Company registration number 00834041 (England and Wales)
ALITEX LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2025
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
ALITEX LIMITED
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Balance sheet
11 - 12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 31
ALITEX LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. M Hall
Mr. T Hall
Mr. J Lawson
Mrs. L Hall
Mr. A Hancock
Mr. C Sawyer
(resigned 31st January 2025)
Secretary
Mr. T Hall
Company number
00834041
Registered office
Torberry Farm
South Harting
Petersfield
Hampshire
United Kingdom
GU31 5RG
Auditor
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
ALITEX LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

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

The principal activity of the company during the year continued to be the design, manufacture and installation of glasshouses.

2024/25, whilst a step down from 23/24, was still a positive year for the business in terms of financial performance. Although operating profit was down 30% in the year against a revenue reduction of only 11% - the nature of our low volume / high margin business model means that such a performance was solid, and an 11% bottom line is acceptable. Overheads were well managed, and the leadership team are to be commended with regards their performance through the latest period.

We are now a good distance from the order deluge afforded to Alitex by the pandemic and we have seen a return a more ‘expected’ level of market activity. It should be noted that the retail market is a very different beast to that of 2020-2023 and over capacity in the market place coupled with a softening economy has challenged the business. That said we see continued opportunity in the marketplace – we simply need to work harder for our success.

To that end we have sharpened our attention to retail and are heavily focused on strengthening our brand and retail team to be fit for the future.

During the year we pressed ahead with our exploration & investment into the US market and, as of July 2025, have just opened a US office in Providence in Rhode Island. The team are excited about the opportunities presented and encouraged by the reception of the US customers thus far.

The discipline of our strategic approach means that all key decisions are taken through a long-term prism, with a clear connection to our purpose, values and customer imperative.

2024/25 was year of consolidation with regards investment, given the scale of funding in previous years. However, in addition to the US funding, we added a second mezzanine to the factory storage and made significant strides with new products. Most notable was the introduction of the Wainscot, a genuine alternative to a brick base, and a folding bench; we believe both offer real growth potential.

In July 2025 we applied to become a B-Corp – with much of the investment and preparation taking place in the previous 12 months.

The leadership team continues to grow in capability & influence with an established rhythm of business reviews and a demanding programme of reflection & learning. The team was strengthened in the year with the arrival of an exciting Operations Manager who is already demonstrating strong control and vision.

The business management system continues to use an array of weekly KPIs to maintain control & momentum; these include enquiries, orders, conversion rates to customer feedback, margins, and personal development. These KPIs are regularly reviewed and amended both to reflect our learnings and changing conditions.

2025/26 will prove challenging and we may well experience a further reduction in revenue, However, we are well placed to manage this and respond quickly to any appropriate opportunities as they present themselves.

ALITEX LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

On behalf of the board

Mr. T Hall
Director
2 December 2025
ALITEX LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -

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

Directors

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

Mr. M Hall
Mr. T Hall
Mr. J Lawson
Mrs. L Hall
Mr. A Hancock
Mr. C Sawyer (resigned 31st January 2025)
Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £364,725.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the 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.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company'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.

ALITEX LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
Auditor

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor 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 company’s auditor is aware of that information.

On behalf of the board
Mr. T Hall
Director
2 December 2025
ALITEX LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ALITEX LIMITED
- 6 -
Opinion

We have audited the financial statements of Alitex Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the 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 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 Auditor's 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 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.

ALITEX LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALITEX LIMITED
- 7 -

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' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, 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 directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

ALITEX LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALITEX LIMITED
- 8 -

Our approach was as follows:

- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;

- We considered 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;

- We considered the nature of the industry, the control environment and business performance, including the key drivers for management’s remuneration;

- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;

- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

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. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

ALITEX LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ALITEX LIMITED
- 9 -

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.

Graham Figgins FCA (Senior Statutory Auditor)
For and on behalf of TC Group
Statutory Auditor
2 December 2025
Office: Portsmouth
ALITEX LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
2025
2024
Notes
£
£
Turnover
3
11,546,405
12,964,097
Cost of sales
(5,606,775)
(6,360,798)
Gross profit
5,939,630
6,603,299
Administrative expenses
(4,581,619)
(4,720,079)
Operating profit
4
1,358,011
1,883,220
Interest receivable and similar income
130,897
86,515
Amounts written off investments
7
(22,753)
195,318
Profit before taxation
1,466,155
2,165,053
Tax on profit
8
(121,208)
(471,550)
Profit for the financial year
1,344,947
1,693,503
Other comprehensive income
Actuarial loss on defined benefit pension schemes
(103,000)
-
0
Total comprehensive income for the year
1,241,947
1,693,503

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ALITEX LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
10
5,149,974
5,058,700
Current assets
Stocks
11
244,971
230,774
Debtors
13
1,147,479
1,042,609
Investments
12
4,186,356
2,812,486
Cash at bank and in hand
1,655,046
2,162,994
7,233,852
6,248,863
Creditors: amounts falling due within one year
14
(5,225,935)
(4,993,603)
Net current assets
2,007,917
1,255,260
Total assets less current liabilities
7,157,891
6,313,960
Provisions for liabilities
15
(295,961)
(329,252)
Net assets
6,861,930
5,984,708
ALITEX LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
2025
2024
Notes
£
£
£
£
- 12 -
Capital and reserves
Called up share capital
17
16,610
16,610
Capital redemption reserve
450
450
Profit and loss reserves
6,844,870
5,967,648
Total equity
6,861,930
5,984,708
The financial statements were approved by the board of directors and authorised for issue on 2 December 2025 and are signed on its behalf by:
Mr. T Hall
Director
Company Registration No. 00834041
The notes on pages 15 to 31 form part of these financial statements
ALITEX LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
16,610
450
4,832,870
4,849,930
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
1,693,503
1,693,503
Dividends
9
-
-
(558,725)
(558,725)
Balance at 31 March 2024
16,610
450
5,967,648
5,984,708
Year ended 31 March 2025:
Profit
-
-
1,344,947
1,344,947
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
(103,000)
(103,000)
Total comprehensive income
-
-
1,241,947
1,241,947
Dividends
9
-
-
(364,725)
(364,725)
Balance at 31 March 2025
16,610
450
6,844,870
6,861,930
ALITEX LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
2,037,877
2,142,475
Income taxes paid
(328,822)
(42,876)
Net cash inflow from operating activities
1,709,055
2,099,599
Investing activities
Purchase of tangible fixed assets
(595,087)
(1,334,902)
Proceeds on disposal of tangible fixed assets
46,870
10,900
Other net cash movements on share portfolios
(1,396,623)
(505,880)
Movement on other loans
(14,335)
(14,171)
Interest received
84,753
59,231
Dividends received on share portfolios
22,144
27,284
Net cash used in investing activities
(1,852,278)
(1,757,538)
Financing activities
Dividends paid
(364,725)
(558,725)
Net cash used in financing activities
(364,725)
(558,725)
Net decrease in cash and cash equivalents
(507,948)
(216,664)
Cash and cash equivalents at beginning of year
2,162,994
2,379,658
Cash and cash equivalents at end of year
1,655,046
2,162,994
The notes on pages 15 to 31 form part of these financial statements
ALITEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
1
Accounting policies
Company information

Alitex Limited is a private company limited by shares incorporated in England and Wales. The registered office is Torberry Farm, South Harting, Petersfield, Hampshire, United Kingdom, GU31 5RG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on the going concern basis. The Directors have considered the position of the company for a period of 12 months from the date of signing these accounts. As a result of this review the Directors are satisfied that the company will be in a position for a period of at least 12 months to meet its debt as they fall due. true

1.3
Turnover

Turnover is the total amount receivable for goods supplied, excluding VAT and is recognised based upon stage of completion of works.

Profit is recognised on contracts, if the final outcome can be assessed with reasonable certainty, by including the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated by reference to the value of work performed to date as a proportion of the total contract value.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% straight line
Plant & Machinery
20%-50% straight line
Fixtures,Fittings & Equipment
20%-50% straight line
Motor vehicles
33.3% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

ALITEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
1.5
Impairment of fixed assets

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
Stocks

Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress

Amounts recoverable on contracts, which are included in debtors, are stated at the net sales value of the work done less amounts received as progress payments on account.

Costs associated with contracts are included in work in progress to the extent that they cannot be matched with contract work accounted for as turnover.

Full provision is provided for all losses on all contracts in the year in which the loss is forseen.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Investments in equity instruments which are publicly traded are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss.

ALITEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows. The impairment loss is recognised in profit or loss.

Any future reversal of the impairment can not exceed the what the carrying amount would have been, had the impairment not previously been recognised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Other financial liabilities classified as fair value through profit or loss are measured at fair value.

1.9
Equity instruments

Equity instruments issued by the company 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 company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

ALITEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

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

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.15

Research and development

Research and development expenditure is written off as incurred.

ALITEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Profit on contracts

In the case of contracts, profit is taken if the job is satisfactorily progressed to enable the final outcome to be assessed with reasonable certainty. The calculation is based on the directors view of the stage of completion of the job and the overall outcome.

Rectification costs

The company maintains a specific provision to allow for the future rectification costs on contracts completed by the year end. The company uses data from the previous years actual costs to establish the quantum of the specific provision required.

ALITEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
3
Turnover and other revenue
Turnover analysed by geographical market
2025
2024
£
£
United Kingdom
8,771,584
9,698,811
Overseas
2,774,821
3,265,286
11,546,405
12,964,097
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
3,298
2,995
Fees payable to the company's auditor for the audit of the company's financial statements
12,000
11,000
Depreciation of owned tangible fixed assets
490,741
484,109
Profit on disposal of tangible fixed assets
(33,798)
(9,488)
Operating lease charges
83,335
93,063
5
Employees

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

2025
2024
Number
Number
Operations staff
37
43
Administrative staff
10
11
Sales, marketing and projects staff
30
29
Design staff
10
11
87
94
ALITEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
5
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
3,171,762
3,358,313
Social security costs
322,790
342,367
Pension costs
490,337
487,058
3,984,889
4,187,738
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
204,489
250,787
Company pension contributions to defined contribution schemes
110,000
200,000
Company pension contributions to defined benefit schemes
300,000
200,000
614,489
650,787

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 3).

The number of directors for whom retirement benefits are accruing under defined benefit schemes amounted to 2 (2024 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
110,266
132,224
Company pension contributions to defined contribution schemes
50,000
40,000
ALITEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
7
Gains and losses on current asset investments
2025
2024
£
£
Fair value gains/(losses) on financial instruments
Change in value of financial assets held at fair value through profit or loss
(16,078)
206,191
Other gains/(losses)
Loss on disposal of current asset investments
(6,675)
(10,873)
(22,753)
195,318
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
352,749
524,395
Adjustments in respect of prior periods
(198,250)
(83,591)
Total current tax
154,499
440,804
Deferred tax
Origination and reversal of timing differences
(33,291)
30,746
Total tax charge
121,208
471,550
ALITEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
8
Taxation
(Continued)
- 23 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,466,155
2,165,053
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
366,539
541,263
Tax effect of expenses that are not deductible in determining taxable profit
5,688
20,805
Adjustments in respect of prior years
(47,233)
27,475
Dividend income
(5,536)
(6,927)
Claim for R & D relief in previous years
(198,250)
(111,066)
Tax expense for the year
121,208
471,550
9
Dividends
2025
2024
£
£
Final paid
364,725
558,725
ALITEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
10
Tangible fixed assets
Freehold property
Plant & Machinery
Fixtures,Fittings & Equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2024
4,743,534
2,373,107
307,538
898,471
8,322,650
Additions
255,566
192,278
11,257
135,986
595,087
Disposals
-
0
(30,000)
-
0
(170,971)
(200,971)
At 31 March 2025
4,999,100
2,535,385
318,795
863,486
8,716,766
Depreciation and impairment
At 1 April 2024
487,901
1,829,107
264,707
682,235
3,263,950
Depreciation charged in the year
89,578
226,771
26,450
147,942
490,741
Eliminated in respect of disposals
-
0
(30,000)
-
0
(157,899)
(187,899)
At 31 March 2025
577,479
2,025,878
291,157
672,278
3,566,792
Carrying amount
At 31 March 2025
4,421,621
509,507
27,638
191,208
5,149,974
At 31 March 2024
4,255,633
544,000
42,831
216,236
5,058,700

The carrying value of land not subject to depreciation in the financial statements comprises:

2025
2024
£
£
Freehold
455,267
455,267
11
Stocks
2025
2024
£
£
Raw materials and consumables
244,971
230,774
ALITEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
12
Current asset investments
2025
2024
£
£
Listed investments
4,186,356
2,812,486

The values above represent the market value of listed investments. The comparative cost value of these investments at 31st March 202 5 is £2,857,944 (202 4 - £2,031,402).

13
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
339,753
243,990
Gross amounts due from contract customers
316,920
338,785
Other debtors
16,166
11,796
Directors current accounts
30,099
15,764
Prepayments and accrued income
244,541
232,274
947,479
842,609
Amounts falling due after one year:
Other debtors
200,000
200,000
Total debtors
1,147,479
1,042,609
14
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
664,687
493,773
Corporation tax
350,072
524,395
Other taxation and social security
99,711
86,272
VAT
179,770
176,055
Accruals and deferred income
3,931,695
3,713,108
5,225,935
4,993,603
ALITEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
15
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
242,916
271,201
Retirement benefit obligations
(1,637)
(1,541)
Market value changes in current asset investments
54,682
59,592
295,961
329,252
2025
Movements in the year:
£
Liability at 1 April 2024
329,252
Credit to profit or loss
(33,291)
Liability at 31 March 2025
295,961
16
Retirement benefit schemes
2025
Defined contribution schemes
£
Charge to profit or loss in respect of defined contribution schemes
110,000

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Defined benefit schemes

The Alitex Ltd DBSASS ("the Scheme") is a small self-administered scheme. The Scheme operates under a defined benefit basis such that the contributions required will be determined by the benefits set out in the trust deed and rules. The Scheme is only available to some employees of the Company and is funded on a buyout basis.

The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out at 31st March 2025 by WBR Group, Fellow of the Institute of Actuaries. The present value of the defined benefit obligation, the related current service cost and past service cost were measured using the projected unit credit method.

ALITEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
16
Retirement benefit schemes
(Continued)
- 27 -
2025
Key assumptions
%
Discount rate
5.7
Expected rate of increase of pensions in payment
3.5
Mortality assumptions
2025

Assumed life expectations on retirement at age 65:

Years
Retiring today
- Males
24.7
- Females
27.5
Amounts recognised in the profit and loss account
2025
Costs/(income):
£
Current service cost
647,000
Net interest on net defined benefit liability/(asset)
(24,000)
Total costs
623,000
Amounts recognised in other comprehensive income
2025
Costs/(income):
£
Actual return on scheme assets
308,000
Less: calculated interest element
67,000
Return on scheme assets excluding interest income
375,000
Actuarial changes related to obligations
(272,000)
Effect of changes in the amount of surplus that is not recoverable
184,000
Total costs
287,000
ALITEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
16
Retirement benefit schemes
(Continued)
- 28 -

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit scheme are as follows:

2025
Liabilities/(assets):
£
Present value of defined benefit obligations
1,337,000
Fair value of scheme assets
(2,033,000)
Surplus in scheme
(696,000)
Restriction on scheme assets
696,000
Total asset recognised
-
2025
Movements in the present value of defined benefit obligations
£
Liabilities at 1 April 2024
919,000
Current service cost
647,000
Actuarial gains and losses
(272,000)
Interest cost
43,000
Liabilities at 31 March 2025
1,337,000
2025
The defined benefit obligations arise from scheme funded as follows:
£
Wholly unfunded obligations
-
Wholly or partly funded obligations
1,337,000
1,337,000
ALITEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
16
Retirement benefit schemes
(Continued)
- 29 -
2025
Movements in the fair value of scheme assets
£
Fair value of assets at 1 April 2024
1,431,000
Assets transferred in from related parties
610,000
Interest income
67,000
Return on scheme assets (excluding amounts included in net interest)
(375,000)
Contributions by the employer
300,000
At 31 March 2025
2,033,000

The actual return on scheme assets was £308,000 (2024 - £-).

2025
Fair value of scheme assets
£
Equity instruments
593,000
Property
802,000
Cash
838,000
Borrowing
(200,000)
2,033,000
17
Share capital
2025
2024
£
£
Ordinary share capital
Issued and fully paid
558,000 Ordinary A shares of 2p each
11,160
11,160
205,000 Ordinary B shares of 2p each
4,100
4,100
67,500 Ordinary C shares of 2p each
1,350
1,350
16,610
16,610
ALITEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 30 -
18
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within one year
24,675
25,251
Between two and five years
43,080
3,568
67,755
28,819
19
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel, who are also directors, is shown in note 6.

Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sale of goods
Purchase of goods
2025
2024
2025
2024
£
£
£
£
Entities sharing key management personnel with control or significant influence
4,235
11,985
638,037
736,109

The following amounts were outstanding at the reporting end date:

Amounts owed by related parties
Amounts owed to related parties
2025
2024
2025
2024
£
£
£
£
Entities sharing key management personnel with control or significant influence
200,332
200,000
58,821
33,144
200,332
200,000
58,821
33,144

At the start of the financial year, a director owed the company £15,764. During the year a further £14,335 was advanced and at the end of the financial year the amount owed totaled £30,099. This amount has been repaid in full post year end.

ALITEX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
20
Ultimate controlling party

The company was under the control of Mr. T. Hall and Mrs. L. Hall throughout the current and previous year.

21
Cash generated from operations
2025
2024
£
£
Profit for the year after tax
1,344,947
1,693,503
Adjustments for:
Taxation charged
121,208
471,550
Investment income
(130,897)
(86,515)
Gain on disposal of tangible fixed assets
(33,798)
(9,488)
Depreciation and impairment of tangible fixed assets
490,741
484,109
Loss on sale of investments
6,675
10,873
Other gains and losses
16,078
(206,191)
Pension scheme non-cash movement
(79,000)
-
Movements in working capital:
(Increase)/decrease in stocks
(14,197)
495,491
(Increase)/decrease in debtors
(90,535)
160,275
Increase/(decrease) in creditors
406,655
(871,132)
Cash generated from operations
2,037,877
2,142,475
2025-03-31 2024-04-01 false false false CCH Software CCH Accounts Production 2025.300 No description of principal activity Mr. M Hall Mr. J Lawson Mrs. L Hall Mr. A Hancock Mr Andrew Hancock Mr. T Hall 00834041 2024-04-01 2025-03-31 00834041 bus:Director1 2024-04-01 2025-03-31 00834041 bus:CompanySecretaryDirector1 2024-04-01 2025-03-31 00834041 bus:Director2 2024-04-01 2025-03-31 00834041 bus:Director3 2024-04-01 2025-03-31 00834041 bus:Director4 2024-04-01 2025-03-31 00834041 bus:CompanySecretary1 2024-04-01 2025-03-31 00834041 bus:Director5 2024-04-01 2025-03-31 00834041 bus:RegisteredOffice 2024-04-01 2025-03-31 00834041 2025-03-31 00834041 2023-04-01 2024-03-31 00834041 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 00834041 core:RetainedEarningsAccumulatedLosses 2024-04-01 2025-03-31 00834041 2024-03-31 00834041 core:LandBuildings core:OwnedOrFreeholdAssets 2025-03-31 00834041 core:PlantMachinery 2025-03-31 00834041 core:FurnitureFittings 2025-03-31 00834041 core:MotorVehicles 2025-03-31 00834041 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 00834041 core:PlantMachinery 2024-03-31 00834041 core:FurnitureFittings 2024-03-31 00834041 core:MotorVehicles 2024-03-31 00834041 core:CurrentFinancialInstruments 2025-03-31 00834041 core:CurrentFinancialInstruments 2024-03-31 00834041 core:ShareCapital 2025-03-31 00834041 core:ShareCapital 2024-03-31 00834041 core:CapitalRedemptionReserve 2025-03-31 00834041 core:CapitalRedemptionReserve 2024-03-31 00834041 core:RetainedEarningsAccumulatedLosses 2025-03-31 00834041 core:RetainedEarningsAccumulatedLosses 2024-03-31 00834041 core:ShareCapital 2023-03-31 00834041 core:CapitalRedemptionReserve 2023-03-31 00834041 core:RetainedEarningsAccumulatedLosses 2023-03-31 00834041 core:ShareCapitalOrdinaryShareClass1 2025-03-31 00834041 core:ShareCapitalOrdinaryShareClass1 2024-03-31 00834041 core:ShareCapitalOrdinaryShareClass2 2025-03-31 00834041 core:ShareCapitalOrdinaryShareClass2 2024-03-31 00834041 core:ShareCapitalOrdinaryShareClass3 2025-03-31 00834041 core:ShareCapitalOrdinaryShareClass3 2024-03-31 00834041 core:ShareCapitalOrdinaryShares 2025-03-31 00834041 core:ShareCapitalOrdinaryShares 2024-03-31 00834041 2024-03-31 00834041 2023-03-31 00834041 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 00834041 core:PlantMachinery 2024-04-01 2025-03-31 00834041 core:FurnitureFittings 2024-04-01 2025-03-31 00834041 core:MotorVehicles 2024-04-01 2025-03-31 00834041 core:UKTax 2024-04-01 2025-03-31 00834041 core:UKTax 2023-04-01 2024-03-31 00834041 1 2024-04-01 2025-03-31 00834041 1 2023-04-01 2024-03-31 00834041 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 00834041 core:PlantMachinery 2024-03-31 00834041 core:FurnitureFittings 2024-03-31 00834041 core:MotorVehicles 2024-03-31 00834041 core:CurrentFinancialInstruments core:UnlistedNon-exchangeTraded 2025-03-31 00834041 core:CurrentFinancialInstruments core:UnlistedNon-exchangeTraded 2024-03-31 00834041 core:Non-currentFinancialInstruments 2025-03-31 00834041 core:Non-currentFinancialInstruments 2024-03-31 00834041 core:WithinOneYear 2025-03-31 00834041 core:WithinOneYear 2024-03-31 00834041 core:BetweenTwoFiveYears 2025-03-31 00834041 core:BetweenTwoFiveYears 2024-03-31 00834041 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 00834041 bus:FRS102 2024-04-01 2025-03-31 00834041 bus:Audited 2024-04-01 2025-03-31 00834041 bus:FullAccounts 2024-04-01 2025-03-31 xbrli:pure xbrli:shares iso4217:GBP