REGISTERED NUMBER: 03923685 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2025

for

C. L. Jones Ltd.

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

16

DIRECTORS:

Mr A Jones

Mrs C Jones

Mr M R Jones

Mr I S Buchanan

Mr A F Evans

Mr B J Pigott

Mr N M Roberts

SECRETARIES:

Mr M R Jones

Mr K V Williams

REGISTERED OFFICE:

Parc Caseg

High Street

Bethesda

Bangor

Gwynedd

LL57 3BX

REGISTERED NUMBER:

03923685 (England and Wales)

AUDITORS:

Champion Accountants LLP

Chartered Accountants, Statutory Auditor

2nd Floor Refuge House

33-37 Watergate Row

Chester

CH1 2LE

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

This review is written to present a balanced and comprehensive review of the development and performance of our business and its position at the year end. Our review is consistent with the size and nature of our business and it includes an assessment of the risks and uncertainties that we face.

REVIEW OF BUSINESS

2024/25 was another complex trading year, with interest rates remaining at an increased level and cost of living inflation hitting developers and private customers leading to a subdued market. The directors had expected to see a post general election bounce in the economy which did not materialise while additional pressure was piled on following the Autumn Statement.

The directors are pleased to report that despite the socio-economic factors above the business performed well, with this being reflected in the Key Performance Indicators shown below.

The company's continued membership of national buying groups and constant review of overhead costs by the directors have all contributed to the results in the year ending 31 March 2025. The aim of course is to expand our operational capability, provide excellent opportunities for growth, increase our brand recognition, and create additional skilled employment within our local community.

PRINCIPAL RISKS AND UNCERTAINTIES

The main risks & challenges facing the company are as under.

FINANCE RISK

The Company finances its activities through a combination of director's loans, bank loans, hire purchase contracts and cash deposits. Overdrafts are used to satisfy short-term cash flow requirements. Other financial assets and liabilities, such as trade debtors and trade creditors, arise directly from the Company's operating activities.

Currently, the Company does not trade outside the United Kingdom and is not exposed to any significant foreign currency risk.

The main risks associated with the Company's financial assets and liabilities are set out below, together with the policies adopted by the board for their management.

INTEREST RATE & CREDIT RISK

Interest Rate Risk

The Company pays fixed rates of interest on most of its borrowings. As a result, the board takes the view that the current level of loan debt does not necessitate any hedging action to reduce the risk. This policy is kept under review.

Credit Risk

The board's objective is to actively manage the risk of financial loss due to bad debts. Standard credit terms call for regular monthly payments in full within 30 days of the month end. The credit worthiness of new customers is assessed before a contract to supply is entered into. The Company actively manages the collection of payments to ensure that they are received promptly and in accordance with agreed terms.

MARKET AND INFORMATION TECHNOLOGY RISKS

Market Risk

The greater part of our business depends on the general health of the economy, and in particular, the house building and repair, maintenance and improvement (RMI) market. Consequently, demand for our products fluctuates with the prevailing market conditions. To minimise this risk, the company conducts rolling reviews and risk analysis procedures to assist in the assessing of stock demand and customer credit levels.

As a result of the restrictions caused by Covid and by Brexit the company has endeavoured to source products from alternative sources, when required. With the opening of the additional branches, our need for regular deliveries, quality products at sufficient quantities have naturally increased.

Information Technology

Our information technology systems are an integral part of the company's operations. To ensure continuity and reliability, the company maintains the systems, ensures that there are adequate and appropriate backup and storage, and has put in place a disaster recovery plan, with this being regularly revisited to ensure its continued suitability and reliability.

FINANCIAL KEY PERFORMANCE INDICATORS

Key financial performance indicators were:-

Turnover increased by £1,659,293 (7.74%) to £23,107,028 (2024 decreased by £242,729 (1.2%) to

£21,447,735)

Gross margin decreased slightly to 28.37% from 30.50%

Earnings before finance costs, tax, depreciation and amortisation decreased from £1,935,636 to £1,519,201

Return on capital invested is reported on in the consolidated financial statements of the parent company, C L Jones (Holding) Company Limited.

ON BEHALF OF THE BOARD:

Director

9 October 2025

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

DIVIDENDS

A total interim distribution of £1,200,000 was declared and paid on the 31 March 2025 (2024: £500,000).

The directors recommended that no final dividend be paid in the year.

FUTURE DEVELOPMENTS

The long-term outlook for the Company remains robust with strong ongoing demand for its products & services. The Company will continue to focus on its core activities whilst continuing its membership of the H&B Buying Group LLP.

Looking at the current year (2025/26) we find market activity cooling after the implementation of the Autumn statement, including changes in National Insurance limits and rates. With a lot of negative sentiment from the Autumn Statement still to come, we believe this is leading to increased uncertainty and that individuals and businesses are pausing and delaying projects to see what comes next. Meanwhile, the directors remain hopeful the Government can lead the economy back to growth. The company was able to fully implement its growth & improvement strategy and was able to continue to develop its branches trading.

The Company will do all it can to retain its strong, independent, family orientated values, towards its staff and its customers, and will continue to strengthen and broaden the core business and help drive and further develop the building trades and services sector in the North Wales region.

DIRECTORS

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

Mr A Jones

Mrs C Jones

Mr M R Jones

Other changes in directors holding office are as follows:

Mr I S Buchanan - appointed 9 April 2024

Mr A F Evans - appointed 9 April 2024

Mr B J Pigott - appointed 9 April 2024

Mr N M Roberts - appointed 9 April 2024

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen to set out in the strategic report some information required by medium sized companies to be contained in the report of the directors. It has done so in respect of the business review and principal risks and uncertainties.

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 of the persons who were directors at the time when this Report of the Directors was approved have confirmed that so far as they were aware, the undersigned director has taken all the steps that he ought to have taken as the operational 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.

AUDITORS

The auditors, Champion Accountants LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr M R Jones - Director

9 October 2025

Opinion

We have audited the financial statements of C. L. Jones Ltd. (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 pages four and five, 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:

The responsibility for the prevention and detection of irregularities, including fraud, lies with the directors and with those charged with governance. The objectives of our audit in respect of irregularities and fraud are to assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient, appropriate audit evidence regarding the assessed risks and to respond appropriately to fraud or suspected fraud identified during the audit.

Audit procedures

We determine significant applicable laws and regulations through discussion with those charged with governance and our own knowledge of the industry and design audit procedures to help identify instances of non-compliance with those laws and regulations that may have a material effect on the financial statements.

Our approach is to consider the legal and regulatory frameworks directly applicable to the financial statements reporting framework ((FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK; the nature of the industry; the business performance and the key drivers for management remuneration; the control environment and the procedures in place to address identified risks, including management override, non-compliance with laws and regulations and to prevent and detect fraud or irregularity. We communicate identified laws and regulations throughout our team and remain alert to any indications of non-compliance throughout the audit.

Our procedures are designed to provide reasonable assurance that the financial statements are free from material misstatement or error and include: enquiries of management and of staff in key compliance functions; review of minutes of meetings of those charged with governance; review and testing of manual journals and significant transactions outside the normal course of business; review of financial statement disclosures and testing to supporting documentation; performance of analytical procedures.

We are not responsible for preventing non-compliance and due to the inherent limitations of an audit, as described above, the audit cannot be relied upon to detect all instances of non-compliance with 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.

Susan Harris MA ACA (Senior Statutory Auditor)

for and on behalf of Champion Accountants LLP

Chartered Accountants, Statutory Auditor

2nd Floor Refuge House

33-37 Watergate Row

Chester

CH1 2LE

29 October 2025

TURNOVER

4

23,107,028

21,447,735

Cost of sales

16,550,607

14,906,649

GROSS PROFIT

6,556,421

6,541,086

Distribution costs

1,480,246

1,307,151

Administrative expenses

4,217,306

3,867,810

5,697,552

5,174,961

OPERATING PROFIT

7

858,869

1,366,125

Interest receivable and similar income

1,622

1,559

860,491

1,367,684

Interest payable and similar expenses

9

13,268

51,913

PROFIT BEFORE TAXATION

847,223

1,315,771

Tax on profit

10

230,079

362,794

PROFIT FOR THE FINANCIAL YEAR

617,144

952,977

PROFIT FOR THE YEAR

617,144

952,977

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

617,144

952,977

FIXED ASSETS

Intangible assets

12

241,667

-

Tangible assets

13

989,107

1,028,225

1,230,774

1,028,225

CURRENT ASSETS

Stocks

14

3,659,731

3,407,113

Debtors

15

3,124,520

3,369,108

Cash at bank and in hand

437,024

1,303,163

7,221,275

8,079,384

CREDITORS

Amounts falling due within one year

16

4,219,510

4,201,864

NET CURRENT ASSETS

3,001,765

3,877,520

TOTAL ASSETS LESS CURRENT LIABILITIES

4,232,539

4,905,745

CREDITORS

Amounts falling due after more than one year

17

(73,538

)

(168,398

)

PROVISIONS FOR LIABILITIES

21

(202,075

)

(197,565

)

NET ASSETS

3,956,926

4,539,782

CAPITAL AND RESERVES

Called up share capital

22

100

100

Retained earnings

23

3,956,826

4,539,682

SHAREHOLDERS' FUNDS

3,956,926

4,539,782

The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2025 and were signed on its behalf by:

Mr M R Jones - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

100

4,086,705

4,086,805

Changes in equity

Dividends

-

(500,000

)

(500,000

)

Total comprehensive income

-

952,977

952,977

Balance at 31 March 2024

100

4,539,682

4,539,782

Changes in equity

Dividends

-

(1,200,000

)

(1,200,000

)

Total comprehensive income

-

617,144

617,144

Balance at 31 March 2025

100

3,956,826

3,956,926

Cash flows from operating activities

Cash generated from operations

1

1,654,311

1,940,903

Interest paid

(6,392

)

(40,370

)

Interest element of hire purchase payments paid

(6,876

)

(11,543

)

Tax paid

(628,872

)

(296,841

)

Net cash from operating activities

1,012,171

1,592,149

Cash flows from investing activities

Purchase of intangible fixed assets

(250,000

)

-

Purchase of tangible fixed assets

(386,661

)

(271,845

)

Sale of tangible fixed assets

47,601

10,250

Interest received

1,622

1,559

Net cash from investing activities

(587,438

)

(260,036

)

Cash flows from financing activities

Loan repayments in year

-

(520,000

)

Capital repayments in year

(123,155

)

(142,900

)

Amount withdrawn by directors

(3,741

)

-

Equity dividends paid

(1,200,000

)

(500,000

)

Net cash from financing activities

(1,326,896

)

(1,162,900

)

(Decrease)/increase in cash and cash equivalents

(902,163

)

169,213

Cash and cash equivalents at beginning of year

2

1,303,163

1,133,950

Cash and cash equivalents at end of year

2

401,000

1,303,163

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

31.3.25

31.3.24

£

£

Profit before taxation

847,223

1,315,771

Depreciation charges

394,682

391,208

Profit on disposal of fixed assets

(8,169

)

(10,250

)

(Increase)/Decrease in the group balance

333,078

(164,210

)

Finance costs

13,268

51,913

Finance income

(1,622

)

(1,559

)

1,578,460

1,582,873

Increase in stocks

(252,618

)

(406,018

)

Increase in trade and other debtors

(84,751

)

(111,563

)

Increase in trade and other creditors

413,220

875,611

Cash generated from operations

1,654,311

1,940,903

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

437,024

1,303,163

Bank overdrafts

(36,024

)

-

401,000

1,303,163

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

1,303,163

1,133,950

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

1,303,163

(866,139

)

437,024

Bank overdrafts

-

(36,024

)

(36,024

)

1,303,163

(902,163

)

401,000

Debt

Finance leases

(290,545

)

123,155

(167,390

)

(290,545

)

123,155

(167,390

)

Total

1,012,618

(779,008

)

233,610

1.	STATUTORY INFORMATION

C. L. Jones Ltd. 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.	GOING CONCERN

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. At the time of approving the financial statements, the directors have reasonable expectation that the company 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The estimates and assumptions which have the most significant risk of causing a material adjustment to the carrying value of assets and liabilities are:

Stock valuation

Stocks are valued at the lower cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sales of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- The company has transferred the significant risks and rewards of ownership to the buyer.

- The company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold.

- The amount of revenue can be measured reliably.

- It is probable that the company will receive the consideration due under the transaction; and

- The costs incurred in respect of the transaction can be measured reliably.

Tool hire

Rental income on assets hired under hire contracts is recognised on a straight-line basis over the period of the hire.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in January 2025, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses, Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Tangible fixed asset additions are capitalised if they cost more than £2,000 and can be used for more than one year.

Depreciation is provided at the following annual rates in order to allocate the cost of the assets, less their residual value, over their estimated useful lives, or if held under a finance lease, over the lease term, whichever is shorter.

- Property improvements - 10% straight line

- Third party leased property improvements - 10% straight line

- Plant and machinery - 20% straight line

- Motor vehicles - 20% straight line

- Fixtures & fittings - 10%, 15% & 20% straight line

- Office equipment - 33% straight line

- Computer equipment - 10% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively as appropriate, or if there is an indication of a significance change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit & loss.

Stocks

Stocks are stated at the lower of cost & net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.

At each balance sheet date, stocks held at each branch are assessed for impairment on a line-by-line basis. If stocks are impaired, judged to be slow moving or obsolete, the carrying amount is reduced based on how long it has been in stock, when the last sale was made. Generally, therefore each affected line is reduced to its selling price less costs to complete and sell. The impairment loss is recognised in the profit & loss immediately.

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 debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

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.

Finance & borrowing

Finance costs

Finance costs are charged to the profit & loss over the term of the debt using the effective interest method. Issue costs are recognised as they are incurred.

Borrowing costs

All borrowing costs are recognised in the profit & loss in the year in which they are incurred.

Provision for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit & loss in the year that the company becomes aware of the obligation and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Debtors & creditors

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less impairments.

Creditors

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgments, estimates and assumptions about 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 as well as future periods, where the revision affects both current and future periods.

4.

TURNOVER

All turnover arose within the United Kingdom.

5.	EMPLOYEES AND DIRECTORS

31.3.25

31.3.24

£

£

Wages and salaries

3,396,226

2,874,726

Social security costs

332,844

285,170

Other pension costs

120,517

88,740

3,849,587

3,248,636

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

31.3.25

31.3.24

Directors

5

1

Senior Management

1

4

Other staff

96

84

102

89

6.	DIRECTORS' EMOLUMENTS

31.3.25

31.3.24

£

£

Directors' remuneration

367,702

67,917

Information regarding the highest paid director for the year ended 31 March 2025 is as follows:

31.3.25

£

Emoluments etc

99,224

During the year retirement benefits were accruing to 5 directors (2024: 1) in respect of defined contribution pension schemes.

In addition to the directors renumeration paid above, pension contributions amounting to £50,795 (2024 - £1,321) were made.