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COMPANY REGISTRATION NUMBER: 1501790

Kitto Group plc

Financial Statements

30 June 2025

Kitto Group plc

Financial Statements

Year ended 30 June 2025

Contents | Page

Officers and professional advisers | 1

Strategic report | 2

Directors' report | 3

Independent auditor's report to the members | 5

Statement of comprehensive income | 10

Statement of financial position | 11

Statement of changes in equity | 12

Statement of cash flows | 13

Notes to the financial statements | 14

Kitto Group plc

Officers and Professional Advisers

The board of directors | B.G.T. Rowe
| Mrs C M Rowe
| C.J.T. Rowe

Company secretary | C.J.T. Rowe

Registered office | Kitto House
| Station Road
| Montpelier
| Bristol
| BS6 5EE

Auditor | Charlton Baker (Bristol) Ltd
| Chartered Accountants & statutory auditor
| 61 Macrae Road, Ham Green, Bristol
| BS20 0DD

Bankers | National Westminster Bank plc
| P.O.Box 221
| 13 High Street
| Westbury-on-Trym
| Bristol
| BS99 5AL

Kitto Group plc

Strategic Report

Year ended 30 June 2025
BUSINESS REVIEW The directors are satisfied that the accounts as set out give an adequate review of the company's activities during the year and of its position at the year end. The directors do not anticipate any significant changes in the company's activities. FUTURE DEVELOPMENTS The company will continue to seek out new potential developments in order to maintain the viability of the company. RESULTS AND DIVIDENDS The profit before taxation for the year amounted to £59,032. Particulars of dividends paid are detailed in note 12 to the financial statements. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The company has only minimal exposure to financial risk which is not considered to be material to the financial position of the company.
This report was approved by the board of directors on 3 October 2025 and signed on behalf of the board by:
Mr B G T Rowe Director

Registered office:
Kitto House
Station Road
Montpelier
Bristol
BS6 5EE

Kitto Group plc

Directors' Report

Year ended 30 June 2025
The directors present their report and the financial statements of the company for the year ended 30 June 2025 .
Directors
The directors who served the company during the year were as follows:

B.G.T. Rowe |
Mrs C M Rowe |
C.J.T. Rowe |

Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Future developments
The company will continue to seek out new potential developments in order to maintain the viability of the company.
Greenhouse gas emissions and energy consumption
Information not included
The company consumed less than 40,000kWH of energy annually so has no requirement to report on SECR information.
Disclosure of information in the strategic report
In accordance with section 414c(11) of the Companies Act 2006 information relating to the business review and to the principal risks and uncertainties of the company have been included in the strategic report on page 2.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 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 judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 3 October 2025 and signed on behalf of the board by:
Mr B G T Rowe Director

Registered office:
Kitto House
Station Road
Montpelier
Bristol
BS6 5EE

Kitto Group plc

Independent Auditor's Report to the Members of Kitto Group plc

Year ended 30 June 2025
Opinion
We have audited the financial statements of Kitto Group plc (the 'company') for the year ended 30 June 2025 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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: Key audit matters: our assessment of risks of material misstatement Key audit matters are those matters that in our professional judgement were of most significance in the audit of the financial statements and include the most significant assessed risks of material misstatement (whether or not due to fraud) identified by us, including those which had the greatest effect on the allocation of resources in the audit, and directing the efforts of the engagement team. There are no key areas identified as the audit is very low risk with normal audit procedures adequate in all audit areas. We agreed to report to the board of directors any corrected or uncorrected identified misstatements. in addition to our attendances at the company's premises we were also able to obtain key audit evidence via email and telephone meetings. Identifying and reporting of risks of material misstatement due to fraud To identify risks of material misstatement due to fraud we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included: - Enquiring of the directors and inspection of key papers provided to those charged with governance as to high level policies and procedures to prevent and detect fraud. - Reviewing the minutes of management meetings. We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit. As required by auditing standards, and taking into account possible pressures to meet targets and our overall knowledge of the control environment, we performed procedures to assess the risks of management override of controls. To address the pervasive risk as it related to management override of controls, we reviewed material journal entries and agreed these to supporting documentation where appropriate. Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors. Our assessment of risks involved gaining an understanding of the control environment including the entity's procedures for complying with regulatory requirements. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably: - firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting regulations, taxation legislation (including payroll taxes) and pension legislation, and we assessed the extent of compliance with these laws and regulations as part of our procedures in the audit areas relevant to these items. - secondly, the company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: Construction industry regulations Employment law Health and safety legislation Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of management and the directors and inspection of regulatory and legal correspondence, if any. Therefore, if any breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. Limitations to the ability of the audit to detect fraud or breaches of laws and regulation Owing to the inherent limitation of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of fraud, as this may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement, and therefore we are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the FRC's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

P Cridland BSc FCA
(Senior Statutory Auditor)

For and on behalf of
Charlton Baker (Bristol) Ltd
Chartered Accountants & statutory auditor
61 Macrae Road, Ham Green, Bristol
BS20 0DD

3 October 2025

Kitto Group plc

Statement of Comprehensive Income

Year ended 30 June 2025

| 2025 | 2024
Note | £ | £
Turnover | 4 | 340,132 | 1,251,169

Cost of sales | – | 754,651
| --------- | ------------
Gross profit | 340,132 | 496,518

Administrative expenses | 409,899 | 467,673
Other operating income | 5 | 105,256 | 101,550
|  | --------- | ---------
Operating profit | 6 | 35,489 | 130,395

Interest receivable | 10 | 23,543 | 10,518
| --------- | ---------
Profit before taxation | 59,032 | 140,913

Taxation on ordinary activities | 11 | 12,607 | 15,835
| -------- | ---------
Profit for the financial year | 46,425 | 125,078
| -------- | ---------

Investment property fair value adjustment | 40,000 | –
| -------- | ---------
Total comprehensive income for the year | 86,425 | 125,078
| -------- | ---------

All the activities of the company are from continuing operations.

Kitto Group plc

Statement of Financial Position

30 June 2025

| 2025 | 2024
Note | £ | £

Fixed assets

Tangible assets | 13 | 1,295,165 | 1,301,265
Investments | 14 | 1,582,200 | 1,542,200
| ------------ | ------------
| 2,877,365 | 2,843,465

Current assets

Debtors | 15 | 416,617 | 340,678
Investments | 16 | – | 700,000
Cash at bank and in hand | 816,349 | 242,984
| ------------ | ------------
| 1,232,966 | 1,283,662

Creditors: amounts falling due within one year | 18 | 514,560 | 465,495
| ------------ | ------------
Net current assets | 718,406 | 818,167
| ------------ | ------------
Total assets less current liabilities | 3,595,771 | 3,661,632

Provisions

Taxation including deferred tax | 19 | 294,855 | 286,721
| ------------ | ------------
Net assets | 3,300,916 | 3,374,911
| ------------ | ------------

Capital and reserves

Called up share capital | 23 | 97,000 | 97,000
Fair value reserve | 24 | 533,845 | 493,845
Profit and loss account | 24 | 2,670,071 | 2,784,066
| ------------ | ------------
Shareholders funds | 3,300,916 | 3,374,911
| ------------ | ------------

These financial statements were approved by the board of directors and authorised for issue on 3 October 2025 , and are signed on behalf of the board by:
Mr B.G.T. Rowe Director
Company registration number: 1501790

Kitto Group plc

Statement of Changes in Equity

Year ended 30 June 2025

| Called up share capital | Fair value reserve | Profit and loss account | Total
| £ | £ | £ | £
At 1 July 2023 | 97,000 | 493,845 | 2,762,848 | 3,353,693
Profit for the year |  |  | 125,078 | 125,078
| -------- | --------- | ------------ | ------------
Total comprehensive income for the year | – | – | 125,078 | 125,078
Dividends paid and payable | 12 | – | – | ( 103,860) | ( 103,860)
| -------- | --------- | ------------ | ------------
Total investments by and distributions to owners | – | – | ( 103,860) | ( 103,860)
At 30 June 2024 | 97,000 | 493,845 | 2,784,066 | 3,374,911
Profit for the year |  |  | 46,425 | 46,425
Other comprehensive income for the year | 22 | – | 40,000 | – | 40,000
| -------- | --------- | ------------ | ------------
Total comprehensive income for the year | – | 40,000 | 46,425 | 86,425
Dividends paid and payable | 12 | – | – | ( 160,420) | ( 160,420)
| ---- | ---- | --------- | ---------
Total investments by and distributions to owners | – | – | ( 160,420) | ( 160,420)
| -------- | --------- | ------------ | ------------
At 30 June 2025 | 97,000 | 533,845 | 2,670,071 | 3,300,916
| -------- | --------- | ------------ | ------------

Kitto Group plc

Statement of Cash Flows

Year ended 30 June 2025

| 2025 | 2024
Note | £ | £

Cash flows from operating activities

Profit for the financial year | 46,425 | 125,078

Adjustments for: |  |
Depreciation of tangible assets | 8,090 | 8,056
Interest receivable | ( 23,543) | ( 10,518)
Loss on disposal of tangible assets | – | 114
Taxation on ordinary activities | 12,607 | 15,835
Accrued expenses | 4,694 | 8,425

Changes in: |  |
Stocks | – | 452,769
Trade and other debtors | ( 75,939) | ( 69,910)
Trade and other creditors | 17,114 | ( 20,897)
| -------- | ---------
Cash generated from operations | ( 10,552) | 508,952

Interest received | 23,543 | 10,518
Tax paid | ( 1,998) | –
| -------- | ---------
Net cash from operating activities | 10,993 | 519,470
| -------- | ---------

Cash flows from investing activities

Purchase of tangible assets | ( 1,990) | ( 825)
Proceeds from sale of tangible assets | – | ( 456)
| -------- | ---------
Net cash used in investing activities | ( 1,990) | ( 1,281)
| -------- | ---------

Cash flows from financing activities

Proceeds from loans from group undertakings | 24,782 | 186,106
Dividends paid | ( 160,420) | ( 103,860)
| --------- | ---------
Net cash (used in)/from financing activities | ( 135,638) | 82,246
| --------- | ---------

Net (decrease)/increase in cash and cash equivalents | ( 126,635) | 600,435
Cash and cash equivalents at beginning of year | 942,984 | 342,549
|  | --------- | ---------
Cash and cash equivalents at end of year | 17 | 816,349 | 942,984
|  | --------- | ---------

Kitto Group plc

Notes to the Financial Statements

Year ended 30 June 2025
1. General information
The company is a public company limited by shares, registered in England and Wales. The address of the registered office is Kitto House, Station Road, Montpelier, Bristol BS6 5EE.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: That current projects included under work in progress will continue to fruition. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: That property values and depreciation rates will not vary materially from that stated.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Fixtures and fittings | - | Over 5 years
| Motor vehicles | - | Over 4 years
| Equipment | - | Over 5 years

Investments
Fixed asset investments in subsidiaries are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:

| 2025 | 2024
| £ | £
Management charges | 340,132 | 430,000
Development income | – | 821,169
| --------- | ------------
| 340,132 | 1,251,169
| --------- | ------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income

| 2025 | 2024
| £ | £
Rental income | 105,256 | 101,550
| --------- | ---------

6. Operating profit
Operating profit or loss is stated after charging:

| 2025 | 2024
| £ | £
Depreciation of tangible assets | 8,090 | 8,056
Loss on disposal of tangible assets | – | 114
| ------- | -------

7. Auditor's remuneration

| 2025 | 2024
| £ | £
Fees payable for the audit of the financial statements | 6,400 | 5,995
| ------- | -------

Fees payable to the company's auditor and its associates for other services:

Audit-related assurance services | 2,700 | 2,500
Taxation compliance services | 1,600 | 1,500
| ------- | -------
| 4,300 | 4,000
| ------- | -------

8. Particulars of employees
The average number of persons employed by the company during the year, including the directors, amounted to:

| 2025 | 2024
| No. | No.
Administrative staff | 6 | 7
| ---- | ----

The aggregate payroll costs incurred during the year, relating to the above, were:

| 2025 | 2024
| £ | £
Wages and salaries | 219,158 | 253,400
Social security costs | 25,132 | 24,935
Other pension costs | 15,168 | 14,550
| --------- | ---------
| 259,458 | 292,885
| --------- | ---------

9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:

| 2025 | 2024
| £ | £
Remuneration | 36,145 | 68,922
Company contributions to defined contribution pension plans | 5,933 | 5,590
| -------- | --------
| 42,078 | 74,512
| -------- | --------

The number of directors who accrued benefits under company pension plans was as follows:

| 2025 | 2024
| No. | No.
Defined contribution plans | 1 | 1
| ---- | ----

10. Interest receivable

| 2025 | 2024
| £ | £
Interest on cash and cash equivalents | 23,543 | 10,518
| -------- | --------

11. Taxation on ordinary activities
Major components of tax expense

| 2025 | 2024
| £ | £

Current tax:

UK current tax expense | 4,473 | 1,998

Deferred tax:

Origination and reversal of timing differences | 8,134 | 13,837
| -------- | --------
Taxation on ordinary activities | 12,607 | 15,835
| -------- | --------

Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2024: lower than) the standard rate of corporation tax in the UK of 19 % (2024: 19 %).

| 2025 | 2024
| £ | £
Profit on ordinary activities before taxation | 59,032 | 140,913
| -------- | ---------
Profit on ordinary activities by rate of tax | 11,323 | 26,773
Effect of expenses not deductible for tax purposes | 2,371 | 783
Effect of capital allowances and depreciation | ( 5,992) | ( 5,780)
Utilisation of tax losses | ( 3,229) | ( 19,778)
Deferred tax movement | 8,134 | 13,837
| -------- | ---------
Tax on profit | 12,607 | 15,835
| -------- | ---------

12. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

| 2025 | 2024
| £ | £
Equity dividends on ordinary shares | 160,982 | 103,860
| --------- | ---------

13. Tangible assets

| Freehold property | Fixtures and fittings | Motor vehicles | Equipment | Total
| £ | £ | £ | £ | £
Cost |  |  |  |  |
At 1 July 2024 | 1,278,383 | 28,754 | 32,877 | 44,292 | 1,384,306
Additions | – | 1,990 | – | – | 1,990
| ------------ | -------- | -------- | -------- | ------------
At 30 June 2025 | 1,278,383 | 30,744 | 32,877 | 44,292 | 1,386,296
| ------------ | -------- | -------- | -------- | ------------
Depreciation |  |  |  |  |
At 1 July 2024 | – | 13,829 | 32,875 | 36,337 | 83,041
Charge for the year | – | 5,174 | – | 2,916 | 8,090
| ------------ | -------- | -------- | -------- | ------------
At 30 June 2025 | – | 19,003 | 32,875 | 39,253 | 91,131
| ------------ | -------- | -------- | -------- | ------------
Carrying amount |  |  |  |  |
At 30 June 2025 | 1,278,383 | 11,741 | 2 | 5,039 | 1,295,165
| ------------ | -------- | -------- | -------- | ------------
At 30 June 2024 | 1,278,383 | 14,925 | 2 | 7,955 | 1,301,265
| ------------ | -------- | -------- | -------- | ------------

Tangible assets held at valuation
The company's premises were completed during the previous year and are included within land and buildings at a cost of £1,278,383. The fixed assets of the company (excluding those detailed in the investments note) have not been revalued in these financial statements but the directors have considered their value and are satisfied that their aggregate value at 30 June 2025 was not less than their net book value.
14. Investments

| Shares in group undertakings | Investment property | Total
| £ | £ | £
Cost |  |  |
At 1 July 2024 | 22,200 | 1,520,000 | 1,542,200
Revaluations | – | 40,000 | 40,000
| -------- | ------------ | ------------
At 30 June 2025 | 22,200 | 1,560,000 | 1,582,200
| -------- | ------------ | ------------
Impairment |  |  |
At 1 July 2024 and 30 June 2025 | – | – | –
| -------- | ------------ | ------------

Carrying amount |  |  |
At 30 June 2025 | 22,200 | 1,560,000 | 1,582,200
| -------- | ------------ | ------------
At 30 June 2024 | 22,200 | 1,520,000 | 1,542,200
| -------- | ------------ | ------------

The investment property included within land and buildings was valued by Hartnell Taylor Cook LLP, independent property consultants, during Aufgust 2025 based on the existing occupational tenancy, at an amount of £1,560,000. The property's value has been assessed by the directors as at 30 June 2025 and this represents value fair of the investment property at the balance sheet date.
Subsidiaries, associates and other investments
The company has shareholdings in the ordinary share capital of the following companies, all incorporated in England and Wales and having the same registered address as this company:

| Company | Business sector | Shareholding

| Kitto Construction Limited | Building and construction | 100.00%
| Kitto Developments Limited | Dormant | 100.00%
| Kitto Joinery Limited | Joinery manufacture | 100.00%

Their results and capital and reserves in respect of the year ended 30 June 2025 were as follows:

| Company | Profit/(loss) | Capital and reserves

| Kitto Construction Limited | £52,146 | £64,930
| Kitto Developments Limited | Nil | £5,000
| Kitto Joinery Limited | £(52,175) | £(86,412)

Their results and capital and reserves in respect of the year ended 30 June 2024 were as follows:

| Company | Profit/(loss) | Capital and reserves

| Kitto Construction Limited | £85,008 | £12,784
| Kitto Developments Limited | Nil | £5,000
| Kitto Joinery Limited | £(39,237) | £(34,237)

15. Debtors

| 2025 | 2024
| £ | £
Trade debtors | – | 162
Amounts owed by group undertakings | 372,787 | 309,062
Prepayments and accrued income | 35,547 | 27,709
Directors loan account | 8,283 | 3,745
| --------- | ---------
| 416,617 | 340,678
| --------- | ---------

16. Investments

| 2025 | 2024
| £ | £
Short-term deposits | – | 700,000
| ---- | ---------

17. Cash and cash equivalents
Cash and cash equivalents comprise the following:

| 2025 | 2024
| £ | £
Cash at bank and in hand | 816,349 | 242,984
Short-term deposits | – | 700,000
| --------- | ---------
| 816,349 | 942,984
| --------- | ---------

18. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Trade creditors | 52,144 | 35,308
Amounts owed to group undertakings | 366,750 | 341,968
Accruals and deferred income | 79,979 | 75,285
Corporation tax | 4,473 | 1,998
Social security and other taxes | 10,431 | 10,278
Other creditors | 783 | 658
| --------- | ---------
| 514,560 | 465,495
| --------- | ---------

19. Provisions

| Deferred tax (note 20)
| £
At 1 July 2024 | 286,721
Additions | 8,134
| ---------
At 30 June 2025 | 294,855
| ---------

20. Deferred tax
The deferred tax included in the statement of financial position is as follows:

| 2025 | 2024
| £ | £
Included in provisions (note 19) | 294,855 | 286,721
| --------- | ---------

The deferred tax account consists of the tax effect of timing differences in respect of:

| 2025 | 2024
| £ | £
Accelerated capital allowances | 42,706 | 34,572
Revaluation of tangible assets | 252,149 | 252,149
| --------- | ---------
| 294,855 | 286,721
| --------- | ---------

21. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 15,168 (2024: £ 14,550 ).
22. Analysis of other comprehensive income

| Fair value reserve
| £
Year ended 30 June 2025 |
Investment property fair value adjustment | 40,000
| --------

23. Called up share capital
Issued, called up and fully paid

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £ 1 each | 73,000 | 73,000 | 73,000 | 73,000
'A' Ordinary shares of £ 1 each | 19,400 | 19,400 | 19,400 | 19,400
'B' Ordinary shares of £ 1 each | 4,600 | 4,600 | 4,600 | 4,600
| -------- | -------- | -------- | --------
| 97,000 | 97,000 | 97,000 | 97,000
| -------- | -------- | -------- | --------

The ordinary shares carry full voting rights at general meetings of the company. Dividends will fluctuate depending on the company's results.

Kitto Group plc

Notes to the Financial Statements (continued)

Year ended 30 June 2025
24. Reserves
Fair value reserve - This reserve records the revaluation net of deferred tax of the company's investment property. Profit and loss account - This reserve records retained earnings and accumulated losses.
25. Analysis of changes in net debt

| At 1 Jul 2024 | Cash flows | At 30 Jun 2025
| £ | £ | £
Cash at bank and in hand | 242,984 | 573,365 | 816,349
Debt due within one year | (341,968) | (24,782) | (366,750)
Current asset investments | 700,000 | (700,000) | –
| --------- | --------- | ---------
| 601,016 | ( 151,417) | 449,599
| --------- | --------- | ---------

26. Commitments under operating leases
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:

| 2025 | 2024
| £ | £
Not later than 1 year | 103,416 | 103,416
Later than 1 year and not later than 5 years | 413,662 | 413,662
Later than 5 years | 1,344,401 | 1,447,817
| ------------ | ------------
| 1,861,479 | 1,964,895
| ------------ | ------------

27. Directors' advances, credits and guarantees
Mr B G Rowe, a director of the company, has a current account with the company. Payments are made and received throughout the year. As at 30 June 2025 the company was owed £8,283 by Mr B G Rowe (2024: owed by Mr B G Rowe £3,745) which amount is included in debtors in these financial statements. The directors collectively received dividends during the year of £160,982 (2023: £103,860).
28. Related party transactions
During the year management charges and other expenses were recharged to the company's subsidiaries as follows: Kitto Construction Limited £295,984 (2024: £435,457) Kitto Joinery Limited £44,148 (2024: £nil) At the year-end date a balance of £372,788 (2024: £309,062) was due to the company from Kitto Joinery Limited and amounts of £361,749(2024:£336,968) and £5,000 (2024: £5,000) were due to Kitto Construction Limited and Kitto Developments Limited respectively.

Kitto Group plc

Notes to the Financial Statements (continued)

Year ended 30 June 2025
29. Controlling party
The company is controlled by Mr B G Rowe, a director of the company.