Registered Number:12315380
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
COMPANY INFORMATION
CONTENTS
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Oakleaf Group Ltd, comprising Europlaz Technologies Ltd and its associated entities, operates within the medical device manufacturing sector, delivering high-quality engineering solutions to healthcare providers, OEMs, and distributors across domestic and international markets. The Group’s mission is to advance medical technology through innovation, precision, and customer-centric service.
The financial year ending 31 March 2025 marked a period of strong growth and strategic progress for the Group. Consolidated turnover increased significantly, driven by robust demand across core product lines and successful expansion into new markets. Group profit after tax rose to £2,665,812, reflecting improved operational efficiency, disciplined cost management, and strategic investment in automation and regulatory compliance.
Europlaz Technologies Ltd, the Group’s principal trading subsidiary, contributed substantially to this performance, achieving a 22% increase in turnover and a post-tax profit of £2.71 million. The Group also benefited from synergies across its operations, including shared procurement strategies, integrated quality systems, and cross-functional collaboration.
The Company sold the investment property during the year realising a profit of £725,000. Oakleaf Real Estate was incorporated during the year as a direct subsidiary, and acquired a site at 75 Cumnor Hill, Oxford.
The Group’s strategic focus during the year included:
Operational Excellence: Continued investment in automation, lean manufacturing, and digital systems to enhance productivity and reduce waste.
Regulatory Readiness: Strengthening compliance with evolving Medical Device Regulation (MDR) requirements through enhanced quality assurance and documentation systems.
Market Expansion: Targeted growth in international markets, supported by strategic partnerships and product innovation.
Sustainability: Initiatives to reduce environmental impact, including energy-efficient production and sustainable sourcing.
Europlaz Technologies Ltd, the Group’s principal trading subsidiary, contributed substantially to this performance, achieving a 22% increase in turnover and a post-tax profit of £2.71 million. The Group also benefited from synergies across its operations, including shared procurement strategies, integrated quality systems, and cross-functional collaboration.
The Company sold the investment property during the year realising a profit of £725,000. Oakleaf Real Estate was incorporated during the year as a direct subsidiary, and acquired a site at 75 Cumnor Hill, Oxford.
The Group’s strategic focus during the year included:
Operational Excellence: Continued investment in automation, lean manufacturing, and digital systems to enhance productivity and reduce waste.
Regulatory Readiness: Strengthening compliance with evolving Medical Device Regulation (MDR) requirements through enhanced quality assurance and documentation systems.
Market Expansion: Targeted growth in international markets, supported by strategic partnerships and product innovation.
Sustainability: Initiatives to reduce environmental impact, including energy-efficient production and sustainable sourcing.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Group is exposed to a range of risks that are actively monitored and managed:
Economic and Geopolitical Risks: Global instability and inflationary pressures affecting supply chains and customer demand.
Regulatory Compliance: Increasing complexity of MDR and other international standards requiring ongoing investment in expertise and systems.
Cost Volatility: Rising prices of polymers, packaging, and energy impacting margins.
Talent Retention: Competition for skilled labour in the manufacturing and engineering sectors.
Risk mitigation strategies include supplier diversification, investment in workforce development, and enhanced financial planning. The Group employs standard financial instruments, including trade receivables and payables, and manages liquidity through detailed forecasting and banking facilities. Credit risk is controlled via customer vetting and regular debtor reviews.
Economic and Geopolitical Risks: Global instability and inflationary pressures affecting supply chains and customer demand.
Regulatory Compliance: Increasing complexity of MDR and other international standards requiring ongoing investment in expertise and systems.
Cost Volatility: Rising prices of polymers, packaging, and energy impacting margins.
Talent Retention: Competition for skilled labour in the manufacturing and engineering sectors.
Risk mitigation strategies include supplier diversification, investment in workforce development, and enhanced financial planning. The Group employs standard financial instruments, including trade receivables and payables, and manages liquidity through detailed forecasting and banking facilities. Credit risk is controlled via customer vetting and regular debtor reviews.
The Group monitors performance through several KPIs:
OTIF Delivery: Maintained at 98%, reflecting operational reliability.
Gross Margin: Improved year-on-year due to cost control and pricing strategies.
Employee Retention Rate: Stable, supported by training and engagement initiatives.
Carbon Footprint Reduction: Progress made through energy-efficient upgrades and waste reduction.
OTIF Delivery: Maintained at 98%, reflecting operational reliability.
Gross Margin: Improved year-on-year due to cost control and pricing strategies.
Employee Retention Rate: Stable, supported by training and engagement initiatives.
Carbon Footprint Reduction: Progress made through energy-efficient upgrades and waste reduction.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group 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 the Group and to 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.
The profit for the year, after taxation and minority interests, amounted to £2,688,128 (2024 - £1,313,284).
Particulars of dividends can be found in note 13.
The directors who served during the year were:
The Group enters the new financial year with a strong foundation and a clear strategic roadmap. Priorities include further automation, digital transformation, and expansion into high-growth markets. The Board remains confident in the Group’s ability to deliver sustainable growth and long-term value for shareholders, customers, and employees.
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OAKLEAF GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Company is committed to sustainability, recognising not only benefits to planet and society but also gains to our financial performance through the triple bottom line of planet, people and profit. By integrating sustainable practices into our operations, it reduces costs, increases efficiency and fosters innovation, which makes strong business sense and ensures long-term success.
The Company has made significant progress in energy efficiency, with total site electricity consumption decreasing by 24.4% compared to the baseline year. Over the past twelve months the company has generated 31% of electricity used from its own Solar PV and has invested an Overall £700,000 in sustainability related initiatives This brings total solar PV capacity to 600 Megawatts.
Clear targets have been set to achieve net zero emissions by 2045, supported by the Company’s Road Map to Net Zero and Carbon Reduction Plan. These targets are aligned with the Science Based Targets initiative (SBTi).
In the past year, the Company has implemented an Environmental Management System and achieved certification to the ISO 14001 standard. It has also successfully completed and third-party verified product carbon footprints for a selection of product lines, with plans to expand this initiative further.
In accordance with The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, and the accompanying guidance Environmental Reporting Guidelines: including streamlined energy and carbon reporting guidance (March 2019), the Group presents details of its energy consumption and associated greenhouse gas emissions.
The energy use and associated greenhouse gas emissions of large companies within the Group are set out below. The below emissions have been based and verified against the International Standard ISO 14064-1 (Quantification and Reporting of Greenhouse Gas Emissions and Removals).
The Company has made significant progress in energy efficiency, with total site electricity consumption decreasing by 24.4% compared to the baseline year. Over the past twelve months the company has generated 31% of electricity used from its own Solar PV and has invested an Overall £700,000 in sustainability related initiatives This brings total solar PV capacity to 600 Megawatts.
Clear targets have been set to achieve net zero emissions by 2045, supported by the Company’s Road Map to Net Zero and Carbon Reduction Plan. These targets are aligned with the Science Based Targets initiative (SBTi).
In the past year, the Company has implemented an Environmental Management System and achieved certification to the ISO 14001 standard. It has also successfully completed and third-party verified product carbon footprints for a selection of product lines, with plans to expand this initiative further.
In accordance with The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018, and the accompanying guidance Environmental Reporting Guidelines: including streamlined energy and carbon reporting guidance (March 2019), the Group presents details of its energy consumption and associated greenhouse gas emissions.
The energy use and associated greenhouse gas emissions of large companies within the Group are set out below. The below emissions have been based and verified against the International Standard ISO 14064-1 (Quantification and Reporting of Greenhouse Gas Emissions and Removals).
The company recognises its responsibility to have a positive impact on the environment and society while fostering a diverse, inclusive and responsible workplace. The company's commitment to social and ethical responsibilities includes establishing the social and charity committee, getting employees actively engaged in charitable efforts not only for the charity benefit but for the social benefit to employees and annual contributions to an employee selected charity.
The Company proactively ensures compliance with all employee protection legislation and ensures no discrimination on the grounds of race, religion, gender, sexual orientation, disability or age or any other
The Company proactively ensures compliance with all employee protection legislation and ensures no discrimination on the grounds of race, religion, gender, sexual orientation, disability or age or any other
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OAKLEAF GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
discriminating factor. They have actively increased training on diversity and implemented mental health awareness training for staff.
The company have also been making efforts to ensure ethical business principles are upheld down their supply chain, continuing efforts to get suppliers signed up to the Supplier Code of Conduct and completing a supply chain mapping and risk assessment to identify areas at high risk of modern Slavery.
The company is increasing efforts to be transparent on governance and diversity. In the last year Europlaz are pleased to report no corruption, whistle-blower or information security breaches have been reported. Gender Diversity is detailed below.
Gender Diversity Overview
More information on our governance and diversity reporting is available on the dedicated Governance page on the website.
The company have also been making efforts to ensure ethical business principles are upheld down their supply chain, continuing efforts to get suppliers signed up to the Supplier Code of Conduct and completing a supply chain mapping and risk assessment to identify areas at high risk of modern Slavery.
The company is increasing efforts to be transparent on governance and diversity. In the last year Europlaz are pleased to report no corruption, whistle-blower or information security breaches have been reported. Gender Diversity is detailed below.
Gender Diversity Overview
More information on our governance and diversity reporting is available on the dedicated Governance page on the website.
Details of the Group's future developments, financial risk management objectives and policies, use of financial instruments, and the key risks to which it is exposed are included in the Strategic Report.
Under section 487(2) of the Companies Act 2006, Sumer Auditco Limited will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
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OAKLEAF GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OAKLEAF GROUP LIMITED
We have audited the financial statements of Oakleaf Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).
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's 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 United Kingdom, including the Financial Reporting Council'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.
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 or 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.
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OAKLEAF GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OAKLEAF GROUP LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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OAKLEAF GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OAKLEAF GROUP LIMITED (CONTINUED)
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OAKLEAF GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OAKLEAF GROUP LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience and through discussions and enquiries of Directors and management. During the engagement team briefing, the outcomes of these discussions were shared with the team, as well as consideration as to where and how fraud may occur in the Group.
The following laws and regulations were identified as being of significance to the Group:
• Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards and UK Company Law; and
• Those laws and regulations considered to have an indirect effect on the financial statements including the Health & Safety Act 1974, COSHH, IOS13485 and REACH regulations.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Group complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, review of board minutes, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
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 Auditor's Report.
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OAKLEAF GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OAKLEAF GROUP LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
Fitzroy House
Crown Street
Ipswich
IP1 3LG
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 41 form part of these financial statements.
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COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 21 to 41 form part of these financial statements.
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COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Oakleaf Group Limited (the "Company") is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 10-12, The Maltings Industrial Estate, Southminster, Essex, CM0 7EQ.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
On 20 December 2019 Oakleaf Group Limited undertook a group reconstruction. This exercise involved acquiring the share capital of its subsidiary undertaking Europlaz Technologies Ltd on the same date by way of a share for share exchange.
As the net book value of the acquisition would have exceeded 10% of the nominal value of the new shares issued, compliance with the detailed requirements of the Companies Act 2006 would have required the restructuring to be accounted for as an acquisition. This would have resulted in the separable assets and liabilities as at 20 December 2019 being recorded at their fair values, substantial goodwill and amortisation charges and only post group reconstruction results of Europlaz Technologies Ltd being reported in the consolidated profit and loss account.
The directors do not believe that this would give a true and fair view of the state of affairs of the group and of its results as in substance the transfer of the ownership represents a group reconstruction in accordance with FRS 102 due to the fact that ultimate ownership has not changed rather than being an acquisition of a business. Consequently the reconstruction has been accounted for using merger accounting principles. The directors considered that this was necessary in order to meet the overriding requirement of the Companies Act 2006 to show a true and fair view. The directors consider that it is not practical to quantify this departure from the detailed accounting requirements.
As the net book value of the acquisition would have exceeded 10% of the nominal value of the new shares issued, compliance with the detailed requirements of the Companies Act 2006 would have required the restructuring to be accounted for as an acquisition. This would have resulted in the separable assets and liabilities as at 20 December 2019 being recorded at their fair values, substantial goodwill and amortisation charges and only post group reconstruction results of Europlaz Technologies Ltd being reported in the consolidated profit and loss account.
The directors do not believe that this would give a true and fair view of the state of affairs of the group and of its results as in substance the transfer of the ownership represents a group reconstruction in accordance with FRS 102 due to the fact that ultimate ownership has not changed rather than being an acquisition of a business. Consequently the reconstruction has been accounted for using merger accounting principles. The directors considered that this was necessary in order to meet the overriding requirement of the Companies Act 2006 to show a true and fair view. The directors consider that it is not practical to quantify this departure from the detailed accounting requirements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The consolidated financial statements consist of the financial statements of the parent company Oakleaf Group Limited together with all entities controlled by the parent company (its subsidiaries).
All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of the subsidiaries to bring the accounting policies used in line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between Group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the Group's financial statements from the date that control commences until the date that control ceases.
All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of the subsidiaries to bring the accounting policies used in line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between Group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the Group's financial statements from the date that control commences until the date that control ceases.
The Group has a strong financial position at the balance sheet date and has continued to perform strongly since the year-end. The directors have made enquiries, reviewed cashflow forecasts and believe that the Group will be able to continue to trade and meet its liabilities for 12 months from the expected date of approval of these financial statements, which continue to be prepared on a going concern basis.
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The items in the financial statements where estimates and underlying assumptions have been made include valuation of freehold property and freehold investment property, useful economic lives and impairment of fixed assets as well as recoverability of trade debtors, these are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 30 -
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 32 -
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The freehold property is included at a valuation. It was valued at £1,780,000 on an open market basis on 7 November 2024 by Fenn Wright. The directors adopted this as the valuation at 31 March 2025.
If it had not been included at a valuation the carrying amount of the freehold property and freehold property improvements that would have been recognised under the cost model is £1,736,782 (2024 - £1,687,221).
The freehold property is included in investment property in the parent company results.
If it had not been included at a valuation the carrying amount of the freehold property and freehold property improvements that would have been recognised under the cost model is £1,736,782 (2024 - £1,687,221).
The freehold property is included in investment property in the parent company results.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Subsidiary undertakings (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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The 2025 valuations were made by Fenn Wright on 7 November 2024, on an open market value for existing use basis.
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The 2025 valuations were made by Fenn Wright on 7 November 2024, on an open market value for existing use basis.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 37 -
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
22.Deferred taxation (continued)
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Revaluation reserve
Profit and loss account
- 39 -
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund.The pension cost charge represents contributions payable by the Group to the fund and amounted to £438,011 (2024 - £1,006,139). Contributions totalling £26,373 (2024 - £29,138) were payable to the fund at the balance sheet date and are included in creditors.
As at 31 March 2025 the Group was owed £61,979 (2024 - £3,019), by a director of the Company. The maximum overdrawn balance during the year was £243,507 (2024 - £243,507). During the year the company charged interest on the balance of £1,395 (2024 - £86).
As at 31 March 2025 the Group was owed £264,047 (2024 - £262,823) by a director of the Company. The maximum overdrawn balance during the year was £264,047 (2024 - £702,778).
As at 31 March 2025 the Group was owed £264,047 (2024 - £262,823) by a director of the Company. The maximum overdrawn balance during the year was £264,047 (2024 - £702,778).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Group considers E D O'Keeffe to be the ultimate controlling party by virtue of his shareholding in the parent company.
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