REGISTERED NUMBER: 04636143 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2025

for

M & N Heating And Plumbing Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditor

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

16

DIRECTORS:

Mr L M O'Neil

Mr M O'Neil

Mrs A O'Neil

SECRETARY:

Mr M O'Neil

REGISTERED OFFICE:

Unit 2b Vantage Business Park

Bloxham Road

Banbury

Oxfordshire

OX16 9UX

REGISTERED NUMBER:

04636143 (England and Wales)

SENIOR STATUTORY AUDITOR:

Ashley Painter ACA FCCA MAAT

AUDITOR:

Blencowes Chartered Accountants

& Statutory Auditors

15 High Street

Brackley

Northamptonshire

NN13 7DH

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

REVIEW OF BUSINESS

The directors are pleased to introduce the company's annual report for the year ended 31st March 2025. The profit for the year after taxation and the results for the year are shown on page 10. The directors consider the results and position at the year end to be satisfactory. Turnover decreased by 0.3% over the previous year however the companies gross profit percentage decreased by 2.56% from 19.6% in the previous year to 17.04%. As a result of increased material costs as seen across the industry, however the gross profit performance is still considered to be excellent given the difficult trading environment.

PRINCIPAL RISKS AND UNCERTAINTIES

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

UNFORESEEN CONTRACT RISKS AND LOSSES

Operating on tight profit margins, the construction industry is prone to the impact of unforeseen events and the losses that can ensue on individual projects or more widely in the case of risks such as weather and supply chain pressure.

A key approach to countering this risk is through a business model that results in numerous individual contracts resulting in spreading the contract risk.

CASH FLOW AND LIQUIDITY RISK

Cash flow is the risk that inflows and outflows of cash equivalents will not be sufficient to finance day to day operations of the company.

The critical policy to counter act this risk has been to retain a significant level of historic profits rather than releasing this cash in the form of dividends.

In addition the company manages cashflow by careful negotiations of terms with customers and suppliers to maintain available funds to meet the liabilities as they fall due.

CREDIT RISK

Credit risk is the risk that one party to finance instrument will cause a financial loss for the other party by failing to discharge an obligation.

Company policies are aimed at minimizing losses and require that deferred terms are only granted to customers who demonstrate an appropriate payment history and satisfy credit worthiness

INFLATION RISK

Contract financial performance is subject to unforeseen supply chain price increases. To identify these risks, the company continuously monitors forward supply chain prices through dialogue with suppliers and subcontractors. Where risks are not mitigated through cost reimbursable forms of contract or fixed with the supply chain at the start of a contract, allowances and price increase mechanisms are factored into contract agreements.

GOING CONCERN

The Board has undertaken a comprehensive review of the companies forecasts for 2025 and 2026. As part of this review, the directors consider the potential impact of reasonable downside scenarios on the company's base case forecast.

Based on the expected trading patterns, a strong balance sheet, the strong turnover levels and the pipeline of opportunities the outlook for 2025 and beyond remains positive.

At the time of approving the financial statements, the directors consider that the company has adequate resources to remain in operation for the foreseeable future and have no reason to believe that a material uncertainty exists that may cast significant doubt about the company's abilities to continue as a going concern.

Accordingly, the financial statements have been prepared on a going concern basis of accounting.

ON BEHALF OF THE BOARD:

Mr L M O'Neil - Director

8 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of heating and plumbing engineers

DIVIDENDS

No interim dividend was paid during the year. The directors recommend a final dividend of £1633.33 per share.

The total distribution of dividends for the year ended 31 March 2025 will be £ 326,666 .

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 L M O'Neil

Mr M O'Neil

Mrs A O'Neil

Other changes in directors holding office are as follows:

Mr N W Watts - resigned 12 April 2024

POLITICAL DONATIONS AND EXPENDITURE

No political donations were made during the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 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 auditor is 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 auditor is aware of that information.

AUDITOR

The auditors, Blencowes Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr L M O'Neil - Director

8 December 2025

Opinion

We have audited the financial statements of M & N Heating And Plumbing Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 31 March 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor 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 Report of the Directors, but does not include the financial statements and our Report of the Auditor 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 four, 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 Auditor 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 law and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the company and its industry, we identified that the principal risks of non-compliance with laws and regulations to the UK tax legislation are, pension legislation, employment regulations, health and safety regulations, anti-bribery, corruption and fraud and money laundering,. We considered the extent to which non-compliance might have a material effect on the financial statements.

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Companies Act 2006.

We evaluated the directors and management incentives and opportunities for fraudulent manipulation of the financial statement (including the risk of override of controls) and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgments and assumptions in significant accounting estimates, in particular the valuation of investments and significant one-off or unusual transactions.

Our audit procedures were designed to respond to these identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures include but were not limited to the following

- Discussing with the directors and management their policies and procedures regarding compliance with laws and regulations:

- Communicating the identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit and

- Considering the risk of acts by the group which were contrary to applicable laws and regulations, including fraud.

- Inspecting correspondence if any with relevant licensing or regulatory authorities

- Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting documentation

- Enquiry with management and those charged with governance regarding any known or suspected instances of fraud;

- Obtaining an understanding of the Company's policies and procedures relating to:

(a) Detecting and responding to the risks of fraud and

(b) Internal controls established to mitigate risks related to fraud.

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.

We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities 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 Auditor.

Use of our report

This report is made solely to the company's shareholders, 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 shareholders those matters we are required to state to them in a Report of the Auditor 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 shareholders as a body, for our audit work, for this report, or for the opinions we have formed.

Ashley Painter ACA FCCA MAAT (Senior Statutory Auditor)

for and on behalf of Blencowes Chartered Accountants

& Statutory Auditors

15 High Street

Brackley

Northamptonshire

NN13 7DH

8 December 2025

TURNOVER

19,542,141

19,601,381

Cost of sales

16,211,428

15,758,803

GROSS PROFIT

3,330,713

3,842,578

Administrative expenses

2,259,794

2,273,859

1,070,919

1,568,719

Other operating income

(12,854

)

13,977

OPERATING PROFIT

5

1,058,065

1,582,696

Interest receivable and similar income

24,205

14,583

1,082,270

1,597,279

Interest payable and similar expenses

7

18,023

16,480

PROFIT BEFORE TAXATION

1,064,247

1,580,799

Tax on profit

8

276,756

445,685

PROFIT FOR THE FINANCIAL YEAR

787,491

1,135,114

PROFIT FOR THE YEAR

787,491

1,135,114

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

787,491

1,135,114

FIXED ASSETS

Tangible assets

10

675,871

531,125

CURRENT ASSETS

Stocks

11

453,299

214,575

Debtors

12

4,228,114

3,420,323

Cash at bank and in hand

13

1,439,987

1,521,976

6,121,400

5,156,874

CREDITORS

Amounts falling due within one year

14

3,062,763

2,501,311

NET CURRENT ASSETS

3,058,637

2,655,563

TOTAL ASSETS LESS CURRENT LIABILITIES

3,734,508

3,186,688

CREDITORS

Amounts falling due after more than one year

15

(91,547

)

(50,674

)

PROVISIONS FOR LIABILITIES

17

(163,316

)

(117,194

)

NET ASSETS

3,479,645

3,018,820

CAPITAL AND RESERVES

Called up share capital

18

200

200

Retained earnings

19

3,479,445

3,018,620

SHAREHOLDERS' FUNDS

3,479,645

3,018,820

The financial statements were approved by the Board of Directors and authorised for issue on 8 December 2025 and were signed on its behalf by:

Mr L M O'Neil - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

200

2,210,172

2,210,372

Changes in equity

Dividends

-

(326,666

)

(326,666

)

Total comprehensive income

-

1,135,114

1,135,114

Balance at 31 March 2024

200

3,018,620

3,018,820

Changes in equity

Dividends

-

(326,666

)

(326,666

)

Total comprehensive income

-

787,491

787,491

Balance at 31 March 2025

200

3,479,445

3,479,645

Cash flows from operating activities

Cash generated from operations

1

971,610

803,257

Interest paid

(290

)

-

Interest element of hire purchase payments paid

(17,733

)

(16,480

)

Tax paid

(553,756

)

(162,554

)

Net cash from operating activities

399,831

624,223

Cash flows from investing activities

Purchase of tangible fixed assets

(291,508

)

(131,348

)

Sale of tangible fixed assets

27,917

52,264

Interest received

24,205

14,583

Net cash from investing activities

(239,386

)

(64,501

)

Cash flows from financing activities

New HP in year

179,272

65,722

Capital repayments in year

(62,490

)

(63,840

)

Amount introduced by directors

1,363

150

Amount withdrawn by directors

(3,913

)

-

Holding Company Loan

(30,000

)

-

Equity dividends paid

(326,666

)

(326,666

)

Net cash from financing activities

(242,434

)

(324,634

)

(Decrease)/increase in cash and cash equivalents

(81,989

)

235,088

Cash and cash equivalents at beginning of year

2

1,521,976

1,286,888

Cash and cash equivalents at end of year

2

1,439,987

1,521,976

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

31.3.25

31.3.24

£

£

Profit before taxation

1,064,247

1,580,799

Depreciation charges

105,993

103,619

Loss/(profit) on disposal of fixed assets

12,854

(13,977

)

Finance costs

18,023

16,480

Finance income

(24,205

)

(14,583

)

1,176,912

1,672,338

Increase in stocks

(238,724

)

(85,825

)

(Increase)/decrease in trade and other debtors

(774,732

)

167,966

Increase/(decrease) in trade and other creditors

808,154

(951,222

)

Cash generated from operations

971,610

803,257

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

£

£

Cash and cash equivalents

1,439,987

1,521,976

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

1,521,976

1,286,888

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

1,521,976

(81,989

)

1,439,987

1,521,976

(81,989

)

1,439,987

Debt

Finance leases

(97,619

)

(116,782

)

(214,401

)

(97,619

)

(116,782

)

(214,401

)

Total

1,424,357

(198,771

)

1,225,586

1.	STATUTORY INFORMATION

M & N Heating And Plumbing 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.

Significant judgements and estimates

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized 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.

Critical accounting judgements and key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts are detailed below

Revenue recognition in respect of contracts

The Company used the percentage of completion method to recognise revenue for fixed price contracts. The method requires the directors to estimate the level of services performed at each reporting date as a proportion of the total services to be performed to complete the contract. Variations to estimates could result in the over or under recognition of revenue

Recoverability of receivables

The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability, the directors consider factors such as the aging of the receivables, past experience of recoverability and the credit profile of the customers.

Determining residual values and useful economic lives of plant and equipment.

The Company depreciates tangible assets over their useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumption to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.

Judgement is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value management aim to assess the amount that the Group would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and revenue can be reliably measure. Revenue is measure as the fair value of the consideration received, excluding discounts, rebates and value added tax

The following conditions must apply before revenue is recognised:

Contract revenue recognition

Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. This is normally measured by the proportion that the contract costs incurred for work performed to date.

Variations in contract work, claims and incentive payments are included to the extent that the amount can be measure reliable and its receipt is considered probable.

Where the outcome of the contact cannot be estimated reliably, contract revenue is recognised to the extent of the contract costs incurred where it is probable, they will be recovered. Contact costs are recognised as an expense immediately.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contact when all of the following conditions are satisfied.

- The amount of revenue can be measure reliable

- It is probable that the Company will receive the consideration due under the contract

- The stage of completion of the contract at the end of the reporting period can be measures reliably and:

- The costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

4% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

20% on reducing balance

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 inventories 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 prices less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Taxation

Taxation for the year 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 year 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

The NBV of fixed assets held under hire purchase contract at the 31st March 2025 was £367,564.

Pension costs and other post-retirement benefits

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Recoverability of receivables

The company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability, the directors consider factors such as the ageing of the receivables, past experience of recoverability, and the credit profile of individual or groups of customers.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

4.	EMPLOYEES AND DIRECTORS

31.3.25

31.3.24

£

£

Wages and salaries

3,646,182

3,822,761

Social security costs

366,773

374,414

Other pension costs

126,479

143,516

4,139,434

4,340,691

The average number of employees during the year was as follows:

31.3.25

31.3.24

Office and administration

90

93

31.3.25

31.3.24

£

£

Directors' remuneration

99,284

119,306

During the year, pension contributions of £30,000 were made to defined contribution schemes on behalf of the directors of the company. These contributions are included in the statement of profit or loss. The contributions were made in accordance with the company's pension scheme arrangements and represent the total amount of pension contributions made on behalf of the directors during the financial year.

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.25

31.3.24

£

£

Other operating leases

60,000

60,000

Depreciation - owned assets

105,991

103,622

Loss/(profit) on disposal of fixed assets

12,854

(13,977

)

6.	AUDITORS' REMUNERATION

31.3.25

31.3.24

£

£

Fees payable to the company's auditor for the audit of the company's financial statements

8,906

11,680

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.25

31.3.24

£

£

Bank interest

290

-

Hire purchase

17,733

16,480

18,023

16,480

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.3.25

31.3.24

£

£

Current tax:

UK corporation tax

230,634

402,293

Deferred tax

46,122

43,392

Tax on profit

276,756

445,685

9.

DIVIDENDS

31.3.25

31.3.24

£

£

Ordinary shares of £1 each

Final

326,666

326,666

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividend distribution to the company's shareholders is recognised in the statement of Changes in Equity on page 14 of the accounts.

10.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2024

87,104

223,904

1,260,450

1,571,458

Additions

-

-

291,508

291,508

Disposals

-

-

(168,196

)

(168,196

)

At 31 March 2025

87,104

223,904

1,383,762

1,694,770

DEPRECIATION

At 1 April 2024

23,222

167,000

850,111

1,040,333

Charge for year

3,774

8,535

93,682

105,991

Eliminated on disposal

-

-

(127,425

)

(127,425

)

At 31 March 2025

26,996

175,535

816,368

1,018,899

NET BOOK VALUE

At 31 March 2025

60,108

48,369

567,394

675,871

At 31 March 2024

63,882

56,904

410,339

531,125

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.

11.

STOCKS

31.3.25

31.3.24

£

£

Stocks

41,125

41,125

Work-in-progress

412,174

173,450

453,299

214,575