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Company registration number: 03767146
The Practice Loan Company Plc
Financial statements
31 March 2025
The Practice Loan Company Plc
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Notes to the financial statements
The Practice Loan Company Plc
Directors and other information

| Directors | Christopher Carmichael |
|  | Paul Ward | (Resigned 25 September 2024)
|  | Kevin McNally | (Appointed 24 September 2024)
| Secretary | Heidi Carmichael |
| Company number | 03767146 |
| Registered office | No 5 The Mews, Trent Business Centre |
|  | Eastern Avenue |
|  | Lichfield |
|  | Staffordshire |
|  | WS13 6RR |
| Business address | No 5 The Mews, Trent Business Centre |
|  | Eastern Avenue |
|  | Lichfield |
|  | Staffordshire |
|  | WS13 6RR |
| Auditor | Lindley & Co |
|  | Suite 4 Europa House |
|  | Europa Way |
|  | Lichfield |
|  | Staffordshire |
|  | WS14 9TZ |

| Bankers | Lloyds Bank Plc
|  | Foregate Street
|  | Chester

The Practice Loan Company Plc
Strategic report
Year ended 31 March 2025
Review of business
The company continues to raise finance for professional practitioners and other SME's.
The company achieved turnover of £1,293,148 for the year ended 31 March 2025, a decrease of £335,121 on the previous year. Gross profit amounted to £420,159 giving a GP% of 32% (2024 38%). The directors do not recommend the payment of a final dividend.
The directors consider the results for the year and the state of affairs of the company at 31 March 2025 to be satisfactory.
Principal risks and uncertainties
The principal risks and uncertainties surround the willingness of professional practitioners to take on loans and availability of suitable funding in the market.
Future plans and developments
The current economic environment is marked by a level of uncertainty, affecting businesses across various sectors. We remain vigilant in monitoring the situation and are committed to expanding our network of introducers, which is a critical area for our growth. We anticipate significant growth in our core area of business loans, and our expansion into all SME businesses is expected to generate additional revenue and contribute to our future growth.
Additionally we are conscientious of our overhead costs and strive to reduce them whenever possible.
In the short term, our infrastructure is robust, with no significant capital investment requirements. We are continuously developing our CRM system to ensure the full utilisation of all opportunities. Furthermore we are consistently aware of our regulatory requirements, including those imposed by GDPR, and ensure that our staff are fully trained to treat regulation and compliance as essential aspects of their roles.
Financial key performance indicators
The board reviews performance against plan with reference to turnover, gross margin and profitability.
Going concern
The directors have continually reviewed the company's cash flow and results and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors therefore believe that there is no reason to believe it is not appropriate for the company to continue to adopt the going concern basis in preparing it's financial statements.
This report was approved by the board of directors on 27 August 2025 and signed on behalf of the board by:
Christopher Carmichael
Director
The Practice Loan Company Plc
Directors report
Year ended 31 March 2025
The directors present their report and the financial statements of the company for the year ended 31 March 2025.
Directors
The directors who served the company during the year were as follows:

Christopher Carmichael |  |  |  |
Paul Ward |  |  |  | (Resigned 25 September 2024)
Kevin McNally |  |  |  | (Appointed 24 September 2024)

Dividends
Particulars of recommended dividends are detailed in note 11 to the financial statements.
Greenhouse gas emissions and energy consumption
Principal measures taken to increase energy efficiency
The company is committed to pursuing sound environmental policies in all aspects of its business and seeks to encourage and promote good environmental practice among its employees and within the communities in which it operates.
Information not included
The company has assessed the energy consumption to be less than 40MWh and is determined to be a low energy user, as such detailed information on the Streamlined Energy and Carbon Reporting (SECR) is not disclosed.
Disclosure of information in the strategic report.
In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 has been included in the Strategic Report.
Directors responsibilities statement
The directors are responsible for preparing the strategic report, directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 27 August 2025 and signed on behalf of the board by:
Christopher Carmichael
Director
The Practice Loan Company Plc
Independent auditor's report to the members of
The Practice Loan Company Plc
Year ended 31 March 2025
Opinion
We have audited the financial statements of The Practice Loan Company Plc (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the company's affairs as at 31 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 auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters 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 the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Enquiry of management, being those charged with governance, and review of correspondence with the company's solicitors around actual and potential litigation and claims;We considered the nature of the company's industry and its control environment and reviewed the company's documentation of their policies and procedures relating to compliance with laws and regulations. We also made enquiries of company management in compliance functions about their assessment of the risks of irregularities and to identify any instances of non-compliance with laws and regulations;Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;Performing audit work over the risk of management override of controls, including analytical procedures and testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates.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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Sandra Kay Lindley (Senior Statutory Auditor)
For and on behalf of
Lindley & Co
Chartered Certified Accountants and Stautory auditor
Suite 4 Europa House
Europa Way
Lichfield
Staffordshire
WS14 9TZ
27 August 2025
The Practice Loan Company Plc
Statement of comprehensive income
Year ended 31 March 2025

|  |  |  | 2025 |  | 2024 |  |
|  | Note |  | £ |  | £ |  |
Turnover |  | 3 |  | 1,293,148 |  | 1,628,269 |  |
Cost of sales |  |  |  | ( 872,989) |  | ( 1,006,672) |  |
|  |  |  | _______ |  | _______ |  |
Gross profit |  |  |  | 420,159 |  | 621,597 |  |
Administrative expenses |  |  |  | ( 386,741) |  | ( 309,817) |  |
|  |  |  | _______ |  | _______ |  |
Operating profit |  | 4 |  | 33,418 |  | 311,780 |  |
Other interest receivable and similar income |  | 8 |  | 2,285 |  | 65 |  |
Interest payable and similar expenses |  | 9 |  | ( 7,195) |  | ( 505) |  |
Profit before taxation |  |  |  | 28,508 |  | 311,340 |  |
Tax on profit |  | 10 |  | ( 8,167) |  | ( 83,186) |  |
|  |  |  | _______ |  | _______ |  |
Profit for the financial year and total comprehensive income |  |  |  | 20,341 |  | 228,154 |  |
|  |  |  | _______ |  | _______ |  |

All the activities of the company are from continuing operations.
The Practice Loan Company Plc
Statement of financial position
31 March 2025

|  |  | 2025 |  |  |  | 2024 |  |
|  | Note | £ |  | £ |  | £ |  | £
Fixed assets |  |  |  |  |  |  |  |  |
Tangible assets |  | 12 | 136,414 |  |  |  | 56,355 |  |
|  |  | _______ |  |  |  | _______ |  |
|  |  |  |  | 136,414 |  |  |  | 56,355
Current assets |  |  |  |  |  |  |  |  |
Debtors |  | 13 | 215,934 |  |  |  | 223,002 |  |
Cash at bank and in hand |  |  | 142,844 |  |  |  | 173,732 |  |
|  |  | _______ |  |  |  | _______ |  |
|  |  | 358,778 |  |  |  | 396,734 |  |
Creditors: amounts falling due |  |  |  |  |  |  |  |  |
within one year |  | 14 | ( 65,762) |  |  |  | ( 106,683) |  |
|  |  | _______ |  |  |  | _______ |  |
Net current assets |  |  |  |  | 293,016 |  |  |  | 290,051
|  |  |  |  | _______ |  |  |  | _______
Total assets less current liabilities |  |  |  |  | 429,430 |  |  |  | 346,406
Creditors: amounts falling due |  |  |  |  |  |  |  |  |
after more than one year |  | 15 |  |  | ( 91,431) |  |  |  | ( 25,463)
Provisions for liabilities |  |  |  |  | - |  |  |  | ( 3,285)
|  |  |  |  | _______ |  |  |  | _______
Net assets |  |  |  |  | 337,999 |  |  |  | 317,658
|  |  |  |  | _______ |  |  |  | _______
Capital and reserves |  |  |  |  |  |  |  |  |
Called up share capital |  | 17 |  |  | 50,100 |  |  |  | 50,100
Profit and loss account |  |  |  |  | 287,899 |  |  |  | 267,558
|  |  |  |  | _______ |  |  |  | _______
Shareholders funds |  |  |  |  | 337,999 |  |  |  | 317,658
|  |  |  |  | _______ |  |  |  | _______

These financial statements were approved by the board of directors and authorised for issue on 27 August 2025 , and are signed on behalf of the board by:
Christopher Carmichael
Director
Company registration number: 03767146
The Practice Loan Company Plc
Statement of changes in equity
Year ended 31 March 2025

|  | Called up share capital |  | Profit and loss account | Total |  |  |  |  |
|  | £ |  | £ | £ |  |  |  |  |
At 1 April 2023 |  | 50,100 |  | 64,404 | 114,504 |  |  |  |  |
Profit for the year |  |  |  | 228,154 | 228,154 |  |  |  |  |
|  | _______ |  | _______ | _______ |  |  |  |  |
Total comprehensive income for the year |  | - |  | 228,154 | 228,154 |  |  |  |  |
Dividends paid and payable |  |  |  | ( 25,000) | ( 25,000) |  |  |  |  |
|  | _______ |  | _______ | _______ |  |  |  |  |
Total investments by and distributions to owners |  | - |  | ( 25,000) | ( 25,000) |  |  |  |  |
|  | _______ |  | _______ | _______ |  |  |  |  |
At 31 March 2024 and 1 April 2024 |  | 50,100 |  | 267,558 | 317,658 |  |  |  |  |
Profit for the year |  |  |  | 20,341 | 20,341 |  |  |  |  |
|  | _______ |  | _______ | _______ |  |  |  |  |
Total comprehensive income for the year |  | - |  | 20,341 | 20,341 |  |  |  |  |
|  | _______ |  | _______ | _______ |  |  |  |  |
At 31 March 2025 |  | 50,100 |  | 287,899 | 337,999 |  |  |  |  |
|  | _______ |  | _______ | _______ |  |  |  |  |

The Practice Loan Company Plc
Statement of cash flows
Year ended 31 March 2025

|  | 2025 |  | 2024 |
|  | £ |  | £ |
Cash flows from operating activities |  |  |  |  |
Profit for the financial year |  | 20,341 |  | 228,154 |
Adjustments for: |  |  |  |  |
Depreciation of tangible assets |  | 42,333 |  | 14,708 |
Other interest receivable and similar income |  | ( 2,285) |  | ( 65) |
Interest payable and similar expenses |  | 7,195 |  | 505 |
Tax on profit |  | 8,167 |  | 83,184 |
Changes in: |  |  |  |  |
Trade and other debtors |  | 7,068 |  | ( 197,403) |
Trade and other creditors |  | 22,067 |  | ( 6,731) |
|  | _______ |  | _______ |
Cash generated from operations |  | 104,886 |  | 122,352 |
Interest paid |  | ( 7,195) |  | ( 505) |
Interest received |  | 2,285 |  | 65 |
Tax paid |  | ( 82,398) |  | ( 6,939) |
|  | _______ |  | _______ |
Net cash from operating activities |  | 17,578 |  | 114,973 |
|  | _______ |  | _______ |
Cash flows from investing activities |  |  |  |  |
Purchase of tangible assets |  | ( 122,392) |  | ( 27,531) |
|  | _______ |  | _______ |
Net cash used in investing activities |  | ( 122,392) |  | ( 27,531) |
|  | _______ |  | _______ |
Cash flows from financing activities |  |  |  |  |
Proceeds from borrowings |  | ( 4,226) |  | ( 3,878) |
Payment of finance lease liabilities |  | 78,152 |  | - |
Equity dividends paid |  | - |  | ( 25,000) |
|  | _______ |  | _______ |
Net cash from/(used in) financing activities |  | 73,926 |  | ( 28,878) |
|  | _______ |  | _______ |
Net increase/(decrease) in cash and cash equivalents |  | ( 30,888) |  | 58,564 |
Cash and cash equivalents at beginning of year |  | 173,732 |  | 115,168 |
|  | _______ |  | _______ |
Cash and cash equivalents at end of year |  | 142,844 |  | 173,732 |
|  | _______ |  | _______ |

The Practice Loan Company Plc
Notes to the financial statements
Year ended 31 March 2025
1. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the accounts requires management to make judgements, estimates and assumptions that affect the amounts reported. These judgements and estimates are contiually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable in the circumstances.Singnificant judgementsThere are no significant judgements (apart from those involving estimations) that management have made in the process of applying the entity's accounting policies and having a significant effect on the amounts recognised in the financial statements.Key sources of estimation uncertaintyAccounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the realted actual income. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:Claw back provisionsFunders can apply a clawback of fees for a period of one to five years after a deal has been completed. Management make a provision for the clawback based on previous history and experience, supported by a continual review.
Turnover
Turnover is measured at the fair value of commisions receivable net of clawbacks. Revenue from commissions is taken upon completion of the contract.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Fittings fixtures and equipment | - | 33 % | straight line
| Improvements to property | - | 10 % | straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
3. Turnover
Turnover arises from:

|  |  | 2025 | 2024
|  |  | £ | £
| Rendering of services |  | 1,293,148 | 1,628,269
|  |  | _______ | _______

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
4. Operating profit
Operating profit is stated after charging/(crediting):

|  |  |  | 2025 | 2024
|  |  |  | £ | £
| Depreciation of tangible assets |  |  | 42,333 | 14,708
| Operating lease rentals |  |  | - | 315
|  |  |  | _______ | _______

5. Auditors remuneration

|  |  | 2025 | 2024
|  |  | £ | £
| Fees payable to Lindley & Co |  |  |
| Fees payable for the audit of the financial statements |  | 5,000 | 5,000
|  |  | _______ | _______
| Fees payable to the company's auditor and its associates for other services: |  |  |
| Taxation compliance services |  | 500 | 500
| Other non-audit services |  | 1,650 | 1,650
|  |  | _______ | _______
|  |  | 2,150 | 2,150
|  |  | _______ | _______

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

|  |  | 2025 | 2024
| Administrative staff |  | 3 | 3
|  |  | _______ | _______

The aggregate payroll costs incurred during the year were:

|  |  | 2025 | 2024
|  |  | £ | £
| Wages and salaries |  | 175,509 | 113,874
| Social security costs |  | 15,776 | 6,183
| Other pension costs |  | 1,137 | 1,092
|  |  | _______ | _______
|  |  | 192,422 | 121,149
|  |  | _______ | _______

7. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:

|  |  | 2025 | 2024
|  |  | £ | £
| Remuneration |  | 158,484 | 93,199
| Company contributions to pension schemes in respect of qualifying services |  | 1,137 | 1,092
|  |  | _______ | _______
|  |  | 159,621 | 94,291
|  |  | _______ | _______

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

|  |  | 2025 | 2024
|  |  | Number | Number
| Defined contribution plans |  | 2 | 2
|  |  | _______ | _______

8. Other interest receivable and similar income

|  |  | 2025 | 2024
|  |  | £ | £
| Bank deposits |  | 2,285 | 5
| Other interest receivable and similar income |  | - | 60
|  |  | _______ | _______
|  |  | 2,285 | 65
|  |  | _______ | _______

9. Interest payable and similar expenses

|  |  |  | 2025 | 2024
|  |  |  | £ | £
| Bank loans and overdrafts |  |  | 1,257 | 505
| Other loans made to the company: |  |  |  |
|  | Finance leases and hire purchase contracts |  | 5,935 | -
| Other interest payable and similar expenses |  |  | 3 | -
|  |  |  | _______ | _______
|  |  |  | 7,195 | 505
|  |  |  | _______ | _______

10. Tax on profit
Major components of tax expense

|  |  | 2025 | 2024
|  |  | £ | £
| Current tax: |  |  |
| UK current tax expense |  | 11,452 | 82,397
|  |  | _______ | _______
| Deferred tax: |  |  |
| Origination and reversal of timing differences |  | ( 3,285) | 789
|  |  | _______ | _______
| Tax on profit |  | 8,167 | 83,186
|  |  | _______ | _______

Reconciliation of tax expense
The tax assessed on the profit for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK of 25.00 % (2024: 25.00%).

|  |  | 2025 | 2024
|  |  | £ | £
| Profit before taxation |  | 28,508 | 311,340
|  |  | _______ | _______
| Profit multiplied by rate of tax |  | 7,127 | 77,835
| Effect of expenses not deductible for tax purposes |  | 1,155 | 2,380
| Effect of capital allowances and depreciation |  | 1,005 | 2,971
| Effect of different UK tax rates on some earnings |  | (1,120) | -
|  |  | _______ | _______
| Tax on profit |  | 8,167 | 83,186
|  |  | _______ | _______

11. Dividends
Equity dividends

|  |  | 2025 | 2024
|  |  | £ | £
| Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) |  | - | 25,000
|  |  | _______ | _______

12. Tangible assets

|  | Fixtures, fittings and equipment | Motor vehicles | Improvements to property | Total |  |  |
|  | £ | £ | £ | £ |  |  |
| Cost |  |  |  |  |  |  |
| At 1 April 2024 | 85,752 | - | 59,360 | 145,112 |  |  |
| Additions | 3,832 | 118,560 | - | 122,392 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| At 31 March 2025 | 89,584 | 118,560 | 59,360 | 267,504 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| Depreciation |  |  |  |  |  |  |
| At 1 April 2024 | 75,989 | - | 12,768 | 88,757 |  |  |
| Charge for the year | 6,757 | 29,640 | 5,936 | 42,333 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| At 31 March 2025 | 82,746 | 29,640 | 18,704 | 131,090 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| Carrying amount |  |  |  |  |  |  |
| At 31 March 2025 | 6,838 | 88,920 | 40,656 | 136,414 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |
| At 31 March 2024 | 9,763 | - | 46,592 | 56,355 |  |  |
|  | _______ | _______ | _______ | _______ |  |  |

Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

|  | Motor vehicles |  |  |  |  |  |
|  | £ |  |  |  |  |  |
| At 31 March 2025 | 88,920 |  |  |  |  |  |
|  | _______ |  |  |  |  |  |
| At 31 March 2024 | - |  |  |  |  |  |
|  | _______ |  |  |  |  |  |

13. Debtors

|  |  | 2025 | 2024
|  |  | £ | £
| Trade debtors |  | 27,345 | 32,841
| Other debtors |  | 188,589 | 190,161
|  |  | _______ | _______
|  |  | 215,934 | 223,002
|  |  | _______ | _______

14. Creditors: amounts falling due within one year

|  |  | 2025 | 2024
|  |  | £ | £
| Bank loans and overdrafts |  | 8,333 | 8,333
| Trade creditors |  | 23,423 | -
| Accruals and deferred income |  | 8,800 | 8,800
| Corporation tax |  | 11,451 | 82,397
| Social security and other taxes |  | 2,747 | 3,917
| Obligations under finance leases |  | 7,091 | -
| Director loan accounts |  | 3,917 | 3,050
| Other creditors |  | - | 186
|  |  | _______ | _______
|  |  | 65,762 | 106,683
|  |  | _______ | _______

The bank loan is unsecured and carries interest at a rate of 2.5% pa.
15. Creditors: amounts falling due after more than one year

|  |  | 2025 | 2024
|  |  | £ | £
| Bank loans and overdrafts |  | 20,370 | 31,987
| Obligations under finance leases |  | 71,061 | -
| Other creditors |  | - | ( 6,524)
|  |  | _______ | _______
|  |  | 91,431 | 25,463
|  |  | _______ | _______

The bank loan is unsecured and carries interest at a rate of 2.5% pa.
16. Deferred tax
The deferred tax included in the statement of financial position is as follows:

|  |  | 2025 | 2024
|  |  | £ | £
| Included in provisions (note ) |  | - | 3,285
|  |  | _______ | _______

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

|  |  | 2025 | 2024
|  |  | £ | £
| Accelerated capital allowances |  | - | 3,285
|  |  | _______ | _______

17. Called up share capital
Issued, called up and fully paid

|  |  | 2025 |  |  |  | 2024 |  |
|  |  | No |  | £ |  | No |  | £
| Founder shares of £ 1.00 each |  | 50,000 |  | 50,000 |  | 50,000 |  | 50,000
| Incentive A shares of £ 1.00 each |  | 85 |  | 85 |  | 85 |  | 85
| Incentive B shares of £ 1.00 each |  | 10 |  | 10 |  | 10 |  | 10
| Incentive C shares of £ 1.00 each |  | 5 |  | 5 |  | 5 |  | 5
|  |  | _______ |  | _______ |  | _______ |  | _______
|  |  | 50,100 |  | 50,100 |  | 50,100 |  | 50,100
|  |  | _______ |  | _______ |  | _______ |  | _______

The founder shares carry no voting rights and have no right to dividends.
18. Analysis of changes in net debt

|  | At 1 April 2024 | Cash flows | At 31 March 2025 |  |  |
|  | £ | £ | £ |  |  |
| Cash and cash equivalents | 173,732 | (30,888) | 142,844 |  |  |
| Debt due within one year | (11,383) | (7,958) | (19,341) |  |  |
| Debt due after one year | (25,463) | (65,968) | (91,431) |  |  |
|  | _______ | _______ | _______ |  |  |
|  | 136,886 | ( 104,814) | 32,072 |  |  |
|  | _______ | _______ | _______ |  |  |

19. Directors advances, credits and guarantees

| During the year the directors entered into the following advances and credits with the company: |  |  |  |  |  |
2025 |  |  |  |  |  |  |
|  | Balance brought forward | Advances /(credits) to the directors | Amounts repaid | Balance o/standing |  |
|  | £ | £ | £ | £ |  |
| Christopher Carmichael | ( 2,141) | ( 1,776) | - | ( 3,917) |  |
| Paul Ward | ( 909) | - | 909 | - |  |
|  | _______ | _______ | _______ | _______ |  |
|  | ( 3,050) | ( 1,776) | 909 | ( 3,917) |  |
|  | _______ | _______ | _______ | _______ |  |
2024 |  |  |  |  |  |  |
|  | Balance brought forward | Advances /(credits) to the directors | Amounts repaid | Balance o/standing |  |
|  | £ | £ | £ | £ |  |
| Christopher Carmichael | - | ( 2,141) | - | ( 2,141) |  |
| Paul Ward | ( 909) | - | - | ( 909) |  |
|  | _______ | _______ | _______ | _______ |  |

The advances are repayable on demand and interest free.
20. Related party transactions
H M West Limited, a company in which Christopher Carmichael is a director and controlling shareholder.Commissions payable £267,000 (2024 320,000).Balances with related parties:H M West LimitedBalance due from H M West Limited at 31 March 2025 £82,218 (2024 £6,161). The balance is repayable on demand and interest free.CK Scotland LimitedBalance due from CK Scotland Limited , a company in which Chris Carmichael is a director and 50% shareholder, at 31 March 2025 £106,371 (2024 £184,000). The balance is interest free and repayable on demand.
21. Controlling party
The company is controlled by C Carmichael who owns 100% of the voting shares in the company.