REGISTERED NUMBER: 13198327 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

FOR

HVSS GROUP LIMITED

PREVIOUSLY KNOWN AS

CM NETWORX LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

8

Consolidated Income Statement

12

Consolidated Other Comprehensive Income

13

Consolidated Balance Sheet

14

Company Balance Sheet

15

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Cash Flow Statement

18

Notes to the Consolidated Cash Flow Statement

19

Notes to the Consolidated Financial Statements

20

DIRECTORS:

CK Beattie

MJ Buckby

REGISTERED OFFICE:

Forest House 2 Riley Road

Telford Way Industrial Estate

Kettering

Northamptonshire

NN16 8NN

REGISTERED NUMBER:

13198327 (England and Wales)

AUDITORS:

Bewers Turner & Co LLP

Chartered Accountants & Statutory Auditor

Portland House

11-13 Station Road

Kettering

Northamptonshire

NN15 7HH

The directors present their strategic report of the company and the group for the year ended 31st March 2025.

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS

The group comprises HVSS Group Limited (the parent company), High Voltage Systems and Services (HVSS, the main trading subsidiary), CMS Kettering Limited (a property management company) and CMS Networx Limited (a dormant subsidiary). During the year the group launched its website, presenting HVSS Group as an umbrella organisation delivering a quality end-to-end service across the UK. The move emphasises the group's ability to connect specialist expertise across all mechanical and electrical disciplines and to provide nationwide coverage.

HVSS Group is building a portfolio of businesses that share our values and contribute to growth, guided by the following criteria:

- Acquiring likeminded and related businesses that add value to what we do at HVSS.

- Addition of businesses with complementary service offerings to diversify and strengthen the overall service offering, helping us offer more to our customers; a good example being AME who provide areas of expertise we don't have in house.

- Expansion of existing and new service offerings by geographical region.

Turnover for the period totalled £48.3m (year ended 31 March 2024: £36.8m), an increase of 31%. Growth was driven by expansion and retention of customers across commercial, industrial, residential, education and health sectors, and by a broader customer mix that created additional opportunities.

Gross profit margin for the period was 20.7%, a marginal decline compared with the prior year, primarily reflecting increased investment in staff to support future growth. Statutory EBITDA for the period was £6.9m (year ended 31 March 2024: £5.6m), an increase of 22.5%, driven by higher turnover and effective control of central costs.

The Group continued to invest in its team, with the average number of employees increasing to 98 (year ended 31 March 2024: 87). To support geographic growth, HVSS opened an office in the East of England in April 2025, and CMS Kettering purchased a new office in Kettering to accommodate additional staff. This new office is due to be occupied from early 2026.

Our people are integral to the Group's success. We invest in structured performance reviews, ongoing training and professional development for all employees.

We are progressing against our environmental objectives by reviewing our vehicle fleet and introducing an electric vehicle salary sacrifice scheme for employees. Two of our sites are fitted with solar, producing over 39,000 kWh of electricity per year.

Health and safety underpins all our operations. Continued vigilance and active participation from every colleague ensures that work is carried out safely at all times. Our safety programme includes regular site inspections, toolbox talks, and mandatory training and competency checks for everyone who works on or visits our sites.

On 9 April 2025, HVSS Group acquired 100% of the share capital of AM Electrics (Renewables) Limited ("AME"), an electrical contracting business based in the East of England. This acquisition strengthens our capabilities in renewable installation and maintenance, supporting our ambition to offer a broader, smarter service offering across the sector. Together with our multi-utility capability under the HVSS brand, we now offer a wider solution from concept through to the end user, coupled with an ongoing maintenance package.

STREAMLINE ENERGY AND CARBON REPORTING

Methodology

The methodology used to determine emissions and energy consumption for the purposes of SECR reporting is based on the Green House Gas Protocol Corporate Standard Emissions have been calculated using the UK Government's GHG Conversion Factors for 2024 and 2025. Energy data has been sourced from utility bills, fuel cards, and internal records. Scope 1, 2 and 3 emissions are reported in accordance with the GHG Protocol Corporate Standard.

Energy Efficient Actions

During the year we introduced and encouraged staff to take up an electric car through a new salary sacrifice scheme, Tusker. Furthermore, we have solar installed across all group owned properties.

2025

2024

Emissions and energy use

kWh

kWh

Scope 1 Energy consumption from gas

36,030

32,280

Scope 1 Energy consumption from transport

797,273

626,231

Scope 2 Energy consumption from electricity

44,948

51,451

Scope 3 Energy consumption from business travel in rental or employee-owned vehicles

303,881

274,928

1,182,132

984,890

2025

2024

Emissions

(tCO2e)

(tCO2e)

Scope 1 Energy consumption from gas

6.59

5.90

Scope 1 Energy consumption from transport

206.63

158.75

Scope 2 Energy consumption from electricity

7.96

10.65

Scope 3 Energy consumption from business travel in rental or employee-owned vehicles

74.33

66.59

295.51

241.89

Intensity Ratios

2025

2024

Total tCO2 Emissions to sales (£m)*

6.125

6.577

*Using High Voltage Systems and Services Limited sales of £48.25m (FY23/24: £36.78m).

PRINCIPAL RISKS AND UNCERTAINTIES OF THE GROUP

The management and execution of the group's strategy are subject to a number of risks and uncertainties. The principal risks and uncertainties facing the group are:

Regulatory

The group operates in a mature, regulated marketplace and monitors regulatory developments that could affect the business. The directors are not currently aware of any proposed changes that would materially alter the regulatory framework in which the Group operates.

Compliance

The group operates a comprehensive Safety, Health, Environmental and Quality (SHEQ) framework designed to minimise risk to employees, customers, the public, and the environment. The Group has an established track record and a culture of continuous improvement in these areas. HVSS holds ISO 9001, ISO 14001 and ISO 45001 certifications and maintains required Lloyd's accreditations (NERS, GIRS and WIRS) to support its operations. Business opportunities are reviewed against accreditation requirements to ensure alignment with client expectations.

Credit and cashflow risk

The group is exposed to credit and cashflow risk. This exposure is mitigated by a broad client base, sector diversification and controls over payment profiles. The Group applies credit management processes to reduce the risk of client default to a manageable level and maintains active cashflow monitoring across the business.

Price risk

The group's principal price risk arises from increases in purchase costs from key suppliers. This risk is mitigated through active monitoring of purchase prices and material availability, and by making procurement decisions to optimise cost and delivery. The Group has launched a procurement improvement project to enhance pricing outcomes and supply resilience.

KEY PERFORMANCE INDICATORS

The directors consider the group's principal financial performance indicators to be turnover, gross profit margin, EBITDA and turnover secured but not yet delivered. These measures together communicate the financial performance and strength of the Group and are discussed in the Business Review above.

The group's main non-financial key performance indicators focus on people, since recruiting and retaining the right talent is critical to delivering our strategy and realising recent investments. The average number of employees increased year-on-year, and the group now employs over 100 colleagues across its businesses, the highest level in our history. These workforce metrics are tracked alongside training, safety and retention indicators to measure the effectiveness of our people-based investments

Our Values

Dedication

We show other appreciation and trust by being authentic and genuine through our actions and behaviours.

We focus on a healthy work life balance where everybody is responsible for looking after each other. We take time to recover and look after our mental wellbeing.

We actively seek feedback from our customers and take responsibility to strive for excellence.

Proud

We operate a business where trust, honesty, compassion and fairness are the key foundations of our culture.

We deliver on our promises and take accountability for our actions.

We care and we are ambassadors of our company. We develop great people who nurture our relationships internally and externally.

Confident

We strive to exceed our performance, demonstrating resilience and perseverance and take responsibility for our work and behaviour.

We ensure we have a safe workplace or worksite to avoid accidents and comply with the HSE regulation.

We plan and analyse efficiently to develop solutions. We use experience and lessons learned from the past and ask others about their approach to similar problems.

Committed

By being imaginative when thinking about the future and understanding our responsibility to make a positive change.

We are open to change and committed to new opportunities within the industry. We embrace new technologies and ideas to take our business into the future.

We strive for continuous improvement and we try to do things better.

SECTION 172(1) STATEMENT

The directors have a duty to promote the success of the company by collectively and individually acting in good faith and in a way that is thought best to achieve this outcome. In doing so, the directors consider and favour long term objectives over short term goals but remain always ready to deal with urgent issues as they arise. The directors' approach is very "hands on" and they obtain information about the company's activities and performance from a pool of resources, not least from the company's talented and valued employees.

ON BEHALF OF THE BOARD:

CK Beattie - Director

13th November 2025

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

CHANGE OF NAME

The group passed a special resolution on 27th March 2025 changing its name from CM Networx Limited to HVSS Group Limited.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of an independent connections provider of electricity, gas and water utility services with the additional capability to carry out private high voltage electrical installations with ongoing inspection and maintenance services.

DIVIDENDS

The total distribution of dividends for the year ended 31st March 2025 will be £ 144,800 .

DIRECTORS

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

CK Beattie

MJ Buckby

DISCLOSURE IN THE STRATEGIC REPORT

The report of the directors should be read in conjunction with the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group 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 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Bewers Turner & Co LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

MJ Buckby - Director

13th November 2025

Opinion

We have audited the financial statements of HVSS Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31st 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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 Statement of Directors' Responsibilities set out on page six, 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 group's and 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 group or the parent 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:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and Parent Company and determined that the most significant are those that relate to the reporting framework (Financial Reporting Standard 102 and the Companies Act 2006) and the relevant direct and indirect tax compliance regulation in the United Kingdom. In addition, the Group and Parent Company has to comply with laws and regulations relating to its operations and health and safety.

- We understood how the Group and Parent Company is complying with those frameworks by making enquiries of management to understand how the Group and Parent Company maintains and communicates its policies and procedures in these areas, and corroborated this by reviewing supporting documentation.

- We assessed the susceptibility of the Group and Parent Company's financial statements to material misstatement, including how fraud might occur by considering the risk of management override and determining revenue to be a fraud risk. We tested transactions identified back to independent evidence or source documentation. We obtained third party confirmations directly from the Group and Parent Company's banking partners to verify the cash held at the balance sheet date and the completeness of any commitments or contingencies.

- Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved review of documentation, testing of specific journals identified based upon risk criteria and enquiries of management for correspondence with the relevant authorities.

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.

Paul Bewers BSc FCA (Senior Statutory Auditor)

for and on behalf of Bewers Turner & Co LLP

Chartered Accountants & Statutory Auditor

Portland House

11-13 Station Road

Kettering

Northamptonshire

NN15 7HH

13th November 2025

TURNOVER

3

48,273,241

36,800,639

Cost of sales

38,267,749

28,297,143

GROSS PROFIT

10,005,492

8,503,496

Administrative expenses

3,594,613

3,324,406

6,410,879

5,179,090

Other operating income

11,480

-

OPERATING PROFIT

5

6,422,359

5,179,090

Interest receivable and similar income

257,785

168,487

6,680,144

5,347,577

Interest payable and similar expenses

6

6,408

3

PROFIT BEFORE TAXATION

6,673,736

5,347,574

Tax on profit

7

1,755,357

1,461,834

PROFIT FOR THE FINANCIAL YEAR

4,918,379

3,885,740

Profit attributable to:

Owners of the parent

4,918,379

3,885,740

PROFIT FOR THE YEAR

4,918,379

3,885,740

OTHER COMPREHENSIVE INCOME

Deferred tax movement

14,880

-

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

14,880

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

4,933,259

3,885,740

Total comprehensive income attributable to:

Owners of the parent

4,933,259

3,885,740

FIXED ASSETS

Intangible assets

10

2,799,292

2,933,658

Tangible assets

11

2,291,546

2,008,644

Investments

12

-

-

Investment property

13

262,500

262,500

5,353,338

5,204,802

CURRENT ASSETS

Stocks

14

431,430

545,585

Debtors

15

17,699,627

13,293,349

Cash at bank and in hand

21,269,418

14,013,779

39,400,475

27,852,713

CREDITORS

Amounts falling due within one year

16

24,615,963

17,753,790

NET CURRENT ASSETS

14,784,512

10,098,923

TOTAL ASSETS LESS CURRENT LIABILITIES

20,137,850

15,303,725

PROVISIONS FOR LIABILITIES

17

268,750

218,794

NET ASSETS

19,869,100

15,084,931

CAPITAL AND RESERVES

Called up share capital

18

4,300,100

4,300,100

Revaluation reserve

19

111,152

96,272

Fair value reserve

19

6,850

5,137

Retained earnings

19

15,450,998

10,683,422

SHAREHOLDERS' FUNDS

19,869,100

15,084,931

The financial statements were approved by the Board of Directors and authorised for issue on 13th November 2025 and were signed on its behalf by:

MJ Buckby - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

6,483,100

6,483,100

Investment property

13

-

-

6,483,100

6,483,100

CURRENT ASSETS

Debtors

15

7,443,773

4,294,379

Cash at bank and in hand

18,393,383

7,771,196

25,837,156

12,065,575

CREDITORS

Amounts falling due within one year

16

18,696,221

8,821,921

NET CURRENT ASSETS

7,140,935

3,243,654

TOTAL ASSETS LESS CURRENT LIABILITIES

13,624,035

9,726,754

CAPITAL AND RESERVES

Called up share capital

18

4,300,100

4,300,100

Retained earnings

19

9,323,935

5,426,654

SHAREHOLDERS' FUNDS

13,624,035

9,726,754

Company's profit for the financial year

4,042,081

2,528,517

The financial statements were approved by the Board of Directors and authorised for issue on 13th November 2025 and were signed on its behalf by:

MJ Buckby - Director

Called up

Fair

share

Retained

Revaluation

value

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1st April 2023

4,300,100

6,942,482

96,272

5,137

11,343,991

Changes in equity

Dividends

-

(144,800

)

-

-

(144,800

)

Total comprehensive income

-

3,885,740

-

-

3,885,740

Balance at 31st March 2024

4,300,100

10,683,422

96,272

5,137

15,084,931

Changes in equity

Dividends

-

(144,800

)

-

-

(144,800

)

Total comprehensive income

-

4,918,379

14,880

-

4,933,259

Deferred tax movement

-

(6,003

)

-

1,713

(4,290

)

Balance at 31st March 2025

4,300,100

15,450,998

111,152

6,850

19,869,100

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st April 2023

4,300,100

3,042,937

7,343,037

Changes in equity

Dividends

-

(144,800

)

(144,800

)

Total comprehensive income

-

2,528,517

2,528,517

Balance at 31st March 2024

4,300,100

5,426,654

9,726,754

Changes in equity

Dividends

-

(144,800

)

(144,800

)

Total comprehensive income

-

4,042,081

4,042,081

Balance at 31st March 2025

4,300,100

9,323,935

13,624,035

Cash flows from operating activities

Cash generated from operations

1

9,274,157

(62,543

)

Interest paid

(6,408

)

(3

)

Tax paid

(1,539,657

)

(1,270,390

)

Net cash from operating activities

7,728,092

(1,332,936

)

Cash flows from investing activities

Purchase of tangible fixed assets

(650,438

)

(444,516

)

Sale of tangible fixed assets

65,000

44,499

Interest received

257,785

168,487

Net cash from investing activities

(327,653

)

(231,530

)

Cash flows from financing activities

Equity dividends paid

(144,800

)

(144,800

)

Net cash from financing activities

(144,800

)

(144,800

)

Increase/(decrease) in cash and cash equivalents

7,255,639

(1,709,266

)

Cash and cash equivalents at beginning of year

2

14,013,779

15,723,045

Cash and cash equivalents at end of year

2

21,269,418

14,013,779

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

2025

2024

£

£

Profit before taxation

6,673,736

5,347,574

Depreciation charges

420,776

405,065

Loss on disposal of fixed assets

16,126

14,522

Finance costs

6,408

3

Finance income

(257,785

)

(168,487

)

6,859,261

5,598,677

Decrease/(increase) in stocks

114,155

(196,335

)

Increase in trade and other debtors

(4,406,278

)

(3,882,014

)

Increase/(decrease) in trade and other creditors

6,707,019

(1,582,871

)

Cash generated from operations

9,274,157

(62,543

)

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 31st March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

21,269,418

14,013,779

Year ended 31st March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

14,013,779

15,723,045

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

14,013,779

7,255,639

21,269,418

14,013,779

7,255,639

21,269,418

Total

14,013,779

7,255,639

21,269,418