

GU9 8HT

2 September 2025

TURNOVER

3

13,527,080

13,762,049

Cost of sales

10,217,059

10,526,554

GROSS PROFIT

3,310,021

3,235,495

Administrative expenses

2,688,575

2,308,432

OPERATING PROFIT

6

621,446

927,063

Interest receivable and similar income

13,275

2,027

634,721

929,090

Interest payable and similar expenses

7

1,884

-

PROFIT BEFORE TAXATION

632,837

929,090

Tax on profit

8

103,436

94,168

PROFIT FOR THE FINANCIAL YEAR

529,401

834,922

Retained earnings at beginning of year

6,509,330

5,674,408

RETAINED EARNINGS AT END OF YEAR

7,038,731

6,509,330

FIXED ASSETS

Intangible assets

9

519,183

495,559

Tangible assets

10

319,484

360,913

838,667

856,472

CURRENT ASSETS

Stocks

11

5,284,351

5,020,703

Debtors

12

985,314

1,405,789

Cash at bank

1,538,124

962,298

7,807,789

7,388,790

CREDITORS

Amounts falling due within one year

13

1,510,285

1,630,902

NET CURRENT ASSETS

6,297,504

5,757,888

TOTAL ASSETS LESS CURRENT LIABILITIES

7,136,171

6,614,360

PROVISIONS FOR LIABILITIES

15

67,240

74,830

NET ASSETS

7,068,931

6,539,530

CAPITAL AND RESERVES

Called up share capital

16

30,200

30,200

Retained earnings

17

7,038,731

6,509,330

SHAREHOLDERS' FUNDS

7,068,931

6,539,530

The financial statements were approved by the Board of Directors and authorised for issue on 2 September 2025 and were signed on its behalf by:

S C Greasley - Director

Cash flows from operating activities

Cash generated from operations

1

706,425

387,168

Interest paid

(1,884

)

-

Tax paid

139,007

(490,932

)

Net cash from operating activities

843,548

(103,764

)

Cash flows from investing activities

Purchase of intangible fixed assets

(202,270

)

(214,728

)

Purchase of tangible fixed assets

(78,726

)

(210,673

)

Sale of tangible fixed assets

(1

)

6,663

Interest received

13,275

2,027

Net cash from investing activities

(267,722

)

(416,711

)

Cash flows from financing activities

Amount withdrawn by directors

-

(60,800

)

Net cash from financing activities

-

(60,800

)

Increase/(decrease) in cash and cash equivalents

575,826

(581,275

)

Cash and cash equivalents at beginning of year

2

962,298

1,543,573

Cash and cash equivalents at end of year

2

1,538,124

962,298

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

2025

2024

£

£

Profit before taxation

632,837

929,090

Depreciation charges

276,286

222,498

Loss on disposal of fixed assets

22,516

4,147

Finance costs

1,884

-

Finance income

(13,275

)

(2,027

)

920,248

1,153,708

Increase in stocks

(263,648

)

(1,200,317

)

Decrease in trade and other debtors

281,468

180,298

(Decrease)/increase in trade and other creditors

(231,643

)

253,479

Cash generated from operations

706,425

387,168

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

1,538,124

962,298

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

962,298

1,543,573

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

962,298

575,826

1,538,124

962,298

575,826

1,538,124

Total

962,298

575,826

1,538,124

1.	STATUTORY INFORMATION

Allaero 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.

These financial statements are presented in £ sterling, which is the company's main functional currency.

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.

Critical accounting judgements and key sources of estimation uncertainty

The company makes accounting estimates and judgements, which are reliant upon assumptions regarding the future of the business. These estimates and judgements are based on historical experience and expectations of future events that are believed to be reasonable in light of knowledge available at the time these are made.

One key accounting estimate included within these financial statements which has a significant risk of causing a material adjustment to the carrying amount within the next financial year is the stock impairment.

Stock includes an impairment adjustment in respect of all stock over three years old, as it is deemed that all stock held over this age will not be sold. This impairment adjustment is made after consideration of a number of factors including the regulations surrounding the lifetime of parts and the likelihood of such stock being sold. Although this impairment adjustment is applied to all such parts, a review is undertaken of all affected parts at the balance sheet date, and individual impairments adjusted where it is considered that these are not appropriate on that particular stockline as a result of additional evidence being available such as subsequent refurbishment or sale.

Turnover

Turnover represents corporate aircraft component parts sales, service and repair, excluding value added tax. Revenue in respect of parts supplied both as outright sales and on part exchanges is recognised when control passes on shipment to the customer. Revenue from servicing and repair is recognised once the work has been completed.

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:

Computer Software

-

20% on cost

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Leasehold improvements

-

25% reducing balance

Plant & machinery

-

25% on cost

Motor vehicles

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value. Net realisable value is based on the estimated selling price in the ordinary course of business less the estimated costs to bring the stock item into a saleable condition, which include service and repair costs.

Shelf life stocks

Due to the nature of the business and the strict rules around both the serviceable and ultimate lifetime of stocks, there are different categories of parts which become shelf life expired over time.

Depending on the class of parts, at the end of their shelf life, Consumables are normally scrapped and Rotables are sent away for a re-life. Allaero offers a shelf life discount which reduces the sale price if stock is close to its expiry date.

Rotables

Rotable stocks are those which can be repaired or serviced in order to bring these parts into serviceable condition. At the end of their shelf life, Rotable stocks are sent away for a re-life. If a re-life cannot be achieved as the part has a separate ultimate calendar life, then these parts are scrapped.

The cost of parts which can be repaired and re-used is based on the cost of purchase of the original Rotable item. As is typical in this industry, Rotable stocks are often issued in exchange for a used part. The used part is then refurbished and then entered into the stock pool. The costs of refurbishing stock items either as a result of acquiring a used part, or for a re-life, are added to the stock cost.

Obsolete and slow moving stock

Allaero aims to stock parts for the later and more in demand aircraft, but as fleets of aircraft age, aircraft types become less desirable, are flown less and become obsolete. Individual parts on aircraft are modified to later standards to ensure better reliability or performance. Being a stockist of parts for both of these scenarios regularly and quickly can leave Allaero retaining obsolete stocks.

Not all parts are sold within a 3 year period but are still classified as a part worth stocking as they may be a slow moving part. Examples of these are flying surfaces such and Flaps, Elevators and Ailerons which are not changed due to a calendar life, but when damaged are not easily fixed at the MRO so an exchange unit is required.

Shift in Market Pricing

Aircraft are regularly parted out for spares and over time OEM's produce more stocks. Both of these scenarios release more product onto the market which increases competition and ultimately lowers the cost of the product so stock has to be discounted to ensure a sale. The stock value will be adjusted where the net realisable value of parts is expected to drop below the original cost (or cost plus repair/service) price.

Impairment

Once stock becomes 3 years old, the likelihood of selling becomes almost nil and therefore the company policy is to include a provision for all stock once it reaches 3 years old. The company also makes provision for other specific categories of stock where there is sufficient evidence to indicate that these categories will not be sold in future.

At each reporting date, an impairment assessment is undertaken. This assessment works in two ways. Firstly, to undertake a re-assessment of items which have previously been impaired as above to consider whether there are any reasons why the impairment no longer applies. Secondly, to undertake an assessment of other items or categories of stock where evidence has come to light to suggest that an impairment provision has become necessary. An adjustment to the impairment provision will then be made as a result.

Financial instruments

The company enters into basic financial instruments, which result in the recognition of financial assets and liabilities. Financial instruments are recognised at amortised cost. At the end of each reporting period financial instruments are assessed for evidence of impairment, and changes are recognised in profit or loss.

Taxation

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

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods.

Deferred tax represents the future tax consequences of material transactions and events recognised in the financial statements of current and previous periods.

Current tax assets and liabilities are not discounted and are 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.

Foreign exchange

Transactions denominated in foreign currencies are translated into sterling and recorded at the rate of exchange ruling at the date of the transaction. Balances at the year-end denominated in a foreign currency are translated into sterling at the rate of exchange ruling at the balance sheet date.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

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

Employee benefits

Short term employee benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which they are incurred.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

3,532,818

2,982,802

Europe

3,600,824

4,360,965

United States of America

2,336,040

2,980,831

South America

13,539

49,544

Asia

1,978,045

2,692,047

Africa

609,353

615,856

Australia

456,494

80,004

Middle East

999,967

-

13,527,080

13,762,049

4.	EMPLOYEES AND DIRECTORS

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

2025

2024

Employees

17

17

Directors

4

4

21

21

5.	DIRECTORS' EMOLUMENTS

Information regarding the highest paid director for the year ended 31 March 2025 is as follows:

2025

2024

£

£

Emoluments etc

357,932

269,176

6.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Hire of plant and machinery

-

9,910

Other operating leases

120,000

102,027

Depreciation - owned assets

97,640

79,330

Loss on disposal of fixed assets

22,516

4,147

Computer software amortisation

178,646

143,168

Foreign exchange differences

191,029

162,026

Auditors remuneration - Audit

-

20,000

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Other interest

1,884

-

8.

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

111,026

88,272

Deferred tax charge

(7,590

)

5,896

Tax on profit

103,436

94,168

Reconciliation of total tax 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 before tax

632,837

929,090

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

158,209

232,273

Effects of:

Expenses not deductible for tax purposes

20,929

3,291

Capital allowances in excess of depreciation

(13,602

)

(40,154

)

Utilisation of tax losses

-

(55,116

)

R&D claim

(54,510

)

(52,022

)

Deferred tax movement

(7,590

)

5,896

Total tax charge

103,436

94,168

9.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 April 2024

862,288

Additions

202,270

At 31 March 2025

1,064,558

AMORTISATION

At 1 April 2024

366,729

Amortisation for year

178,646

At 31 March 2025

545,375

NET BOOK VALUE

At 31 March 2025

519,183

At 31 March 2024

495,559

10.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 April 2024

90,732

1,197,034

173,620

1,461,386

Additions

50,730

27,996

-

78,726

Disposals

(2,250

)

(165,358

)

-

(167,608

)

At 31 March 2025

139,212

1,059,672

173,620

1,372,504

DEPRECIATION

At 1 April 2024

43,569

1,041,909

14,995

1,100,473

Charge for year

12,788

41,447

43,405

97,640

Eliminated on disposal

(1,301

)

(143,792

)

-

(145,093

)

At 31 March 2025

55,056

939,564

58,400

1,053,020

NET BOOK VALUE

At 31 March 2025

84,156

120,108

115,220

319,484

At 31 March 2024

47,163

155,125

158,625

360,913

11.

STOCKS

2025

2024

£

£

Stocks

5,284,351

5,020,703

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

849,376

954,471

Other debtors

20,288

136,612

Corporation tax

-

139,007

Prepayments and accrued income

115,650

175,699

985,314

1,405,789