REGISTERED NUMBER: 01041691 (England and Wales)

HINDMARCH & CO. (STAMFORD) LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

to

6

Income Statement

7

Other Comprehensive Income

8

Statement of Financial Position

9

Statement of Changes in Equity

10

Statement of Cash Flows

11

Notes to the Statement of Cash Flows

12

Notes to the Financial Statements

13

to

20

DIRECTORS:

M Hindmarch

A J R Hindmarch

R P Hindmarch

SECRETARY:

Mrs D Hindmarch

REGISTERED OFFICE:

Uffington Road

Stamford

Lincolnshire

PE9 3AA

REGISTERED NUMBER:

01041691 (England and Wales)

SENIOR STATUTORY AUDITOR:

Sally-Anne Hurn FCA

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

14 All Saints Street

Stamford

Lincolnshire

PE9 2PA

The directors present their strategic report for the year ended 28 February 2025.

REVIEW OF BUSINESS

The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. The review is consistent with the size and nature of the business.

As a main Peugeot dealer, the company continues to deal in used motors, provide vehicle servicing and repairs and sell spare parts for Peugeot vehicles. This is complemented by our Gulf fuels retail outlet and forecourt shop sales.

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, as shown below.

2025

2024

Revenue

£11,503,601

£12,705,702

Profit/(Loss) before tax/exceptionals

£301,685

£330,456

Return on capital employed

11.7%

14.0%

Net assets

£4,987,177

£4,762,843

Revenue has decreased by 9% (2024: 6% increase), however gross margin has increased. The used car market remains strong, with car prices remaining stable. Fuel pump revenue has reduced due a decrease in average fuel prices compared to the previous year. Income has fallen all around due to roadworks taking place directly outside the Stamford garage which has seen footfall drop from 700 people per day down to 500 per day.

Return on capital employed has decreased due to the fall in margins. Return on capital employed is calculated as profit before interest, tax and revaluations divided by capital employed, which constitutes total assets less current liabilities, less fixed asset investment property, less cash, less short term loans and other short term borrowings.

As for many businesses of our size, the business environment in which we operate continues to be challenging however the company maintains a strong net asset position. Under normal circumstances, the car market in the UK is highly competitive and margins are tight, particularly when car supermarkets are present, as in nearby Peterborough. We are of course also subject to consumer spending patterns and consumers' overall level of disposable income within our economy.

PRINCIPAL RISKS AND UNCERTAINTIES

The main risks arising from the company's activities are liquidity risk and credit risk.

The board reviews and agrees policies for managing each of these risks and they are summarised below.

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility can be achieved by overdraft facilities.

Credit risk

The company seeks to manage its credit risk by dealing with established customers or otherwise checking the credit-worthiness of new customers, establishing clear contractual relationships with those customers and by identifying and addressing any credit issues arising in a timely manner.

ON BEHALF OF THE BOARD:

A J R Hindmarch - Director

8 October 2025

The directors present their report with the financial statements of the company for the year ended 28 February 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the sale and servicing of motor vehicles and operation of an associated fuel forecourt.

DIVIDENDS

The directors recommend that no final dividend be paid.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

M Hindmarch

A J R Hindmarch

R P Hindmarch

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he 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:

A J R Hindmarch - Director

8 October 2025

Qualified opinion

We have audited the financial statements of Hindmarch & Co. (Stamford) Limited (the 'company') for the year ended 28 February 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

- give a true and fair view of the state of the company's affairs as at 28 February 2025 and of its profit for the year then ended;

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

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

Basis for qualified opinion

In the prior year, we were not appointed as auditor of the company until after 29 February 2024 and thus did not observe the counting of the physical inventories at the end of the prior period. We were unable to satisfy ourselves by alternative means concerning the inventory quantities of £1,310,256 held at 29 February 2024 by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount was necessary. Our audit opinion on the financial statements for the year ended 29 February 2024 was modified accordingly. Our opinion on the current year's financial statements is also modified because of the possible effect of this matter on the comparability of the current year's figures and the corresponding figures.

In addition, were any adjustments to the corresponding valuation of inventories required for the year ended 29 February 2024, other information contained within the Notes and Strategic Report would also need to be amended.

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 qualified opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the corresponding inventory quantities of £1,310,256 recognised at the year ended 29 February 2024. We have therefore concluded that where the other information refers to the inventory balance or related balances, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial

statements are prepared is consistent with the financial statements; and

- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

Arising solely from the limitation on the scope of our work relating to the corresponding inventory balances referred to above in the basis for qualified opinion section of our report:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records have been kept.

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:

- 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with directors and other management obtained as part of the work required by auditing standards. We have also discussed with the directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. The potential impact of different laws and regulations varies considerably.

Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of unusual material journal entries and challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. We carried out substantive tests on accounting estimates, including reviewing the methods and data used by management to make those estimates, reperforming the calculation and reviewing the outcome of current year estimates since the financial reporting date.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: FCA regulations, health and safety regulations and employment law.

Our work included a review of relevant correspondence within the year for any evidence of non-compliance and reading minutes of meetings of those charged with governance. In addition, an assessment of the company's legal expenses and possible contingencies was performed. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations 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. 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. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance 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 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.

Sally-Anne Hurn FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

14 All Saints Street

Stamford

Lincolnshire

PE9 2PA

8 October 2025

REVENUE

3

11,503,601

12,705,702

Cost of sales

10,480,157

11,708,178

GROSS PROFIT

1,023,444

997,524

Administrative expenses

823,557

760,393

199,887

237,131

Other operating income

79,774

79,031

OPERATING PROFIT

5

279,661

316,162

Interest receivable and similar income

22,024

14,294

PROFIT BEFORE TAXATION

301,685

330,456

Tax on profit

6

77,351

81,723

PROFIT FOR THE FINANCIAL YEAR

224,334

248,733

PROFIT FOR THE YEAR

224,334

248,733

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

224,334

248,733

FIXED ASSETS

Property, plant and equipment

8

1,051,297

1,028,084

Investment property

9

1,790,000

1,790,000

2,841,297

2,818,084

CURRENT ASSETS

Inventories

10

1,525,517

1,310,256

Debtors

11

604,840

581,252

Cash at bank and in hand

883,609

868,545

3,013,966

2,760,053

CREDITORS

Amounts falling due within one year

12

601,833

550,226

NET CURRENT ASSETS

2,412,133

2,209,827

TOTAL ASSETS LESS CURRENT LIABILITIES

5,253,430

5,027,911

PROVISIONS FOR LIABILITIES

16

266,253

265,068

NET ASSETS

4,987,177

4,762,843

CAPITAL AND RESERVES

Called up share capital

17

20,000

20,000

Fair value reserve

18

1,046,111

1,046,111

Retained earnings

18

3,921,066

3,696,732

SHAREHOLDERS' FUNDS

4,987,177

4,762,843

The financial statements were approved by the Board of Directors and authorised for issue on 8 October 2025 and were signed on its behalf by:

A J R Hindmarch - Director

Called up

Fair

share

Retained

value

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 March 2023

20,000

3,507,999

1,046,111

4,574,110

Changes in equity

Dividends

-

(60,000

)

-

(60,000

)

Total comprehensive income

-

248,733

-

248,733

Balance at 29 February 2024

20,000

3,696,732

1,046,111

4,762,843

Changes in equity

Total comprehensive income

-

224,334

-

224,334

Balance at 28 February 2025

20,000

3,921,066

1,046,111

4,987,177

Cash flows from operating activities

Cash generated from operations

1

136,554

31,772

Tax paid

(86,805

)

(97,570

)

Net cash from operating activities

49,749

(65,798

)

Cash flows from investing activities

Purchase of tangible fixed assets

(59,302

)

(29,013

)

Sale of tangible fixed assets

-

400

Interest received

22,024

14,294

Net cash from investing activities

(37,278

)

(14,319

)

Cash flows from financing activities

Amount introduced by directors

47,500

219,400

Amount withdrawn by directors

(44,907

)

(20,024

)

Equity dividends paid

-

(60,000

)

Net cash from financing activities

2,593

139,376

Increase in cash and cash equivalents

15,064

59,259

Cash and cash equivalents at beginning of year

2

868,545

809,286

Cash and cash equivalents at end of year

2

883,609

868,545

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

2025

2024

£

£

Profit before taxation

301,685

330,456

Depreciation charges

36,089

37,828

Profit on disposal of fixed assets

-

(212

)

Finance income

(22,024

)

(14,294

)

315,750

353,778

Increase in inventories

(215,261

)

(82,388

)

Increase in trade and other debtors

(23,588

)

(260,922

)

Increase in trade and other creditors

59,653

21,304

Cash generated from operations

136,554

31,772

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 28 February 2025

28.2.25

1.3.24

£

£

Cash and cash equivalents

883,609

868,545

Year ended 29 February 2024

29.2.24

1.3.23

£

£

Cash and cash equivalents

868,545

809,286

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.3.24

Cash flow

At 28.2.25

£

£

£

Net cash

Cash at bank and in hand

868,545

15,064

883,609

868,545

15,064

883,609

Total

868,545

15,064

883,609

1.	STATUTORY INFORMATION

Hindmarch & Co. (Stamford) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 on a going concern basis under the historical cost convention, modified to include certain items at fair value.

Revenue

Revenue represents net invoiced sales of goods and services, excluding value added tax and trade discounts.

Vehicle sales and parts sales are recognised upon delivery to the customer, or upon collection by the customer. Servicing and workshop sales are recognised in the period in which the services are rendered. Forecourt fuel and shop sales are recognised at the point of sale.

Tangible fixed assets

Tangible fixed assets are held at cost less accumulated depreciation and impairment losses. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful economic life:

Freehold property

- not provided

Short leasehold

- 11% on cost (over the lease term)

Plant and fixtures

- 33% on cost and 15% on reducing balance

Motor Vehicles

- 25% on reducing balance

Land is not depreciated. Freehold buildings are also not depreciated as the directors consider that they are maintained to such a high standard that their residual value is at least equal to their carrying value in the financial statements. As a result, the corresponding depreciation would not be material and therefore is not charged in the income statement.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Inventories

Inventories are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving inventories. Inventories are accounted for on a first-in-first-out basis.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in the profit and loss account, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates defined contribution pension schemes. The assets of the company stakeholder scheme are held separately from those of the company in a independently administered fund. The company also operates a small self-administered pension scheme for the benefit of directors. Contributions payable for the year are charged in the income statement.

3.

REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

An analysis of revenue by class of business is given below:

2025

2024

£

£

Motor sales and servicing

5,942,787

6,716,436

Fuel and forecourt shop

5,560,294

5,981,645

Sundry income

520

7,621

11,503,601

12,705,702

The company's principal activity was carried on within the United Kingdom.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

950,291

862,360

Social security costs

93,802

80,473

Other pension costs

20,140

19,396

1,064,233

962,229

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

2025

2024

Management and administration

6

6

Sales and servicing

30

29

36

35

2025

2024

£

£

Directors' remuneration

166,241

143,243

Directors' pension contributions to money purchase schemes

197

-

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

Money purchase schemes

3

3

5.	OPERATING PROFIT

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

2025

2024

£

£

Other operating leases

6,998

7,196

Depreciation - owned assets

36,089

37,828

Profit on disposal of fixed assets

-

(212

)

Auditors' remuneration

21,000

16,000

6.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

76,166

86,898

Deferred tax

1,185

(5,175

)

Tax on profit

77,351

81,723

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:

2025

2024

£

£

Profit before tax

301,685

330,456

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

75,421

82,614

Effects of:

Expenses not deductible for tax purposes

1,616

669

Depreciation in excess of capital allowances

314

243

Profits to March 2023 taxed at 19%

-

(1,803

)

Total tax charge

77,351

81,723

7.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Interim

-

60,000

8.	PROPERTY, PLANT AND EQUIPMENT

Freehold

Short

Plant and

Motor

property

leasehold

fixtures

vehicles

Totals

£

£

£

£

£

COST

At 1 March 2024

873,198

73,340

481,901

111,227

1,539,666

Additions

19,801

-

39,501

-

59,302

At 28 February 2025

892,999

73,340

521,402

111,227

1,598,968

DEPRECIATION

At 1 March 2024

-

67,051

384,439

60,092

511,582

Charge for year

-

1,416

21,890

12,783

36,089

At 28 February 2025

-

68,467

406,329

72,875

547,671

NET BOOK VALUE

At 28 February 2025

892,999

4,873

115,073

38,352

1,051,297

At 29 February 2024

873,198

6,289

97,462

51,135

1,028,084

9.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2024

and 28 February 2025

1,790,000

NET BOOK VALUE

At 28 February 2025

1,790,000

At 29 February 2024

1,790,000

Fair value at 28 February 2025 is represented by:

£

Valuation in 2006

368,169

Valuation in 2009

151,220

Valuation in 2013

155,000

Valuation in 2017

351,780

Valuation in 2020

87,000

Valuation in 2022

160,000

Cost

516,831

1,790,000

If investment property had not been revalued it would have been included at the following historical cost:

2025

2024

£

£

Cost

516,831

516,831

Investment property was most recently valued on an open market basis on 13 February 2023 by Richardson Thomas Leech LLP, Chartered Surveyors. In accordance with RICS valuation standards, the valuations were prepared having regard to the market based evidence for similar properties sold in the local area, subject to occupational leases where relevant. The directors do not believe there has been a material change in the valuation to 28 February 2025.