REGISTERED NUMBER: 00272168 (England and Wales)

Sywell Aerodrome,Limited

Group Strategic Report,

Report of the Directors and

Audited Consolidated Financial Statements

for the Year Ended 31 March 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Cash Flow Statement

18

Notes to the Consolidated Cash Flow Statement

19

Notes to the Consolidated Financial Statements

20

DIRECTORS:

M H Bletsoe-Brown

Mrs M Findlay

P J Bletsoe-Brown

C B Heslop

S D Shaw

A C Hewitt

Miss A E Bletsoe-Brown

Mrs J Jones

Mrs J Conway

SECRETARY:

Mrs J Jones

REGISTERED OFFICE:

Hall Farm

Sywell Aerodrome

Sywell

Northampton

Northamptonshire

NN6 0BN

REGISTERED NUMBER:

00272168 (England and Wales)

AUDITORS:

Kilby Fox

Statutory Auditor

4 Pavilion Court

600 Pavilion Drive

Northampton Business Park

Northampton

Northamptonshire

NN4 7SL

BANKERS:

Santander Corporate Banking

Santander House

AHMG83

201 Grafton Gate East

Milton Keynes

MK9 1AN

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

The Company's commercial property suffered a number of vacations of the larger units during the financial year due to either insolvency or tenants leaving . The vacant units have had dilapidations dealt with and one large unit has received a major refurbishment. Other units have had work done to improve their EPC levels to either a B or C. Any small commercial units that have come vacant have been re-let. Lease renewals have seen increases in rent in line with the local market. The local commercial market has cooled over the past year and units are coming up for let around the local area.

The office rental market is slowly recovering, post Covid. The Estate has only two small office units vacant at Hall Farm at the present time.

The arable land continues to be rented out to Bletsoe-Brown Ltd. Due to the finishing of the Rural Payments Scheme, the eligible grassland has been taken back in-house and our advisor is looking at the options for future payments under the different schemes available. Estate staff remain engaged full time on estate maintenance and building works.

The airfield remained operational throughout the year, offering an Air/Ground radio service. Aircraft hangerage, fuel and landing fees have reduced slightly as General Aviation in the UK and Europe appears to be in a slow decline. However, the overall profit of Aviation was only slightly down on the previous year.

The alternative revenue streams on the airfield continue to make significant contributions to sales and profitability. The established events on the airfield continue and they have also contributed significantly towards Aviation and Hotel sales.

Brooklands Engineering was closed down at the start of the financial year due to the lack of licensed engineers. This resulted in a significant write-off of aircraft spares etc. which has affected the overall profitability of Aviation, resulting in a reduced profit of £95,000 for the financial year.

Since the year-end the airfield has been busy with events, flight experiences and many auto-experience events. However, Tower sales have reduced slightly due to less flying by the private flyer.

The Aviator Hotel combined sales for the year increased slightly on the previous year, which resulted in a trading profit of £207,236 for the year. Hotel bedroom sales were down slightly, conferencing and room hire increased slightly, Food and beverage saw a steady increase in sales.

In conclusion the Group's result for the financial year is a trading profit of £634,598. After taxation and dividend payments, the resulting adjustment to reserves is £258,936. Overall, the company has performed well during the year considering the larger units that have come vacant during the financial year.

The Group's borrowings totalled £1,991,691 at the end of the financial year, a significant reduction on the previous year. This level of debt is felt manageable given the Group's overall performance.

PRINCIPAL RISKS AND UNCERTAINTIES

The main focus of the business is to continue to maintain full occupancy of the Company's commercial units as this represents a significant part of the Company's overall income. Rental voids represent the Company's highest financial risk.

Dilapidations when tenants vacate remains a major issue requiring robust management to ensure the vacated property is restored to its previous refurbished state at the vacating tenant's cost.

The Brooklands Technology Park was largely finished in April 2023. All the units have now been let producing a significant boost to the overall sales in Estates. During the year a number of the larger units came vacant due to insolvencies and tenants vacating. These units have had the dilapidations dealt with, the cost of some have been recovered, some not. As a matter of Company policy all these units have had work done to improve the EPC levels to either a B or C. One tenant of a large unit at Bellman Gate vacated in August 2024. Since then, the unit has had its asbestos roof replaced with insulated composite panels, plus many other improvements. A considerable sum was spent during the year on refurbishments to make the units more lettable or increase the rental level. At the end of the financial year most units had been re-let leaving one large unit vacant.

Negotiations with insurers regarding the fire in May 2019 continue, however, a significant sum has been received to date.

The aviation business performed well during the year, in part due to the alternative revenue streams. Overall aircraft activity was reduced on the previous year as General Aviation in both the UK & Europe is in a slow decline and has been for a while now. The main aircraft operators have been extremely busy with flight experiences etc. Corporate aircraft movements continue to remain spasmodic. Overall aircraft hangarage sales were down. At the start of the financial year Brooklands Engineering was closed due to the lack of licensed engineers being available. The aviation business now relies on alternative revenue streams to make the business viable.

The Hotel has performed well during the year, however, recruiting new staff is an ongoing problem. However, important departmental posts have now been filled. The bar and restaurant trade has been good. Bedroom sales were slightly down, but, conferencing sales have improved throughout the year. The business has returned to a healthy profit after a few difficult years. Since the year-end the business continues to trade at record levels. However, the cost base of the Aviator Hotel business has increased significantly due to the increase in the minimum wage and the higher NI contributions since the Budget earlier in the year.

The Company currently has no bank loans. Funding is via a long-term non-recallable mortgage, which is being paid down over a fifteen-year term. This arrangement reduces the financial risk to the Company in the event of another banking crisis or recession.

DEVELOPMENT AND PERFORMANCE

The Company will continue to build new commercial units and aviation hangars if there is demand. The Brooklands Technology Park was completed by the Company following the construction company going into administration in August 2022. The build is now finished and all the units are now let, which is having a positive impact on the Company's profitability.

The Aviator Hotel is trading at record levels. Bedroom sales have been the main driver and conferencing and functions are making a come-back. Food and beverage sales continue to increase.

Alternative revenue streams remain very important to the Tower profitability as there has been reduced private aircraft activity during the year despite the established aviation operators on the airfield remaining very busy with flight experiences and corporate entertainment.

The Company continues to implement its current business plan, however, these are challenging times with general consumer spending under pressure. However, corporate spending is still holding up at present. The business plan remains relevant at the present time, although, it will be revisited if a change in the economic climate indicates a review is appropriate.

FUTURE DEVELOPMENT

The immediate focus is to let the large refurbished unit at Belman Gate, finish the construction of the container park and build a further three commercial units at Belman Gate.

The Aviator Hotel will continue to build on its current solid customer base.

The Aviation business will be looking to maintain aircraft activity and maintain the alternative revenue streams that have been so successful so far.

ON BEHALF OF THE BOARD:

M H Bletsoe-Brown - Director

18 September 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025.

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review were those of property management of the company's commercial units, farming the arable land, aerodrome operators of the airfield, aircraft engineering service providers and hoteliers operating in the provision of accommodation, meals, bars, conference and function facilities.

DIVIDENDS

Based on the profits for the year ended 31 March 2024 the following dividends per share were paid:

£1.50 - 4 April 2024

£1.75 - 23 October 2024

This results in a total distribution of £263,409. In order to comply with current UK GAAP this has been shown as an interim dividend for the year ended 31 March 2025.

FUTURE DEVELOPMENTS

The immediate focus is to let all the units in the Brooklands Technology Park.

The Aviator Hotel will continue to build on its current solid customer base.

The Aviation business will be looking to maintain aircraft activity and develop the alternative revenue streams that have been so successful so far.

DIRECTORS

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

M H Bletsoe-Brown

Mrs M Findlay

P J Bletsoe-Brown

C B Heslop

S D Shaw

A C Hewitt

Miss A E Bletsoe-Brown

Mrs J Jones

Mrs J Conway

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

M H Bletsoe-Brown - Director

18 September 2025

Opinion

We have audited the financial statements of Sywell Aerodrome,Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 March 2025 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 five, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

Audit response to risks identified

- the nature of the industry and sector, control environment and business performance including the design of the Company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

Audit response to risks identified

As a result of performing the above, we identified revenue recognition as a key audit matter related to the potential risk of fraud.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

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/auditors responsibilities. This description forms part of our Report of the Auditors.

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.

Frances Tebbutt ACA FCCA FMAAT (Senior Statutory Auditor)

for and on behalf of Kilby Fox

Statutory Auditor

4 Pavilion Court

600 Pavilion Drive

Northampton Business Park

Northampton

Northamptonshire

NN4 7SL

30 September 2025

TURNOVER

3

5,310,113

5,537,754

Cost of sales

2,077,030

2,242,930

GROSS PROFIT

3,233,083

3,294,824

Administrative expenses

2,999,582

1,980,958

233,501

1,313,866

Other operating income

401,097

26,955

OPERATING PROFIT

5

634,598

1,340,821

Interest receivable and similar income

6

42,490

4,754

677,088

1,345,575

Interest payable and similar expenses

7

140,127

176,933

PROFIT BEFORE TAXATION

536,961

1,168,642

Tax on profit

8

278,025

985,123

PROFIT FOR THE FINANCIAL YEAR

258,936

183,519

Profit attributable to:

Owners of the parent

258,936

183,519

PROFIT FOR THE YEAR

258,936

183,519

OTHER COMPREHENSIVE INCOME

Revaluation of investment property

-

5,174,618

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

5,174,618

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

258,936

5,358,137

Total comprehensive income attributable to:

Owners of the parent

258,936

5,358,137

FIXED ASSETS

Tangible assets

11

183,549

225,313

Investments

12

-

-

Investment property

13

24,594,852

25,135,000

24,778,401

25,360,313

CURRENT ASSETS

Stocks

14

43,167

148,955

Debtors

15

469,109

853,323

Cash at bank and in hand

1,296,779

1,583,058

1,809,055

2,585,336

CREDITORS

Amounts falling due within one year

16

2,226,040

2,931,237

NET CURRENT LIABILITIES

(416,985

)

(345,901

)

TOTAL ASSETS LESS CURRENT LIABILITIES

24,361,416

25,014,412

CREDITORS

Amounts falling due after more than one year

17

(1,691,534

)

(2,327,792

)

PROVISIONS FOR LIABILITIES

20

(1,347,792

)

(1,360,057

)

NET ASSETS

21,322,090

21,326,563

CAPITAL AND RESERVES

Called up share capital

21

81,049

81,049

Share premium

22

358,396

358,396

Revaluation reserve

22

8,601,422

8,601,422

Retained earnings

22

12,281,223

12,285,696

SHAREHOLDERS' FUNDS

21,322,090

21,326,563

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2025 and were signed on its behalf by:

A C Hewitt - Director

M H Bletsoe-Brown - Director

Mrs J Jones - Director

FIXED ASSETS

Tangible assets

11

100,099

119,465

Investments

12

26,252

26,252

Investment property

13

24,594,852

25,135,000

24,721,203

25,280,717

CURRENT ASSETS

Debtors

15

177,704

473,139

Cash at bank and in hand

1,181,727

1,453,704

1,359,431

1,926,843

CREDITORS

Amounts falling due within one year

16

4,275,318

4,402,133

NET CURRENT LIABILITIES

(2,915,887

)

(2,475,290

)

TOTAL ASSETS LESS CURRENT LIABILITIES

21,805,316

22,805,427

CREDITORS

Amounts falling due after more than one year

17

(1,691,534

)

(2,327,792

)

PROVISIONS FOR LIABILITIES

20

(1,313,120

)

(1,319,243

)

NET ASSETS

18,800,662

19,158,392

CAPITAL AND RESERVES

Called up share capital

21

81,049

81,049

Share premium

22

358,396

358,396

Revaluation reserve

22

8,601,422

8,601,422

Retained earnings

22

9,759,795

10,117,525

SHAREHOLDERS' FUNDS

18,800,662

19,158,392

Company's loss for the financial year

(94,321

)

(134,335

)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2025 and were signed on its behalf by:

A C Hewitt - Director

M H Bletsoe-Brown - Director

Mrs J Jones - Director

Called up

share

Retained

Share

Revaluation

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

81,049

12,503,370

358,396

3,426,804

16,369,619

Changes in equity

Dividends

-

(401,193

)

-

-

(401,193

)

Total comprehensive income

-

183,519

-

5,174,618

5,358,137

Balance at 31 March 2024

81,049

12,285,696

358,396

8,601,422

21,326,563

Changes in equity

Dividends

-

(263,409

)

-

-

(263,409

)

Total comprehensive income

-

258,936

-

-

258,936

Balance at 31 March 2025

81,049

12,281,223

358,396

8,601,422

21,322,090

Called up

share

Retained

Share

Revaluation

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

81,049

10,653,053

358,396

3,426,804

14,519,302

Changes in equity

Dividends

-

(401,193

)

-

-

(401,193

)

Total comprehensive income

-

(134,335

)

-

5,174,618

5,040,283

Balance at 31 March 2024

81,049

10,117,525

358,396

8,601,422

19,158,392

Changes in equity

Dividends

-

(263,409

)

-

-

(263,409

)

Total comprehensive income

-

(94,321

)

-

-

(94,321

)

Balance at 31 March 2025

81,049

9,759,795

358,396

8,601,422

18,800,662

Cash flows from operating activities

Cash generated from operations

1

1,233,040

2,216,539

Interest paid

(140,127

)

(176,933

)

Tax paid

(437,366

)

(178,085

)

Net cash from operating activities

655,547

1,861,521

Cash flows from investing activities

Purchase of tangible fixed assets

(33,150

)

(68,676

)

Purchase of investment property

(5,122

)

(264,294

)

Sale of tangible fixed assets

-

379,850

Interest received

42,490

4,754

Net cash from investing activities

4,218

51,634

Cash flows from financing activities

Loan repayments in year

(682,635

)

(689,085

)

Amount withdrawn by directors

-

(57

)

Equity dividends paid

(263,409

)

(401,193

)

Net cash from financing activities

(946,044

)

(1,090,335

)

(Decrease)/increase in cash and cash equivalents

(286,279

)

822,820

Cash and cash equivalents at beginning of year

2

1,583,058

760,238

Cash and cash equivalents at end of year

2

1,296,779

1,583,058

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

536,961

1,168,642

Depreciation charges

620,183

505,858

Profit on disposal of fixed assets

-

(10,922

)

Finance costs

140,127

176,933

Finance income

(42,490

)

(4,754

)

1,254,781

1,835,757

Decrease in stocks

105,788

5,103

Decrease/(increase) in trade and other debtors

384,214

(175,473

)

(Decrease)/increase in trade and other creditors

(511,743

)

551,152

Cash generated from operations

1,233,040

2,216,539

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 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

1,296,779

1,583,058

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

1,583,058

760,238

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

1,583,058

(286,279

)

1,296,779

1,583,058

(286,279

)

1,296,779

Debt

Debts falling due within 1 year

(346,535

)

46,378

(300,157

)

Debts falling due after 1 year

(2,327,792

)

636,258

(1,691,534

)

(2,674,327

)

682,636

(1,991,691

)

Total

(1,091,269

)

396,357

(694,912

)