REGISTERED NUMBER: 04346309 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 March 2025

for

The Monarch Partnership Ltd

Page

Company Information

1

Strategic Report

2

to

3

Report of the Directors

4

to

5

Report of the Independent Auditors

6

to

8

Income Statement

9

Other Comprehensive Income

10

Statement of Financial Position

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Statement of Cash Flows

14

Notes to the Financial Statements

15

to

21

DIRECTORS:

Mrs S K Dosanjh

Mr P S Dosanjh

Mr A S Dosanjh

SECRETARY:

Mr P S Dosanjh

REGISTERED OFFICE:

Monarch House

7-9 Stafford Road

Wallington

Surrey

SM6 9AN

REGISTERED NUMBER:

04346309 (England and Wales)

SENIOR STATUTORY AUDITOR:

Alan Kaye FCA

AUDITORS:

BBK Partnership

Chartered Accountants

& Statutory Auditors

1 Beauchamp Court

10 Victors Way

Barnet

Hertfordshire

EN5 5TZ

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

REVIEW OF BUSINESS

The company is a wholly owned subsidiary of Majestic Securities limited, a company registered in the UK.

The company has adapted operations, risen to these challenges and worked constructively with our suppliers and professional advisers. As a result, the company has performed within expectations and its performance is reflected below.

The profit for the year after taxation amounted to £2,593,501 (2024: £3,681,445).

The directors are satisfied with the results in the year under review in a progressively competitive industry with tough trading conditions.

The company is a wholly owned subsidiary of Majestic Securities Limited. On 29 February 2024, the entire issued share capital of Majestic Securities Limited was acquired by Knight Trustees Limited, acting as trustee of the EIC Partnership Employee Ownership Trust. Following this acquisition, the company continues to operate as part of the employee-owned group structure, with the ultimate controlling party being the Trust.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's principal financial instruments comprise cash, short-term deposits, and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to fund the company's operations, manage working capital and liquidity, and invest surplus funds.

The company is exposed to ongoing market and price volatility risk in UK gas and power, which directly affects clients’ energy costs and demand for consultancy and bureau services. Independent forecasts suggest typical UK business energy bills are likely to remain around 60–70% above pre crisis levels for the medium term, despite falls from the 2022 peaks. This sustained volatility increases the risk that customers delay contracting decisions, seek to re negotiate terms or experience financial stress, which can affect both the timing and certainty of the company’s revenue streams.

The directors have assessed these risks, including energy market volatility and regulatory change, and consider that appropriate mitigation measures and monitoring processes are in place. The Board reviews risk exposures, cost base and cash flow forecasts regularly to ensure that the company’s risk management remains aligned with its overall risk appetite and supports continued financial resilience.

The key risk broadly fall into the following categories:

MARKET

The company monitors the general economic and political changes in the energy sector. The directors pay attention to these changes and tailor their services and agreement in order to maintain the level of income and profitability.

COMPETITIVE

The main competitive risks to the company arise from changing customer requirements based on market demand. The company continues to monitor changes and has developed effective procedures to satisfy their current and future needs.

LEGISLATIVE RISK

On a regular basis the director reviews the company legislative risk exposure to ensure that all applicable directions are observed.

FINANCIAL INSTRUMENT RISK

The company has established a risk and financial management framework whose primary objectives are to protect the company from events that hinder the achievement of its performance objectives. The objectives aim to limit undue counterpart exposure, ensure efficient working capital exists and monitor the management of risk.

FUTURE DEVELOPMENTS

The organisation will continue to diversify and complement our wide range of services, exploring SaaS and Sustainability opportunities within our space. This will be to mitigate any risks within the volatility within the energy markets and to introduce new verticals within the business to increase revenue over the coming years.

KEY PERFORMANCE INDICATORS

The directors have considered the use of the key performance indicators. The continuous measurement and monitoring of the business performance is a critical element of the management process. In order to provide consistent and comprehensive information the Company use a number of key performance indicators (KPI's) to provide a timely and well-balanced review of the financial performance against predefined targets.

Turnover and operating profit are the key measure of financial performance in the company, and are as follows:

Units

2025

2024

Turnover

£

6,823,633

8,257,458

Operating profit

£

3,399,991

4,414,367

Other key KPIs that demonstrate the level of performance in different parts of the business include:

-Average salary levels

-Performance against budget and prior year.

The directors are satisfied with the KPI's delivered in the year and is confident that expected performance levels can be maintained for the foreseeable future.

ON BEHALF OF THE BOARD:

Mr P S Dosanjh - Director

9 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of utility cost consultants.

DIVIDENDS

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

DIRECTORS

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

Mrs S K Dosanjh

Mr P S Dosanjh

Mr A S Dosanjh

FINANCIAL INSTRUMENTS

Treasury Operations and Financial Instruments

The directors have established a risk and financial management framework whose primary objective is to protect the company from events that hinder the achievement of performance objective.

The object aim to limit the undue counterparty exposure, ensure sufficient working capital and monitor risk at a business unit level.

The company's principal financial instruments during the year comprised of inter-company loans. The main purpose of these financial instruments are to provide funding for company operations.

Liquidity Risk

The company manages its cash requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operation needs of the business.

Credit Risk

Trade debtors will be monitored on an ongoing basis and provision may be made for doubtful debts where necessary.

POLITICAL DONATIONS AND EXPENDITURE

The Company made neither political donations nor incurred any political expenditure during the year.

The charitable donations made during the year was £56 (2024: £452).

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

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

ON BEHALF OF THE BOARD:

Mr P S Dosanjh - Director

9 December 2025

Opinion

We have audited the financial statements of The Monarch Partnership Ltd (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 pages four and five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

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

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.

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:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company's operating sector;

- we focused on 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;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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 to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in 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 including the Health and Safety Executive, and the company's legal advisors.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Alan Kaye FCA (Senior Statutory Auditor)

for and on behalf of BBK Partnership

Chartered Accountants

& Statutory Auditors

1 Beauchamp Court

10 Victors Way

Barnet

Hertfordshire

EN5 5TZ

9 December 2025

TURNOVER

6,823,633

8,257,458

Cost of sales

(424,216

)

(275,174

)

GROSS PROFIT

6,399,417

7,982,284

Administrative expenses

(2,999,426

)

(3,567,917

)

OPERATING PROFIT

4

3,399,991

4,414,367

Interest receivable and similar income

150,128

470,933

3,550,119

4,885,300

Interest payable and similar expenses

5

(124,496

)

(64,732

)

PROFIT BEFORE TAXATION

3,425,623

4,820,568

Tax on profit

6

(832,122

)

(1,139,123

)

PROFIT FOR THE FINANCIAL YEAR

2,593,501

3,681,445

PROFIT FOR THE YEAR

2,593,501

3,681,445

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,593,501

3,681,445

FIXED ASSETS

Tangible assets

8

11,802

15,882

CURRENT ASSETS

Debtors

9

9,850,115

4,499,217

Cash at bank

3,791,453

7,037,109

13,641,568

11,536,326

CREDITORS

Amounts falling due within one year

10

(1,709,527

)

(2,185,825

)

NET CURRENT ASSETS

11,932,041

9,350,501

TOTAL ASSETS LESS CURRENT LIABILITIES

11,943,843

9,366,383

CREDITORS

Amounts falling due after more than one year

11

(14,117

)

(29,138

)

PROVISIONS FOR LIABILITIES

14

(2,951

)

(3,971

)

NET ASSETS

11,926,775

9,333,274

CAPITAL AND RESERVES

Called up share capital

15

999

999

Retained earnings

16

11,925,776

9,332,275

SHAREHOLDERS' FUNDS

11,926,775

9,333,274

The financial statements were approved by the Board of Directors and authorised for issue on 9 December 2025 and were signed on its behalf by:

Mr P S Dosanjh - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

999

9,332,145

9,333,144

Changes in equity

Dividends

-

(3,681,315

)

(3,681,315

)

Total comprehensive income

-

3,681,445

3,681,445

Balance at 31 March 2024

999

9,332,275

9,333,274

Changes in equity

Total comprehensive income

-

2,593,501

2,593,501

Balance at 31 March 2025

999

11,925,776

11,926,775

Cash flows from operating activities

Cash generated from operations

1

(1,883,265

)

90,496

Interest paid

(124,496

)

(28,465

)

Tax paid

(1,190,982

)

(591,487

)

Net cash from operating activities

(3,198,743

)

(529,456

)

Cash flows from investing activities

Purchase of tangible fixed assets

-

(874

)

Interest received

150,128

249,854

Net cash from investing activities

150,128

248,980

Cash flows from financing activities

Loan repayments in year

(93,600

)

(95,000

)

Capital repayments in year

(103,441

)

(134,552

)

Net cash from financing activities

(197,041

)

(229,552

)

Decrease in cash and cash equivalents

(3,245,656

)

(510,028

)

Cash and cash equivalents at beginning of year

2

7,037,109

7,547,137

Cash and cash equivalents at end of year

2

3,791,453

7,037,109

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

31.3.25

31.3.24

£

£

Profit before taxation

3,425,623

4,820,568

Depreciation charges

4,079

104,845

Finance costs

124,496

64,732

Finance income

(150,128

)

(470,933

)

3,404,070

4,519,212

Increase in trade and other debtors

(5,352,298

)

(4,165,317

)

Increase/(decrease) in trade and other creditors

64,963

(263,399

)

Cash generated from operations

(1,883,265

)

90,496

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

3,791,453

7,037,109

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

7,037,109

7,547,137

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank

7,037,109

(3,245,656

)

3,791,453

7,037,109

(3,245,656

)

3,791,453

Debt

Finance leases

(162,490

)

103,441

(59,049

)

Debts falling due within 1 year

(142,500

)

95,000

(47,500

)

(304,990

)

198,441

(106,549

)

Total

6,732,119

(3,047,215

)

3,684,904

1.	STATUTORY INFORMATION

The Monarch Partnership Ltd 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

Significant judgements and estimates

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of the assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates 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.

Revenue recognition:

Revenue for energy supply activities includes an assessment of the value of energy supplied to customers including an estimated value of the volume between the date of the last invoice and the end of the period. Revenue is estimated using historical consumption patterns on a meter by meter basis, taking into account weather patterns, forecasts and the difference between actual meter reads returned and system estimates.

Revenues are presented net of sales taxes, returns, rebates and discounts.

The judgements applied, and the Underlying assumptions are considered to be appropriate at the balance sheet date.

Unbilled revenue:

The Company places reliance on industry data received from third party settlement systems to recognise and measure unbilled revenue and cost of sales.

Unbilled revenue and cost of sales estimates are sensitive to the assumptions used by the industry in determining the portion of sales not billed. The judgements applied, and the underlying assumptions are considered to be appropriate at the balance sheet date based on historical experience and other factors that are considered to be relevant, however are subject to change as industry data is reconciled.

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 for energy supply activities includes an assessment of energy supplies to customers the date of the last meter read and year end (unread)'. Unread gas is estimated using weather adjusted historical consumption patterns and is included in accrued income within debtors. All revenue arises in the United Kingdom.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Fixtures & fittings

-25% Reducing Balance

Computer equipment

-33% Straight Line

Financial instruments

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and all deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Foreign currency transactions and balances.

Transactions in a foreign currency are initially recorded at an average standard exchange rate. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective financial currency of the entity at the rate prevailing on the reporting period date.

Debtors and creditors receivable/payable within one year.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognized in the profit and loss account in other administrative expenses.

Director and Inter-company loans

Loans provided by the director or Inter-company loans considered to be neutral persons, will be measured at amortised cost calculated using the initial recognition date transaction price with an effective interest rate of 0%.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 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.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Employee benefits

When employees have rendered service to the company, short term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Impairment

Assets not valued at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Going concern

As part of their assessment of going concern, the directors of the company have considered the liquidity position and funding requirements for at least 12 months from the date of approval of these financial statements. The directors consider it appropriate to prepare the financial statement on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

31.3.25

31.3.24

£

£

Wages and salaries

1,802,664

2,121,197

Social security costs

186,767

217,596

Other pension costs

33,757

31,832

2,023,188

2,370,625

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

31.3.25

31.3.24

Staff

56

60

31.3.25

31.3.24

£

£

Directors' remuneration

48,036

222,855

4.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.25

31.3.24

£

£

Other operating leases

143,018

267,044

Depreciation - owned assets

4,080

104,845

Auditors' remuneration

8,100

8,000

Auditors' remuneration for non audit work

1,525

1,400

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.25

31.3.24

£

£

Bank interest

8,739

16,003

Interest on overdue taxation

101,434

41,249

HP Interest

14,323

7,480

124,496

64,732

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

833,142

1,165,116

Deferred tax

(1,020

)

(25,993

)

Tax on profit

832,122

1,139,123

7.

DIVIDENDS

31.3.25

31.3.24

£

£

Interim

-

3,681,315