REGISTERED NUMBER: 04935263 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 March 2025

for

DNO Consulting Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

7

Balance Sheet

8

Statement of Changes in Equity

9

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

12

DIRECTORS:

L J Mason

S Taylor

B P Mason

REGISTERED OFFICE:

Unit 6A

Broad Quay Road

Felnex Industrial Estate

Newport

NP19 4PN

REGISTERED NUMBER:

04935263 (England and Wales)

AUDITORS:

Mander Duffill

Chartered Accountants & Statutory Auditor

The Old Post Office

41-43 Market Place

Chippenham

Wiltshire

SN15 3HR

The directors present their strategic report together with the audited financial statements for the year ended 31 March 2025.

REVIEW OF BUSINESS

The principal activity of the company is high voltage engineering, design and installation.

The company's turnover and profit were in line with expectations.

Key Performance Indicators

The directors consider the key measures of the company's performance to be as shown below:

31.3.25

31.3.24

£

£

Turnover

8,623,266

15,295,920

Gross profit

1,864,524

887,475

Profit before taxation

1,178,927

12,311

Stock

620,678

1,967,458

Total shareholders' funds

5,277,587

4,599,237

The review of the business includes an analysis of these key performance indicators.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties affecting the management of the business and the execution of the company's strategy are considered to relate to a challenging economic environment where inflation has increased the cost of raw materials, labour, and other key inputs. Due to long-term legacy contracts, the company has limited flexibility to adjust its selling prices in response to these rising costs, putting pressure on margins.

Despite the ongoing inflationary pressures, the company is in a strong position due to the full order book through to 2026 and the continued demand for its products and services. This positive backlog of orders provides a buffer against immediate cost challenges and gives the company a level of security in its revenue streams for the foreseeable future, negating inflationary pressures.

ON BEHALF OF THE BOARD:

L J Mason - Director

8 December 2025

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

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 will be £ 205,875 .

DIRECTORS

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

L J Mason

S Taylor

B P Mason

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 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 company's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

L J Mason - Director

8 December 2025

Opinion

We have audited the financial statements of DNO Consulting Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the 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 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 three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

In planning and designing our audit tests, we identify and assess the risks of material mis-statements, whether due to fraud or error. Our risk assessment procedures included:

- Enquiries of management about the entities policies and procedures on compliance with laws and regulations and whether they were aware of any instances of noncompliance together with the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.

- Enquiries of management about the entities policies and procedures on fraud risks, including any actual, suspected or alleged fraud.

- Considered the nature of the industry and sector, control environment and business performance including the key drivers for directors' remuneration, bonus levels and performance targets.

- Reading minutes of meetings of those charged with governance.

We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We obtained an understanding of the legal and regulatory frameworks that the entity operates in, through discussions with the director, and from our commercial knowledge and experience of the sector in which the company operates, to enable us to identify the key laws and regulations applicable to the company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statement or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls including the following:

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Enquiry of management concerning actual and potential litigation and claims.

- Reviewing correspondence with HMRC, and the company's legal advisors.

- Addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether judgements made in making accounting estimates are indicative of a potential bias, and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud 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 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.

Julian Duffill FCA (Senior Statutory Auditor)

for and on behalf of Mander Duffill

Chartered Accountants & Statutory Auditor

The Old Post Office

41-43 Market Place

Chippenham

Wiltshire

SN15 3HR

8 December 2025

TURNOVER

8,623,266

15,295,920

Cost of sales

6,758,742

14,408,445

GROSS PROFIT

1,864,524

887,475

Administrative expenses

733,929

875,539

OPERATING PROFIT

4

1,130,595

11,936

Interest receivable and similar income

48,336

399

1,178,931

12,335

Interest payable and similar expenses

5

4

24

PROFIT BEFORE TAXATION

1,178,927

12,311

Tax on profit

6

294,702

2,408

PROFIT FOR THE FINANCIAL YEAR

884,225

9,903

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

884,225

9,903

FIXED ASSETS

Tangible assets

8

77,534

101,294

CURRENT ASSETS

Stocks

9

620,678

1,967,458

Debtors

10

3,487,379

2,032,611

Cash at bank and in hand

2,482,633

1,859,571

6,590,690

5,859,640

CREDITORS

Amounts falling due within one year

11

1,371,837

1,336,374

NET CURRENT ASSETS

5,218,853

4,523,266

TOTAL ASSETS LESS CURRENT LIABILITIES

5,296,387

4,624,560

PROVISIONS FOR LIABILITIES

13

18,800

25,323

NET ASSETS

5,277,587

4,599,237

CAPITAL AND RESERVES

Called up share capital

14

25

25

Retained earnings

15

5,277,562

4,599,212

SHAREHOLDERS' FUNDS

17

5,277,587

4,599,237

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:

L J Mason - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

25

4,680,309

4,680,334

Changes in equity

Dividends

-

(91,000

)

(91,000

)

Total comprehensive income

-

9,903

9,903

Balance at 31 March 2024

25

4,599,212

4,599,237

Changes in equity

Dividends

-

(205,875

)

(205,875

)

Total comprehensive income

-

884,225

884,225

Balance at 31 March 2025

25

5,277,562

5,277,587

Cash flows from operating activities

Cash generated from operations

1

850,303

1,712,000

Interest paid

(4

)

(24

)

Tax paid

(4,340

)

(229,031

)

Net cash from operating activities

845,959

1,482,945

Cash flows from investing activities

Purchase of tangible fixed assets

(8,073

)

(22,251

)

Sale of tangible fixed assets

8,583

-

Interest received

48,336

399

Net cash from investing activities

48,846

(21,852

)

Cash flows from financing activities

Amount withdrawn by directors

(65,868

)

(1,620,384

)

Equity dividends paid

(205,875

)

(91,000

)

Net cash from financing activities

(271,743

)

(1,711,384

)

Increase/(decrease) in cash and cash equivalents

623,062

(250,291

)

Cash and cash equivalents at beginning of year

2

1,859,571

2,109,862

Cash and cash equivalents at end of year

2

2,482,633

1,859,571

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

31.3.25

31.3.24

£

£

Profit before taxation

1,178,927

12,311

Depreciation charges

21,886

29,444

Loss on disposal of fixed assets

1,364

-

Finance costs

4

24

Finance income

(48,336

)

(399

)

1,153,845

41,380

Decrease in stocks

1,346,780

1,117,426

(Increase)/decrease in trade and other debtors

(1,454,768

)

250,572

(Decrease)/increase in trade and other creditors

(195,554

)

302,622

Cash generated from operations

850,303

1,712,000

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

2,482,633

1,859,571

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

1,859,571

2,109,862

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

1,859,571

623,062

2,482,633

1,859,571

623,062

2,482,633

Total

1,859,571

623,062

2,482,633

1.	STATUTORY INFORMATION

DNO Consulting 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

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

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Furniture, fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

31.3.25

31.3.24

£

£

Wages and salaries

970,717

1,042,790

Social security costs

109,025

114,690

Other pension costs

15,264

18,529

1,095,006

1,176,009

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

31.3.25

31.3.24

Directors

3

3

Employees

16

20

19

23

31.3.25

31.3.24

£

£

Directors' remuneration

134,063

168,653

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.25

31.3.24

£

£

Depreciation - owned assets

21,886

29,444

Loss on disposal of fixed assets

1,364

-

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.25

31.3.24

£

£

Interest on tax paid late

4

24

6.

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

301,225

4,340

Deferred tax

(6,523

)

(1,932

)

Tax on profit

294,702

2,408

7.

DIVIDENDS

31.3.25

31.3.24

£

£

Ordinary shares of £1 each

Dividend - paid in the year

205,875

91,000

8.	TANGIBLE FIXED ASSETS

Furniture,

fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2024

145,823

77,737

204,606

428,166

Additions

4,244

3,229

600

8,073

Disposals

-

-

(53,201

)

(53,201

)

At 31 March 2025

150,067

80,966

152,005

383,038

DEPRECIATION

At 1 April 2024

114,668

57,024

155,180

326,872

Charge for year

7,079

4,786

10,021

21,886

Eliminated on disposal

-

-

(43,254

)

(43,254

)

At 31 March 2025

121,747

61,810

121,947

305,504

NET BOOK VALUE

At 31 March 2025

28,320

19,156

30,058

77,534

At 31 March 2024

31,155

20,713

49,426

101,294

9.

STOCKS

31.3.25

31.3.24

£

£

Stocks and work in progress

620,678

1,967,458

Stock has been valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress, cost includes a relevant proportion of overheads according to the stage manufacture or completion.

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

3,251,862

1,865,597

Other debtors

37,446

21,132

Prepayments

198,071

145,882

3,487,379

2,032,611

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

173,247

227,814

Amounts owed to associates

609

609

Corporation tax

301,225

4,340

Social security and other taxes

31,600

52,071

VAT

227,715

245,085

Other creditors

198,462

175,538

Directors' loan accounts

417,749

483,617

Accruals and deferred income

21,230

147,300

1,371,837

1,336,374

12.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.25

31.3.24

£

£

Within one year

12,751

12,219

Between one and five years

7,656

6,626

20,407

18,845

13.	PROVISIONS FOR LIABILITIES

31.3.25

31.3.24

£

£

Deferred tax

Accelerated capital allowances

18,800

25,323

Deferred

tax

£

Balance at 1 April 2024

25,323

Credit to Statement of Comprehensive Income during year

(6,523

)

Balance at 31 March 2025

18,800

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

19

Ordinary

£1

19

19

1

Ordinary A

£1

1

1

2

Ordinary B

£1

2

2

1

Ordinary C

£1

1

1

1

Ordinary D

£1

1

1

1

Ordinary E

£1

1

1

25

25