Maunby Investment Management Limited - Limited company accounts 25.1

REGISTERED NUMBER: 01676636 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 June 2025

for

Maunby Investment Management Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Income Statement

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

A M Furse

C C Keen

H C W O'Brien

SECRETARY:

R Bradley

REGISTERED OFFICE:

30 Market Place West

Ripon

HG4 1BN

REGISTERED NUMBER:

01676636 (England and Wales)

AUDITORS:

Anderson Barrowcliff Limited

Statutory Auditors

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

BANKERS:

NatWest Bank PLC

3rd Floor

2 Whitehall Quay

Leeds

LS1 4HR

The directors present their strategic report for the year ended 30 June 2025.

REVIEW OF BUSINESS

Over the twelve months to the end of June 2025, our discretionary funds under management rose by +20.2%, sharply ahead of our core benchmark. Maunby generated a profit after tax of £175,686 for the year (+136% y-on-y).

The fundamental driver behind this increase has been the addition of three colleagues to Maunby along with their clients, driving an increase in both discretionary and execution-only accounts. The long-awaited onboarding of these clients finally took place in January 2025 and proceeded very smoothly, a complement to a great deal of hard work by everyone at Maunby.

Execution-only funds rose by +49.2% over the period, also reflecting the accession of these new clients. These have delivered part of the increase in dealing commissions over the year. The remainder has been due to a mixture of other factors, including more buoyant markets and abnormal levels of sales prior to the October 2024 budget in expectation of an increase in CGT which materialised.

Last year's modest contribution from our treasury activities has been followed by a full year's contribution, and we are delighted that our clients continue to get a decent rate of interest on their cash, whatever the balance. The rollout of our Client Portal has also proved to be a great success, allowing access to information about their portfolios and their cash balances at any time of the day. We offer access to this as a matter of course to all new clients.

Position of the company's business at the end of the year

We finished the year in rude financial health, and increased profits will be applied to the benefit of key stakeholders, of whom our colleagues are a significant part along with shareholders. A portion of profits will be ploughed back into the business, a long-standing policy which has contributed to our extremely healthy capital position.

PRINCIPAL RISKS AND UNCERTAINTIES

Regulatory risk is the biggest single risk facing our sector. Compliance with a continually increasing regulatory burden remains a significant overhead for our business. We continue to manage this competently whilst ensuring that our approach does what it can to prevent this very real burden from becoming intolerable. Market risk is our second biggest risk, but as our service is to provide growth and income for our client base, we have to accept that it is always present. We mitigate it by the careful and continuous monitoring of portfolios and investments, including regular company meetings to supplement our in-house research, and daily in-house meetings to review and develop our investment strategy.

ESG

It has become best practice to include comments about ESG in our annual report and accounts. The principles underpinning ESG have been ones we have adhered to since taking over Maunby in 2007, and there was nothing new about them then. Decisions are made with long-term consequences in mind, which is borne out by the conservative manner in which Maunby has been run since 2007.

Balancing the interests of all shareholders with other stakeholders, of which employees are a key part, is automatic, Maunby paid a modest dividend of £23,441 to its shareholders this year and our discretionary bonus scheme has been active. We continue to migrate records from paper to an electronic format and to invest in systems that reduce our use of paper, whether internally or in our communications with clients. We are aware that we have a good reputation with our key suppliers, and we work with them proactively to improve the services that they provide.

FUTURE DEVELOPMENTS

The team of three who joined us with their clients last year will be making a full years contribution for the year ending June 2026. We continue to see new discretionary business inflows, and we continue to explore new opportunities whether directly or through intermediaries. We have also continued to invest in our advisory business as we believe it has much to contribute in coming years.

We continue to devote time towards attracting others with similar ethics and complementary expertise, not least because our clients benefit thereby. We recognise that our modest size, our flexibility and our personal touch set us apart from most alternatives, and we have reason to believe that these factors will continue to attract clients and investment managers.

We continue to spend very little on marketing as we firmly believe that the long-established tendency for our clients to recommend us to their friends and acquaintances generates a steady stream of new clients already predisposed towards Maunby and its philosophy.

We believe that our core offering of competent investment management is a rare beast, as we cover a broad spectrum from bonds via equities to collectives, from ultra large-cap to AIM-listed micro-cap stocks, and wrapped in SIPPS, SSASs, ISAs, JISAs, and trusts of all hues as well as conventional accounts. We are always prepared to look at something new, but do so with an experienced, and on occasions rather jaundiced, eye.

Finally, we see a long-term independent future for Maunby as being desirable, as we believe that a sale would be unlikely to work to our clients' advantage, and that growing the business organically will make us both stronger and steadier.

ON BEHALF OF THE BOARD:

A M Furse - Director

20 October 2025

The directors present their report with the financial statements of the company for the year ended 30 June 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of management of investment portfolios of all kinds and the provision of personal financial advice where appropriate.

DIVIDENDS

The total distribution of dividends for the year ended 30 June 2025 is £23,441.

DIRECTORS

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

A M Furse

C C Keen

H C W O'Brien

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;

-	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 M Furse - Director

20 October 2025

Opinion

We have audited the financial statements of Maunby Investment Management Limited (the 'company') for the year ended 30 June 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 June 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 opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the 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

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.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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.

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.

Based on our understanding of the industry, we have considered applicable laws and regulations which may be fundamental to the company's ability to operate or to avoid a material penalty, and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate manual journal entries to manipulate financial performance, management bias and any significant one-off or unusual transactions.

We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

Audit procedures performed by the engagement team included:

-

Enquiry of management and those charged with governance around actual and potential litigation and claims.

-

Enquiry of entity staff to identify any instances of non-compliance with laws and regulations.

-

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations.

-

Auditing the risk of management override of controls, including through testing journal entries and other
adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the
normal course of business.

-

Revenue recognition; confirming revenue earning activities to supporting contractual or other documentation,
and obtaining relevant evidence to gain assurance over the occurrence and accuracy of revenue and that
revenue has been recognised in the correct period.

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. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

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

David Shawcross FCA (Senior Statutory Auditor)

for and on behalf of Anderson Barrowcliff Limited

Statutory Auditors

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

21 October 2025

TURNOVER

3

1,210,809

930,378

Administrative expenses

1,061,315

882,841

149,494

47,537

Other operating income

4

1,151

-

OPERATING PROFIT

6

150,645

47,537

Interest receivable and similar income

81,427

47,113

232,072

94,650

Gain/loss on revaluation of investments

2,663

4,797

PROFIT BEFORE TAXATION

234,735

99,447

Tax on profit

7

59,049

24,958

PROFIT FOR THE FINANCIAL YEAR

175,686

74,489

FIXED ASSETS

Tangible assets

9

47,785

38,073

Investments

10

50

47,835

38,123

CURRENT ASSETS

Debtors

11

524,739

547,312

Investments

12

243,179

240,054

Cash at bank and in hand

622,719

489,176

1,390,637

1,276,542

CREDITORS

Amounts falling due within one year

13

132,321

163,759

NET CURRENT ASSETS

1,258,316

1,112,783

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,306,151

1,150,906

PROVISIONS FOR LIABILITIES

15

14,000

11,000

NET ASSETS

1,292,151

1,139,906

CAPITAL AND RESERVES

Called up share capital

16

3,723

Retained earnings

17

1,288,428

1,136,183

SHAREHOLDERS' FUNDS

1,292,151

1,139,906

The financial statements were approved by the Board of Directors and authorised for issue on 20 October 2025 and were signed on its behalf by:

A M Furse - Director

Called up

share

Retained

Total

capital

earnings

equity

£

Balance at 1 July 2023

3,723

1,061,694

1,065,417

Changes in equity

Total comprehensive income

-

74,489

Balance at 30 June 2024

3,723

1,136,183

1,139,906

Changes in equity

Dividends

-

(23,441

)

(23,441

)

Total comprehensive income

-

175,686

Balance at 30 June 2025

3,723

1,288,428

1,292,151

1.	STATUTORY INFORMATION

Maunby Investment Management 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 nature of the Company's operations and principal activities are set out in the Report of the Directors on page 4.

The financial statements are prepared in Sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been applied to all years presented unless otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with the applicable accounting standards including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland" (FRS102) and the Companies Act 2006. The financial statements have been prepared on the going concern basis under the historic cost convention, modified to include certain items at fair value.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 33.7.

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 for assets and liabilities as at the date of the statement of financial position and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies.

Turnover

Turnover comprises revenue recognised by the Company in respect of services supplied during the year, exclusive of Value Added Tax.

Turnover for investment management fees is based on an agreed percentage of the market value of the funds under management and is recognised on an accruals basis.

Turnover for commissions is recognised at the same time as the relevant transaction is completed.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles

-

10% on cost

Computer equipment

-

20% on cost and 10% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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 balance sheet date.

Deferred tax

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

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

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

Pension costs and other post-retirement benefits

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

Investments

Investments are recognised initially at cost which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably.

Debtors and creditors receivable/payable less than one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

3.

TURNOVER

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

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

2025

2024

£

Rendering of services

1,210,809

930,378

1,210,809

930,378

4.	OTHER OPERATING INCOME

2025

2024

£

Sundry receipts

1,151

-

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

Wages and salaries

589,723

467,222

Social security costs

58,338

44,192

Other pension costs

41,855

35,201

689,916

546,615

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

2025

2024

Administrative staff

15

13

2025

2024

£

Directors' remuneration

162,977

150,057

Directors' pension contributions to money purchase schemes

11,743

-

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

Money purchase schemes

2

6.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

Depreciation - owned assets

10,689

9,672

Auditors remuneration

15,050

18,725

Operating lease rentals

33,141

26,643

7.

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

56,000

25,500

(Over)/Under provision in

previous year

49

(542

)

Total current tax

56,049

24,958

Deferred taxation

3,000

-

Tax on profit

59,049

24,958

UK corporation tax has been charged at 25% (2024 - 25%).

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

234,735

99,447

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

58,684

24,862

Effects of:

Expenses not deductible for tax purposes

351

343

Adjustments to tax charge in respect of previous periods

49

(542

)

Marginal relief

-

(323

)

Deferred tax roundings

(94

)

666

Corporation tax roundings

59

(48

)

Total tax charge

59,049

24,958

Deferred tax has been provided at a tax rate of 25%, the main rate of UK corporation tax enacted at the balance sheet date.

8.

DIVIDENDS

2025

2024

£

Ordinary shares of £1 each

Interim

23,441

-

9.	TANGIBLE FIXED ASSETS

Improvements

to

Motor

Computer

property

vehicles

equipment

Totals

£

COST

At 1 July 2024

24,577

-

145,007

169,584

Additions

-

17,994

2,562

20,556

Disposals

(24,577

)

-

(166

)

(24,743

)

At 30 June 2025

-

17,994

147,403

165,397

DEPRECIATION

At 1 July 2024

24,577

-

106,934

131,511

Charge for year

-

750

9,939

10,689

Eliminated on disposal

(24,577

)

-

(11

)

(24,588

)

At 30 June 2025

-

750

116,862

117,612

NET BOOK VALUE

At 30 June 2025

-

17,244

30,541

47,785

At 30 June 2024

-

38,073

10.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 July 2024

and 30 June 2025

50

NET BOOK VALUE

At 30 June 2025

50

At 30 June 2024

50

The company owns 100% of the issued share capital of Maunby Nominees Limited, a company incorporated in England and Wales with registered office of 30 Market Place West, Ripon, HG4 1BN.

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

190,290

171,021

Amounts owed by group undertakings

306,541

Other debtors

2,121

37,068

Prepayments and accrued income

25,787

32,682

524,739

547,312

12.	CURRENT ASSET INVESTMENTS

2025

2024

£

Listed investments

243,179

240,054

Market value of listed investments at 30 June 2025 - £ 243,179 (2024 - £ 240,054 ).

2025

2024

UK Gilts

Balance brought forward

240,054

-

Purchases

87,462

235,257

Sales

(87,000

)

-

Gains on remeasurement to fair value

2,663

4,797

Balance carried forward

243,179

240,054

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Taxation

56,000

25,500

Social security and other taxes

43,569

34,410

Other creditors

-

61,697

Accruals and deferred income

32,752

42,152

132,321

163,759

14.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

Within one year

33,458

28,069

Between one and five years

54,610

122,448

In more than five years

-

121,714

88,068

272,231

15.	PROVISIONS FOR LIABILITIES

2025

2024

£

Deferred tax

Accelerated capital allowances

11,500

9,500

Fair value gains on current

asset investments

2,500

1,500

14,000

11,000

Deferred

tax

£

Balance at 1 July 2024

11,000

Charge to Income Statement during year

3,000

Balance at 30 June 2025

14,000

16.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

3,723

Ordinary

£1

3,723

17.

RESERVES

Retained

earnings

£

At 1 July 2024

1,136,183

Profit for the year

175,686

Dividends

(23,441

)

At 30 June 2025

1,288,428

Retained earnings represents cumulative profits and losses net of dividends and other adjustments. Included in this reserve is £5,460 non-distributable reserves in relation to the cumulative increase in fair value of current asset investments net of deferred tax (2024: £3,297).

18.	PENSION COMMITMENTS

The company operates defined contribution schemes. The charge for the year amounted to £41,855 (2024: £35,201). The amount outstanding at 30 June 2025 was £Nil (2024: £Nil).

19.	ULTIMATE PARENT COMPANY

The company is under the control of Mr A M Furse by virtue of his majority shareholding in the immediate parent company, Pepperrell Investments Limited. The parent is registered in England and Wales and the registered office is the same as that of the company.

20.	RELATED PARTY DISCLOSURES

During the year the company paid rent of £27,653 (2024: £26,643) to The Pepperrell Pension Scheme for rent of the office premises. The company paid costs on behalf of The Pepperrell Pension Scheme amounting to £2,867 (2024: £Nil) and received repayments of £39,935 (2024: £89,000). At 30 June 2025 The Pepperrell Pension Scheme owed the company £Nil (2024: £37,068).