Notice is hereby given that the sixty seventh Annual General Meeting of the London Cremation Company Plc will be held at 62 Hoop Lane, London NW11 7NL on 18 September 2025 at 12pm for the following purposes:

1. To receive and consider the Directors' Report and financial statements for the year ended 31 March 2025

2. To confirm the interim Ordinary share dividends already paid

3. To fix the total fees of the non-executive Directors

4. To re-appoint Moore Kingston Smith as Auditor and to authorise the Directors to fix their remuneration

5. To transact any other business of an Annual General Meeting

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

The Company is a cremation authority, and its principal activities are carrying out cremations, burials and providing memorials at its six crematoria located at Golders Green and St Marylebone in London, Woking in Surrey, Banbury in Oxfordshire and Garden of England and Thames View in Kent.

The provision of service excellence remains a priority and the Company continually upgrades and improves its facilities. The Company maintains its plans for expansion, which includes identifying potential for new build crematoria and acquisition opportunities. To this end the Company is engaged with a crematorium development company with a brief to seek out and suggest appropriate parcels of land on which a crematorium can be built. There are over 345 crematoria serving the UK, leaving only small pockets of space where a crematorium can be a viable proposition, which must meet stringent proof of need and the demands of the planning system. However, the Company does believe that there are such opportunities that may be suitable in the future.

The Company acquired a parcel of land in the South of England, with the necessary planning permission to build a new crematorium. It is currently at the final design phase with the expectation for construction to begin in 2026. The development will be a single chapel and single cremator setup with ample parking and well laid out comprehensive memorial gardens.

The results for the year, set out on page 14, show an operating profit of £1,422k compared to £1,447k in the previous year. Profit on ordinary activities after taxation was £1,097k compared to £1,060k in the previous year. Earnings per ordinary share has increased to 48.83p compared to 47.18p in the previous year.

The Company continues to improve its net asset position and maintain a strong cash position which enables the business to move forward with upgrades and potential new opportunities when they arise. The Company expects the new site to strengthen the future of the business.

The uncertainty in the death rate affects the potential profitably of the Company each year. The COVID-19 pandemic identified the potential vulnerability of the Company to this type of event. To mitigate the risks the Company has strengthened its business continuity plan. The Company has a greater number of cremator technicians across the group to provide cross site cover within the group. The Company is implementing improvements to its administration process to enable remote cover and ensure continuity of statutory work streams and thus ensuring continuity of service.

Environmental regulation, with which the Company complies, continues to affect operations. The Company is currently aware of the following:

• The proposed revision to The Process Guidance Notes for emissions to air was led by the Environmental Agency with support from Defra. Following which Defra ran a consultation before their implementation. The expected dates set out in the consultation have been delayed but are expected to be confirmed shortly.

• A review of the burial and cremation law previously announced by the Law Commission, continues to run and engage with the sector on many topics.

• The implementation of the National Medical Examiner System commenced on 9 September 2024, with Medical Referees in place until further notice. However, there will be a six month notice period for their removal. This will happen once it is considered that the ME system is demonstrably robust

The Company is fully compliant with all current legislation. The planned installations of the necessary cremation and abatement equipment by the Company, meet expected timescales set by Defra and therefore will remain compliant.

The Company is taking part, through its representatives on the Deceased Management Advisory Group (DMAG), in government consultations on streamlining and modernising the law governing burial and cremation. All necessary steps will be taken to comply with any new requirements and guidelines. The risk from all of the above proposals are very small.

The London Cremation Company (LCC) acknowledges the requirement to comply with s.172 of the Companies Act 2006. The LCC Board recognises a Director of a Company must act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

a. the likely consequences of any decision in the long term;

b. the interests of the Company's employees;

c. the need to foster the Company's business relationships with suppliers, customers and others;

d. the impact of the Company's operations on the community and the environment;

e. the desirability of the Company maintaining a reputation for high standards of business conduct; and

f. the need to act fairly as between members of the Company

The directors regularly review the business strategy and promotion of its long-term success for shareholders and the wider community.

Our employees are the heart of our Company and are the driving force behind our success. The directors are committed to supporting employee training and development, health and safety, diversity, fair pay, benefits and wellbeing. The introduction of Mental Health First Aiders is an example of the Company’s commitment to employee wellbeing. Enhanced financial wellbeing support has also been introduced as better financial wellbeing is well known to foster positive physical and mental wellbeing and relationships.

The company has reviewed and updated the employee onboarding process in accordance with current employment legislation and best practice guidelines. This has proven to be successful in filling roles with many suitable applicants for every job posted.Together with the this, the company is engaging with specialists to seek apprentices to train through employment and education alongside dedicated organisations.

The directors recognise the importance of fostering good working relationships with suppliers, customers and others. The directors have a focus on maintaining long-standing customer relationships, building new customer relationships and delivering a quality service to all. We maintain close relationships with suppliers, ensuring we engage relevant and quality suppliers, which is an important part of delivering a quality service. Suppliers are regularly reviewed for consistency of deliverables and value for money.

The directors recognise that the Company has an impact on and responsibility to the environment. The Company is committed to reducing its impact on the environment across its crematoria and endeavours to be as environmentally friendly as possible. The Company already has mercury abatement equipment, installation of refractory innovation for cremators and heat reclamation plant in a number of its crematoria. The Company is actively involved in and encourages environmental initiatives big and small throughout the Company. The memorial parklands are ecologically and sustainably developed resulting in green spaces of natural beauty whilst benefiting wildlife and the environment. There is an emphasis on striking a balance between establishing a respectful and final resting place for the deceased and providing a valuable resource of enrichment for the living.

The company has subscribed to The Greener Globe Awards and has achieved a bronze award for all six crematoria. Thames View and Banbury both recently achieved the gold award. The Greener Globe Awards is an industry wide system with four award levels. As specific targets are surpassed this leads to an Environmental ISO 14001 status. The expectation is that this will run over the next three to four years to gain the ISO status for all crematoria in the group.

The new crematorium being developed in the South of England will be done so with a view to achieving high environmental credentials by implementing the following, to name a few:

• A Hybrid Cremator with the ability to use a variety of fuels

• Full emission abatement from the cremators

• Heat recovery

• Grey water recovery/recycling

• Rainwater recovery

• Planted roofs and walls

The LCC is a founding member and participant of a metal recycling scheme, which returned over £99,000 in the year to March 2025 which was subsequently distributed to local charities. chosen by its employees.

Finally, I would like to record my heartfelt thanks to every member of the Company's employees and executives.

On behalf of the board

The Directors present their annual report and the financial statements of The London Cremation Company plc ('the Company') for the year ended 31 March 2025.

The profit for the year, after taxation, amounted to £1,096,971 (2024 - 1,059,804)

An interim dividend on ordinary shares of 6.7% was declared on 31 March 2025. A second interim dividend on ordinary shares of 6.7% was declared on 31st July 2025 making a total for the year of 13.4%. Both dividends were paid during the year. It is not proposed to pay a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr K Lindsay joined the Company as a non-executive Director on 1 January 2020. He was appointed Chairman on 20 February 2023. A Chartered Accountant who has previously been a partner in ECI Partners LLP (a UK private equity investment house) and has served as non-executive Director on numerous Boards over the last two decades.

Mr S Faulkner-Gant joined the company as a Non-Executive Director on 1 October 2022. He was appointed Managing Director on 1 August 2023. He is an Advisor to Everest Funeral Concierge and his previous role was Crematoria and Manufacturing Director at Dignity Plc. He has 40 years experience in the sector and sits on various professional committees.

Ms A Anderson joined the Company as Financial Controller on 1 July 2016 and was appointed as Executive Finance Director on 1 April 2020. She is a Fellow of the Institute of Chartered Accountants in England and Wales. Training in practice she moved into industry in 2008 with a leading international transport group, going on to gain experience in a variety of industries. She was appointed as Company Secretary on 21 September 2023.

Lord de Mauley joined the Company as a non-executive Director on 1 October 2017. He served as Chairman from 8 February 2018 to 20 February 2023. He is a Fellow of the Institute of Chartered Accountants in England and Wales and, as a member of the House of Lords, was Parliamentary Under Secretary of State at DEFRA from 2012 to 2015. He is Honorary President of the Cremation Society of Great Britain.

Mr R A Griffiths was elected a non-executive Ordinary Share Director in 2000. He is a former senior partner of the solicitors Farrer & Co and is a founder member of Resolution (formerly the Solicitors Family Law Association). He was appointed a Life Trustee of the Sir John Soane’s Museum in 1993 and served in this role until 2014 and was Chairman between 1997 and 2008. He served as a member of the Council of the Imperial Cancer Research Fund. He is a Fellow of the Royal Society of Arts.

Professor H J Grainger OBE joined the company as a Non-Executive Director on 1 March 2023. A Director and Council Member of the Cremation Society of Great Britain since 2008 she was appointed Chair in 2018. She is Vice President of the International Cremation Federation (ICF), a Director of CAMEO, Trustee, Director and National Chair of The Victorian Society (since 2010) and the Past President of the Association for The Study of Death and Society. Hilary is Professor Emerita of Architectural History at University of the Arts London and Honorary Professor in the Department of Theology and Religion at Durham University. Her career, in University teaching and senior management, has spanned 45 years and in 2018 she was awarded an OBE for Services to Higher Education. She is also the leading authority on the architecture of UK crematoria and has published and lectured widely on the subject.

Except for the Managing Director and Finance Director, none of the Directors holds or will hold service contracts.

Moore Kingston Smith LLP were appointed as auditor to the Company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:

• so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

• the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

The Directors are responsible for preparing the annual 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently;

• make judgements 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;

• 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 to 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

Matters covered in the strategic report

The Company has chosen, in accordance with s.414C(11) of the Companies Act 2006, to set out in the Company's Strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, and Part 2 of The Companies (Miscellaneous Reporting) Regulations 2018 to be contained in the Directors' report. It has done so in respect of risk exposure, future developments, and engagement with suppliers, customers and others.

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:

• so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

• the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the year end. This report was approved by the board on 5 August 2025 and signed on its behalf.

We have audited the financial statements of The London Cremation Company plc (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including 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 contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our 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 have been prepared in accordance with applicable legal requirements.

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 in relation to which 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.

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.

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.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement 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 purposes of expressing an opinion on the effectiveness of the company’s 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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, UK taxation legislation and cremation regulation 2017.

• We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 an auditor's report 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.

The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.

The London Cremation Company plc is a private company limited by shares incorporated in England and Wales. The registered office is 62 Hoop Lane, London, NW11 7NL

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, based on budgets and forecasts and the strong financial position of the company, the directors have has a reasonable expectation 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.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Credit for income from new memorials is taken partly in the year of sale with the remainder apportioned over the period of dedication; income from memorial renewals is recognised over the period of rededication.

The Directors are of the opinion that the Company's activities constitute one class of business and therefore that segmental analysis is not appropriate.

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

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

No amortisation is provided in respect of these assets until they are brought into use.

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

Depreciation 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:

Freehold land is not depreciated.

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

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 not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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

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 balance sheet 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 enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 cost 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, 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 publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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.

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 payments 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.

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

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the Company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

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 area where uncertainty of estimation arises is in deferred income. Management judgement is employed to defer income based on estimated time spent on memorial maintenance.

The average monthly number of persons (including directors) employed by the Company during the year was:

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

Factors that may affect future tax charges

Included with deferred taxation is a liability of £28,874 (2024: 28,874) on a gain relieved by rollover into the cost of Banbury Crematorium and a liability of £173,587 (2024: £173,587) on a gain relieved by rollover into the cost of the Garden of England Crematorium.

Freehold and leasehold land and buildings above includes £2,076,354 (2024: £2,076,354) of long leasehold property that was brought into use during August 2003 and subject to depreciation from that date.

The figure also includes non-depreciated land of £5,199,233 (2024: £5,199,233).

Included within bank loans is £3,021,803 (2024: £3,242,586) loan held under the security of debentures and a charge over the freehold land and buildings at the Company's crematoria in St Marylebone and Banbury. This loan is repayable over 19 years with fixed interest rate of 3.84%.

The following are the major deferred tax liabilities and assets recognised by the Company and movements thereon:

Deferred income is included in the financial statements as follows:

The Company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £20,828 (2024 - £21,279) were payable to the fund at 31 March 2025 and are included in creditors.

In accordance with FRS102 Section 11 “Financial Instruments: Presentation” preference shares are disclosed as a liability arising after more than one year.

The Preference shares carry a cumulative preference dividend at the rate of 10.5% per annum. These shares, on winding up or repayment of capital shall entitle the holders to repayment of the capital paid up on these shares (together with the sum equal to any arrears or deficiency of the fixed dividend, whether declared or earned or not, calculated down to the date of the return of capital) in priority to any payment to the holders of the Ordinary shares, but the preference shares shall not entitle the holders to any further or other participation in the profits or assets of the company.

At the reporting end date the Company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

During the year a charitable donation of £2,500 (2024 - £2,500) was paid to the parent undertaking, The Cremation Society of Great Britain (a registered charity).

The ultimate parent undertaking is The Cremation Society of Great Britain (a registered charity) which is a company limited by guarantee, incorporated in Great Britain and registered in England and Wales. The Cremation Society of Great Britain is this Company's controlling party.

The largest and smallest group of undertakings for which consolidated financial statements have been prepared which include the Company is headed by The Cremation Society of Great Britain. These are available from: The Registrar of Companies, Companies Houses, Crown Way, Cardiff, CF14 3UZ. The registered office address of The Cremation Society of Great Britain is 1st Floor, Brecon House, 16/16a Albion Place, Maidstone, Kent, ME14 5DZ.

The Cremation Society's interest in the Company at 31 March 2025 consisted of 1,896,436 Ordinary shares and 104,030 Preference shares.