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Camelot Chase Holdings Limited
Annual Report and Consolidated Financial Statements
Year Ended 31 March 2025

Registration number: 09523354

Camelot Chase Holdings Limited

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4
Statement of Directors' Responsibilities | 5
Independent Auditor's Report | 6 to 10
Consolidated Statement of Income and Retained Earnings | 11
Statement by function | 11
Consolidated Balance Sheet | 12
Balance Sheet | 13
Consolidated Statement of Cash Flows | 14
Notes to the Financial Statements | 15 to 32

Camelot Chase Holdings Limited

Company Information

Directors | Mr T Sharp Mr J V Redman

Registered office | Sycamore House King Arthurs Park Sparkford Yeovil Somerset BA22 7FE

Auditors | PKF Francis Clark Statutory AuditorFirst Floor Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA1 2PX

Camelot Chase Holdings Limited

Strategic Report

Year Ended 31 March 2025

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

Principal activity

The principal activity of the group is design, manufacture and installation of process plant and equipment for the dairy, food and beverage industries. The principal activity of the company is that of a holding company

Fair review of the business

The directors are satisfied with the financial performance for the year ended 31 March 2025. The results for the second half of the year have shown considerable improvement, following a disappointing first half of the year where there were a lack of significant orders.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs | Unit | 2025 | 2024
Turnover | £ | 10,103,278 | 11,446,321
Gross Profit | £ | 2,275,846 | 2,017,419
Gross Profit margin | % | 23 | 18
Profit before tax | £ | 387,271 | 82,579
Net Cashflow | £ | 879,612 | (1,242,034)

As at the 31 March 2025 the balance sheet of the group has increased with net assets of £1,186,977 (2024 - £1,060,615). 2024 includes an exceptional impairment charge of £175,547 relating to the freehold property, as a third party valuation was prepared during the year (see note 5 for details). The directors continue to take opportunities to develop the business, whilst growing the Group's reputation.

Future outlook

The directors are confident that the year ahead will be around consolidation and the continued pursuit of growth opportunities. The focus remains on existing sectors and achieving market growth within these. The financial position will remain strong although the directors recognise that there is still no certainty as to the trading conditions given the current economic climate.

Principal risks and uncertainties

The directors regularly undertake business risks assessments - the most recent of which was undertaken in October 2025 - and have identified the following principal risks and uncertainties facing the business:

Political and economic threats

The UK economy is facing uncertainties including potential recession and tariffs. The economic impact of these events is impossible to accurately predict but the directors are aware that prolonged
recession could have a detrimental impact on our customers.

Availability of qualified workforce

For an extended period there has been a shortage of suitably qualified and experienced engineers and project managers in our sector. As a group we have tried to mitigate this through our apprenticeship scheme and embracing international relocation in order to attract and recruit talent. We also mitigate the risk by ensuring that our workforce are offered training and development opportunities and by ensuring that we offer the best employee value proposition that we can.

Camelot Chase Holdings Limited

Strategic Report

Year Ended 31 March 2025

Changing Government legislation

The directors have identified that sudden and substantial changes in legislation could create significant financial or operational challenges for the business. An example being inflation in general staff costs arising from National Minimum Wage increases. The company monitors legislation closely in order to plan accordingly.

Approved and authorised by the Board on 19 November 2025 and signed on its behalf by:

......................................... Mr T Sharp Director | ......................................... Mr J V Redman Director |

Camelot Chase Holdings Limited

Directors' Report

Year Ended 31 March 2025

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

Directors of the group

The directors who held office during the year were as follows:

Mr T Sharp

Mr J V Redman

Financial instruments

Objectives and policies

The group's activities expose it to a number of financial risks, including credit risk, cash flow risk and liquidity risk. The use and nature of financial instruments are determined by the directors in the context of trading terms made available to the group by customers and suppliers, with the objective of securing the liquidity and profitability of the group.

Price risk, credit risk, liquidity risk and cash flow risk

The group's overall objective is to ensure that it is able to meet its financial commitments as they fall due. Accordingly, surplus funds are held available to meet expected cash flows. The group deposits its money with reputable financial institutions. The group has access to an overdraft facility provided by Barclays. The maturity profile of banking facilities is regularly reviewed, and such facilities are extended or replaced well in advance of their expiry. The group's credit risk is primarily attributable to its trade debtors. To manage this, appropriate credit checks are carried out on potential customers before orders are accepted.

Future outlook

The future outlook has been disclosed within the Strategic Report.

Dividends

During the year the Company has declared dividends of £156,575 (2024 - £174,000)

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved and authorised by the Board on 19 November 2025 and signed on its behalf by:

......................................... Mr T Sharp Director | ......................................... Mr J V Redman Director |

Camelot Chase Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

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

• | select suitable accounting policies and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Camelot Chase Holdings Limited

Independent Auditor's Report to the Members of Camelot Chase Holdings Limited

Opinion

We have audited the financial statements of Camelot Chase Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025, which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, and 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 the parent company's affairs as at 31 March 2025 and of the group's profit for the year then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 director's 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 and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Camelot Chase Holdings Limited

Independent Auditor's Report to the Members of Camelot Chase Holdings Limited

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

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

• | the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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 5, 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 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.

Camelot Chase Holdings Limited

Independent Auditor's Report to the Members of Camelot Chase Holdings Limited

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. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework applicable to the company and group and the industry in which the gropup operates. We identified the principal risks of non-compliance with laws and regulations as relating to breaches around health and safety, employment law, and the General Data Protection ("GDPR"). We also considered other laws and regulations that have a direct impact on the preparation of the financial statements, such as The Companies Act 2006 and relevant tax legislation. We considered the extent to which any non-compliance with these laws and regulations may have on the company and group's ability to continue trading and the risk of a material misstatement in the financial statements. We also evaluated the risk of misstatement of profit, including management bias for long term contracts and accounting estimates.
Based on this understanding we designed our audit procedures to identify irregularities. Our procedures involved the following:
• We made enquiries of senior management as to their knowledge of any non-compliance or potential non-compliance with laws and regulations that could affect the financial statements. As part of these enquiries we also discussed with management whether there have been any known instances of fraud.
• We identified the individuals with responsibility for ensuring the company complies with laws and regulations and discussed with them the procedures and policies in place.
• We obtained the latest Health and Safety accreditations.
• We reviewed the Information Commissioner's Office (ICO) website for any enforcement actions or decision notices impacting the company
• We reviewed minutes of meetings of senior management and those charged with governance.

Camelot Chase Holdings Limited

Independent Auditor's Report to the Members of Camelot Chase Holdings Limited

| As part of our enquiries, we discussed with management whether there had been any instances of known or alleged fraud. We assessed the susceptibility of the financial statements to material misstatement through management override or fraud and obtained an understanding of the controls in place to mitigate the risk of fraud. We also evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements. The key risks we identified were the reduction of tax liabilities and the overstatement of the financial position of the company for commercial purposes. Based upon our understanding we designed and conducted audit procedures including:
• | Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
• | Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.
• | Performed cut off procedures for revenue recognition both before the year end and after; and
• | Investigated the rationale behind significant or unusual transactions.

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. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

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 auditor's report.

Camelot Chase Holdings Limited

Independent Auditor's Report to the Members of Camelot Chase Holdings Limited

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.

......................................
Robert Whitehead ACCA (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor
First Floor
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset
TA1 2PX

20 November 2025

Camelot Chase Holdings Limited

Consolidated Statement of Income and Retained Earnings for the Year Ended 31 March 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 10,103,278 | 11,446,321
Cost of sales |  | (7,827,432) | (9,428,902)
Gross profit |  | 2,275,846 | 2,017,419
Administrative expenses |  | (1,853,452) | (1,724,972)
Operating profit | 4 | 422,394 | 292,447
Exceptional impairment expense |  | - | (175,547)
Other interest receivable and similar income | 8 | 4,293 | 7,623
Interest payable and similar charges | 9 | (39,416) | (41,944)
|  | (35,123) | (34,321)
Profit before tax |  | 387,271 | 82,579
Taxation | 10 | (104,334) | (97,210)
Profit/(loss) for the financial year |  | 282,937 | (14,631)
Profit/(loss) attributable to: |  |  |
Owners of the company |  | 282,937 | (14,631)
Retained earnings brought forward |  | 1,054,515 | 1,243,146
Dividends paid |  | (156,575) | (174,000)
Retained earnings carried forward |  | 1,180,877 | 1,054,515

Camelot Chase Holdings Limited

Consolidated Balance Sheet

31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 12 | 1,625,576 | 1,694,581
Current assets |  |  |
Stocks | 14 | 60,316 | 58,129
Debtors | 15 | 2,909,016 | 1,758,305
Cash at bank and in hand |  | 885,518 | 6,318
|  | 3,854,850 | 1,822,752
Creditors: Amounts falling due within one year | 17 | (3,909,403) | (1,922,753)
Net current liabilities |  | (54,553) | (100,001)
Total assets less current liabilities |  | 1,571,023 | 1,594,580
Creditors: Amounts falling due after more than one year | 17 | (270,845) | (376,035)
Provisions for liabilities | 20 | (113,201) | (157,930)
Net assets |  | 1,186,977 | 1,060,615
Capital and reserves |  |  |
Called up share capital | 22 | 6,100 | 6,100
Profit and loss account |  | 1,180,877 | 1,054,515
Equity attributable to owners of the company |  | 1,186,977 | 1,060,615
Shareholders' funds |  | 1,186,977 | 1,060,615

Approved and authorised by the Board on 19 November 2025 and signed on its behalf by:

......................................... Mr T Sharp Director | ......................................... Mr J V Redman Director |

Company Registration Number: 09523354

Camelot Chase Holdings Limited

Balance Sheet

31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Investments | 13 | 6,300 | 6,300
Current assets |  |  |
Debtors | 15 | 1,252 | 6,242
Creditors: Amounts falling due within one year | 17 | (7,415) | (7,795)
Net current liabilities |  | (6,163) | (1,553)
Net assets |  | 137 | 4,747
Capital and reserves |  |  |
Called up share capital | 22 | 6,100 | 6,100
Profit and loss account |  | (5,963) | (1,353)
Shareholders' funds |  | 137 | 4,747

The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a profit after tax for the financial year of £151,965 (2024 - profit of £173,745).

Approved and authorised by the Board on 19 November 2025 and signed on its behalf by:

......................................... Mr T Sharp Director | ......................................... Mr J V Redman Director |

Company Registration Number: 09523354

Camelot Chase Holdings Limited

Consolidated Statement of Cash Flows

Year Ended 31 March 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
Profit/(loss) for the year |  | 282,937 | (14,631)
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 4 | 93,111 | 88,089
(Profit)/loss on disposal of tangible assets |  | (6,627) | 1,657
Finance income | 8 | (4,293) | (7,623)
Finance costs | 9 | 39,416 | 41,944
Exceptional impairment charge |  | - | 175,547
Income tax expense | 10 | 104,334 | 97,210
|  | 508,878 | 382,193
Working capital adjustments |  |  |
Increase in stocks | 14 | (2,187) | (45,141)
(Increase)/decrease in trade debtors | 15 | (1,150,711) | 1,953,637
Increase/(decrease) in trade creditors | 17 | 1,961,842 | (3,003,589)
(Decrease)/increase in provisions | 20 | (32,015) | 15,774
Cash generated from operations |  | 1,285,807 | (697,126)
Income taxes paid | 10 | (99,464) | (81,503)
Net cash flow from operating activities |  | 1,186,343 | (778,629)
Cash flows from investing activities |  |  |
Interest received | 8 | 4,293 | 7,623
Acquisitions of tangible assets | 12 | (35,203) | (159,930)
Proceeds from sale of tangible assets |  | 17,724 | -
Net cash flows from investing activities |  | (13,186) | (152,307)
Cash flows from financing activities |  |  |
Interest paid | 9 | (39,416) | (41,944)
Proceeds from bank borrowing draw downs |  | (97,554) | (95,154)
Dividends paid |  | (156,575) | (174,000)
Net cash flows from financing activities |  | (293,545) | (311,098)
Net increase/(decrease) in cash and cash equivalents |  | 879,612 | (1,242,034)
Cash and cash equivalents at 1 April |  | 5,906 | 1,247,940
Cash and cash equivalents at 31 March |  | 885,518 | 5,906

Camelot Chase Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2025

1 | General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Sycamore House
King Arthurs Park
Sparkford
Yeovil
Somerset
BA22 7FE

These financial statements were authorised for issue by the Board on 19 November 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2025.
As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.

Camelot Chase Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2025

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Going concern

On the basis of their assessment of the company's financial position and resources, the directors believe that the company is well placed to manage its business risks. Therefore, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and the directors are satisfied that it remains appropriate for the company to adopt the going concern basis of accounting in preparing these financial statements. In making their going concern assessment, the directors have given consideration to the business impacts of global economic uncertainty, in addition to the performance of the UK dairy and food industries, its key trade customers, and the potential wider economic impact arising from general pressures caused by higher interest rates. In particular the directors have considered the financial performance of the company subsequent to 31 March 2025, and forecasted performance of a period greater than 12 months following the approval of the accounts.

Camelot Chase Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2025

Key accounting judgements and sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The key accounting judgement in these financial statements is that of going concern. As described in the note above, having considered a period above twelve months from the date of approval of these financial statements, the directors are satisfied that the going concern basis of preparation remains appropriate.
The key estimates that have a significant effect on the amounts recognised in the financial statements are described below:
The directors have made key assumptions regarding the stage of completion and future costs to complete of some long term contracts. The amount receivable from customers on such contracts at the end of the reporting period has been estimated at £299,135 (2024 - £201,513).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
In respect of long term contracts, turnover represents revenue measured by reference to the stage of completion of the contract activity. Revenue relatinf to the sale of parts or maintenance services is recognised in the profit and loss account when the parts have been delivered or service completed.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the consolidated profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Camelot Chase Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2025

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Freehold property | 50 years straight line
Land and buildings leasehold | 5 years straight line
Plant and machinery | 6.67 years straight line
Vehicles | 20% reducing balance
Office equipment | 5 years straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | Now fully amortised

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Camelot Chase Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2025

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Provisions

Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Camelot Chase Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2025

Financial instruments

Classification
The group and company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
The group and company have chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

3 | Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Sale of goods and provision of services | 10,103,278 | 11,446,321

The analysis of the group's Turnover for the year by market is as follows:

| 2025 £ | 2024 £
UK | 10,103,278 | 11,446,321

Camelot Chase Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2025

4 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 93,111 | 88,089
Impairment loss | - | 175,547
Operating lease expense - plant and machinery | 56,526 | 44,790
(Profit)/loss on disposal of property, plant and equipment | (6,627) | 1,657

5 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 2,211,219 | 2,089,970
Social security costs | 235,076 | 236,118
Pension costs, defined contribution scheme | 293,771 | 258,727
| 2,740,066 | 2,584,815

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Production | 46 | 38
Administration and support | 8 | 9
Other departments | 8 | 10
| 62 | 57

Camelot Chase Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2025

6 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 260,594 | 270,214
Contributions paid to money purchase schemes | 31,999 | 19,411
| 292,593 | 289,625

During the year the number of directors who were receiving benefits and share incentives was as follows:

| 2025 No. | 2024 No.
Accruing benefits under money purchase pension scheme | 5 | 5

In respect of the highest paid director:

| 2025 £ | 2024 £
Remuneration | 80,892 | 89,766
Company contributions to money purchase pension schemes | 6,180 | 5,311

7 | Auditor's remuneration

| 2025 £ | 2024 £
Audit of these financial statements | 5,345 | 4,950
Audit of the financial statements of subsidiaries of the company pursuant to legislation | 22,640 | 24,875
| 27,985 | 29,825

Camelot Chase Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2025

8 | Other interest receivable and similar income

| 2025 £ | 2024 £
Interest income on bank deposits | 4,169 | 7,602
Other finance income | 124 | 21
| 4,293 | 7,623

9 | Interest payable and similar expenses

| 2025 £ | 2024 £
Interest on bank overdrafts and borrowings | 34,471 | 34,518
Interest expense on other finance liabilities | 4,945 | 7,426
| 39,416 | 41,944

Camelot Chase Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2025

10 | Taxation

Tax charged/(credited) in the consolidated profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 116,527 | 48,505
UK corporation tax adjustment to prior periods | 521 | 24,491
| 117,048 | 72,996
Deferred taxation |  |
Arising from origination and reversal of timing differences | (12,714) | 24,214
Tax expense in the income statement | 104,334 | 97,210

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2024 - higher than the standard rate of corporation tax in the UK) of 0% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 387,271 | 82,579
Corporation tax at standard rate | 96,818 | 20,645
Effect of expense not deductible in determining taxable profit (tax loss) | 3,728 | 2,679
Deferred tax expense relating to changes in tax rates or laws | - | 7,104
Increase to tax charge in respect of previous periods | - | 24,491
Deferred tax expense/(credit) from unrecognised tax loss or credit | 520 | (2,709)
Tax increase from effect of capital allowances and depreciation | 3,519 | 45,143
Marginal relief | (251) | (143)
Total tax charge | 104,334 | 97,210

Camelot Chase Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2025

11 | Intangible assets

Group

| Goodwill £ | Total £
Cost or valuation
At 1 April 2024 | 120,000 | 120,000
At 31 March 2025 | 120,000 | 120,000
Amortisation
At 1 April 2024 | 120,000 | 120,000
At 31 March 2025 | 120,000 | 120,000
Carrying amount
At 31 March 2025 | - | -

Camelot Chase Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2025

12 | Tangible assets

Group

| Land and buildings £ | Furniture and equipment £ | Motor vehicles £ | Plant and machinery £ | Total £
Cost or valuation
At 1 April 2024 | 1,892,157 | 110,708 | 51,501 | 172,373 | 2,226,739
Additions | 13,717 | 7,974 | - | 13,512 | 35,203
Disposals | (6,890) | (7,875) | (21,501) | - | (36,266)
At 31 March 2025 | 1,898,984 | 110,807 | 30,000 | 185,885 | 2,225,676
Depreciation
At 1 April 2024 | 363,270 | 60,146 | 27,611 | 81,131 | 532,158
Charge for the year | 49,466 | 17,487 | 4,710 | 21,448 | 93,111
Eliminated on disposal | (275) | (6,768) | (18,125) | (1) | (25,169)
At 31 March 2025 | 412,461 | 70,865 | 14,196 | 102,578 | 600,100
Carrying amount
At 31 March 2025 | 1,486,523 | 39,942 | 15,804 | 83,307 | 1,625,576
At 31 March 2024 | 1,528,887 | 50,562 | 23,890 | 91,242 | 1,694,581

Camelot Chase Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2025

Included within the net book value of land and buildings above is £1,419,200 (2024 - £1,439,500) in respect of freehold land and buildings and £67,323 (2024 - £89,387) in respect of short leasehold land and buildings.

13 | Investments

Company

| 2025 £ | 2024 £
Investments in subsidiaries | 6,300 | 6,300

Subsidiaries | £
Cost or valuation
At 1 April 2024 | 6,300
Provision
Carrying amount
At 31 March 2025 | 6,300
At 31 March 2024 | 6,300

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
Sycamore Process Engineering Limited | As for parent | Ordinary A, Ordinary B, Ordinary C and Ordinary D shares | 100% | 100%
Camelot Chase Limited | As for parent | Ordinary A, Ordinary B, Ordinary C and Ordinary D shares | 100% | 100%
Sycamore Service Limited | As for parent | Ordinary | 100% | 100%
Sycamore Plant and Equipment Limited | As for parent | Ordinary | 100% | 100%

Camelot Chase Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2025

Subsidiary undertakings
Sycamore Process Engineering Limited The principal activity of Sycamore Process Engineering Limited is design, manufacture and installation of process plant and equipment for the dairy, food and beverage industries.
Camelot Chase Limited The principal activity of Camelot Chase Limited is other letting and operating of own or leased real estate.
Sycamore Service Limited The principal activity of Sycamore Service Limited is is that of a dormant company.
Sycamore Plant and Equipment Limited The principal activity of Sycamore Plant and Equipment Limited is leasing of plant and equipment to group companies.

For the year ending 31 March 2025 the subsidiary Sycamore Plant and Equipment Limited - registered number 10079959 was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

14 | Stocks

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Other inventories | 60,316 | 58,129 | - | -

15 | Debtors

|  | Group | Company
| Note | 2025 £ | 2024 £ | 2025 £ | 2024 £
Trade debtors |  | 2,536,721 | 1,483,389 | - | -
Amounts owed by related parties |  | - | - | 1,252 | 6,242
Other debtors |  | 4,691 | 4,422 | - | -
Prepayments |  | 68,469 | 68,981 | - | -
Gross amount due from customers for contract work |  | 299,135 | 201,513 | - | -
|  | 2,909,016 | 1,758,305 | 1,252 | 6,242

Camelot Chase Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2025

16 | Cash and cash equivalents

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Cash on hand | 142 | 130 | - | -
Cash at bank | 235,136 | 6,188 | - | -
Short-term deposits | 650,240 | - | - | -
| 885,518 | 6,318 | - | -
Bank overdrafts | - | (412) | - | -
Cash and cash equivalents in statement of cash flows | 885,518 | 5,906 | - | -

17 | Creditors

|  | Group | Company
| Note | 2025 £ | 2024 £ | 2025 £ | 2024 £
Due within one year |  |  |  |  |
Loans and borrowings | 18 | 104,082 | 96,858 | - | -
Trade creditors |  | 1,871,693 | 888,342 | - | -
Social security and other taxes |  | 333,424 | 244,834 | - | -
Outstanding defined contribution pension costs |  | 23,367 | 18,820 | - | -
Other creditors |  | 189,114 | 156,422 | - | -
Accruals |  | 39,962 | 41,495 | 7,415 | 7,795
Corporation tax | 10 | 117,650 | 100,066 | - | -
Payments on account |  | 1,230,111 | 375,916 | - | -
|  | 3,909,403 | 1,922,753 | 7,415 | 7,795
Due after one year |  |  |  |  |
Loans and borrowings | 18 | 270,845 | 376,035 | - | -

Camelot Chase Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2025

18 | Loans and borrowings

Non-current loans and borrowings

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Bank borrowings | 270,845 | 376,035 | - | -

Current loans and borrowings

| Group | Company
| 2025 £ | 2024 £ | 2025 £ | 2024 £
Bank borrowings | 104,082 | 96,446 | - | -
Bank overdrafts | - | 412 | - | -
| 104,082 | 96,858 | - | -

Group

Bank borrowings

A bank loan is denominated in sterling with a nominal interest rate of 3.79% above base rate, and the final instalment is due on 1 July 2026. The carrying amount at year end is £Nil (2024 - £124,258). The bank loans are secured by a fixed charge over the property owned by the group.

19 | Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 49,515 | 55,272
Later than one year and not later than five years | 51,719 | 101,233
| 101,234 | 156,505

Camelot Chase Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2025

20 | Provisions for liabilities

Group

| Deferred tax £ | Other provisions £ | Total £
At 1 April 2024 | 78,089 | 79,841 | 157,930
Increase (decrease) in existing provisions | (12,714) | (32,015) | (44,729)
At 31 March 2025 | 65,375 | 47,826 | 113,201

21 | Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £293,771 (2024 - £258,727).
Contributions totalling £23,367 (2024 - £18,820) were payable to the scheme at the end of the year and are included in creditors.

22 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary A shares of £1 each | 2,438 | 2,438 | 2,438 | 2,438
Ordinary B shares of £1 each | 3,050 | 3,050 | 3,050 | 3,050
Ordinary C shares of £1 each | 612 | 612 | 612 | 612
| 6,100 | 6,100 | 6,100 | 6,100

Camelot Chase Holdings Limited

Notes to the Financial Statements

Year Ended 31 March 2025

23 | Dividends

Interim dividends paid

|  | 2025 £ |  | 2024 £
Interim dividend of £9.58 (2024 - £16.82) per each Ordinary A shares |  | 23,358 |  | 41,000
Interim dividend of £36.02 (2024 - £28.20) per each Ordinary B shares |  | 109,859 |  | 86,000
Interim dividend of £38.17 (2024 - £16.82) per each Ordinary C shares |  | 23,358 |  | 41,000
Interim dividend of £Nil (2024 - £9.80) per each Ordinary D shares |  | - |  | 6,000
|  | 156,575 |  | 174,000

24 | Non adjusting events after the financial period

During the year ended 31 March 2025, the fixed assets held by Sycamore Plant and Equipment Limited (a wholly owned subsidiary of the Group) were transferred to Sycamore Process Engineering Limited (also a wholly owned subsidiary of the Group). Following this event, Sycamore Plant and Equipment Limited ceased to trade. Post year end, the directors approved the decision to commence the winding up of Sycamore Plant and Equipment Limited. This process is expected to complete during 2026. This decision was taken following a strategic review of the Group’s operational structure and does not affect the Group’s ability to continue as a going concern. The financial impact of this event is not expected to be material to the Group’s consolidated financial statements.