Company registration number 08217751 (England and Wales)
Antony Bennett Holdings Ltd
Group strategic report, report of the directors and
audited cosolidated financial statements for the year ended 31 March 2025
Antony Bennett Holdings Ltd
Company information
Directors
Mr A Bennett
O T Bennett
(Appointed 4 February 2025)
L Hughes
(Appointed 6 February 2025)
A L Bennett
(Appointed 11 November 2024)
Company number
08217751
Registered office
The Exchange
5 Bank Street
Bury
England
BL9 0DN
Auditor
DJH Audit Limited
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN
Bankers
Handelsbanken
6 The Courtyard
Calvin Street
Bolton
BL1 8PB
Antony Bennett Holdings Ltd
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group income statement
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 28
Antony Bennett Holdings Ltd
Strategic report
For the year ended 31 March 2025
- 1 -

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

Review of the business

The principal activity during the year continued to be the provision of Assistive Technology hardware, software, warranty, support, ergonomic and technical assessments, Non-Medical Help (NMH) and training solutions to students in receipt of the Government's Disabled Students Allowance grant (DSA) and Non-DSA funding streams such as apprenticeships, international and research councils. Additionally, the new Non-DSA Needs Assessment Service is established and shows steady growth.

The business has continued to perform well despite the reduction in turnover, producing turnover of £11,833,467 and net profit before tax of £1,438,121 compared to £28,030,067, with a net profit of £1,454,096 in 2024. The increase is profit before tax is largely due to enhanced streamlining of resources.

Home working is now the norm, however, our warehousing operation remains 100% Head Office based.

Following the introduction of the new framework for the supply of DSA services (excluding NMH) in February 2024, we do not receive new student referrals from SFE/SFW for Assistive Technology equipment and training. However, we maintain those services for legacy students and continue to receive referrals from NMH funded students. With continued investment in our infrastructure and resources we have developed income streams from non-DSA funded students and built on the relationships in place with institutions.

Principal risks and uncertainties

Risk is present in all businesses, and the company regularly reviews the risks it may face. These include short, medium, and long term. We currently consider the following to be the major risks and uncertainties:

Market uncertainties – whilst we are not a part of the DSA framework, we are seeing a steady growth in referrals from institutions for their non-DSA funded students.

Competitor analysis - Our business model has changed due to the fact that we were unsuccessful in our bid for the SLC framework, however we continue the supply of disability services to the Education sector for those students and staff not in receipt of the DSA.

Operational risks - The company is committed to delivering exceptional value in quality and service. Our risk management systems encourage a proportionate response to each area of risk, and our robust ISO accreditations and local ownership ensure this. Supply chain resilience and product quality management are regarded as two key operational risks.

Credit risk – Our debtors are mainly the Student Loans Company (England and Wales) Student Finance Northern Ireland (SFNI) the NHS, other government funded institutions in addition and Universities. The risk to the company of financial loss is therefore very low and robust credit control processes are in place to mitigate this risk.

Liquidity risk - The company has adequate cash reserves to ensure continued operations and investment in its infrastructure. The funds, if required, will also allow for a further increase in stock to mitigate any forecasted shortages.

Key performance indicators

Turnover/Gross profit/Operating profit

Turnover - 2025 : £11,833,467 (2024 : £28,030,06 8)

Gross profit percentage - 2025 : 53.6% (2024 : 26.4%)

Operating profit - 2025 : £1,024,686 (2024 : £1,2 41,847)

Antony Bennett Holdings Ltd
Strategic report (continued)
For the year ended 31 March 2025
- 2 -

The directors continue to redirect the business model. Whilst still supplying a large amount of NMH services and some legacy equipment supply to SLC, we have developed our services and expanded the supply of disability services to the Education sector for those students and staff not in receipt of the DSA. This includes apprenticeship, international, research council funded students and University employees and has allowed for an increasing in profitability. Margins in individual areas of the business are also monitored as these vary and therefore changes to the sales volumes in individual sectors of the business can impact on the overall margin achieved.

Other performance indicators

Working capital requirements

Working capital as at 31 March - 2025 : £131,760 (2024 : £486,306)

Working capital requirements are monitored throughout the year and as the position changes widely depending upon the point in the academic year, with requirements at their highest level in the cycle in the after the annual student intake in September.

Other information and explanations

Future Developments

The company continues to invest in streamlining services to our stakeholders. Our student and stakeholder portals are now complete and are being utilized by our customers promoting efficiencies throughout the operations.

Our new Non-DSA Assessment service for any disabled student not in receipt of the DSA continues to strengthen and recruitment has taken place to meet demand.

The HR department continues a major recruitment drive in the Non-Medical Help sector allowing us to facilitate further growth within this part of the industry.

On behalf of the board

Mr A Bennett
Director
26 November 2025
Antony Bennett Holdings Ltd
Directors' report
For the year ended 31 March 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company and group continued to be that of a holding company.

The principal activity of the group in the period under review was that of the supply of computer equipment, DSA equipment, and services, stationary and office furniture.

Results and dividends

Interim dividends totalling £681.58115 per share were paid during the year. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2025 will be £289,673.

Interim dividends per share on Ordinary £1 shares were paid as follows:

218.18 - 15 June 2024

218.18 - 15 September 2024

272.10 - 15 December 2024

681.58

Directors

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

Mr A Bennett
O T Bennett
(Appointed 4 February 2025)
L Hughes
(Appointed 6 February 2025)
A L Bennett
(Appointed 11 November 2024)
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee consultation

The group places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the group. This is achieved through formal and informal meetings and through regular communication.

Post reporting date events

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

Auditor

The auditor, DJH Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Antony Bennett Holdings Ltd
Directors' report (continued)
For the year ended 31 March 2025
- 4 -
Statement of directors' responsibilities

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;

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

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.

Strategic report

The true group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

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.

Medium-sized companies exemption

The group has chosen, in accordance with s414C(11) of the Companies Act, to set out in the company's strategic report which would otherwise be required by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008' to be contained in the report of the directors.

On behalf of the board
Mr A Bennett
Director
26 November 2025
Antony Bennett Holdings Ltd
Independent auditor's report
To the members of Antony Bennett Holdings Ltd
- 5 -
Opinion

We have audited the financial statements of Antony Bennett Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group profit and loss account, 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 31 March 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.

Antony Bennett Holdings Ltd
Independent auditor's report (continued)
To the members of Antony Bennett Holdings Ltd
- 6 -

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.

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.

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

As part of our planning process:

- We enquired of management the systems and controls the group has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, Health & Safety at Work 1974, Employment Act 2008, ISO9001, ISO14001 and ISO27001.

- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly. - Using our knowledge of the group, together with the discussions held with the group at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

Antony Bennett Holdings Ltd
Independent auditor's report (continued)
To the members of Antony Bennett Holdings Ltd
- 7 -

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to estimating the useful life and residual values of assets, determining the fair value of leasehold property within the accounts in categorising leases as finance or operating leases, and in the level of provision required for impairment of stock.

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.

- Testing key turnover lines, in particular cut-off, for evidence of management bias.

- Performing a physical verification of key assets , including inventory.

- Obtaining third-party confirmation of material bank balances.

- Documenting and verifying all significant related party balances and transactions.

- T esting all material consolidation adjustments.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors of the entity.

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.

Kate Hughes (Senior Statutory Auditor)
For and on behalf of DJH Audit Limited, Statutory Auditor
Accountants
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN
27 November 2025
Antony Bennett Holdings Ltd
Group profit and loss account
For the year ended 31 March 2025
- 8 -
2025
2024
Notes
£
£
Turnover
5
11,833,467
28,030,068
Cost of sales
(5,460,314)
(20,621,806)
Gross profit
6,373,153
7,408,262
Administrative expenses
(6,717,320)
(7,275,588)
Other operating income
1,377,535
1,109,173
Operating profit
8
1,033,368
1,241,847
Interest receivable and similar income
9
403,148
205,311
Interest payable and similar expenses
10
-
0
(3,348)
Profit before taxation
1,436,516
1,443,810
Tax on profit
11
(220,892)
(316,324)
Profit for the financial year
26
1,215,624
1,127,486
Profit for the financial year is all attributable to the owners of the parent company.
Antony Bennett Holdings Ltd
Group statement of comprehensive income
For the year ended 31 March 2025
- 9 -
2025
2024
£
£
Profit for the year
1,215,624
1,127,486
Other comprehensive income
-
-
Total comprehensive income for the year
1,215,624
1,127,486
Total comprehensive income for the year is all attributable to the owners of the parent company.
Antony Bennett Holdings Ltd
Group balance sheet
As at 31 March 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
14
23,146
33,433
Tangible assets
15
474,045
1,976,079
Investments
16
120,006
120,006
617,197
2,129,518
Current assets
Stocks
18
424,703
988,572
Debtors
19
5,008,697
2,464,847
Cash at bank and in hand
8,983,270
9,894,702
14,416,670
13,348,121
Creditors: amounts falling due within one year
20
(3,943,220)
(5,202,611)
Net current assets
10,473,450
8,145,510
Total assets less current liabilities
11,090,647
10,275,028
Provisions for liabilities
Deferred tax liability
22
63,050
173,382
(63,050)
(173,382)
Net assets
11,027,597
10,101,646
Capital and reserves
Called up share capital
23
425
425
Revaluation reserve
26
-
0
230,850
Other reserves
26
779,267
779,267
Profit and loss reserves
26
10,247,905
9,091,104
Total equity
11,027,597
10,101,646

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 26 November 2025 and are signed on its behalf by:
26 November 2025
Mr A Bennett
Director
Company registration number 08217751 (England and Wales)
Antony Bennett Holdings Ltd
Company balance sheet
As at 31 March 2025
31 March 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
16
16,500,000
16,500,000
16,500,000
16,500,000
Current assets
Cash at bank and in hand
425
425
Creditors: amounts falling due within one year
20
(196,759)
(196,759)
Net current liabilities
(196,334)
(196,334)
Total assets less current liabilities
16,303,666
16,303,666
Provisions for liabilities
Deferred tax liability
22
2,895,242
2,895,242
(2,895,242)
(2,895,242)
Net assets
13,408,424
13,408,424
Capital and reserves
Called up share capital
23
425
425
Revaluation reserve
26
12,342,876
12,342,876
Other reserves
26
1,065,123
1,065,123
Total equity
13,408,424
13,408,424

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

The financial statements were approved by the board of directors and authorised for issue on 26 November 2025 and are signed on its behalf by:
26 November 2025
Mr A Bennett
Director
Company registration number 08217751 (England and Wales)
Antony Bennett Holdings Ltd
Group statement of changes in equity
For the year ended 31 March 2025
- 12 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2023
425
230,850
779,267
8,334,210
9,344,752
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
-
1,127,486
1,127,486
Dividends
13
-
-
-
(370,592)
(370,592)
Balance at 31 March 2024
425
230,850
779,267
9,091,104
10,101,646
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
-
1,215,624
1,215,624
Dividends
13
-
-
-
(289,673)
(289,673)
Transfers
-
(230,850)
-
230,850
-
Balance at 31 March 2025
425
-
0
779,267
10,247,905
11,027,597
Antony Bennett Holdings Ltd
Company statement of changes in equity
For the year ended 31 March 2025
- 13 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 April 2023
425
12,342,876
1,065,123
-
0
13,408,424
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
-
370,592
370,592
Dividends
13
-
-
-
(370,592)
(370,592)
Balance at 31 March 2024
425
12,342,876
1,065,123
-
0
13,408,424
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
-
289,673
289,673
Dividends
13
-
-
-
(289,673)
(289,673)
Balance at 31 March 2025
425
12,342,876
1,065,123
-
0
13,408,424
Antony Bennett Holdings Ltd
Group statement of cash flows
For the year ended 31 March 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
1
1,182,499
1,267,125
Interest paid
-
0
(3,348)
Income taxes paid
(359,654)
(164,149)
Net cash inflow from operating activities
822,845
1,099,628
Investing activities
Purchase of tangible fixed assets
(269,372)
(31,696)
Proceeds from disposal of tangible fixed assets
1,700,526
121,985
Repayment of loans
(3,278,906)
(21,532)
Interest received
403,148
205,311
Net cash (used in)/generated from investing activities
(1,444,604)
274,068
Financing activities
Payment of finance leases obligations
-
(70,664)
Dividends paid to equity shareholders
(289,673)
(370,592)
Net cash used in financing activities
(289,673)
(441,256)
Net (decrease)/increase in cash and cash equivalents
(911,432)
932,440
Cash and cash equivalents at beginning of year
9,894,702
8,962,262
Cash and cash equivalents at end of year
8,983,270
9,894,702
Antony Bennett Holdings Ltd
Group statement of cash flows (continued)
For the year ended 31 March 2025
- 15 -
1
Cash generated from group operations
2025
2024
£
£
Profit after taxation
1,215,624
1,127,486
Adjustments for:
Taxation charged
220,892
316,324
Finance costs
-
0
3,348
Investment income
(403,148)
(205,311)
Gain on disposal of tangible fixed assets
(1,079)
(8,070)
Amortisation and impairment of intangible assets
10,287
10,287
Depreciation and impairment of tangible fixed assets
71,959
101,462
Movements in working capital:
Decrease in stocks
563,869
893,723
Decrease in debtors
735,056
582,456
Decrease in creditors
(1,230,961)
(1,554,580)
Cash generated from operations
1,182,499
1,267,125
2
Analysis of changes in net funds - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
9,894,702
(911,432)
8,983,270
3
Accounting policies
Company information

Antony Bennett Holdings Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Exchange, 5 Bank Street, Bury, BL9 0DN.

The group consists of Antony Bennett Holdings Ltd and all of its subsidiaries.

3.1
Accounting convention

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.

The group had net assets of £10.9m and cash reserves of £8.9m at the year end and has generated significant profits post year end. The director believes that the group is well placed to manage the business risks at these challenging times and therefore continues to adopt a going concern basis of accounting in preparing these financial statements.

Antony Bennett Holdings Ltd
Notes to the group financial statements
For the year ended 31 March 2025
3
Accounting policies
(Continued)
- 16 -
3.2
Basis of consolidation

The consolidated financial statements include the company and its subsidiary undertakings made up to 31 March 202 5, which have been accounted for under the acquisition model, in accordance with Financial Reporting Standard 102.

3.3
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.

3.4
Turnover

Turnover comprises the aggregate of the fair values of the sale of goods and services provided, net of value added tax, rebates and discounts. Turnover is recognised as follows:

Sale of goods are recognised when the group has delivered products to the customer, the customer has accepted the products and collectability of the related receivables is fairly stated.

Service turnover are recognised as those services are provided to the customers. Service revenue includes income relating to warranties which is invoiced in advance at the inception of the agreement. This income is spread evenly over the period of the warranty and recognised in the appropriate period.

3.5
Intangible fixed assets - goodwill

Goodwill which arose upon the reorganisation in 2013, has been written off over its estimated useful life of five years from 1 April 2014.

Goodwill, which arose from a company acquisition in 2022, is being written off over its estimated useful life of five years from 13 July 2022.

3.6
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
50 years
Leasehold improvements
4% on reducing balance
Fixtures and fittings
15% on reducing balance
Motor vehicles
25% on reducing balance

In the prior year there was no charge for depreciation on the leasehold buildings as in the opinion of the director the residual value of the property is in excess of its value in the accounts.

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the changes arises.

Antony Bennett Holdings Ltd
Notes to the group financial statements (continued)
For the year ended 31 March 2025
3
Accounting policies
(Continued)
- 17 -
3.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or l oss.

Fixed asset investments are shown at cost less any provision for permanent diminution in value.

3.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is calculated as the costs incurred in bringing the stock to its present location and condition. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognized as an expense in the period in which the related turnover is recognized. The amount of any write-down of inventories to net realizable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognized as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

3.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short term liquid investments with original maturities of three months or less.

3.10
Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortized cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recogni s ed in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortized cost, being the transaction price less any amounts settled.

3.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

3.12
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognized in the Statement of Comprehensive Income, except to the extent that it relates to items recogni s ed in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recogni s ed at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Antony Bennett Holdings Ltd
Notes to the group financial statements (continued)
For the year ended 31 March 2025
3
Accounting policies
(Continued)
- 18 -
Current tax

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognized at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

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

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recogni s ed 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 recogni s ed 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.

3.13
Retirement benefits

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

3.14

Hire purchase and leasing commitments

Assets that are held by the company under leases which transfer to the company substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the company are classified as operating leases.

Assets held under finance leases are initially recogni s ed as assets of the company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recogni s ed immediately in the income statement.

Operating lease payments are recogni s ed as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

3.15

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Antony Bennett Holdings Ltd
Notes to the group financial statements (continued)
For the year ended 31 March 2025
- 19 -
4
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.

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

Estimating the useful economic life of an asset and the anticipated residual value are considered key in calculating an appropriate depreciation charge.

Determining the fair value of the leasehold property within the accounts is considered a key estimate.

In categorising leases as finance or operating leases, the director makes judgements as to whether significant risks and rewards of ownership have transferred to the group as lessee.

Making judgement based on historical experience on the level of provision required for impairment of inventories. Further information received after the statement of financial position date may impact on the level of provision required.

Determining the fair value of the investment property relies on the judgement of the director.

5
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Computer equipment & software
9,149,074
21,479,526
Regonomic equipment
1,001,048
2,452,316
Support & training
1,683,345
4,098,225
11,833,467
28,030,067
2025
2024
£
£
Other revenue
Interest income
403,148
205,311
Management charge received
2,755,068
1,109,173
Antony Bennett Holdings Ltd
Notes to the group financial statements (continued)
For the year ended 31 March 2025
- 20 -
6
Employees

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

Group
2025
2024
Number
Number
Management
13
9
Administration
29
19
Technical
37
68
Wareouse
4
4
NMH staff (part time)
498
440
Total
581
540

Their aggregate remuneration comprised:

Group
2025
2024
£
£
Wages and salaries
5,005,958
5,402,237
Social security costs
358,768
366,204
Pension costs
88,816
94,668
5,453,542
5,863,109
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
11,492
16,111
Company pension contributions to defined contribution schemes
10,000
10,000

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

Antony Bennett Holdings Ltd
Notes to the group financial statements (continued)
For the year ended 31 March 2025
- 21 -
8
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Auditors remuneration for non-audit work
14,139
7,750
Fees payable to the group's auditor for the audit of the group's financial statements
21,166
29,940
Depreciation of owned tangible fixed assets
71,959
101,462
Profit on disposal of tangible fixed assets
(1,079)
(8,070)
Amortisation of intangible assets
10,287
10,287
9
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
403,148
205,311
10
Interest payable and similar expenses
2025
2024
£
£
Interest on finance leases and hire purchase contracts
-
3,348
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
331,224
359,654
Adjustments in respect of prior periods
-
0
(192)
Total current tax
331,224
359,462
Deferred tax
Origination and reversal of timing differences
(110,332)
(43,138)
Total tax charge
220,892
316,324
Antony Bennett Holdings Ltd
Notes to the group financial statements (continued)
For the year ended 31 March 2025
11
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
1,436,516
1,443,810
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
359,129
360,953
Tax effect of expenses that are not deductible in determining taxable profit
8,471
11,778
Tax effect of income not taxable in determining taxable profit
(270)
(2,018)
Tax effect of utilisation of tax losses not previously recognised
-
0
(7,025)
Adjustments in respect of prior years
-
0
(192)
Permanent capital allowances in excess of depreciation
(114,319)
(13,489)
Research and development tax credit
(32,119)
(33,683)
Taxation charge
220,892
316,324
12
Individual income statement

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

13
Dividends
2025
2024
£
£
Ordinary A shares of £1 each
289,673
370,592
14
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
(226,265)
Amortisation and impairment
At 1 April 2024
(259,698)
Amortisation charged for the year
10,287
At 31 March 2025
(249,411)
Antony Bennett Holdings Ltd
Notes to the group financial statements (continued)
For the year ended 31 March 2025
14
Intangible fixed assets
(Continued)
- 23 -
Carrying amount
At 31 March 2025
23,146
At 31 March 2024
33,433
15
Tangible fixed assets
Group
Leasehold land and buildings
Leasehold improvements
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
1,370,000
204,401
305,980
524,782
2,405,163
Additions
-
0
155,210
72,952
41,210
269,372
Disposals
(1,370,000)
(200,824)
(269,310)
(107,970)
(1,948,104)
At 31 March 2025
-
0
158,787
109,622
458,022
726,431
Depreciation and impairment
At 1 April 2024
-
0
12,163
116,716
300,205
429,084
Depreciation charged in the year
-
0
-
0
14,161
57,798
71,959
Eliminated in respect of disposals
-
0
(12,163)
(156,313)
(80,181)
(248,657)
At 31 March 2025
-
0
-
0
(25,436)
277,822
252,386
Carrying amount
At 31 March 2025
-
0
158,787
135,058
180,200
474,045
At 31 March 2024
1,370,000
192,238
189,264
224,577
1,976,079
The company had no tangible fixed assets at 31 March 2025 or 31 March 2024.
16
Fixed asset investments
Group
Company
2025
2024
2025
2024
£
£
£
£
Unlisted investments
120,006
120,006
16,500,000
16,500,000
Antony Bennett Holdings Ltd
Notes to the group financial statements (continued)
For the year ended 31 March 2025
16
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 April 2024 and 31 March 2025
120,006
Carrying amount
At 31 March 2025
120,006
At 31 March 2024
120,006
Movements in fixed asset investments
Company
Unlisted investments
£
Cost or valuation
Valuation in 2017
438,118
Valuation in 2018
500,000
Valuation in 2019
2,300,000
Valuation in 2020
1,500,000
Valuation in 2021
10,500,000
Cost
1,261,882
Carrying amount
At 31 March 2025
16,500,000
At 31 March 2024
16,500,000
17
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
The Bennett Group Limited
United Kingdom
Non-trading holding company
Ordinary
100.00
Barry Bennett Limited
United Kingdom
Sale of computer and office equipment
*Ordinary
100.00
Antony Bennett Holdings Ltd
Notes to the group financial statements (continued)
For the year ended 31 March 2025
17
Subsidiaries
(Continued)
- 25 -

In prior years the company's investments at the statement of financial position date in the share capital of companies include the following:

Evermor Solutions Limited

Registered office: United Kingdom

Nature of business: Education support services

%

Class of shares: holding

*Ordinary 100.00

This company has since been dissolved.

* indirect shareholding

18
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Stocks
424,703
988,572
-
-
19
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
769,112
1,593,780
-
0
-
0
Other debtors
4,126,336
605,402
-
0
-
0
Prepayments and accrued income
113,249
265,665
-
0
-
0
5,008,697
2,464,847
-
-
20
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade creditors
307,779
1,752,791
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
196,759
196,759
Corporation tax payable
331,224
359,654
-
0
-
0
Other taxation and social security
229,968
107,774
-
-
Other creditors
1,444,117
21,494
-
0
-
0
Accruals and deferred income
1,630,132
2,960,898
-
0
-
0
3,943,220
5,202,611
196,759
196,759
Antony Bennett Holdings Ltd
Notes to the group financial statements (continued)
For the year ended 31 March 2025
- 26 -
21
Operating lease commitments

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
81,224
89,619
-
-
Between two and five years
324,896
324,896
-
-
In over five years
243,672
324,896
-
-
649,792
739,411
-
-
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
63,050
173,382
Liabilities
Liabilities
2025
2024
Company
£
£
Deferred tax
2,895,242
2,895,242
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
173,382
2,895,242
Credit to profit or loss
(110,332)
-
Liability at 31 March 2025
63,050
2,895,242

Antony Bennett Holdings Ltd
Notes to the group financial statements (continued)
For the year ended 31 March 2025
- 27 -
23
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
425
425
425
425
24
Directors' advance, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 March 202 5 and 31 March 202 4:

202 5 202 4

£ £

A Bennett

Balance outstanding at start of year 2 32,687 211,156

Amounts advanced 3,567,087 463,595

Amounts repaid (288,181) (442,064)

Balance outstanding at end of year 3,511,593 2 32,687

The above advance is unsecured, interest free and was repaid post year end by dividend. There were no other individual advances that were considered material. The maximum overdrawn balance during the year was £3,511,593 (202 4 - £232,687).

25
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
88,816
94,668

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.

26
Reserves

The following describes the nature and purpose of each reserve within equity:

Retained earnings All other net gains and losses and transactions with owners not
recognised elsewhere

Other reserves In the company accounts other reserves represents share
premium, the price paid for shares in excess of the nominal value.
In the consolidated accounts, this is the share premium and
revaluation movements.

27
Other financial commitments

There is a debenture over the assets of the company and an unlimited inter-company guarantee between Barry Bennett Limited, The Bennett Group Limited and Antony Bennett Holdings Limited.

Antony Bennett Holdings Ltd
Notes to the group financial statements (continued)
For the year ended 31 March 2025
- 28 -
28
Post balance sheet events

After the balance sheet date, the company declared and paid a dividend of £23,529.41 on Ordinary shares totalling £10,000,000 This dividend was approved and paid on 15 June 2025.

29
Controlling party

The controlling party is A Bennett.

30
Related party transactions

In the prior year, Antony Bennett Holdings Limited gave a guarantee under section 479C of the Companies Act 2006. The following subsidiaries included in these consolidated accounts, are therefore, exempt from the requirements of this Act relating to the audit of individual account by virtue of Section 479A: Evermor Solutions Limited.

Other related parties

202 5 202 4
£ £

Sales 1,546,097 1,229,234

Purchases 2,527 351,437

Amount due from related parties - -

Trade debtors 206,935 131,436
Trade creditors 510 5 1,710

The key management personnel of the company and group comprises of the director of the group. The aggregate remuneration for the director is summarised in Note 7.

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