REGISTERED NUMBER: 02911969 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2025

for

Hurst Group (Northern) Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

7

Report of the Independent Auditors

9

Consolidated Statement of 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:

L J Hirst

N R Hurst

J E Hurst

G S Hurst

A A Mckay

SECRETARY:

L J Hirst

REGISTERED OFFICE:

Aynsley House

Common Road

Low Moor

Bradford

West Yorkshire

BD12 0UF

REGISTERED NUMBER:

02911969 (England and Wales)

AUDITORS:

S&W Audit

Statutory Auditor

Chartered Accountants

3rd Floor

56 Wellington Street

Leeds

West Yorkshire

LS1 2EE

INTRODUCTION

The directors present their strategic report for Hurst Group (Northern) Limited and its subsidiary companies for the year ended 31 March 2025.

BUSINESS REVIEW

The principal activities of the Group are interior fit out, retail shop fitting, joinery manufacture and installation of suspended ceilings, flooring, electrical and mechanical contracting, and the manufacture of PVCu door panels and composite doors. The principal activity of the Company is a holding company.

DEVELOPMENT AND FINANCIAL PERFORMANCE DURING THE YEAR

The marketplace remains both competitive and challenging, consolidated turnover has reduced by £2.6m / 5.6% compared to the previous year. The directors continue to focus on efficient working methods with the gross margin increasing by 1.2% compared with the previous year at 27.3% (2024 - 26.1%). Overhead costs have been managed tightly during this inflationary period, but there was a 2.8% overall increase. The Group has returned a profit before tax of £4.41m (2024 - £4.67m). The directors believe the business has performed solidly and remains well positioned to grow revenues and profit.

FINANCIAL POSITION AT THE REPORTING DATE

The Group's net assets at the year-end have increased from £13.3m to £15.5m while cash balances remain healthy at £12.2m at the year-end which continues to allow the Group to pursue its strategic objectives with minimal reliance on external borrowings.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors and senior management continually review and monitor the key risks facing the Group together with assessing the controls used for managing these risks.

The principal risks and uncertainties facing the Group are as follows:

- Competition in the marketplace - the market remains extremely competitive both domestically and globally due to the wider economic conditions. The Group manages this risk as far as possible by maintaining strong relationships with existing valued customers and by providing excellent customer service and support.

- General decline in the retail sector - the Group has traditionally been heavily reliant on the UK high street retailers. The Group is working to manage this by continuing to develop relationships and increase levels of business across all areas of the UK fit out sectors.

The business strives towards a cycle of continuous improvement based on these and other measures. The risks facing the business and measurement thereof are monitored via operational and business unit reports, which are discussed at monthly meetings. A strict policy on debtor management is also in place ensuring all debtors are collected in a timely manner therefore limiting the Group's exposure.

ENGAGEMENT WITH EMPLOYEES

The Group provides employees with information on matters of concern to them, consulting them or their representatives regularly, so that their views can be taken into account when making decisions that are likely to affect their interests. Employee involvement in the Group is encouraged, as achieving a common awareness on the part of all employees of the financial and economic factors affecting the Group plays a major role in maintaining its objectives. The Group encourages the involvement of employees by means of established lines of communication through departmental supervisors so that employees are kept informed about Group developments and other matters of concern to them as employees.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS IN A BUSINESS RELATIONSHIP

The Directors have identified the stakeholders of the Group and undertake review and feedback regularly to ensure adequate communication and engagement is ongoing with each stakeholder group. The Board recognises that the Group's customers, suppliers and employees are crucial to its success. The Group has established long-term relationships with key customers and suppliers, and the Board encourages feedback from them to improve decision making. For key customers and suppliers, appropriate diligence is undertaken around their working practices and ethics as well as their financial stability and viability.

CREDITOR PAYMENT POLICY

The company complies with the Prompt Payment Code, which states that responsible companies undertake to:

- Pay suppliers on time, within the terms agreed at the outset of the contract and without attempting to change payment terms retrospectively.

- Provide suppliers with clear and easily accessible guidance on payment procedures.

- Ensure there is a system for dealing with complaints and disputes which is communicated to suppliers.

- Advise suppliers promptly if there is any reason why an invoice will not be paid to the agreed terms.

- Encourage good practice by requesting that lead suppliers encourage adoption of the code throughout their own supply chains.

STREAMLINED ENERGY AND CARBON REPORTING (SECR) DISCLOSURE

As Hurst Group Northern Limited (the 'Group') now meets the criteria of a large unquoted company, it is required under the Companies Act 2006 (Strategic Report and Directors Report) Regulations 2013 and the Companies (Directors Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulation 2018 to disclose the annual energy consumption and associated Green House Gas (GHG) emissions.

This section on energy and emissions has been prepared compliant with the SECR requirements and calculated in accordance with the GHG Protocol and SECR guidelines, with the reporting period 1 April 2024 to 31 March 2025 in line with the company's financial year.

QUANTIFICATION AND REPORTING METHODOLOGY

The table below details the SECR energy and GHG emission sources, using the March 2019 HM Government Reporting Guidelines and the 2023 UK Government GHG Conversion Factors for Company Reporting. The energy and emission data shown below included all UK subsidiary operations of the Group. An operational approach has been used to define boundaries.

As this is the first reporting period the company is required to provide this information in its Directors Report, there is no data for the previous reporting period, to compare.

The primary source of energy consumption is invoices and supplier interval data. The electricity and gas data has been recorded over a twelve-month period from 1 April 2024 to 31 March 2025. The data was collated directly from monthly invoices generated by suppliers. The reporting spreadsheet provides a breakdown of monthly and annual consumption for each meter in kWh.

Transport data has been recorded by the Group over a twelve-month period from 1 April 2024 to 31 March 2025, by fuel type and by subsidiary operations of the Group. Transport fuel usage has been displayed by litres of fuel purchased within the supply period per week/month. Company owned car fuel usage has been displayed by litres of fuel purchased within the supply period per week/month. Business mileage and employee-owned expensed business mileage claims have been displayed in miles driven.

The Group uses diesel fuelled distribution vehicles and a mix of diesel, petrol and hybrid fuelled cars and forklift trucks. The company also uses LPG gas fuelled forklift trucks.

The Group uses annual turnover to calculate the Intensity Metric, with the formula:

tCO2/Annual Turnover (£M)

Emissions

Units

CurrentReporting Year(2025)

ComparisonReporting Year(2024)

Emissions from combustion of gas (Scope 1)

tC02e

132.25

140.72

Emissions from combustion of fuelfor transport purposes (Scope 1)

tC02e

838.46

830.37

Emissions from purchased electricity (Scope 2)

tC02e

327.81

334.64

Emissions from generation of electricitythat is consumed in a transmission anddistribution system for which the company does not own or control (Scope 3)

tC02e

28.97

28.96

Emissions from business travelin rental cars or employee-owned vehicles where company is responsiblefor purchasing the fuel (Scope 3)

tC02e

20.29

14.63

Total Gross Emissions

tC02e

1,343.68

1,349.32

Energy consumption used to calculate above emissions

kWh

2,306,290

2,385,204

Units

CurrentReporting Year(2025)

ComparisonReporting Year(2024)

Intensity Metric

Annual Turnover (£M)

45.06

47.74

Intensity Ratios

tC02e/ Annual Turnover (£M)

29.82

28.26

ENERGY EFFICIENCY COMMENTARY

The Group continue to monitor and review energy usage and associated carbon dioxide emissions. The Group recognises the environmental issues associated with its principal activities relating to waste, water, energy management and vehicle emissions. The Group is committed to practical measures to limit, prevent or offset environmental pollution and Green House Gas Emissions.

To save energy, the Group has undertaken a number of initiatives, in the year:

- The Group has entered into Zero Carbon Gas supply contracts with British Gas and Renewable Electricity supply contract with British Gas.

- Fleet replacement policy to replace with hybrid vehicles.

- Factory lighting replaced with high bay LED and direct task LED lighting.

- Lighting replacement policy to replace with LED options.

- Automatic closing doors to retain factory heat.

- Flexible machinery operation, power lines turned off when machines are not in use.

- Introduced lighting timers and motion detection to turn off lights not in use.

- Use of video conferencing to limit unnecessary journeys for meetings.

DIRECTORS SECTION 172(1) STATEMENT

The Board of Directors of Hurst Group (Northern) Limited consider both individually and together that they have acted in the way they consider would be most likely to promote the success of the Group for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s 172(1) (a)-(f) of the Companies Act 2006) in the decisions taken during the period ended 31st March 2025.

Our plan was designed to have a long-term beneficial impact on the Group and to contribute to its success in delivering a high quality of service across all business divisions.

Our team members are fundamental to the delivery of our plan. We aim to be a responsible employer in our approach to the pay and benefits our team members receive. The health, safety and well-being of our team members is one of our primary considerations in the way we do business.

Engagement with suppliers and customers is key to our success. We meet with our major suppliers and customers throughout the year and take appropriate action, when necessary, to prevent involvement in modern slavery, corruption, bribery and breaches of competition law.

Our plan took into account the impact of the Group operations on the community and environment and our

wider social responsibilities, and in particular how we comply with environmental legislation and pursue waste saving opportunities and react to local community concerns.

As the Board of Directors, our intention is to behave responsibly and ensure that the management operate the business in a responsible manner, operating with the high standards of business conduct and good governance expected for a business such as ours and in doing so, will contribute to the delivery of our plan. The intention is to nurture our reputation, through both the construction and delivery of our plan, that reflects our responsible behaviour.

KEY PERFORMANCE INDICATORS

Management use a range of financial performance measures to monitor and manage the business as set out below:

2025

2024

Gross Profit

27.3%

26.1%

Current assets/current liabilities

2.8

2.6

Total assets/total liabilities

3.0

2.7

FUTURE DEVELOPMENTS

The markets continue to be characterised by legislative requirements and their associated cost profiles, high energy costs, pricing pressure and supply and demand variables. The Group is working towards maintaining performance during the coming year as a consequence of market focus, new market initiatives, sourcing improvements and cost control measures.

ON BEHALF OF THE BOARD:

G S Hurst - Director

1 December 2025

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

DIVIDENDS

Interim and final dividends for the year ended 31 March 2025 were agreed on 10 April 2024, 4 October 2024 and 23 October 2024.

Share Type

Dividend Value per Share

Dividend Value

E Ordinary 122,800

£2

£245,600

F Ordinary 122,800

£2

£245,600

G Ordinary 61,400

£6

£368,400

H Ordinary 61,400

£4

£245,600

Interim and final dividends for the year ended 31 March 2025 amounted to £1,105,200.

The total distribution of dividends for the year ended 31 March 2025 will be £1,105,200.

DIRECTORS

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

L J Hirst

N R Hurst

J E Hurst

G S Hurst

Other changes in directors holding office are as follows:

A A Mckay - appointed 1 October 2024

GOING CONCERN

The directors have a reasonable expectation that the Group and Company has adequate resources to continue in operational existence for the foreseeable future. The Group has net current assets of £14.1m, net assets of £15.5m and cash balances of £12.2m.

The Company has net current assets of £5.1m, net assets of £9.3m and cash balances of £5.3m.

The directors forecast the Group will remain profitable. Thus they continue to adopt the going concern basis for accounting in preparing the annual financial statements. The directors have considered a period in excess of twelve months from the date of approval of these financial statements in making their assessment.

ENGAGEMENT WITH EMPLOYEES

The Group provides employees with information on matters of concern to them, consulting them or their representatives regularly, so that their views can be taken into account when making decisions that are likely to affect their interests. Employee involvement in the Group is encouraged, as achieving a common awareness on the part of all employees of the financial and economic factors affecting the Group plays a major role in maintaining its objectives. The Group encourages the involvement of employees by means of established lines of communication through departmental supervisors so that employees are kept informed about Group developments and other matters of concern to them as employees.

DISABLED EMPLOYEES

The Group’s policy is to give full and fair consideration to applications for employment made by disabled persons, having regard to their particular aptitudes and abilities.

Disabled employees receive appropriate training to promote their career development with the Group. Employees who become disabled are retained in their existing posts where possible or retained for suitable alternative posts.

DISCLOSURE IN THE STRATEGIC REPORT

Certain information is not shown in the Directors’ Report because it is shown in the Group Strategic Report instead under s414C (11). The Group Strategic Report includes sections entitled business review, principal risk and uncertainties, key performance indicators and future developments.

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;

- 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Group's auditors are aware of that information.

AUDITORS

The auditors, S&W Audit (a trading name of S&W Partners Audit Limited), will be proposed for re-appointment at the forthcoming Annual General Meeting in accordance with section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

L J Hirst - Secretary

1 December 2025

Opinion

We have audited the financial statements of Hurst Group (Northern) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of 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 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 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 other information comprises the information included in the Group Strategic Report, Report of the Directors and Consolidated Financial Statements, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Group Strategic Report, Report of the Directors and Consolidated Financial Statements. Our opinion on the financial statements does not cover the other information and 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 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 eight, 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect irregularities. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained a general understanding of the Group and Company's legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity's policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the Group and Company's industry and regulation.

We understand that the Group and Company complies with the framework through:

- Outsourcing accounts preparation and tax compliance to external experts.

- Subscribing to relevant updates from external experts, and making changes to internal procedures and controls as necessary.

- The Directors' close involvement in the day-to-day running of the business, meaning that any litigation or claims would come to their attention directly.

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the Group and Company's ability to conduct its business, and/or where there is a risk that failure to comply could result in material penalties. We identified the following laws and regulations as being of significance in the context of the Group and Company:

- The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements.

- UK Taxation Law

- Specific industry standards

We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations identified above:

- Made enquiries of management regarding compliance with laws and regulations and any known non-compliance in the year

- Reviewed legal expense accounts

- Obtaining written management representations regarding the adequacy of procedures in place.

The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were:

- Manipulation of the financial statements, especially revenue, via fraudulent manual journal entries.

- Incorrect recognition of revenue

- Existence and recoverability of amounts recoverable on contract

The procedures we carried out to gain evidence in the above areas included:

- Testing of manual journal entries, selected based on specific risk assessments applied based on the client processes and controls surrounding manual journals; and

- Testing a sample of revenue transactions to underlying documentation, including ensuring revenue is recognised in the correct period and has occurred

- Testing a sample of amounts recoverable on contract to underlying documentation and post year end receivables, ensuring amounts are correct and are recoverable

Overall, the senior statutory auditor was satisfied that the engagement team collectively had the appropriate competence and capabilities to identify or recognise irregularities.

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.

Matthew Barton BA (Hons) FCA CTA (Senior Statutory Auditor)

for and on behalf of S&W Audit

Statutory Auditor

Chartered Accountants

3rd Floor

56 Wellington Street

Leeds

West Yorkshire

LS1 2EE

3 December 2025

TURNOVER

5

45,049

47,736

Cost of sales

32,730

35,300

GROSS PROFIT

12,319

12,436

Administrative expenses

7,973

7,756

OPERATING PROFIT

8

4,346

4,680

Interest receivable and similar income

78

54

4,424

4,734

Interest payable and similar expenses

9

13

67

PROFIT BEFORE TAXATION

4,411

4,667

Tax on profit

10

1,099

928

PROFIT FOR THE FINANCIAL YEAR

3,312

3,739

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,312

3,739

Profit attributable to:

Owners of the parent

3,312

3,739

Total comprehensive income attributable to:

Owners of the parent

3,312

3,739

FIXED ASSETS

Tangible assets

13

1,742

1,618

Investments

14

-

-

1,742

1,618

CURRENT ASSETS

Stocks

15

1,076

1,120

Debtors

16

8,363

9,113

Cash at bank

12,223

9,401

21,662

19,634

CREDITORS

Amounts falling due within one year

17

7,598

7,619

NET CURRENT ASSETS

14,064

12,015

TOTAL ASSETS LESS CURRENT LIABILITIES

15,806

13,633

CREDITORS

Amounts falling due after more than one year

18

(137

)

(206

)

PROVISIONS FOR LIABILITIES

20

(181

)

(146

)

NET ASSETS

15,488

13,281

CAPITAL AND RESERVES

Called up share capital

21

1,228

1,228

Capital redemption reserve

22

75

75

Retained earnings

22

14,185

11,978

15,488

13,281

The financial statements were approved by the Board of Directors and authorised for issue on 1 December 2025 and were signed on its behalf by:

G S Hurst - Director

FIXED ASSETS

Tangible assets

13

868

747

Investments

14

3,520

3,520

4,388

4,267

CURRENT ASSETS

Debtors

16

2,136

1,705

Cash at bank

5,313

3,456

7,449

5,161

CREDITORS

Amounts falling due within one year

17

2,394

1,715

NET CURRENT ASSETS

5,055

3,446

TOTAL ASSETS LESS CURRENT LIABILITIES

9,443

7,713

CREDITORS

Amounts falling due after more than one year

18

(60

)

(87

)

PROVISIONS FOR LIABILITIES

20

(109

)

(71

)

NET ASSETS

9,274

7,555

CAPITAL AND RESERVES

Called up share capital

21

1,228

1,228

Revaluation reserve

22

892

892

Retained earnings

22

7,154

5,435

9,274

7,555

Company's profit for the financial year

2,824

1,819

The financial statements were approved by the Board of Directors and authorised for issue on 1 December 2025 and were signed on its behalf by:

G S Hurst - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£'000

£'000

£'000

£'000

Balance at 1 April 2023

1,228

8,884

75

10,187

Changes in equity

Dividends

-

(645

)

-

(645

)

Total comprehensive income

-

3,739

-

3,739

Balance at 31 March 2024

1,228

11,978

75

13,281

Changes in equity

Dividends

-

(1,105

)

-

(1,105

)

Total comprehensive income

-

3,312

-

3,312

Balance at 31 March 2025

1,228

14,185

75

15,488

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£'000

£'000

£'000

£'000

Balance at 1 April 2023

1,228

4,261

892

6,381

Changes in equity

Dividends

-

(645

)

-

(645

)

Total comprehensive income

-

1,819

-

1,819

Balance at 31 March 2024

1,228

5,435

892

7,555

Changes in equity

Dividends

-

(1,105

)

-

(1,105

)

Total comprehensive income

-

2,824

-

2,824

Balance at 31 March 2025

1,228

7,154

892

9,274

Cash flows from operating activities

Cash generated from operations

1

5,618

4,909

Interest paid

-

(40

)

Interest element of hire purchase payments paid

(13

)

(27

)

Tax paid

(1,218

)

(344

)

Net cash from operating activities

4,387

4,498

Cash flows from investing activities

Purchase of tangible fixed assets

(463

)

(690

)

Sale of tangible fixed assets

19

148

Interest received

78

54

Net cash from investing activities

(366

)

(488

)

Cash flows from financing activities

Capital repayments in year

(94

)

(94

)

Equity dividends paid

(1,105

)

(645

)

Movement in invoice discounting

-

57

Net cash from financing activities

(1,199

)

(682

)

Increase in cash and cash equivalents

2,822

3,328

Cash and cash equivalents at beginning of year

2

9,401

6,073

Cash and cash equivalents at end of year

2

12,223

9,401

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

2025

2024

£'000

£'000

Profit before taxation

4,411

4,667

Depreciation charges

320

276

Profit on disposal of fixed assets

-

(8

)

Finance costs

13

67

Finance income

(78

)

(54

)

4,666

4,948

Decrease in stocks

44

6

Decrease in trade and other debtors

835

174

Increase/(decrease) in trade and other creditors

73

(219

)

Cash generated from operations

5,618

4,909

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31/3/25

1/4/24

£'000

£'000

Cash and cash equivalents

12,223

9,401

Year ended 31 March 2024

31/3/24

1/4/23

£'000

£'000

Cash and cash equivalents

9,401

6,073

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 31/3/25

£'000

£'000

£'000

Net cash

Cash at bank

9,401

2,822

12,223

9,401

2,822

12,223

Debt

Finance leases

(297

)

94

(203

)

(297

)

94

(203

)

Total

9,104

2,916

12,020