REGISTERED NUMBER: 02896406 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 March 2025

for

Vale Garden Houses Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

Mrs D L Morton

Ms L C Morton

S A C Morton

S C J Hall

C J Shelbourne

J G Taylor

SECRETARY:

Mrs D L Morton

REGISTERED OFFICE:

Belton Park

Londonthorpe Road

Grantham

Lincolnshire

NG31 9SJ

REGISTERED NUMBER:

02896406 (England and Wales)

SENIOR STATUTORY AUDITOR:

Matthew Chadwick BA (Hons) FCA

AUDITORS:

Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS

Vale Garden Houses Limited is part of a family owned and managed group of companies whose primary activity is the design, manufacture and installation of traditional conservatories and orangeries.

Corporate Restructure

A corporate restructure took place at the beginning of the year in which the Company became a 100% subsidiary of a group which contained Vale Garden Houses Limited and its sister company, Architectural Bronze Limited, along with two newly formed companies. The purpose of the restructure was to transfer any non-trading assets in the Company to other group companies allowing the Company to operate as an entirely trading company, dealing only in its primary activity. As part of the restructure, any non-trading assets, surplus cash and the Company's portfolio of investment properties were all transferred to other group companies.

The restructure resulted in a reduction of £11.4m in the net assets of the Company but no reduction in overall Group net assets.

Market Conditions in 2024/25

Inflation in the UK economy, as measured by the Consumer Price Index, continued to fall from the previous year's figure of 3.2% to 2.6% for the 12 months to March 2025, which allowed the Bank of England to cut its base rate from 5.25% to 4.5% by March 2025. Nonetheless, economic growth in the UK in that period remained sluggish at 1.1%.

Lower inflation meant that raw material prices and labour costs were more predictable in the year, which in turn has given us more certainty in our future trading margins. Consumer confidence in the economy improved marginally compared to the previous year but overall it remained weak. We expect confidence in the economy to remain subdued for some time nonetheless, despite these challenges, we remain well placed to deal with the coming year.

Results

We continued to work hard to secure a strong order book with orders placed in the year at £9.5m, up from £8.5m in the previous year. This gave us a significant pipeline of work to occupy the factory, although ongoing delays in Local Authority Planning Departments and difficulties faced by our clients in scheduling building work prior to our installations caused some disruption to our work schedule. Nonetheless we still achieved turnover of £9.24m, up from £8.05m in the previous year.

Inflation has an impact on our trading margins well into the future. In particular, the effects of previous high inflation rates on the cost of raw materials and labour continued to have an impact in the year and although gross profits increased from £5.36m to £5.73m, margins were squeezed. We maintained good control on overhead expenditure in the year though and achieved overall trading profits of £1.38m, up from £0.87m in the previous year.

Due to the restructure of the business and the transfer of investment properties to another group company, rental income receipts were down and will not form part of any future income stream for then Company.

We continue to carry no debt whatsoever in the company and, despite the restructure, our overall liquidity remains strong with cash and liquid deposits at the year-end of £5.21m (2024: £5.78m). Stable cash flow is a good measure of a company's performance and the strong liquidity of the Company is an indicator that the company is well placed for the coming year. Our strong cash position has also allowed us to continue to hold a significant level of stock, providing our clients with long term assurances and confidence in our ability to deliver projects to them.

Due to the group restructure the net assets on our balance sheet have reduced, nonetheless we are still showing a strong position with net assets at the year-end of £7.9m (2024: £18.0m).

Investment in our business

We continue to invest in state-of-the-art technology, machinery and equipment and remain focused on improving systems, manufacturing processes and streamlining production, to create greater efficiencies throughout the whole of the business.

PRINCIPAL RISKS AND UNCERTAINTIES

We have mitigated risks of supply chain disruption by making sure our stock levels are sufficiently high and making sure that we have in place more than one supplier for our key materials.

We continually monitor the market and, where appropriate, undertake forward buying to take advantage of favourable market conditions and minimise the risk posed by adverse swings in the exchange rate.

We continue to invest in our IT security infrastructure to ensure that we have resilient systems in the face of any IT failures or cyber attacks, through a full disaster recovery plan and off site back up processes.

ON BEHALF OF THE BOARD:

S A C Morton - Director

27 October 2025

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

PRINCIPAL ACTIVITIES

The principal activities of the company in the year under review were those of the design, manufacture and sales of conservatories and bronze window casements, and the development and sale of residential properties.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 was £11,433,199 (2024: £nil).

DIRECTORS

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

Mrs D L Morton

Ms L C Morton

S A C Morton

S C J Hall

C J Shelbourne

J G Taylor

Other changes in directors holding office are as follows:

D M Cheney ceased to be a director after 31 March 2025 but prior to the date of this report.

CHARITABLE DONATIONS

During the year, the company made charitable donations of £3,186 (2024: £1,944).

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

S A C Morton - Director

27 October 2025

Opinion

We have audited the financial statements of Vale Garden Houses Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 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.

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

Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework.

-

We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and people charged with governance.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

-

Substantive procedures performed in accordance with the ISAs (UK).

-

Challenging assumptions and judgments made by management in its significant accounting estimates.

-

Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals.

-

Assessing the extent of compliance with the relevant 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.

Matthew Chadwick BA (Hons) FCA (Senior Statutory Auditor)

for and on behalf of Wright Vigar Limited

Statutory Auditors

Chartered Accountants & Business Advisers

15 Newland

Lincoln

Lincolnshire

LN1 1XG

27 October 2025

TURNOVER

9,238,941

8,054,968

Cost of sales

3,513,103

2,692,561

GROSS PROFIT

5,725,838

5,362,407

Selling costs

730,560

672,398

Administrative expenses

3,644,725

3,859,047

4,375,285

4,531,445

1,350,553

830,962

Other operating income

187,078

402,793

OPERATING PROFIT

4

1,537,631

1,233,755

Interest receivable and similar income

257,099

256,948

PROFIT BEFORE TAXATION

1,794,730

1,490,703

Tax on profit

5

460,937

472,522

PROFIT FOR THE FINANCIAL YEAR

1,333,793

1,018,181

PROFIT FOR THE YEAR

1,333,793

1,018,181

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,333,793

1,018,181

FIXED ASSETS

Intangible assets

7

44,360

10,096

Tangible assets

8

4,495,372

4,129,385

Investments

9

-

94,876

Investment property

10

-

5,018,480

4,539,732

9,252,837

CURRENT ASSETS

Stocks

11

1,288,275

1,201,561

Debtors

12

868,911

5,176,337

Cash at bank and in hand

5,205,552

5,781,545

7,362,738

12,159,443

CREDITORS

Amounts falling due within one year

13

3,730,262

2,967,901

NET CURRENT ASSETS

3,632,476

9,191,542

TOTAL ASSETS LESS CURRENT LIABILITIES

8,172,208

18,444,379

PROVISIONS FOR LIABILITIES

15

231,585

404,430

NET ASSETS

7,940,623

18,039,949

CAPITAL AND RESERVES

Called up share capital

16

100

100

Revaluation reserve

561,483

561,483

Retained earnings - undistributable

-

1,254,406

Retained earnings

7,379,040

16,223,960

SHAREHOLDERS' FUNDS

7,940,623

18,039,949

The financial statements were approved by the Board of Directors and authorised for issue on 27 October 2025 and were signed on its behalf by:

S A C Morton - Director

Called up

Retained

share

Retained

Revaluation

earnings

Total

capital

earnings

reserve

- undistributable

equity

£

£

£

£

£

Balance at 1 April 2023

5,400

15,107,301

561,483

1,352,884

17,027,068

Changes in equity

Capital reduction

(5,300

)

-

-

-

(5,300

)

Total comprehensive income

-

1,116,659

-

(98,478

)

1,018,181

Balance at 31 March 2024

100

16,223,960

561,483

1,254,406

18,039,949

Changes in equity

Dividends

-

(11,433,119

)

-

-

(11,433,119

)

Total comprehensive income

-

2,588,199

-

(1,254,406

)

1,333,793

Balance at 31 March 2025

100

7,379,040

561,483

-

7,940,623

Cash flows from operating activities

Cash generated from operations

1

6,503,662

1,207,623

Deferred tax movement transfer

(213,544

)

-

Tax interest received

50

-

Tax paid

(684,843

)

(283,102

)

Net cash from operating activities

5,605,325

924,521

Cash flows from investing activities

Purchase of intangible fixed assets

(41,794

)

(10,978

)

Purchase of tangible fixed assets

(646,426

)

(491,662

)

Purchase of investment property

-

(1,230

)

Sale of tangible fixed assets

17,763

20,875

Sale of fixed asset investments

92,989

-

Sale of investment property

5,018,480

677,193

Interest received

257,099

256,948

Net cash from investing activities

4,698,111

451,146

Cash flows from financing activities

Amount introduced by directors

875,892

564,497

Amount withdrawn by directors

(322,202

)

(898,482

)

Capital reduction

-

(5,300

)

Equity dividends paid

(11,433,119

)

-

Net cash from financing activities

(10,879,429

)

(339,285

)

(Decrease)/increase in cash and cash equivalents

(575,993

)

1,036,382

Cash and cash equivalents at beginning of year

2

5,781,545

4,745,163

Cash and cash equivalents at end of year

2

5,205,552

5,781,545

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

2025

2024

£

£

Profit before taxation

1,794,730

1,490,703

Depreciation charges

286,333

269,681

Profit on disposal of fixed assets

(14,240

)

(28,068

)

Finance income

(257,099

)

(256,948

)

1,809,724

1,475,368

Increase in stocks

(86,714

)

(12,225

)

Decrease in trade and other debtors

4,307,426

193,709

Increase/(decrease) in trade and other creditors

473,226

(449,229

)

Cash generated from operations

6,503,662

1,207,623

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

5,205,552

5,781,545

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

5,781,545

4,745,163

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

5,781,545

(575,993

)

5,205,552

5,781,545

(575,993

)

5,205,552

Total

5,781,545

(575,993

)

5,205,552

1.	STATUTORY INFORMATION

Vale Garden Houses 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 under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents the value of conservatories manufactured and installed, related building work, ancillary products and properties sold during the year, excluding value added tax. Turnover on conservatories and building work is represented by the value of work done on contracts during the year, where the value includes both direct costs and overheads absorbed into contracts. No profit is taken on contracts until they are complete but if a contract is showing a loss then it is recognised immediately.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of 3-5 years.

Tangible fixed assets

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

Land and buildings

-

Land not depreciated. Buildings 2% cost

Plant and machinery

-

6.7% - 20% on cost

Fixtures and fittings

-

6.7% - 50% on cost

Motor vehicles

-

20% on cost

Freehold land is not depreciated.

Land and buildings are revalued to fair value less any subsequent accumulated depreciation and subsequent impairment losses.

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.

Stocks and work in progress

Work in progress is valued at the lower of cost and net realisable value and stock is valued at the average cost, after making due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of production overheads.

Financial instruments

Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities - trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 shown at the lower of cost or net realisable value and any impairment of value will be recognised in the income statement. The difference between the fair value of the investments and their cost is not considered material.

Amounts recoverable on contracts

The amount by which recorded turnover on long term contracts is in excess of payments on account is classified as amounts recoverable on contracts under debtors.

Payments on account

The balance of payments on account in excess of amounts offset against amounts recoverable on contracts and long term contract balances is classified as payments received on account under creditors,where applicable.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

3,271,743

3,231,875

Social security costs

387,011

465,762

Other pension costs

255,501

279,723

3,914,255

3,977,360

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

2025

2024

Administration

42

44

Production

61

61

Directors

7

7

110

112

2025

2024

£

£

Directors' remuneration

607,714

580,652

Directors' pension contributions to money purchase schemes

88,492

75,302

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

Money purchase schemes

4

4

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

154,168

162,017

Pension contributions to money purchase schemes

-

630

4.	OPERATING PROFIT

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

2025

2024

£

£

Hire of plant and machinery

13,831

12,402

Depreciation - owned assets

278,803

268,798

Profit on disposal of fixed assets

(14,240

)

(28,068

)

Computer software amortisation

7,530

882

Auditors' remuneration

22,143

35,860

Foreign exchange differences

4,365

908

5.

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

420,238

404,743

Prior year adjustment

-

11,126

Total current tax

420,238

415,869

Deferred tax

40,699

56,653

Tax on profit

460,937

472,522

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

1,794,730

1,490,703

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

448,683

372,676

Effects of:

Expenses not deductible for tax purposes

8,959

73,014

adjustment

Deferred tax

40,699

56,653

Capital gain on sale of property

-

21,040

Capital allowances in excess of depreciation

(37,404

)

(61,988

)

Under/(over) provision in prior period

-

11,127

Total tax charge

460,937

472,522

6.

DIVIDENDS

2025

2024

£

£

Interim

11,433,119

-

Dividends paid in the year were paid entirely to other group companies as part of the group restructure; £5,800,000 was paid as a cash dividend and a transfer of other assets valued at £5,633,119 was paid as a dividend in specie.