REGISTERED NUMBER: 07881919 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

FOR

ROJA PARFUMS HOLDINGS LIMITED

Page

Strategic Report

1

Report of the Directors

2

Report of the Independent Auditors

3

Statement of Income and Retained Earnings

6

Balance Sheet

7

Notes to the Financial Statements

8

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

The company is involved in the manufacturing and sales of perfumes through a boutique, website, exclusive distributors and wholesalers globally.

REVIEW OF BUSINESS

The company is an independent luxury fragrance house, established in Mayfair, London in 2011. Pioneers of haute perfumery, the House of Roja is the authority of fine fragrance, crafted like precious jewellery. Made in England, we believe each piece will become an expression of your personality.

Key performance indicators

2025

2024

Change

£

£

%

Sales

19,726,322

17,152,401

15

Gross profit

14,344,926

12,268,294

17

Operating profit

5,674,555

5,317,889

7

Sales grew by 15%, driven by strong growth in key regions: the Middle East, South America, Africa, Asia, and the UK.

The company continues to foster a culture of innovation and exploration, consistently introducing groundbreaking ideas to the market through its distinctive product launches. By staying ahead of industry trends, the company has solidified its reputation as a forward-thinking brand.

In line with its strategic goals, the brand is leveraging the momentum of emerging market trends, positioning itself perfectly to capture sustainable long-term growth. This focus is particularly strong in the US, central Europe, Middle East, South America and Asia, where demand for modern luxury is rapidly evolving, and the company is well-placed to redefine the sector in these key regions.

As part of its ambitious growth strategy, Roja London will reinforce our authority in modern haute perfumery globally. We will do this through elevating our position as the authority on fine fragrance, expanding the ROJA universe to express brand identity, and communication.

PRINCIPAL RISKS AND UNCERTAINTIES

The company has a balance of costs and revenue in GBP, USD and EUR and the directors do not feel there is significant exposure to currency fluctuations.

SUSTAINABILITY

Here at Roja we understand there is an urgent need for a global effort towards more sustainable methods of operation.

Roja London was awarded The Butterfly Mark accreditation from Positive Luxury. Building on this, our move towards sustainable packaging demonstrates our brand's commitment to ethical practices and corporate responsibility. For many of our consumers, the choice to purchase a perfume goes beyond the scent itself; it's a decision that reflects personal values and a desire to contribute to a more sustainable world. Within our supply chain and procurement structure, manufacturers face the challenge of balancing sustainability with the need to maintain the luxury aesthetic that is synonymous with perfumery. We have therefore made changes already to innovate and find materials and designs that are both environmentally friendly and visually appealing.

ON BEHALF OF THE BOARD:

A Minard - Director

27th November 2025

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

DIVIDENDS

Interim dividends amounting to £3,000,000 (2024: £2,900,000) were declared. No final dividend has been recommended.

DIRECTORS

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

R J Dove

P J Causer

J R Kelly

D D Venton

A Minard

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen, in accordance with the Companies Act 2006 s414C(11), to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report.

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 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.

ON BEHALF OF THE BOARD:

A Minard - Director

27th November 2025

Opinion

We have audited the financial statements of Roja Parfums Holdings Limited (the 'company') for the year ended 31st March 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet and 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 31st 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 two, 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:

Based on our understanding of the company and industry, we considered the risk of non-compliance with laws and regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed included:

-

Enquiring of management whether there were instances of non-compliance with laws and regulation or fraud;

-

Review of legal expenses for evidence of fees relating to non-compliance;

-

Reviewing journal entries, non-sales bank receipts and non-purchase bank payments for unusual accounting entries;

-

Substantive revenue cut off testing to confirm that revenue had been recognised in the correct period; and

-

Substantive revenue occurrence testing to confirm that revenue relates to a valid customer transaction.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Christian Heeger BSc FCA (Senior Statutory Auditor)

for and on behalf of Galloways Accounting

Statutory Auditors

15 West Street

Brighton

East Sussex

BN1 2RL

11th December 2025

TURNOVER

3

19,726,322

17,152,401

Cost of sales

(5,381,396

)

(4,884,107

)

GROSS PROFIT

14,344,926

12,268,294

Distribution costs

(2,731,947

)

(2,233,753

)

Administrative expenses

(5,938,424

)

(4,716,652

)

OPERATING PROFIT

5

5,674,555

5,317,889

Interest receivable and similar income

2,868

2,573

5,677,423

5,320,462

Interest payable and similar expenses

6

(11,429

)

(5,740

)

PROFIT BEFORE TAXATION

5,665,994

5,314,722

Tax on profit

7

(1,443,532

)

(1,352,098

)

PROFIT FOR THE FINANCIAL YEAR

4,222,462

3,962,624

Retained earnings at beginning of year

7,785,742

6,723,118

Dividends

8

(3,000,000

)

(2,900,000

)

RETAINED EARNINGS AT END OF YEAR

9,008,204

7,785,742

FIXED ASSETS

Intangible assets

9

194,101

-

Tangible assets

10

104,692

50,680

298,793

50,680

CURRENT ASSETS

Stocks

11

5,769,376

4,339,779

Debtors

12

5,000,658

4,586,852

Cash at bank and in hand

841,092

1,321,962

11,611,126

10,248,593

CREDITORS

Amounts falling due within one year

13

2,788,404

2,379,502

NET CURRENT ASSETS

8,822,722

7,869,091

TOTAL ASSETS LESS CURRENT LIABILITIES

9,121,515

7,919,771

CREDITORS

Amounts falling due after more than one year

14

-

(34,167

)

PROVISIONS FOR LIABILITIES

16

(111,411

)

(97,962

)

NET ASSETS

9,010,104

7,787,642

CAPITAL AND RESERVES

Called up share capital

17

1,900

1,900

Retained earnings

9,008,204

7,785,742

SHAREHOLDERS' FUNDS

9,010,104

7,787,642

The financial statements were approved by the Board of Directors and authorised for issue on 27th November 2025 and were signed on its behalf by:

A Minard - Director

1.	Statutory information

Roja Parfums Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

07881919

Registered office:

41 New England Street

New England Quarter

Brighton

BN1 4GQ

The presentation currency of the financial statements is the Pound Sterling (£).

The principal activity of the company was the distribution and retail of perfumes and related products.

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.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirement of paragraph 33.7.

Preparation of consolidated financial statements

The financial statements contain information about Roja Parfums Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Roja Parfums Holdings II Limited, 41 New England Street, New England Quarter, Brighton BN1 4GQ.

Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical judgements

There are no critical judgements.

Key accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

i. Stock provision

Provision is made for obsolete stock. This requires management’s best estimate of the value of stock that will not be sold or used, or will be sold at less than carrying value, based on discontinued or unwanted stock.

Turnover

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of discounts and rebates allowed by the company and value added taxes.

The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer, (b) the company retains no continuing involvement or control over the goods. (c) the amount of revenue can be measured reliably, (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the company’s sales channels have been met, as described below.

i Sale of goods - distributors and internet based transactions

The company sells goods globally to distributors. Revenue is recognised when the risks and rewards of the inventory are passed to the customer. This is the point of acceptance of the goods by the customer. Transactions are credit sales..

ii. Sale of goods - retail

The company operates a retail shop for the sale of own branded products. Sales of goods are recognised on sale to the customer, which is considered the point of delivery. Retail sales are usually by cash, credit or payment card.

Intangible assets

Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is calculated, using the straight-line method, to allocate the depreciable amount of the assets to their residual values over their estimated useful lives, as follows:

Trademarks: over the life of the trademark (7 - 15 years)

Amortisation is included in ‘administrative expenses’ in the profit and loss account.

Tangible fixed assets

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

Fixtures and fittings - straight line on cost over 3 to 8 years

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities, such as trade debtors and trade creditors.

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 recognised in the profit and loss account in other administrative expenses.

Debtors and creditors receivable or payable after one year 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.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount of the obligation can be estimated reliably.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost.

3.

Turnover

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

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

2,860,386

2,475,535

Europe

2,168,369

2,751,023

United States of America

2,757,801

2,883,836

South America

1,681,648

1,059,399

Asia

1,620,576

1,157,959

Internet

2,464,882

2,479,961

Middle East

3,784,498

2,836,563

CIS

1,822,844

1,198,268

Africa

565,318

309,857

19,726,322

17,152,401

Turnover was from the sale of goods for both the current and prior years.

4.	Employees and directors

2025

2024

£

£

Wages and salaries

2,433,012

2,152,966

Social security costs

277,283

242,741

Other pension costs

44,533

34,451

2,754,828

2,430,158

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

2025

2024

Retail

16

12

Administration

18

17

Management

5

5

39

34

2025

2024

£

£

Directors' remuneration

759,441

644,445

Directors' pension contributions to money purchase schemes

3,182

3,715

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

3

4

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

650,443

536,237

Pension contributions to money purchase schemes

1,761

1,761

5.	Operating profit

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

2025

2024

£

£

Other operating leases

504,125

341,901

Depreciation - owned assets

68,316

28,357

Patents and licences amortisation

14,841

-

Auditors' remuneration

32,400

30,000

Foreign exchange differences

215,771

(39,086

)

6.

Interest payable and similar expenses

2025

2024

£

£

Interest on overdue tax

11,429

5,740

7.

Taxation

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

1,430,083

1,352,464

Deferred tax

13,449

(366

)

Tax on profit

1,443,532

1,352,098

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

5,665,994

5,314,722

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

1,416,499

1,328,681

Effects of:

Expenses not deductible for tax purposes

26,177

25,829

Tax at different rates

-

(2,412

)

Withholding tax paid

856

-

Total tax charge

1,443,532

1,352,098

8.

Dividends

2025

2024

£

£

Ordinary B shares of £1 each

Interim

3,000,000

2,900,000

9.	Intangible fixed assets

Patents

and

licences

£

COST

Additions

208,942

At 31st March 2025

208,942

AMORTISATION

Amortisation for year

14,841

At 31st March 2025

14,841

NET BOOK VALUE

At 31st March 2025

194,101

10.	Tangible fixed assets

Fixtures

and

fittings

£

COST

At 1st April 2024

127,977

Additions

122,328

At 31st March 2025

250,305

DEPRECIATION

At 1st April 2024

77,297

Charge for year

68,316

At 31st March 2025

145,613

NET BOOK VALUE

At 31st March 2025

104,692

At 31st March 2024

50,680

11.

Stocks

2025

2024

£

£

Raw materials

4,641,552

3,359,931

Finished goods

1,127,824

979,848

5,769,376

4,339,779

Stock is stated after provisions for impairment of £779,237 (2024: £788,872). The reversal of impairment loss recognised in the profit and loss is £9,635 (2024: £613,872 impairment loss).

12.

Debtors: amounts falling due within one year

2025

2024

£

£

Trade debtors

3,878,747

2,730,638

Other debtors

279,809

447,088

VAT

551,223

436,939

Prepayments and accrued income

290,879

972,187

5,000,658

4,586,852

13.

Creditors: amounts falling due within one year

2025

2024

£

£

Trade creditors

1,328,709

1,093,843

Amounts owed to group undertakings

-

1

Tax

791,033

590,190

Social security and other taxes

66,420

63,202

Other creditors

53,666

30,936

Accruals and deferred income

548,576

601,330

2,788,404

2,379,502

14.

Creditors: amounts falling due after more than one year

2025

2024

£

£

Other creditors

-

34,167

15.	Leasing agreements

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

2025

2024

£

£

Within one year

34,167

205,000

Between one and five years

-

85,417

34,167

290,417

16.	Provisions for liabilities

2025

2024

£

£

Deferred tax

Accelerated capital allowances

26,173

12,670

Other timing differences

(762

)

(708

)

Other provisions

86,000

86,000

111,411

97,962

Deferred

Other

tax

provisions

£

£

Balance at 1st April 2024

11,962

86,000

Charge to Income Statement during year

13,449

-

Balance at 31st March 2025

25,411

86,000

The net deferred tax liability expected to reverse in 2025/26 is £12,240 (2024/25: £7,021). This relates to the reversal of timing differences on acquired tangible assets and capital allowances through depreciation.

Other provisions

Other provisions includes £86,000 (2024: £86,000) as a provision for dilapidations for two properties. As part of the company's property leasing arrangements there is an obligation to repair damages incurred during the lease and re-instate alterations made. The cost has been charged to the profit and loss as the obligation arises. £43,000 of the provision relating to one of the properties is expected to be utilised in 2025/26 when the lease terminates. The remaining £43,000 relates to a property with no lease in place.

17.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1,900

Ordinary B

£1

1,900

1,900

The shares give the right to vote, receive dividends, distributions and participate in a return of capital howsoever arising except from that arising in relation to property held by the company. The shares are non-redeemable.