REGISTERED NUMBER: 00528033 (England and Wales)

Strategic Report, Directors' Report and

Financial Statements for the Period 1 April 2024 to 30 March 2025

for

Searles (Camping Ground) Limited

Page

Company Information

1

Strategic Report

2

Directors' Report

4

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

10

Balance Sheet

11

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

16

Directors:

Mr W J Searle

Mr P R Searle

Mr A J G Searle

Mrs J A E Symonds

Secretaries:

Mrs V R Searle

Searles (Camping Ground) Limited

Registered office:

3 South Beach Road

Hunstanton

Norfolk

PE36 5BB

Registered number:

00528033 (England and Wales)

Auditors:

Stephenson Smart (East Anglia) Limited

Chartered accountants & statutory auditor

22-26 King Street

King's Lynn

Norfolk

PE30 1HJ

The directors present their strategic report for the period 1 April 2024 to 30 March 2025.

The directors of a company must prepare a Strategic Report for each financial period, unless the company is entitled to the small companies exemption. The purpose of the Strategic Report is to inform members of the company and help them assess how the directors have performed their duty under section 172 Companies Act 2006 (duty to promote success of the company).

Review of business

Turnover for the period ended 30 March 2025 was 1.59% lower than that experienced for the year ended 31 March 2024.

Demand in the period was adversely affected by the rising cost of living and economic uncertainty in the country caused by political changes. In the period this has therefore resulted in redgate lodge sales in particular falling compared to the previous year. Income in other areas has however been greater, reducing the impact of this reduction in lodge sales.

Good summer weather contributed to increased income in the period ending 30 March 2025 from amenities and short stays.

Caravan sales have grown again on the previous year, despite the decrease in lodge sales.

Heacham Manor Hotel and Pavilion income saw strong growth in the year benefitting from increase demand for short stay holidays, and management continuing to find opportunities for growth.

After significant investment in the hire fleet last year, more work has been done in this area in the current period, reflected in increased turnover from holiday hire.

In common with other businesses in the leisure sector, the company has been impacted heavily by increased wage and associated costs.

Principal risks and uncertainties

In common with other businesses in this sector, the most significant risks and uncertainties faced by the company derive from the weather conditions and how to attract customers to the holiday resort when the weather is unfavourable. The company is tackling this problem by increased investment in indoor facilities and being proactive in promoting the area as a whole to attract more visitors. Another challenge is to release the capital invested in lodges to reduce the level of borrowing. This is being tackled by increased and improved marketing strategy and increasing the facilities on site for owners. This has been effective again with caravan sales rising year-on-year. Lodge sales have fallen this year, with management reducing spending in this area as demand has fallen.

Having previously had difficulties with recruitment and staff retention, the directors now feel that steps have been taken to resolve this and staff numbers and particularly those key management staff have had less change in the period.

The company's financial risk management objectives and policies are detailed in the Directors' report.

Key performance indicators

The company uses a range of performance measures to monitor and manage the business effectively, both financial and non-financial. The key financial performance indicators and their comparatives are as follows:-

2025

2024

2023

Gross profit margin (%)

29.71

28.82

32.42

Net operating margin (%)

5.54

5.94

7.96

Return on capital employed (excluding interest) (%)

6.32

9.99

8.88

Current ratio

0.52

0.33

0.58

Total liabilities/shareholders' funds

1.79

1.68

1.57

Gross profit margin has stayed relatively consistent, rising by 0.89% on the previous year. This is primarily as a result of a reduction in depreciation expenditure in the period and less spent on redgate lodges and seatours in the year. These cost reductions have led to improved gross profit margin despite a small decrease in turnover.

Net operating margin has fallen slightly compared to the previous period, primarily as a result of increased wages expenditure in the period. Cost management in other areas have helped to reduce the impact of this.

Return on capital employed has fallen in the period, this is mainly due to the movement between current and long term liabilities between the current year and previous year when loans were due to be repaid within one year. After adjusting for this the percentage has remained relatively consistent.

Current ratio this year has improved. This is due to the loan liabilities moving from current liabilities to long term liabilities this year. Terms have been extended and this therefore gives a better representation of current ratio compared to previous year.

Current ratio has fallen this year as a result of the loan liabilities moving from non-current to current liabilities this year. A significant portion of current liabilities is a result of payments on account and therefore is deemed to not provide a true reflection of liabilities at the end of the year, with no indication that these bookings will not take place.

Total liabilities / shareholders' fund have risen as a result of the investment into the hire fleet in the year.

Future developments

The resort continues to invest in new and existing facilities to maintain its attractiveness as a holiday destination, with significant investment into the hire fleet during the year this year.

On behalf of the board:

Mrs J A E Symonds - Director

30 October 2025

The directors present their report with the financial statements of the company for the period 1 April 2024 to 30 March 2025.

Principal activity

The principal activity of the company in the period under review was that of a family holiday and caravan park, and the ownership and management of a hotel and golf course.

Dividends

The total distribution of dividends for the period ended 30 March 2025 will be £ 660,696 .

Directors

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

Mr W J Searle

Mr P R Searle

Mr A J G Searle

Mrs J A E Symonds

Financial instruments

Financial risk management objectives and policies

The company uses various financial instruments, including loans and cash, and items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations and capital projects.

The existence of these financial instruments exposes the company to a number of financial risks which are described in more detail below. The main risks arising from the company's financial instruments are credit risk and interest rate risk. The company has no exposure to currency risk. The directors review and agree policies for managing each of these risks and they are summarised below. The policies have remained unchanged from previous periods.

Liquidity Risk

The company manages its cash and borrowing requirements in order to minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business, including the requirement to effectively fund capital expenditure arising out of the development of the resort.

Interest Rate Risk

The company is exposed to cash flow interest rate risk on bank overdrafts and loans.

Credit Risk

The company is exposed to credit risk on both its investments and debtors.

Investments of cash surpluses are made through banks which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are reviewed on a regular basis and provision is made for doubtful debts when necessary.

The company has no significant concentrations of credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event other parties fail to perform their obligations under financial instruments.

Qualifying indemnity provision

The company has indemnity insurance for the directors of the company against liability arising whilst acting as a director.

Disclosure in the strategic report

In accordance with the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, the review of the development and performance of the business, including key performance indicators, is now contained in the Strategic Report on page 2.

Statement of directors' responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

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 company'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 company's auditors are aware of that information.

Auditors

The auditors, Stephenson Smart (East Anglia) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

Mrs J A E Symonds - Director

30 October 2025

Opinion

We have audited the financial statements of Searles (Camping Ground) Limited (the 'company') for the period ended 30 March 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the 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 company's affairs as at 30 March 2025 and of its profit for the period 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

-	the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

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 identified material misstatements in the Strategic Report or 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, 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 Statement of Directors' Responsibilities set out on page five, 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 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.

Auditors' responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

a) Those laws and regulations considered to have a direct effect on the financial statements include UK Financial Reporting Standards, Company Law, tax and pensions legislation, and distributable profits legislation.

b) Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include licensing regulations and health and safety legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of Board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

Michael Andrews FCA (Senior Statutory Auditor)

for and on behalf of Stephenson Smart (East Anglia) Limited

Chartered accountants & statutory auditor

22-26 King Street

King's Lynn

Norfolk

PE30 1HJ

30 October 2025

Turnover

4

17,449,599

17,731,731

Cost of sales

(12,265,496

)

(12,620,700

)

Gross profit

5,184,103

5,111,031

Administrative expenses

(4,249,230

)

(4,076,077

)

Operating profit

7

934,873

1,034,954

Interest receivable and similar income

31,830

18,482

966,703

1,053,436

Interest payable and similar expenses

9

(456,037

)

(412,845

)

Profit before taxation

510,666

640,591

Tax on profit

10

(238,437

)

(277,829

)

Profit for the financial period

272,229

362,762

Retained earnings at beginning of period

8,059,770

8,320,888

Dividends

11

(660,696

)

(623,880

)

Retained earnings at end of period

7,671,303

8,059,770

Fixed assets

Intangible assets

12

1

1

Tangible assets

13

18,001,052

17,974,023

Investments

14

40

40

18,001,093

17,974,064

Current assets

Stocks

15

934,368

1,605,948

Debtors

16

1,752,363

1,723,220

Cash at bank and in hand

724,352

321,953

3,411,083

3,651,121

Creditors

Amounts falling due within one year

17

(6,620,963

)

(11,215,123

)

Net current liabilities

(3,209,880

)

(7,564,002

)

Total assets less current liabilities

14,791,213

10,410,062

Creditors

Amounts falling due after more than one year

18

(6,101,408

)

(1,369,685

)

Provisions for liabilities

22

(1,017,835

)

(979,940

)

Net assets

7,671,970

8,060,437

Capital and reserves

Called up share capital

23

607

607

Capital redemption reserve

24

60

60

Retained earnings

24

7,671,303

8,059,770

Shareholders' funds

7,671,970

8,060,437

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2025 and were signed on its behalf by:

Mrs J A E Symonds - Director

Mr A J G Searle - Director

Cash flows from operating activities

Cash generated from operations

1

3,488,001

2,672,414

Interest paid

(319,365

)

(290,247

)

Interest element of hire purchase payments paid

(136,672

)

(122,598

)

Tax paid

92,492

(91,121

)

Net cash from operating activities

3,124,456

2,168,448

Cash flows from investing activities

Purchase of tangible fixed assets

(1,997,922

)

(2,638,399

)

Sale of tangible fixed assets

119,967

241,510

Interest received

31,830

18,482

Net cash from investing activities

(1,846,125

)

(2,378,407

)

Cash flows from financing activities

New loans in year

5,000,000

-

Loan repayments in year

(4,991,687

)

(526,464

)

Capital repayments in year

(228,645

)

910,712

Amount introduced by directors

6,443

-

Amount withdrawn by directors

(1,347

)

(10,194

)

Equity dividends paid

(660,696

)

(623,880

)

Net cash from financing activities

(875,932

)

(249,826

)

Increase/(decrease) in cash and cash equivalents

402,399

(459,785

)

Cash and cash equivalents at beginning of period

2

321,953

781,738

Cash and cash equivalents at end of period

2

724,352

321,953

1.	Reconciliation of profit for the financial period to cash generated from operations

Period

1.4.24

to

Year ended

30.3.25

31.3.24

£

£

Profit for the financial period

272,229

362,762

Depreciation charges

1,794,304

1,846,302

Loss/(profit) on disposal of fixed assets

56,622

(84,874

)

Finance costs

456,037

412,845

Finance income

(31,830

)

(18,482

)

Taxation

238,437

277,829

2,785,799

2,796,382

Decrease/(increase) in stocks

671,580

(214,295

)

(Increase)/decrease in trade and other debtors

(186,143

)

208,840

Increase/(decrease) in trade and other creditors

216,765

(118,513

)

Cash generated from operations

3,488,001

2,672,414

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:

Period ended 30 March 2025

30.3.25

1.4.24

£

£

Cash and cash equivalents

724,352

321,953

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

321,953

781,738

3.	Analysis of changes in net debt

At 1.4.24

Cash flow

At 30.3.25

£

£

£

Net cash

Cash at bank and in hand

321,953

402,399

724,352

321,953

402,399

724,352

Debt

Finance leases

(1,939,386

)

228,645

(1,710,741

)

Debts falling due within 1 year

(5,324,909

)

4,891,687

(433,222

)

Debts falling due after 1 year

-

(4,900,000

)

(4,900,000

)

(7,264,295

)

220,332

(7,043,963

)

Total

(6,942,342

)

622,731

(6,319,611

)

1.	Statutory information

Searles (Camping Ground) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant affect upon the figures reported in the financial statements are in respect of the depreciation rates applicable for the period and therefore the carrying value of assets. The estimation of current tax payable and current tax expense in relation to tax position and the deferred tax position, impacted by taxation rates which may change in future periods.

Turnover

The turnover shown in the profit and loss account represents the amounts receivable/invoiced and accrued relating to goods and services supplied during the year (net of VAT).

Revenue from the sale of caravans and lodges is recognised at the point of invoicing, being the point when the significant risks and rewards of ownership are transferred to the buyer. Commission on third party caravan sales is likewise recognised at the point when ownership is transferred. Revenue from holiday hires, pitch fees, tents and tourers and hotel accommodation is recognised at the arrival date, considered the point the holiday is taken by the customer. Revenue from the golf course is recognised at the point of delivery, considered to be the date booked. Revenue from the golf pro shop and the sale of other goods is recognised at the point of delivery, when the significant risks and rewards of ownership are transferred to the buyer.

Goodwill

Goodwill, which represents the excess of cost of acquisition of the hire shop over the value attributed to the net assets, has been amortised through the profit and loss account by equal instalments over its estimated useful economic life of three years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

Straight line basis over 50 years and Straight line over 25 years

Long leasehold

-

straight line basis over term of lease

Site dev. expenditure

-

straight line basis over term of lease

Fixs, fitts, plant & machinery

-

20% on cost and 15% p.a. reducing balance

Office equipment, furniture & fittings

-

20% on cost and 15% p.a. reducing balance

Motor vehicles

-

25% p.a. reducing balance

Hire fleet caravans

-

25% p.a. reducing balance

Tangible assets are initially recorded at cost and subsequently stated at cost less any accumulated depreciation and impairment losses.

Investments in associates

Investments in associate undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items. Net realisable value is calculated at the lower of cost and estimated selling price less costs to complete and sell.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.

Turnover

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

Period

1.4.24

to

Year ended

30.3.25

31.3.24

£

£

Sale of goods

10,677,074

7,145,233

Rendering of services

6,612,614

10,441,414

Commissions

159,911

145,084

17,449,599

17,731,731