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

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.

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.

Turnover/Gross profit/Operating profit

Turnover - 2025 : £11,833,467 (2024 : £28,030,068)

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

Operating profit - 2025 : £1,024,686 (2024 : £1,241,847)

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.

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.

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

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

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.

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

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

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.

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.

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

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

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.

The truegroup 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.

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.

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.

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.

Opinions on other matters prescribed by the Companies Act 2006

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

• The information given in the strategic report and the directors' report 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.

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 identified material misstatements in the strategic report or the directors' report.

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.

As explained more fully in the directors' responsibilities statement, 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.

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.

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.

• Testing 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.

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

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

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.

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.

The consolidated financial statements include the company and its subsidiary undertakings made up to 31 March 2025, which have been accounted for under the acquisition model, in accordance with Financial Reporting Standard 102.

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.

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.

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.

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:

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.

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 loss.

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

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.

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.

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 recognised 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.

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.

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 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 statement of financial position date.

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 is recognised 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 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.

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

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 recognised 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 recognised immediately in the income statement.

Operating lease payments are recognised 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.

Research and development

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

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.

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

Their aggregate remuneration comprised:

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

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:

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.

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

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

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:

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

The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024:

2025 2024

     £     £

A Bennett

Balance outstanding at start of year                       232,687     211,156

Amounts advanced                          3,567,087 463,595

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

Balance outstanding at end of year                 3,511,593 232,687

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 (2024 - £232,687).

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.

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.

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.

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.

The controlling party is A Bennett.

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

     2025     2024
£     £

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 51,710

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.