REGISTERED NUMBER: 03233080 (England and Wales)

Strategic Report, Report of the Director and

Audited Financial Statements

for the Year Ended 30 September 2024

for

Classic Furniture (Binbrook) Limited

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

5

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTOR:

Mr D R Rippin

REGISTERED OFFICE:

Hangar 4

Binbrook Technical Park

Brookenby

MARKET RASEN

Lincolnshire

LN8 6BW

REGISTERED NUMBER:

03233080 (England and Wales)

AUDITORS:

Nicholsons Audit (Statutory Auditor)

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

BANKERS:

HSBC Bank plc

10 Market Place

MARKET RASEN

Lincolnshire

LN8 3HR

SOLICITORS:

Bridge McFarland

9 Cornmarket

LOUTH

Lincs

LN11 9PY

The director presents his strategic report for the year ended 30 September 2024.

REVIEW OF BUSINESS

The business continues to operate within a challenging economic environment. Ongoing economic headwinds including persistent inflationary pressures, higher interest rates, supply chain disruptions, and a tight labour market are impacting both operating costs and customer demand. In addition, uncertainty in global markets has contributed to fluctuating exchange rates and reduced business confidence.

Despite these challenges, the company remains focused on its long-term objectives: maintaining operational efficiency, investing in sustainable growth, and protecting margins through prudent cost management and careful capital allocation.

The changing dynamic of delivering new contacts has required mutually beneficial supply chain relationships to be established. Management are focused on strengthening supplier relationships following the introduction of new product ranges. Management expect this work to continue over the next couple of years and are planning for there to be substantial investment in stock as new products are introduced and there is a divestment of older ranges.

Financial Performance

During the period, the company maintained stable revenues and continued to invest in core operations to support future growth. Cost control measures and disciplined cash management have helped to mitigate the impact of increased input costs and financing expenses.

Key financial performance indicators are summarised below:

2024

2023

Turnover (£m)

£13,477,849

£14,277,310

EBITDA (underlying) (£m)

£500,407

£271,970

Net profit margin (%)

1%

(1%

)

Operating cash flow (£m)

(£405,772

)

£1,559,450

Liquidity

1.81

1.86

The company continues to prioritise maintaining a robust balance sheet, ensuring sufficient liquidity to support day-to-day operations and future growth initiatives.

Principal Risks and Uncertainties

The company faces a range of external and operational risks, including economic uncertainty, rising costs, and supply chain disruption, all of which could impact margins and cash flow.

Higher interest rates and tighter funding conditions present additional financial pressures, while talent shortages remain a challenge for sustaining growth. Regulatory requirements and increasing cyber security threats also add to the risk profile. The Director and management team monitor these risks closely and has controls and contingency plans in place to mitigate them where possible.

Outlook

The company remains optimistic and will continue to focus on cost discipline, strengthening the balance sheet, and pursuing opportunities that support sustainable long-term growth.

PRINCIPAL RISKS AND UNCERTAINTIES

2023 has been challenging primarily due to the ongoing economic uncertainties post-Brexit. The changes in trade agreements and the introduction of new tariffs have increased the cost of importing goods from the EU and other countries leading us to navigate a complex landscape of customs regulations, delays and additional administrative burdens. This has not only disrupted the supply chain but also resulted in higher operational costs, impacting profitability.

Another significant struggle has been the fluctuation in exchange rates. The pound has experienced volatility against major currencies, making it vital for directors to predict costs accurately and has led to changes with pricing strategies.

The global shipping crisis has further exacerbated the struggles of furniture importers. The pandemic-induced disruptions have led to container shortages and increased freight rates. Importers have faced significant delays in receiving their goods, leading to stock shortages and unfulfilled orders. The increased cost of shipping has also eaten into profit margins, forcing some businesses to rethink their logistics and supply chain strategies.

Consumer behavior changes have also presented challenges. The cost-of-living crisis has led to reduced consumer spending on non-essential items like furniture. With households tightening their budgets, the demand for new furniture has dropped, impacting sales volumes. Additionally, there has been a shift towards sustainable and locally produced furniture, driven by increasing environmental awareness. Importers have had to adapt to these changing preferences.

ON BEHALF OF THE BOARD:

Mr D R Rippin - Director

26 September 2025

The director presents his report with the financial statements of the company for the year ended 30 September 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the import and distribution of wooden furniture.

DIVIDENDS

The total distribution of dividends for the year ended 30 September 2024 will be £ 50,796 .

DIRECTOR

Mr D R Rippin held office during the whole of the period from 1 October 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mr D R Rippin - Director

26 September 2025

Opinion

We have audited the financial statements of Classic Furniture (Binbrook) Limited (the 'company') for the year ended 30 September 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the company and its industry we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation and trading standards.

To help us identify instances of non-compliance with these laws and regulations and in identifying and assessing the risk of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

- Inquiring of management and where appropriate those charged with governance as to whether the company is in compliance with laws and regulations;

- Inspecting correspondence, if any, with relevant licensing authorities;

- Communicating to our engagement team identified laws and regulations and remaining alert to any instances of non-compliance throughout our audit; and

- Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.

We also considered those laws and regulations which have a direct effect on the preparation of the financial statements such as tax legislation, the Companies Act 2006 and the reporting framework (FRS102).

Further to this, we evaluated the Directors' and managements incentives and opportunities for fraudulent manipulation of the financial statements including the risk of management override of controls and determined the principal risks were related to posting manual journal entries to manipulate financial performance. We also considered the risks associated with transacting in foreign currencies, completeness of income and stock recognition in relation to the stock on boats and whether this could have a material impact on the financial statements. Work was targeted on these transactions

Our audit procedures in relation to fraud included but were not limited to:

- Making enquiries of the directors and management on whether they had knowledge of any actual, suspected, or alleged fraud;

- Gaining an understanding of internal controls established to mitigate risks related to fraud;

- Discussing amongst the engagement team the risks of fraud;

- Addressing the risks of fraud through management override of controls by performing journal entry testing;

- Testing of assumptions and reenforcing calculations; and

- Sensitivity analysis around assumptions used.

- Examining cut off in relation to areas significant impact within the financial statements

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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

Use of our report

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

Joanne Brown (Senior Statutory Auditor)

for and on behalf of Nicholsons Audit (Statutory Auditor)

Newland House

The Point

Weaver Road

LINCOLN

Lincolnshire

LN6 3QN

26 September 2025

TURNOVER

3

13,477,849

14,277,310

Cost of sales

12,254,451

13,112,011

GROSS PROFIT

1,223,398

1,165,299

Distribution costs

576,420

558,809

Administrative expenses

290,505

433,296

866,925

992,105

OPERATING PROFIT

5

356,473

173,194

Interest receivable and similar income

14,571

4,582

371,044

177,776

Interest payable and similar expenses

6

221,332

185,115

PROFIT/(LOSS) BEFORE TAXATION

149,712

(7,339

)

Tax on profit/(loss)

7

36,986

4,717

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

112,726

(12,056

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

112,726

(12,056

)

FIXED ASSETS

Tangible assets

9

729,025

347,957

CURRENT ASSETS

Stocks

10

4,382,559

4,565,987

Debtors

11

2,786,891

2,312,488

Cash at bank

1,176,515

1,582,287

8,345,965

8,460,762

CREDITORS

Amounts falling due within one year

12

4,609,155

4,603,210

NET CURRENT ASSETS

3,736,810

3,857,552

TOTAL ASSETS LESS CURRENT LIABILITIES

4,465,835

4,205,509

CREDITORS

Amounts falling due after more than one year

13

(225,054

)

(268,331

)

PROVISIONS FOR LIABILITIES

17

(328,662

)

(86,989

)

NET ASSETS

3,912,119

3,850,189

CAPITAL AND RESERVES

Called up share capital

18

51

51

Capital redemption reserve

19

51

51

Retained earnings

19

3,912,017

3,850,087

SHAREHOLDERS' FUNDS

3,912,119

3,850,189

The financial statements were approved by the director and authorised for issue on 26 September 2025 and were signed by:

Mr D R Rippin - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 October 2022

51

3,912,939

51

3,913,041

Changes in equity

Dividends

-

(50,796

)

-

(50,796

)

Total comprehensive income

-

(12,056

)

-

(12,056

)

Balance at 30 September 2023

51

3,850,087

51

3,850,189

Changes in equity

Dividends

-

(50,796

)

-

(50,796

)

Total comprehensive income

-

112,726

-

112,726

Balance at 30 September 2024

51

3,912,017

51

3,912,119

Cash flows from operating activities

Cash generated from operations

1

674,415

2,269,162

Interest paid

(195,134

)

(156,709

)

Interest element of hire purchase payments paid

(26,198

)

(28,406

)

Tax paid

-

(323,613

)

Net cash from operating activities

453,083

1,760,434

Cash flows from investing activities

Purchase of tangible fixed assets

(520,414

)

(338,262

)

Sale of tangible fixed assets

6,859

-

Interest received

14,571

4,582

Net cash from investing activities

(498,984

)

(333,680

)

Cash flows from financing activities

Loan repayments in year

(270,456

)

(123,459

)

Finance lease movement

(38,619

)

306,951

Equity dividends paid

(50,796

)

(50,796

)

Net cash from financing activities

(359,871

)

132,696

(Decrease)/increase in cash and cash equivalents

(405,772

)

1,559,450

Cash and cash equivalents at beginning of year

2

1,582,287

22,837

Cash and cash equivalents at end of year

2

1,176,515

1,582,287

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30/9/24

30/9/23

£

£

Profit/(loss) before taxation

149,712

(7,339

)

Depreciation charges

134,473

100,127

(Profit)/loss on disposal of fixed assets

(1,986

)

1,636

Provisions

263,398

-

Finance costs

221,332

185,115

Finance income

(14,571

)

(4,582

)

752,358

274,957

Decrease in stocks

183,428

1,429,053

(Increase)/decrease in trade and other debtors

(530,346

)

955,538

Increase/(decrease) in trade and other creditors

268,975

(390,386

)

Cash generated from operations

674,415

2,269,162

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

1,176,515

1,582,287

Year ended 30 September 2023

30.9.23

1.10.22

£

£

Cash and cash equivalents

1,582,287

108,277

Bank overdrafts

-

(85,440

)

1,582,287

22,837

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.10.23

Cash flow

At 30.9.24

£

£

£

Net cash

Cash at bank

1,582,287

(405,772

)

1,176,515

1,582,287

(405,772

)

1,176,515

Debt

Finance leases

(306,951

)

38,619

(268,332

)

Debts falling due within 1 year

(2,684,654

)

270,456

(2,414,198

)

(2,991,605

)

309,075

(2,682,530

)

Total

(1,409,318

)

(96,697

)

(1,506,015

)

1.	STATUTORY INFORMATION

Classic Furniture (Binbrook) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Property improvements

-

Straight line over 10 years

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

25% on reducing balance and 15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stock

Stock is valued at the lower of cost and net realisable value and includes the cost of stock in transit.

Financial instruments

Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

Derivative financial instruments, consisting of forward foreign currency exchange contracts, are initially recognised at fair value at the date the derivative contract is entered into and are subsequently measured at fair value at each reporting date. Movements in fair value are recognised in the Statement of Income.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Pension costs and other post-retirement benefits

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

Provisions

Provisions are recognised when there is a present obligation, either legal or constructive, as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and the amount can reliably be estimated.

3.

TURNOVER

The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

30/9/24

30/9/23

£

£

United Kingdom

13,467,305

13,880,726

Rest of the world

10,544

396,584

13,477,849

14,277,310

4.	EMPLOYEES AND DIRECTORS

30/9/24

30/9/23

£

£

Wages and salaries

763,530

652,713

Social security costs

69,646

64,582

Other pension costs

27,644

19,861

860,820

737,156

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

30/9/24

30/9/23

Directors

1

1

Staff

23

21

24

22

30/9/24

30/9/23

£

£

Director's remuneration

53,000

53,443

Director's pension contributions to money purchase schemes

1,590

1,500

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30/9/24

30/9/23

£

£

Other operating leases

160,203

171,750

Depreciation - owned assets

69,287

22,608

Depreciation - assets on hire purchase contracts

65,186

77,518

(Profit)/loss on disposal of fixed assets

(1,986

)

1,636

Auditors' remuneration

7,000

6,600

Foreign exchange differences

(186,744

)

30,482

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

30/9/24

30/9/23

£

£

Bank loan interest

195,134

155,875

Other interest

-

834

Hire purchase

26,198

28,406

221,332

185,115

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

30/9/24

30/9/23

£

£

Current tax:

UK corporation tax

58,711

(55,943

)

Deferred tax movement

(21,725

)

60,660

Tax on profit/(loss)

36,986

4,717

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30/9/24

30/9/23

£

£

Profit/(loss) before tax

149,712

(7,339

)

Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 19% (2023 - 19%)

28,445

(1,394

)

Effects of:

Capital allowances in excess of depreciation

-

(54,549

)

Depreciation in excess of capital allowances

26,391

-

Utilisation of tax losses

(52,068

)

-

Deferred tax

(21,725

)

60,660

Previous years tax

55,943

-

Total tax charge

36,986

4,717

8.

DIVIDENDS

30/9/24

30/9/23

£

£

Interim

50,796

50,796