REGISTERED NUMBER: 05471244 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2025

for

G R Carr (Holdings) Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

J Gilliland

J Riley

D J Riley

SECRETARY:

J Riley

REGISTERED OFFICE:

Archers Fields

Burnt Mills Industrial Estate

Basildon

Essex

SS13 1DN

REGISTERED NUMBER:

05471244 (England and Wales)

AUDITORS:

Cartwrights

Chartered Accountants and Business Advisors

Statutory Auditor

Regency House

33 Wood Street

Barnet

Hertfordshire

EN5 4BE

BANKERS:

Barclays Bank Plc

75 High Street

Brentwood

Essex

CM14 4RP

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

The company has continued to further diversify its activities into the nuclear sector. The extensive amount of time and capital investment invested into developing the company's processes, procedures and infrastructure in order to be able to progress further within this industry, is now seeing a return. The company has and will continue to develop its own unique methods and procedures to facilitate growth in the field of nuclear technology. The company is continuing to enhance our abilities to carry out work in ever developing areas within this sector such as the small nuclear reactor technologies and the development of future new build sites such as Sizewell C. We continue to train our personnel, adapt our processes and working procedures to rise to every new challenge each individual contract may bring.

Although the company has undergone some significant restructuring during the 2024-2025 period, performance has

continued to grow and build an even stronger and healthier corporate position.

Some administrative appointments have enhanced the company's development into the nuclear sector work whilst still maintaining good progress in the more historic oil, gas and petrochemical sectors. Success with some longer-term contracts and continually building upon new and existing relationships has positioned the company well for security over a longer term.

Our well-established workforce continues to deliver on the industry's required KPI's of safety, quality, and productivity and are constantly evolving to satisfy the new and challenging developments within the company's sphere of operation.

We are keen to further develop our facilities and therefore the company's capacity and capability to expand on the ongoing successes with our current client base and to capitalise on future opportunities.

Sound business practices, a progressive approach and sensible control of reserves and cash flow have allowed the group to weather fluctuations in the UK economy and continue to move it forward.

Key performance indicators

Turnover is an important metric as it reflects the core underlying activities of the group.

Operating profit is an important metric as it is an indirect measure of efficiency. The higher the operating profit, the more profitable the company's core business is.

Earnings before interest, tax, depreciation and amortisation ("EBITDA") is considered, by management, to be informative as it reflects operating profit adjusted for non-cash charges.

The figures for these 3 key performance measures are stated below:

2025

2024

Turnover

£12,115,625

£10,394,863

Operating profit/(loss)

£1,365,951

£1,175,865

EBITDA

£1,750,488

£1,396,626

Turnover rose 2%.

All metrics improved in the year and the directors expect the group to remain profitable in the 2026 financial year.

PRINCIPAL RISKS AND UNCERTAINTIES

Financial and liquidity risks

The group operates in the UK and is exposed to both general economic conditions and specific conditions in the pharmaceutical, oil, petrochemical and gas industry, particularly regarding oil prices which indirectly affect our customers budgets on capital projects. As a result of this, the group is in the process of diversifying into other technologies such as the nuclear sector for which it has had to develop new processes, procedures, policies and practices. Retraining and retention of staff has been particularly difficult with some markets cooling however there are good signs that other developing sectors will benefit the skill set that the group and its personnel possess. Good opportunities lie ahead.

Operational risks

Health and safety - all staff are provided with comprehensive training to ensure they are fully compliant with the relevant legislation and guidelines, are all aware of the risks they are undertaking and how they can help to mitigate them.

ON BEHALF OF THE BOARD:

J Riley - Director

5 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of fabrication, installation, testing and coating of industrial pipework and structural steelwork together with ancillary equipment within oil refining, petrochemical and gas storage facilities and process plants, pharmaceutical and chemical industries, power plants, nuclear power stations, waste environments and other such similar establishments.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

FUTURE DEVELOPMENTS

The directors do not anticipate significant changes in the structure of the group for the foreseeable future.

DIRECTORS

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

J Gilliland

J Riley

D J Riley

Other changes in directors holding office are as follows:

S Gilliland - resigned 31 July 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

J Riley - Director

5 December 2025

Opinion

We have audited the financial statements of G R Carr (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations, and that they remained alert to instances of non-compliance throughout the audit.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- based on our understanding of the company and industry, and through discussions with directors and key management, we identified any specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; and

- we assessed the extent of compliance with these laws and regulations through making enquiries of management and inspecting legal correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries, particularly focused around the year-end, to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates in the notes to the financial statements were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in the audit procedures described above. We are 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. Also, 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 concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

Andrew Hill FCA (Senior Statutory Auditor)

for and on behalf of Cartwrights

Chartered Accountants and Business Advisors

Statutory Auditor

Regency House

33 Wood Street

Barnet

Hertfordshire

EN5 4BE

5 December 2025

TURNOVER

4

12,115,625

10,394,863

Cost of sales

(8,498,557

)

(7,270,922

)

GROSS PROFIT

3,617,068

3,123,941

Administrative expenses

(2,344,557

)

(2,052,350

)

1,272,511

1,071,591

Other operating income

5

93,439

104,274

OPERATING PROFIT

8

1,365,950

1,175,865

Income from fixed asset investments

-

38,352

Interest receivable and similar income

139,495

39,581

PROFIT BEFORE TAXATION

1,505,445

1,253,798

Tax on profit

9

(381,896

)

(307,580

)

PROFIT FOR THE FINANCIAL YEAR

1,123,549

946,218

OTHER COMPREHENSIVE INCOME

Revaluation of land and buildings

-

2,926,000

Income tax relating to other comprehensive income

-

(731,500

)

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

2,194,500

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,123,549

3,140,718

Profit attributable to:

Owners of the parent

1,123,549

946,218

Total comprehensive income attributable to:

Owners of the parent

1,123,549

3,140,718

FIXED ASSETS

Tangible assets

11

6,445,872

6,242,659

Investments

12

-

-

6,445,872

6,242,659

CURRENT ASSETS

Debtors

13

1,641,473

2,982,514

Cash at bank and in hand

4,885,477

2,519,402

6,526,950

5,501,916

CREDITORS

Amounts falling due within one year

14

1,191,452

1,142,698

NET CURRENT ASSETS

5,335,498

4,359,218

TOTAL ASSETS LESS CURRENT LIABILITIES

11,781,370

10,601,877

PROVISIONS FOR LIABILITIES

18

1,447,174

1,391,230

NET ASSETS

10,334,196

9,210,647

CAPITAL AND RESERVES

Called up share capital

19

1,000

1,000

Revaluation reserve

20

3,680,485

3,680,485

Retained earnings

20

6,652,711

5,529,162

SHAREHOLDERS' FUNDS

10,334,196

9,210,647

The financial statements were approved by the Board of Directors and authorised for issue on 5 December 2025 and were signed on its behalf by:

J Riley - Director

J Gilliland - Director

FIXED ASSETS

Tangible assets

11

-

-

Investments

12

1,000

1,000

1,000

1,000

TOTAL ASSETS LESS CURRENT LIABILITIES

1,000

1,000

CAPITAL AND RESERVES

Called up share capital

19

1,000

1,000

SHAREHOLDERS' FUNDS

1,000

1,000

Company's profit for the financial year

-

-

The financial statements were approved by the Board of Directors and authorised for issue on 5 December 2025 and were signed on its behalf by:

J Riley - Director

J Gilliland - Director

Called up

Fair

share

Retained

Revaluation

value

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

1,000

4,576,799

1,485,985

6,145

6,069,929

Changes in equity

Total comprehensive income

-

952,363

2,194,500

(6,145

)

3,140,718

Balance at 31 March 2024

1,000

5,529,162

3,680,485

-

9,210,647

Changes in equity

Total comprehensive income

-

1,123,549

-

-

1,123,549

Balance at 31 March 2025

1,000

6,652,711

3,680,485

-

10,334,196

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

1,000

-

1,000

Changes in equity

Balance at 31 March 2024

1,000

-

1,000

Changes in equity

Balance at 31 March 2025

1,000

-

1,000

Cash flows from operating activities

Cash generated from operations

1

2,914,358

(388,534

)

Interest paid

1

-

Tax paid

(250,989

)

80,741

Net cash from operating activities

2,663,370

(307,793

)

Cash flows from investing activities

Purchase of tangible fixed assets

(480,533

)

(416,840

)

Sale of tangible fixed assets

51,228

62,218

Investment movement

-

532,297

Interest received

139,495

39,581

Dividends received

-

38,352

Net cash from investing activities

(289,810

)

255,608

Increase/(decrease) in cash and cash equivalents

2,373,560

(52,185

)

Cash and cash equivalents at beginning of year

2

2,511,917

2,564,102

Cash and cash equivalents at end of year

2

4,885,477

2,511,917

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

31/3/25

31/3/24

£

£

Profit before taxation

1,505,445

1,253,798

Depreciation charges

245,043

182,409

Profit on disposal of fixed assets

(18,952

)

(51,542

)

Finance income

(139,495

)

(77,933

)

1,592,041

1,306,732

Decrease/(increase) in trade and other debtors

1,341,041

(1,601,554

)

Decrease in trade and other creditors

(18,724

)

(93,712

)

Cash generated from operations

2,914,358

(388,534

)

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

4,885,477

2,519,402

Bank overdrafts

-

(7,485

)

4,885,477

2,511,917

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

2,519,402

2,564,102

Bank overdrafts

(7,485

)

-

2,511,917

2,564,102

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

2,519,402

2,366,075

4,885,477

Bank overdrafts

(7,485

)

7,485

-

2,511,917

2,373,560

4,885,477

Total

2,511,917

2,373,560

4,885,477

1.	STATUTORY INFORMATION

G R Carr (Holdings) 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 General Information page.

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 as modified by the revaluation of certain assets.

Basis of consolidation

The consolidated profit and loss account and balance sheet include the financial statements of the company and its subsidiary undertakings made up to the balance sheet date. The results of subsidiaries sold or acquired are included in the profit and loss accounts up to, or from the date control passes. Intra-group sales and profits are eliminated fully on consideration.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgments have had the most significant effect on amounts recognised in the financial statements:

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into accounts residual value, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue recognition - provision of goods and services

Turnover is recognised when the significant ownership of the goods have transferred to the buyer or the provision of services has been completed, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Sales of goods are recognised on sale to the customer, which is the point of delivery. Sales of services are recognised on the provision of the service to the customer. All sales are invoiced and on credit.

Tangible fixed assets

Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings freehold - 2.5% straight line (buildings only)

Plant and machinery - 20% reducing balance

Fixture, fittings and equipments - 15% reducing balance

Motor vehicles - 25% reducing balance

Depreciation is not provided on freehold land.

Freehold land and buildings are stated at deemed cost. Other tangible fixed assets are stated at cost less depreciation.

Financial instruments

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

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

The group only enters into basic financial instrument transactions.

Basic financial assets

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

Financial assets are derecognised when:

- the contractual right to cash flows from the asset are settled or expire,

- substantially all the risk and rewards of the ownership of the asset are transferred to another party or

- despite retaining some significant risks and rewards, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset without additional restrictions.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors and any bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is discharged, cancelled or expires.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at 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

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

Investments

Investments comprise investments in equity instruments which are measured at fair value in accordance with FRS102 section 11. Changes in fair value are recognised in profit or loss. Fair value is derived from quoted market transactions.

4.

TURNOVER

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

5.	OTHER OPERATING INCOME

31/3/25

31/3/24

£

£

Rents received

88,269

90,000

Sundry receipts

5,170

14,274

93,439

104,274

6.	EMPLOYEES AND DIRECTORS

31/3/25

31/3/24

£

£

Wages and salaries

4,033,375

3,682,406

Social security costs

445,886

397,936

Other pension costs

101,407

99,191

4,580,668

4,179,533

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

31/3/25

31/3/24

Production staff

53

57

Management staff

16

16

69

73