Company registration number 09327198 (England and Wales)
LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
COMPANY INFORMATION
Directors
D C Hateley
S J E Hateley
M L Pearson
Secretary
S J E Hateley
Company number
09327198
Registered office
c/o Lasershape
Chilwell Meadows Business Park
Brailsford Way
Chilwell
Nottingham
NG9 6DH
Auditor
DJH Audit Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 28
LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The Board of Directors have pleasure in presenting their strategic report for the year ended 30th June 2025.

Principal activities

Lasershape Limited is a premium supplier of fully manufactured metal solutions.

Machines are so good now that profiling steel is easy, but it’s not easy to profile, form and finish thousands of components to precise standards each day. All whilst maintaining class leading customer services.

It takes a dedicated team, decades of experience, intelligent handling of data, innovation and the desire to drive forwards. Thats what makes us different, that's what makes us Lasershape

Review of the business

Lasershape continues to return positive results for the trading year under review all be it within the challenging market place and economic environment brought about with inflation and inter country conflicts.

The next group five year plan commenced during 2025 with the Directors focusing on continued growth of the group through innovation and strategic investment.

The directors once again thank the dedicated workforce who have continue to support the group and its aims. Their wellbeing is paramount, the group continues to strive to make the work life experience a rewarding and fulfilling experience through training and mentoring initiatives.

Whilst turnover decreased by just under 3% this has been attributed to the decrease in raw material prices which have remained steady in the trading period. The group has seen a very similar contribution to that in the pervious year, however wages combined with the Governmental increase in National Insurance eroded the Gross Profit achieved last year by some 8% ( 2024 increase 6%) to £3.3m this year (2024 £3.6m). Fixed costs remained on par with the previous year.

EBITDA showed a result of £1,484,178 11.6% (2024 £1,664,181 1 2.6%)

The net asset position of the group is £2,657,747 (2024 £2,299.436)

Continued development of the group's inhouse ERP system, WorkFlow, in the areas of “just in time” stock holding and material utilisation continue to bring benefits in the period under review, whilst maintaining a disciplined production system which continues to show savings in production throughput.

Principal risks and uncertainties

Competition in our marketplace.

Lasershape is a service provider and relies on its customers. Customer care and relationships are our top priorities delivered by the provision of an unrivalled level of customer support and solution provision. The range of end user markets remains well spread and the top customer accounted for 4.9% of sales (2024 7.2%).

Supply chain

Key suppliers of material and consumables remain constant. We value the continued support and service of the stockholders and consumable suppliers. There has been little disruption to supply over the last year. The group feels that the spread of stockholders we engage will soften any adverse impact on the supply chain.

Workforce

The group is indebted to the contribution made by all of the employees throughout this period. Specific recruitment in the period with continued personal development and training provides the level of capability the group requires to maintain the service levels expected by our customers.

LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -

Financial risk management policies

As part of the yearly budgetary reviews by the company the Directors and senior management team asses business risks:-

Asset management – Considerable attention is given the selection and maintenance of the plant.

Credit risk – Stringent credit control procedures are maintained to manage credit risks. The Company maintains close working relationships with its customers and resolves overdue payments promptly.

Liquidity risk – the company prepares a rolling three month cashflow which identifies potential liquidity issues however the company has adequate cash resources, backed by bank facilities together with more than adequate lines of credit with key suppliers to meet its requirements.

Quarterly the Directors and senior management team meet to assess and manage any risks to the business.

Economic uncertainty

In the period under review global events, higher interest rates and inflationary pressure continue as before. Whilst Government tax increases and Statutory payment limits being lifted has contributed to the 8% increase in staff costs, the group endeavours to remunerate staff in line with their ability. A good diverse customer base, engaged suppliers, a dedicated workforce taken with advances in technology should help keep the recessionary impact at bay.

Key performance indicators

The key performance indicators of the trading group are;

2025 2024 2023

Gross margin percentage 26% 28% 27%

Earnings before interest, tax and depreciation £1,484,178 £1,664,181 £1,601,554

Other performance indicators

In the period under review global events, higher interest rates and inflationary pressure has led to recessionary conditions. A good diverse customer base, engaged suppliers, a dedicated workforce taken with advance in technology should help keep the recessionary impact at bay.

Other information and explanations

On behalf of the board

S J E Hateley
Director
7 October 2025
LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -

The directors present their annual report and financial statements for the year ended 30 June 2025.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £300,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

D C Hateley
S J E Hateley
M L Pearson
Auditor

DJH Audit Limited were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
S J E Hateley
Director
7 October 2025
LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
- 4 -

The directors are responsible for preparing the Annual 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 group and company, 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 group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
- 5 -
Opinion

We have audited the financial statements of Lasershape Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 30 June 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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 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 contained within the annual report. 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. 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 course of 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 our audit:

- T he information given in the strategic report and the directors' r eport 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.

LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
- 6 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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 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 directors' r esponsibilities s tatement, 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 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 parent 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.

We are not responsible for preventing irregularities. Our approach to detecting irregularities included, but was not limited to, the following:

• obtaining an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;

• obtaining an understanding of the entity's policies and procedures and how the entity has complied with these, through discussions and walkthrough testing;

• obtaining an understanding of the entity's risk assessment process, including the risk of fraud;

• enquiring of management as to actual and potential fraud, litigation and claims;

• designing our audit procedures to respond to our risk assessment;

• performing audit testing over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business;

• assessing whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

• performing analytical procedures to identify any large, unusual or unexpected relationships.

LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
- 7 -

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

Gavin Booth
Senior Statutory Auditor
For and on behalf of DJH Audit Limited
(Statutory Auditor)
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
7 October 2025
LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
12,771,038
13,115,066
Cost of sales
(9,441,029)
(9,475,053)
Gross profit
3,330,009
3,640,013
Administrative expenses
(2,357,924)
(2,461,029)
Other operating income
48,222
-
Operating profit
4
1,020,307
1,178,984
Interest receivable and similar income
8
50,941
41,344
Interest payable and similar expenses
9
(121,254)
(114,332)
Profit before taxation
949,994
1,105,996
Tax on profit
10
(247,063)
(303,975)
Profit for the financial year
25
702,931
802,021
Profit for the financial year is attributable to:
- Owners of the parent company
703,614
802,021
- Non-controlling interests
(683)
-
702,931
802,021
Total comprehensive income for the year is attributable to:
- Owners of the parent company
703,614
802,021
- Non-controlling interests
(683)
-
0
702,931
802,021

The profit and loss account has been prepared on the basis that all operations are continuing operations.

LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
GROUP BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
12
44,620
-
0
Tangible assets
13
2,512,265
2,063,083
2,556,885
2,063,083
Current assets
Stocks
16
589,387
590,077
Debtors
17
2,582,050
2,325,170
Cash at bank and in hand
1,971,571
1,645,593
5,143,008
4,560,840
Creditors: amounts falling due within one year
18
(2,982,576)
(2,797,450)
Net current assets
2,160,432
1,763,390
Total assets less current liabilities
4,717,317
3,826,473
Creditors: amounts falling due after more than one year
19
(1,426,552)
(1,072,782)
Provisions for liabilities
Deferred tax liability
22
588,398
454,255
(588,398)
(454,255)
Net assets
2,702,367
2,299,436
Capital and reserves
Called up share capital
24
100
100
Other reserves
25
909,521
909,521
Profit and loss reserves
25
1,793,429
1,389,815
Equity attributable to owners of the parent company
2,703,050
2,299,436
Non-controlling interests
(683)
-
0
2,702,367
2,299,436

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 7 October 2025 and are signed on its behalf by:
07 October 2025
S J E Hateley
Director
Company registration number 09327198 (England and Wales)
LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
COMPANY BALANCE SHEET
AS AT 30 JUNE 2025
30 June 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
14
5,325,304
5,325,302
Current assets
-
-
Creditors: amounts falling due within one year
18
(1,702,858)
(1,702,856)
Net current liabilities
(1,702,858)
(1,702,856)
Net assets
3,622,446
3,622,446
Capital and reserves
Called up share capital
24
100
100
Other reserves
25
3,333,901
3,333,901
Profit and loss reserves
25
288,445
288,445
Total equity
3,622,446
3,622,446

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £300,000 (2024 - £488,445 profit).

The financial statements were approved by the board of directors and authorised for issue on 7 October 2025 and are signed on its behalf by:
07 October 2025
S J E Hateley
Director
Company registration number 09327198 (England and Wales)
LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
Share capital
Other Reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 July 2023
100
909,521
787,794
1,697,415
-
1,697,415
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
802,021
802,021
-
802,021
Dividends
11
-
-
(200,000)
(200,000)
-
(200,000)
Balance at 30 June 2024
100
909,521
1,389,815
2,299,436
-
0
2,299,436
Year ended 30 June 2025:
Profit and total comprehensive income
-
-
703,614
703,614
(683)
702,931
Dividends
11
-
-
(300,000)
(300,000)
-
(300,000)
Balance at 30 June 2025
100
909,521
1,793,429
2,703,050
(683)
2,702,367
LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 12 -
Share capital
Other Reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2023
100
3,333,901
-
0
3,334,001
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
-
488,445
488,445
Dividends
11
-
-
(200,000)
(200,000)
Balance at 30 June 2024
100
3,333,901
288,445
3,622,446
Year ended 30 June 2025:
Profit and total comprehensive income
-
-
300,000
300,000
Dividends
11
-
-
(300,000)
(300,000)
Balance at 30 June 2025
100
3,333,901
288,445
3,622,446
LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,458,974
1,194,616
Interest paid
(121,254)
(114,332)
Income taxes paid
(31,368)
-
Net cash inflow from operating activities
1,306,352
1,080,284
Investing activities
Purchase of intangible assets
(44,620)
-
Purchase of tangible fixed assets
(40,005)
(126,946)
Proceeds from disposal of tangible fixed assets
14,999
10,000
Interest received
50,941
41,344
Net cash used in investing activities
(18,685)
(75,602)
Financing activities
Repayment of borrowings
(97,240)
(87,714)
Repayment of bank loans
-
(83,344)
Payment of hire purchase obligations
(564,449)
(421,368)
Dividends paid to equity shareholders
(300,000)
(200,000)
Net cash used in financing activities
(961,689)
(792,426)
Net increase in cash and cash equivalents
325,978
212,256
Cash and cash equivalents at beginning of year
1,645,593
1,433,337
Cash and cash equivalents at end of year
1,971,571
1,645,593
LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 14 -
1
Accounting policies
Company information

Lasershape Group Limited (“the company”) is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is c/o Lasershape, Chilwell Meadows Business Park, Brailsford Way, Chilwell, Nottingham, NG9 6DH.

The group consists of Lasershape Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Lasershape Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 15 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website & applications
20% straight line per annum

There is no amortisation recognised for the current financial period as the website was not ready for use.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Straight line over life of the lease
Plant and equipment
10 - 25% Straight line per annum
Fixtures and fittings
10 - 40% Straight line per annum
Motor vehicles
20% Straight line per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 16 -
1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

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 profit or loss, 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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 17 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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. Amounts 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.

Derecognition of financial liabilities

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

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 18 -
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful life of tangible fixed assets

The company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programs.

Judgment is applied by management when determining the residual values for tangible fixed assets. When determining the residual value management aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at.

LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 19 -
Valuation of work in progress

Work in progress is valued at the lower of cost and net realisable value based on the stage of completion.

This estimation of the costs, including labour and machine rates requires the exercise of management

judgement. The rates are reviewed and updated monthly.

Recoverability of debtors

Management review the debtors on a periodic basis for any irrecoverable balances and make appropriate provision for any doubtful debts.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Sales of goods
12,233,101
12,613,059
Sales of scrap metals
537,937
502,008
12,771,038
13,115,066
2025
2024
£
£
Turnover analysed by geographical market
UK
12,646,795
13,015,748
Rest of the world
124,243
99,319
12,771,038
13,115,067
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
508,491
485,198
(Profit)/loss on disposal of tangible fixed assets
(14,167)
36,168
Operating lease charges
578,863
602,709
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements
25,000
20,000
LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 20 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Production, engineering and despatch
75
76
-
-
Administration
12
15
3
2
Sales
17
15
-
-
Total
104
106
3
2

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
3,426,991
3,181,674
-
0
-
0
Social security costs
357,072
310,577
-
-
Pension costs
64,115
59,111
-
0
-
0
3,848,178
3,551,362
-
0
-
0
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
137,581
158,228
Company pension contributions to defined contribution schemes
1,321
1,321
138,902
159,549

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

The directors are considered to be the key management personnel of the group.

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
50,912
41,344
Other interest income
29
-
Total income
50,941
41,344
LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 21 -
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
9,484
22,955
Interest on invoice finance arrangements
237
53
Interest on finance leases and hire purchase contracts
111,451
91,273
121,172
114,281
Other finance costs:
Interest on tax
82
51
Total finance costs
121,254
114,332
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
114,022
32,441
Adjustments in respect of prior periods
(1,102)
-
0
Total current tax
112,920
32,441
Deferred tax
Origination and reversal of timing differences
134,143
243,075
Previously unrecognised tax loss, tax credit or timing difference
-
0
28,459
Total tax charge
247,063
303,975
LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
10
Taxation
(Continued)
- 22 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
949,994
1,105,996
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
237,499
276,499
Tax effect of expenses that are not deductible in determining taxable profit
156
3,854
Tax effect of utilisation of tax losses not previously recognised
-
0
(98,660)
Unutilised tax losses carried forward
500
-
0
Adjustments in respect of prior years
(1,102)
-
0
Excess capital allowances over depreciation
(124,133)
(147,551)
Deferred tax timing differences
134,143
243,075
Deferred tax adjustments in respect of prior years
-
28,459
Marginal relief
-
(1,701)
Taxation charge for the year
247,063
303,975
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
300,000
200,000
12
Intangible fixed assets
Group
Website & applications
£
Cost
At 1 July 2024
-
0
Additions
44,620
At 30 June 2025
44,620
Amortisation and impairment
At 1 July 2024 and 30 June 2025
-
0
Carrying amount
At 30 June 2025
44,620
At 30 June 2024
-
0
LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 23 -
13
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2024
68,586
3,888,553
346,843
59,673
4,363,655
Additions
-
0
954,311
4,194
-
0
958,505
Disposals
-
0
(118,876)
(77,615)
-
0
(196,491)
At 30 June 2025
68,586
4,723,988
273,422
59,673
5,125,669
Depreciation and impairment
At 1 July 2024
46,057
1,966,812
271,791
15,912
2,300,572
Depreciation charged in the year
6,759
468,700
21,098
11,934
508,491
Eliminated in respect of disposals
-
0
(118,044)
(77,615)
-
0
(195,659)
At 30 June 2025
52,816
2,317,468
215,274
27,846
2,613,404
Carrying amount
At 30 June 2025
15,770
2,406,520
58,148
31,827
2,512,265
At 30 June 2024
22,529
1,921,741
75,052
43,761
2,063,083
The company had no tangible fixed assets at 30 June 2025 or 30 June 2024.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2025
2024
2025
2024
£
£
£
£
Plant and equipment
2,321,129
1,808,417
-
0
-
0
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
£
£
£
£
Unlisted investments
-
0
-
0
5,325,304
5,325,302
LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
14
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Company
Investments
£
Cost or valuation
At 1 July 2024
5,325,302
Additions
2
At 30 June 2025
5,325,304
Carrying amount
At 30 June 2025
5,325,304
At 30 June 2024
5,325,302
15
Subsidiaries

Details of the company's subsidiaries at 30 June 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Lasershape Limited
England and Wales
Ordinary
100.00
Lasershape Technologies Limited
England and Wales
Ordinary
67.00
16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
256,460
274,864
-
-
Work in progress
332,927
315,213
-
-
589,387
590,077
-
-
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,256,787
2,015,173
-
0
-
0
Other debtors
1,276
1,276
-
0
-
0
Prepayments and accrued income
323,987
308,721
-
0
-
0
2,582,050
2,325,170
-
-
LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 25 -
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Loans and borrowings
20
591,232
688,191
-
0
-
0
Trade creditors
1,701,143
1,704,990
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,702,858
1,702,856
Corporation tax payable
113,993
32,441
-
0
-
0
Other taxation and social security
302,510
173,525
-
-
Other creditors
107,420
77,756
-
0
-
0
Accruals and deferred income
166,278
120,547
-
0
-
0
2,982,576
2,797,450
1,702,858
1,702,856
19
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Loans and borrowings
20
1,426,552
1,072,782
-
0
-
0
20
Loans and borrowings
Group
Company
2025
2024
2025
2024
£
£
£
£
Hire purchase and finance lease
1,968,389
1,614,338
-
-
Other loans
49,395
146,635
-
0
-
0
2,017,784
1,760,973
-
-
Payable within one year
591,232
688,191
-
0
-
0
Payable after one year
1,426,552
1,072,782
-
0
-
0

The obligations under hire purchase agreements are secured against the assets to which they relate. The aggregate liabilities are £1,968,389 (202 4 - £1,614,338)

Also included in loans and borrowings above is an amount of £49,395 received previously under the Coronavirus Business Interruption Loan Scheme (CBILS ) (202 4 - £49,395). Under the terms of this loan, the repayment period is 60 months for both, ending September 2025 and January 2026. The interest rate on this loan is 10.10%.

LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 26 -
21
Finance lease and hire purchase obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases and hire purchase agreements:
Within one year
632,250
596,340
-
0
-
0
In two to five years
1,554,782
1,238,909
-
0
-
0
2,187,032
1,835,249
-
-
Less: future finance charges
(218,643)
(220,911)
-
0
-
0
1,968,389
1,614,338
-
0
-
0
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
588,398
454,255
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 July 2024
454,255
-
Charge to profit or loss
134,143
-
Liability at 30 June 2025
588,398
-

The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £1 47,466 (2024 - £107,193).

23
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
64,115
59,111
LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
23
Retirement benefit schemes
(Continued)
- 27 -

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

At the balance sheet date, pension contributions of £14,480 (2024 - £12,822) were due from the group.

24
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
1,000
1,000
100
100
25
Reserves

Profit and loss reserves

This reserve records retained earnings and accumulated losses.

Other reserve

This is a merger reserve which was arose on the creation of the group.

26
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
365,151
435,581
-
-
Between two and five years
216,379
552,532
-
-
581,530
988,113
-
-
27
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
280,629
326,203
LASERSHAPE GROUP LIMITED (FORMERLY FRIAR 146 LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
27
Related party transactions
(Continued)
- 28 -

The company has taken advantage of the exemption under section 33.11A of FRS102 'Related Party Transactions' for wholly owned subsidiaries not to disclose intra-group transactions.

During the year the company has made purchases of £nil (2024 - £1,914) with a related party, no balances were outstanding at the year end regarding related parties.

During the year the company has made sales of £165 (2024 - £nil) with a related party, no balances were outstanding at the year end regarding related parties.

These parties are connected through a common director.

28
Controlling party

The ultimate controlling party is S J E Hateley.

29
Cash generated from group operations
2025
2024
£
£
Profit after taxation
702,931
802,021
Adjustments for:
Taxation charged
247,063
303,975
Finance costs
121,254
114,332
Investment income
(50,941)
(41,344)
(Gain)/loss on disposal of tangible fixed assets
(14,167)
36,168
Depreciation and impairment of tangible fixed assets
508,491
485,198
Movements in working capital:
Decrease/(increase) in stocks
690
(84,305)
Increase in debtors
(256,880)
(181,946)
Increase/(decrease) in creditors
200,533
(239,483)
Cash generated from operations
1,458,974
1,194,616
30
Analysis of changes in net debt - group
1 July 2024
Cash flows
Hire purchase agreements
30 June 2025
£
£
£
£
Cash at bank and in hand
1,645,593
325,978
-
1,971,571
Borrowings excluding overdrafts
(146,635)
97,240
-
(49,395)
Obligations under hire purchase agreements
(1,614,338)
564,449
(918,500)
(1,968,389)
(115,380)
987,667
(918,500)
(46,213)
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