REGISTERED NUMBER: 00197534 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2025

for

John Chorley & Company Limited

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

Notes to the Financial Statements

13

DIRECTORS:

J B Caldwell

T A Shanahan

N E Caldwell

M A H Madden

SECRETARY:

N E Caldwell

REGISTERED OFFICE:

Dallam Lane

Warrington

Cheshire

WA2 7PZ

REGISTERED NUMBER:

00197534 (England and Wales)

SENIOR STATUTORY AUDITOR:

Hayley Jardine ACA

AUDITORS:

Voisey & Co LLP

8 Winmarleigh Street

Warrington

Cheshire

WA1 1JW

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

REVIEW OF BUSINESS

The volatility of the commodity prices along with the economic climate has led to a 15.26% drop in turnover for the year

The Board have reviewed the stock holdings and have restructured to ensure continuity of supply and minimal lead times on delivery.

The directors have reviewed the products and services offered which will further enhance future earnings with increased potential capacity throughout the site. This is proving productive in the 2026 year with the emphasis on value added rather than volume.

This is further demonstrated by the the continual investment in the company processing capabilities of drilling, shot blasting and painting, with further capital expenditure completed in the year and planned fro 2026 to maintain and improve the companies market position and to maintain the highest of technical and operational standards.

The directors are confident that these services will continue to present further opportunities in the coming years.

The directors continue to monitor the markets and respond to any changes in these conditions and take appropriate action to protect the group.

Key Performance Indicators

The directors monitor progress with reference to the following key performance indicators:

2025

2024

Definition and method of calculation

Gross profit as a % of turnover

13.21%

14.04%

Profit before administration and exceptional costs.

Operating Profit/ (Loss) as a % of turnover

0.84%

0.04%

Earnings before interest receivable and interest payable.

Stock turnover

3.93

4.17

Cost of sales (excluding wages)/stock

Liquidity ratio

1.38

1.38

Current assets/current liabilities

PRINCIPAL RISKS AND UNCERTAINTIES

The following are the principal risks identified by the directors and the measures taken to address them.

People

The retention and recruitment of staff is a key challenge for the business. Defined recruitment and retention policies exist centrally and are managed to ensure the company is competitive and attracts the best candidates.

Health & Safety

The company has further enhanced the attention it gives to health and safety investing heavily to ensure performance remains excellent in this critical area.

Performance

The company is continually reviewing procedures and systems to ensure the work performed is of the highest quality. This is underlined by the company's ISO accreditation in relevant areas.

Financial

The company's principal financial liabilities are trade creditors and trade accruals. The company's principal financial assets are bank balances, stock and trade debtors.

The financial liabilities and assets are controlled by the directors to ensure sufficient funds are available for the company to meet its business needs. The financial liabilities and assets are stated at fair value and after allowance for doubtful receivables.

Supply Chain

The Group performance is reliant on the supply of steel. This is managed by maintaining strong supplier relationships both within the UK and Europe with a small number of suppliers to enable continuity and stability within our supply chain.

ON BEHALF OF THE BOARD:

J B Caldwell - Director

8 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 in the year under review was that of steel stockholders and the manufacture of other fabricated metal products.

Turnover was 100% derived from the United Kingdom.

DIVIDENDS

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

FUTURE DEVELOPMENTS

The directors anticipate the business environment will remain challenging and they believe that the group is in a good financial position and that the risks that have been identified are being well managed. The directors will continue carefully assessing the state of the market and development of the products on offer to customers. The directors anticipate that the current slow-down in global markets will lead to lower sales and profits in the year 2025/26 but they will continue to invest in product development and enhancements to achieve greater efficiencies in its operations. Overall the directors still expect satisfactory results in these uncertain times.

DIRECTORS

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

J B Caldwell

T A Shanahan

N E Caldwell

Other changes in directors holding office are as follows:

M A H Madden - appointed 19 May 2024

DISCLOSURE IN THE STRATEGIC REPORT

As permitted by the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008, certain matters which are required to be disclosed in the Directors' report have been omitted as they are included in the Strategic Report. These matters relate to the principal risks and uncertainties that it faces.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Voisey & Co LLP, will be proposed for appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J B Caldwell - Director

8 September 2025

Opinion

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

In our opinion the financial statements:

-	give a true and fair view of the state of the 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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:

1 - We enquired of management and those charged with governance about actual and potential litigation and claims, including review of relevant nominal ledger accounts.

2 - We obtained an understanding of laws, regulations and guidance that affect the Company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations. Key laws, regulations and guidance that we identified included the Companies Act 2006, health and safety legislation and employment legislation.

3 - We enquired of management and those charged with governance to identify any instances of non-compliance with laws and regulations. We also reviewed meeting minutes for evidence of non-compliance with relevant laws and regulations.

4 - We reviewed the Company's financial statement disclosures and agreed to supporting documentation to assess compliance with the applicable laws and regulations discussed above.

5 - We gained an understanding of the controls that management have in place to prevent and detect fraud. We enquired of management about any incidences of fraud that had taken place during the accounting period.

6 - The risk of fraud and non-compliance with laws and regulations was discussed within the audit team and tests were planned and performed to address these risks.

7 - In addressing the risk of fraud due to management override of controls, we performed 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 for bias.

8 - We also challenge management assumptions with regard to accounting estimates.

Despite appropriate planning and performing our work in accordance with International Auditing Standards, there are always inherent limitations that non-compliance is not detected. Non-compliance with laws and regulations is often further removed from the events and transactions reflected in the financial statements and material misstatements due to fraud can be deliberately concealed from auditors, for example through misrepresentation, forgery 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.

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.

Hayley Jardine ACA (Senior Statutory Auditor)

for and on behalf of Voisey & Co LLP

8 Winmarleigh Street

Warrington

Cheshire

WA1 1JW

17 September 2025

TURNOVER

3

14,347,773

16,932,425

Cost of sales

(12,451,794

)

(14,554,646

)

GROSS PROFIT

1,895,979

2,377,779

Administrative expenses

(1,775,189

)

(2,370,801

)

OPERATING PROFIT

5

120,790

6,978

Interest payable and similar expenses

6

(35,997

)

(21,891

)

PROFIT/(LOSS) BEFORE TAXATION

84,793

(14,913

)

Tax on profit/(loss)

7

(21,181

)

2,252

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

63,612

(12,661

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

63,612

(12,661

)

FIXED ASSETS

Tangible assets

9

1,296,286

1,145,018

CURRENT ASSETS

Stocks

10

3,163,252

3,485,908

Debtors

11

3,030,066

3,376,633

Cash at bank and in hand

654,187

762,555

6,847,505

7,625,096

CREDITORS

Amounts falling due within one year

12

4,968,755

5,511,814

NET CURRENT ASSETS

1,878,750

2,113,282

TOTAL ASSETS LESS CURRENT LIABILITIES

3,175,036

3,258,300

CREDITORS

Amounts falling due after more than one year

13

(212,400

)

(405,000

)

PROVISIONS FOR LIABILITIES

16

(278,382

)

(232,658

)

NET ASSETS

2,684,254

2,620,642

CAPITAL AND RESERVES

Called up share capital

17

8,000

8,000

Retained earnings

18

2,676,254

2,612,642

SHAREHOLDERS' FUNDS

2,684,254

2,620,642

The financial statements were approved by the Board of Directors and authorised for issue on 8 September 2025 and were signed on its behalf by:

N E Caldwell - Director

J B Caldwell - Director

M A H Madden - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

8,000

3,035,303

3,043,303

Changes in equity

Dividends

-

(410,000

)

(410,000

)

Total comprehensive income

-

(12,661

)

(12,661

)

Balance at 31 March 2024

8,000

2,612,642

2,620,642

Changes in equity

Total comprehensive income

-

63,612

63,612

Balance at 31 March 2025

8,000

2,676,254

2,684,254

1.	STATUTORY INFORMATION

John Chorley & Company 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The principal accounting policies adopted are set out below.

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

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 33.7.

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.

Significant judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The key assumptions concerning the future and other key sources of estimation include uncertainties at the reporting date, which may have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial periods, are discussed below.

The following judgements and estimates are considered to have the most significant effect on amounts recognised in the financial statements:

Stock obsolescence provision -. Management perform regular reviews to ensure that the provision is appropriate and make adjustments as necessary by proving for obsolete stock at scrap value.

Turnover

Revenue from the sale of goods shall be recognised when all the following conditions have been satisfied:

- the entity has transferred to the buyer the significant risks and rewards of ownership of the goods;

- the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction will flow to the entity;

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the sale of goods is generally recognised when they are handed over to the transport firms which, under the terms of current contracts, mark the time when the above risks and rewards are transferred.

Revenue is not recognised if its recoverability is considered to be uncertain.

Revenue is stated net of discounts, allowances, rebates and returns, and does not include the proceeds from the disposal of raw materials and scrap.

Revenue also includes minor cost connected with the sales process, such as certification, recoveries of cost of transport, packaging, insurances etc.

All of the company's turnover is generated from sales within the UK and is attributable to the one principle activity of the company.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

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

Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets,

other than freehold land, over their expected useful lives at the following rates:

Plant and machinery - 10% to 25% Straight line

Motor Vehicles - 25% Straight line

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have been adjusted.

Stocks and work in progress

Stocks are stated at the lower of cost and net realisable value. Cost is determined by the average cost method and is based on purchase price or production cost, including an appropriate proportion of overhead expenses. Net realisable value is based on estimated selling price less all further costs to completion and all relevant marketing and distribution costs. Provisions are recognised for stocks expected to sell at an amount lower than its cost or net realisable value.

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

Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange ruling at that date.

Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.

Foreign exchange differences arising on translation are recognised in the profit and loss account.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforcible right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the net asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits

Provisions

A provision is recognised in the balance sheet when the company has a constructive or legal obligation as a result of a past event and it is probable that an outflow of economic benefit will be required to settle the obligation. Provisions are recognised at their discounted net present value.

Going concern

At the time of approving the financial statements the directors have assessed the company forecasts and plans for the coming twelve months and have concluded that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3.

TURNOVER

All revenue arises from UK sales and no other geographical market.

4.	EMPLOYEES AND DIRECTORS

31.3.25

31.3.24

£

£

Wages and salaries

1,515,361

1,896,459

Social security costs

162,637

208,657

Other pension costs

86,428

63,689

1,764,426

2,168,805

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

31.3.25

31.3.24

Director

2

2

Administration and office

11

11

Warehouse and distribution

28

39

41

52

31.3.25

31.3.24

£

£

Directors' remuneration

226,833

324,160

Directors' pension contributions to money purchase schemes

20,716

-

Information regarding the highest paid director is as follows:

31.3.25

31.3.24

£

£

Emoluments etc

126,833

324,160

Pension contributions to money purchase schemes

20,716

-

The key management personnel are considered to be the three Directors that deal with the day to day activity of the business, only the Managing Director received direct remuneration from this company in the Group.

5.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.25

31.3.24

£

£

Hire of plant and machinery

46,611

46,084

Other operating leases

126,824

57,852

Depreciation - owned assets

118,880

115,301

Depreciation - assets on hire purchase contracts

129,324

124,271

Auditors' remuneration

15,600

14,900

Other non- audit services

9,871

10,395

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.25

31.3.24

£

£

Other interest paid

6,885

13,404

Hire purchase

29,112

8,487

35,997

21,891

7.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

31.3.25

31.3.24

£

£

Current tax:

UK corporation tax

-

47,087

Deferred tax

21,181

(49,339

)

Tax on profit/(loss)

21,181

(2,252

)

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

Reconciliation of total tax charge/(credit) 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:

31.3.25

31.3.24

£

£

Profit/(loss) before tax

84,793

(14,913

)

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

21,198

(3,728

)

Effects of:

Expenses not deductible for tax purposes

-

1,458

Capital allowances in excess of depreciation

(45,742

)

-

Depreciation in excess of capital allowances

-

49,357

Deferred tax charge

45,725

(49,339

)

Total tax charge/(credit)

21,181

(2,252

)

8.

DIVIDENDS

31.3.25

31.3.24

£

£

Interim

-

410,000

9.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 April 2024

4,269,369

465,852

4,735,221

Additions

399,472

-

399,472

Disposals

(442,857

)

-

(442,857

)

At 31 March 2025

4,225,984

465,852

4,691,836

DEPRECIATION

At 1 April 2024

3,265,585

324,618

3,590,203

Charge for year

208,867

39,337

248,204

Eliminated on disposal

(442,857

)

-

(442,857

)

At 31 March 2025

3,031,595

363,955

3,395,550

NET BOOK VALUE

At 31 March 2025

1,194,389

101,897

1,296,286

At 31 March 2024

1,003,784

141,234

1,145,018

Tangible assets with a carrying value of £1,296,286 (2024: £1,145,018) are pledged as security for the companies liabilities.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 April 2024

1,390,000

Transfer to ownership

(640,000

)

At 31 March 2025

750,000

DEPRECIATION

At 1 April 2024

614,946

Charge for year

129,324

Transfer to ownership

(509,982

)

At 31 March 2025

234,288

NET BOOK VALUE

At 31 March 2025

515,712

At 31 March 2024

775,054