REGISTERED NUMBER: 01110225 (England and Wales)

Prestige Homeseeker Park & Leisure

Homes Limited

Strategic Report, Report of the Directors and

Financial Statements for the Period 1st April 2024 to 31st December 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

8

Income Statement

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

R E Wilde

R M A Clarke

J I Doyle

P J Hasnip

D J Lambert

H J Rix

S J Rix

T J Rix

J Wake

A Westwood

G Corlyon

M Fry

REGISTERED OFFICE:

2 Humber Quays

Wellington Street West

Hull

HU1 2BN

REGISTERED NUMBER:

01110225 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

The directors present their strategic report for the period 1st April 2024 to 31st December 2024.

REVIEW OF BUSINESS

Prestige Homeseeker Park and Leisure Homes is a manufacturer of quality residential and holiday park homes that are mostly sold to parks in the UK.

Prestige was acquired by J. R. Rix & Sons Limited in July 2024, which significantly strengthens the stability of the company. Rix is a 5th generation family-owned business, committed to creating stable businesses for future generations and Prestige is a key component in the Rix group of companies and it’s long-term strategy.

As a result of the acquisition, the accounting period was shortened to 31st December, so that the year-end aligned with the rest of the Rix Group and as such these results report on a 9-month period.

2024 represented a challenging period for the business. Turnover for the company reduced to £19.8MN (Year to April 2024: £42.3MN), as a result of reduced orders during the period. This was caused by subdued demand across the industry, due to the adverse economic conditions of high inflation, high interest rates and cost of living pressures for our customers. The lower volumes combined with higher overheads, to cause losses before tax of £0.78MN (Year to April 2024: £10.1MN loss before tax).

The company continues to invest in people, machinery and technology to drive innovation and quality. It also remains well supported as part of the Rix Group of companies, to leave the business well capitalised for any challenges or opportunities that occur.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties affecting the business include the following: -

- Demand: customer demand for new park homes is volatile and difficult to predict. The company continues to invest in innovation, technical excellence and quality, to enhance the buying proposition and to build on the strong relationships with customers.

- Quality: the company is at the forefront of innovation and is continually looking to improve the manufacturing process, to meet the highest standards. The company has a real focus on quality and customer care throughout the journey and continues to invest heavily in market-leading products with a first-class aftersales team.

- Debtors: the company maintains strong relationships with its key customers through its sales team. In addition, the company operates a defined credit control policy.

- Pension funding risk: the company offers both a defined contribution scheme and a stakeholder pension scheme. The company does not operate a final salary scheme.

- Environmental risks: the company places considerable emphasis on environmental compliance and not only seeks to ensure on-going compliance with the relevant legislation but strives to ensure that best practice is incorporated into its key processes.

- Major disruption/disaster: the company has contingency plans, which it reviews regularly.

- Legislation: the company monitors current and forthcoming legislation regularly, both directly and through membership of various trade associations. The company not only seeks to ensure on-going compliance but strives to ensure that it incorporates best practice.

- Litigation: the company is subject to litigation from time to time. The outcome of legal action is always uncertain and there is always the risk that it may prove more costly and time consuming than expected. There is a risk that litigation could be instigated in the future which could materially impact the company. The company endeavours to maintain adequate insurance levels for all appropriate insurable risks.

- Competitive risk: the company operates within a highly competitive market. The company maintains many supply options and has control over its own storage and logistics chain. Investment, legislation and supply barriers in the market are significant for smaller operators and new entrants.

- Sales & Marketing: new and replacement business is being won continually. New and existing markets have been developed in line with the company's strategy. Key customer relationships are monitored on a regular basis.

- Cyber Security: the company recognises the growing threat of cyber and cyber enabled fraud and has measures in place to protect its systems and information from attack. It continues to assess and upgrade its procedures and systems as the cyber threat develops and evolves.

SECTION 172(1) STATEMENT

The Directors of Prestige Homeseeker Park & Leisure Limited and those of all UK companies must act in accordance with a set of general duties. These duties are detailed in the UK Companies Act 2006.

The directors consider that they have acted in good faith in a way most likely to promote the success of the company for the benefit of its members as a whole.

The business can only grow and prosper if we understand and respect the views and needs of our shareholders, customers, colleagues, suppliers, the environment and the wider community in which we operate. The company is a wholly owned subsidiary of J R Rix & Sons Limited, which can trace its origins back 150 years and whose shareholders continue to be the Rix family, who sit on the main board. The company's purpose, culture and values are those of a family business.

Strategy

The long-term success of the organization is to do with the shareholders' policy of retaining the majority of profits within the Group to re-invest in the businesses. The company seeks to invest in profitable and sustainable opportunities.

Employees

Our people are central to the continued success of the business.

At Prestige Homeseeker Park & Leisure Limited we believe that nothing we do is so important that it cannot be completed safely. Our philosophy is to prevent accidents, and cases of work-related ill health, to our employees, contractors, customers or members of the public. Health and Safety is a main board agenda item and the company invests in all aspects of health and safety and are committed to delivering the highest standards. Our dedicated HSE professionals assist in delivering the risk assessment and management review programme. We continue to develop the ways in which we engage with our employees and offer two-way communication opportunities through our health and safety committees at each location throughout the group.

We invest significantly in our workforce. To help unlock potential we invest in training at all levels. We provide a comprehensive e-learning program as part of the induction of all new members of staff. We engage with our workforce to ensure that we are fostering an environment that they are happy to work in and that best supports their well-being.

Relationships with customers and suppliers

The company's relationship with its customers is critical to its long-term success. At all times the company aims to provide value and quality and exceed customers' expectations. The company encourages feedback from customers and looks to incorporate the feedback in continuous improvement.

Our suppliers are fundamental to the quality of our products and to ensuring that, as a business, we meet the high standards of conduct that we set ourselves. We value our suppliers and act with honesty and integrity in all our dealings with them and expect the same in return. We aim to pay all suppliers, irrespective of size, of agreed terms, on time every time.

The community and the environment

The company respects the communities in which we operate and at all times acts to prevent harm. We aim to create positive change in our local communities by supporting numerous charities and good causes and encouraging colleagues to assist with their expertise.

The Company recognises environmental management as an important responsibility and takes practical measures to comply with all relevant environmental laws and regulations as a minimum standard.

The Company aims to continuously improve and consolidate its environmental policy by regular examination of key business processes and procedures.

The group, through the parent company J R Rix & Sons Limited, is certified to the ISO 50001 standard. The specification requires use of an energy management system with a main purpose of using energy more efficiently.

Business conduct

Prestige Homeseeker Park & Leisure Limited is committed to doing business with suppliers, customers and other parties in a way that is fair and transparent for everyone involved. The company maintains a reputation for high standards and at all times expects its people to act with honesty and integrity.

ON BEHALF OF THE BOARD:

R E Wilde - Director

22nd September 2025

The directors present their report with the financial statements of the company for the period 1st April 2024 to 31st December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of the manufacture of residential park homes.

DIVIDENDS

No dividends will be distributed for the period ended 31st December 2024 (March 2024: £33,531).

DIRECTORS

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

J Wake

A Westwood

Other changes in directors holding office are as follows:

R E Wilde - appointed 4th July 2024

R M A Clarke - appointed 4th July 2024

J I Doyle - appointed 4th July 2024

P J Hasnip - appointed 4th July 2024

D J Lambert - appointed 4th July 2024

H J Rix - appointed 4th July 2024

S J Rix - appointed 4th July 2024

T J Rix - appointed 4th July 2024

G Corlyon and M Fry were appointed as directors after 31st December 2024 but prior to the date of this report.

M A Comer and D Chapman ceased to be directors after 31st December 2024 but prior to the date of this report.

GOING CONCERN

The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The company benefits from a varied and constantly developing product range as well as strong relationships with its suppliers and customers built up over many years. The company's forecasts & cash flow projections for the forthcoming 12 months anticipate the company to be profitable and in a positive cash generating position. Following the acquisition in July 2024, the company's ultimate parent company is now J. R. Rix & Sons Limited and the company enjoys their full financial support. The Directors therefore deem that adopting the going concern basis is reasonable.

STREAMLINED ENERGY AND CARBON REPORTING

These figures have been compiled in line with Streamlined Energy and Carbon Reporting (SECR) requirements, for the period ended 31st December 2024. Greenhouse gases have been calculated using the UK Government GHG Conversion Factors for Company Reporting DEFRA conversion factors.

9 Months to Dec 2024

Year ended Mar 2024

Energy usage

Total kWh consumed

1,632,594

2,269,984

tCO2e

Dec 2024

Mar 2024

Scope 1

Mobile Combustion - Diesel/Petrol for forklifts

207

404

Scope 2

Purchased Electricity

115

173

Scope 3

Business Travel including Rail, Flights and Hotel Stays

22

28

Total

344

605

Intensity Ratio

tCO2e/£1MN Turnover

17.4

14.3

Prestige looks at ways of reducing reliance on fossil fuels and continually monitor the manufacturing inputs and processes to achieve this aim.

DISCLOSURE IN THE STRATEGIC REPORT

We have covered our strategic intent, future developments and risk in this section and feel there is nothing more to add.

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;

-	state whether applicable 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R E Wilde - Director

22nd September 2025

Opinion

We have audited the financial statements of Prestige Homeseeker Park & Leisure Homes Limited (the 'company') for the period ended 31st December 2024 which comprise the Income Statement, Other 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 31st December 2024 and of its loss for the period 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 six, 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with HMRC and relevant regulators.

Due to 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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Stocks FCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

22nd September 2025

TURNOVER

3

19,790,974

42,262,507

Cost of sales

13,244,069

27,455,109

GROSS PROFIT

6,546,905

14,807,398

Distribution costs

544,196

1,205,590

Administrative expenses

6,812,348

9,324,127

7,356,544

10,529,717

(809,639

)

4,277,681

Other operating income

-

(30,280

)

OPERATING (LOSS)/PROFIT

6

(809,639

)

4,247,401

Exceptional items

8

-

14,429,129

(809,639

)

(10,181,728

)

Interest receivable and similar income

23,837

38,664

(785,802

)

(10,143,064

)

Interest payable and similar expenses

9

-

2,367

LOSS BEFORE TAXATION

(785,802

)

(10,145,431

)

Tax on loss

10

(114,413

)

(71,712

)

LOSS FOR THE FINANCIAL PERIOD

(671,389

)

(10,073,719

)

FIXED ASSETS

Intangible assets

12

10,677

13,739

Tangible assets

13

1,659,072

2,220,555

1,669,749

2,234,294

CURRENT ASSETS

Stocks

14

3,859,999

3,968,433

Debtors

15

2,172,852

3,204,985

Cash at bank

1,773,836

2,152,744

7,806,687

9,326,162

CREDITORS

Amounts falling due within one year

16

6,166,784

6,699,891

NET CURRENT ASSETS

1,639,903

2,626,271

TOTAL ASSETS LESS CURRENT LIABILITIES

3,309,652

4,860,565

CREDITORS

Amounts falling due after more than one year

17

-

(937,500

)

PROVISIONS FOR LIABILITIES

19

(902,124

)

(844,148

)

NET ASSETS

2,407,528

3,078,917

CAPITAL AND RESERVES

Called up share capital

20

1,000

1,000

Retained earnings

21

2,406,528

3,077,917

SHAREHOLDERS' FUNDS

2,407,528

3,078,917

The financial statements were approved by the Board of Directors and authorised for issue on 22nd September 2025 and were signed on its behalf by:

T J Rix - Director

R E Wilde - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st April 2023

1,000

13,185,167

13,186,167

Changes in equity

Dividends

-

(33,531

)

(33,531

)

Total comprehensive income

-

(10,073,719

)

(10,073,719

)

Balance at 31st March 2024

1,000

3,077,917

3,078,917

Changes in equity

Total comprehensive income

-

(671,389

)

(671,389

)

Balance at 31st December 2024

1,000

2,406,528

2,407,528

1.	STATUTORY INFORMATION

Prestige Homeseeker Park & Leisure Homes Limited is a private company limited by shares, registered in England and Wales, registered number 01110225. The registered office is 2 Humber Quays, Wellington Street West, Hull, HU1 2BN.

The principal activity of the Company during the year continued to be the manufacture of quality residential and holiday park homes.

The financial statements are presented in Sterling which is the functional currency of the Company, and rounded to the nearest whole £.

The financial statements made up to 31 December 2024 represent a 9 month period, where as the comparative figures to 31 March 2024 reflect a full 12 months.

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 preparation of the financial statements are in compliance with FRS 102 which requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

Going concern

The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. The company benefits from a varied and constantly developing product range as well as strong relationships with its suppliers and customers built up over many years. The company's forecasts & cash flow projections for the forthcoming 12 months anticipate the company to be profitable and in a positive cash generating position. Following the acquisition in July 2024, the company's ultimate parent company is now J. R. Rix & Sons Limited and the company enjoys their full financial support. The Directors therefore deem that adopting the going concern basis is reasonable.

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 3.17(d);

•

the requirement of paragraph 33.7.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, management have been required to make judgments, estimates and assumptions. These estimates which relate to the carrying value of assets and liabilities, where not readily available from other sources, are based on underlying assumptions and experience. Actual results may differ from these estimates. These estimates and assumptions are reviewed on an on-going basis.

Sources of estimation uncertainty:

Depreciation rates are based on estimates of the useful lives and residual values of the associated assets.

Bad debt provisions are based on the likely recover of debtor balances.

Warranty provisions are based on an estimated additional spend per home, for snagging and costs applicable to homes already delivered.

Labour and overhead absorptions are based on an estimated value for net sales, and then multiplied by the stage of completion on each job.

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue 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. The following criteria must also be met before revenue is recognised.

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

-

the Company has transferred the significant risks and rewards of ownership to the buyer;

-

the Company 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 Company will receive the consideration due under the transaction; and

-

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

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amotisation and any accumulated impairment losses.

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

Amortisation is provided on the following bases:

Computer software - 10% to 33% straight line

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements

- 12%

Plant & machinery

- 10% to 33%

Motor vehicles

- 25%

Fixtures and fittings

- 20%

Computer equipment

- 33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant charge since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in the fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transactions, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivative, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

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.

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

-

The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

-

Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of

business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

Hire purchase and leasing commitments

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

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

3.

TURNOVER

The whole of the turnover is attributable to the principle activity of the company.

All turnover arose within the United Kingdom.

4.	EMPLOYEES AND DIRECTORS

Period

1.4.24

to

Year ended

31.12.24

31.3.24

£

£

Wages and salaries

6,961,954

12,602,743

Social security costs

706,703

1,291,717

Other pension costs

299,658

424,926

7,968,315

14,319,386

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

Period

1.4.24

to

Year ended

31.12.24

31.3.24

Direct Labour

170

244

Management and administration

107

141

277

385

5.	DIRECTORS' REMUNERATION

Period 01.04.24 to 31.12.24

Year ended 31.03.24

£

£

Directors' emoluments

481,233

385,180

Company's contributions to defined contribution pension schemes

29,152

14,439

510,386

399,619

During the year, retirement benefits were accruing to 4 directors (March 2024: 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £206,307 (March 2024: £157,130).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £16,590 (March 2024: £6,079).

Key management personnel

The board consider that only directors are deemed to be members of key management personnel.