REGISTERED NUMBER: 08339794 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2025

for

Majestic Securities Limited

Page

Company Information

1

Group Strategic Report

2

to

3

Report of the Directors

4

to

5

Report of the Independent Auditors

6

to

9

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Statement of Financial Position

12

Company Statement of Financial Position

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Consolidated Statement of Cash Flows

17

Notes to the Consolidated Financial Statements

18

to

30

DIRECTORS:

Mr A S Dosanjh

Mr P S Dosanjh

Mrs S K Dosanjh

REGISTERED OFFICE:

Monarch House

7-9 Stafford Road

Wallington

Surrey

SM6 9AN

REGISTERED NUMBER:

08339794 (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 of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

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

On 29 February 2024, the entire issued share capital of the company was acquired by Knight Trustees Limited, acting as trustee for the EIC Partnership Employee Ownership Trust. The company now operates as part of an employee-owned group structure for the benefit of the Group's employees.

The consolidated profit for the year after tax amounted to £3,305,843 (2024: £5,871,039).

The group retained a positive combined bank balance of £5,123,811 (2024: £7,907,461).

The Group successfully navigated the international energy crisis to deliver a net profit year, generated an expanded UK business and continued strong cost management. Despite the unprecedented market volatility, the Group exited the crisis in a strong fiscal position. The directors are satisfied with the results in the year under review in a progressively competitive industry with tough trading conditions.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group'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 Group's operations as well as to manage working capital, liquidity and invest surplus funds.

The Directors continue to identify key risks that could impact the Group's gas and power portfolio and have taken appropriate measures to mitigate them.

Global energy markets continue to experience periods of volatility driven by geopolitical developments, supply constraints and changes in demand. There has been no direct exposure to the Group, including but not limited to exposure from suppliers or investments.

Climatic and environmental changes pose interconnected risks to supply chains, particularly the increasing frequency of extreme weather events and climate-related disruptions. Mitigating these environmental and social risks remains essential to building sustainable supply chains and ensuring the Group's resilience to future climate scenarios.

Operational risk arises from weaknesses or failures in systems and controls. The Group continues to enhance its controls and processes, particularly with respect to its IT systems and security. The potential impact and likelihood of process failures are assessed on a regular basis and aspects have been subject to external assessment.

Ongoing challenges include overhead cost control, which is kept under regular review by the Directors. The Directors meet regularly to evaluate risk exposure and risk appetite. The key risks broadly fall into the following categories:

MARKET

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

LEGISLATIVE RISK

On a regular basis the directors review the group legislative risk exposure to ensure that all applicable directions are observed.

FINANCIAL INSTRUMENT RISK

The group has established a risk and financial management framework whose primary objectives are to protect the group 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.

The directors expect the group to rapidly grow organically due to the energy crises caused by the imposition of controlled trade with the Russian Federation caused by political disturbance in Eastern Europe. The directors will continue to monitor the effects of these difficulties and they believe that the group is strategically placed to take advantage of any market gaps. The group continues to invest in technology to support its platform growth, supplier efficiency, flexibility in services and qualitative customer services.

KEY FINANCIAL 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 Group 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 group, and are as follows:

Units

2025

2024

Turnover

£

11,509,428

15,749,580

Operating profit

£

4,633,835

6,257,888

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 and the group for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of utility cost consultants, supply of energy consulting products and provisions of ongoing support.

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.

Mr A S Dosanjh

Mr P S Dosanjh

Mrs S K 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 group from events that hinder the achievement of performance objective.

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

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

Liquidity Risk

The group manages its cash requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group 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 £85 (2024:£513).

DIRECTORS INTEREST IN RELATED-PARTY TRANSACTIONS

During the period, the company sold its entire holding in T-Mac Technologies Limited to Regal Marketing Solutions Limited, a company controlled by the current directors. The transaction was settled at market value and the resulting gain or loss has been correctly included with the financial statements.

Also during the period the company's entire share capital was sold to Knight Trustees Limited, a company controlled by mutual directorships. The transaction is considered to be at market value and was carried out in compliance with company law. Knight Trustees Limited coupled with comparable shareholders are considered to be the ultimate controlling parties and henceforth will be responsible to the compilation of the new groups consolidated financial statements.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he 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 group'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 Majestic Securities Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 March 2025 and of the group's profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Emphasis of matter

We draw attention to Note 9, which discloses that the directors resolved in August 2024 to issue 33,050,000 redeemable preference shares funded by capitalisation of reserves. Due to insufficient distributable reserves at that date, the issue was ineffective and the shares have not been recognised. Our opinion is not modified in respect of this matter.

We further draw attention to Note 22 to the financial statements, which describes the group's circular ownership structure. Knight Trustees Limited, whilst being a wholly-owned subsidiary of Majestic Securities Limited, simultaneously holds the entire issued share capital of its parent company in its capacity as corporate trustee for the EIC Partnership Employee Ownership Trust, for the benefit of the group's employees. Our opinion is not modified in respect of this matter.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

Auditors' responsibilities for the audit of the financial statements

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

10 December 2025

TURNOVER

11,509,428

15,749,580

Cost of sales

(607,876

)

(2,010,303

)

GROSS PROFIT

10,901,552

13,739,277

Administrative expenses

(6,346,982

)

(8,721,573

)

4,554,570

5,017,704

Other operating income

79,265

1,240,184

OPERATING PROFIT

4

4,633,835

6,257,888

Interest receivable and similar income

154,525

1,510,376

4,788,360

7,768,264

Interest payable and similar expenses

5

(180,506

)

(188,418

)

PROFIT BEFORE TAXATION

4,607,854

7,579,846

Tax on profit

6

(1,302,011

)

(1,708,807

)

PROFIT FOR THE FINANCIAL YEAR

3,305,843

5,871,039

Profit attributable to:

Owners of the parent

3,305,843

5,872,115

Non-controlling interests

-

(1,076

)

3,305,843

5,871,039

PROFIT FOR THE YEAR

3,305,843

5,871,039

OTHER COMPREHENSIVE INCOME

Elimination of profit share

-

282,091

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

282,091

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,305,843

6,153,130

Total comprehensive income attributable to:

Owners of the parent

3,357,758

6,154,205

Non-controlling interests

(51,915

)

(1,075

)

3,305,843

6,153,130

FIXED ASSETS

Intangible assets

10

1,025,266

1,441,707

Tangible assets

11

15,378

113,706

Investments

12

-

-

1,040,644

1,555,413

CURRENT ASSETS

Debtors

13

30,268,621

36,128,724

Cash at bank

5,123,811

7,907,461

35,392,432

44,036,185

CREDITORS

Amounts falling due within one year

14

(5,665,573

)

(8,111,487

)

NET CURRENT ASSETS

29,726,859

35,924,698

TOTAL ASSETS LESS CURRENT LIABILITIES

30,767,503

37,480,111

CREDITORS

Amounts falling due after more than one year

15

(14,117

)

(31,548

)

PROVISIONS FOR LIABILITIES

18

(2,951

)

(3,971

)

NET ASSETS

30,750,435

37,444,592

CAPITAL AND RESERVES

Called up share capital

19

999

999

Retained earnings

20

30,749,436

37,391,678

SHAREHOLDERS' FUNDS

30,750,435

37,392,677

NON-CONTROLLING INTERESTS

-

51,915

TOTAL EQUITY

30,750,435

37,444,592

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

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

3,141

96,952

Investments

12

977,608

1,437,408

980,749

1,534,360

CURRENT ASSETS

Debtors

13

26,694,647

30,533,111

Cash at bank

1,200,797

286,251

27,895,444

30,819,362

CREDITORS

Amounts falling due within one year

14

(8,996,342

)

(3,327,615

)

NET CURRENT ASSETS

18,899,102

27,491,747

TOTAL ASSETS LESS CURRENT LIABILITIES

19,879,851

29,026,107

CREDITORS

Amounts falling due after more than one year

15

-

(2,410

)

NET ASSETS

19,879,851

29,023,697

CAPITAL AND RESERVES

Called up share capital

19

999

999

Retained earnings

20

19,878,852

29,022,698

SHAREHOLDERS' FUNDS

19,879,851

29,023,697

Company's profit for the financial year

856,154

6,280,812

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

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Balance at 1 April 2023

999

31,246,824

31,247,823

52,990

31,300,813

Changes in equity

Dividends

-

(9,352

)

(9,352

)

-

(9,352

)

Total comprehensive income

-

6,154,206

6,154,206

(1,075

)

6,153,131

Balance at 31 March 2024

999

37,391,678

37,392,677

51,915

37,444,592

Changes in equity

Increase in share capital

-

(10,000,000

)

(10,000,000

)

-

(10,000,000

)

Reduction in share capital

-

51,915

51,915

-

51,915

Total comprehensive income

-

3,305,843

3,305,843

(51,915

)

3,253,928

Balance at 31 March 2025

999

30,749,436

30,750,435

-

30,750,435

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

999

22,741,886

22,742,885

Changes in equity

Total comprehensive income

-

6,280,812

6,280,812

Balance at 31 March 2024

999

29,022,698

29,023,697

Changes in equity

Increase in share capital

-

(10,000,000

)

(10,000,000

)

Total comprehensive income

-

856,154

856,154

Balance at 31 March 2025

999

19,878,852

19,879,851

Cash flows from operating activities

Cash generated from operations

1

8,716,223

(1,590,740

)

Interest paid

(180,506

)

(188,418

)

Tax paid

(1,531,010

)

(1,058,651

)

Net cash from operating activities

7,004,707

(2,837,809

)

Cash flows from investing activities

Purchase of tangible fixed assets

-

(874

)

Sale of tangible fixed assets

-

21,000

Interest received

154,525

1,510,376

Net cash from investing activities

154,525

1,530,502

Cash flows from financing activities

Loan repayments in year

(236,250

)

(236,250

)

Capital repayments in year

(187,212

)

(215,914

)

Distribution

(9,519,420

)

-

Net cash from financing activities

(9,942,882

)

(452,164

)

Decrease in cash and cash equivalents

(2,783,650

)

(1,759,471

)

Cash and cash equivalents at beginning of year

2

7,907,461

9,666,932

Cash and cash equivalents at end of year

2

5,123,811

7,907,461

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

31.3.25

31.3.24

£

£

Profit before taxation

4,607,854

7,579,846

Depreciation charges

465,433

585,559

Loss/(profit) on disposal of fixed assets

115,536

(962,554

)

Finance costs

180,506

188,418

Finance income

(154,525

)

(1,510,376

)

5,214,804

5,880,893

Decrease/(increase) in trade and other debtors

5,764,595

(9,696,525

)

(Decrease)/increase in trade and other creditors

(2,263,176

)

2,224,892

Cash generated from operations

8,716,223

(1,590,740

)

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

5,123,811

7,907,461

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

7,907,461

9,666,932

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank

7,907,461

(2,783,650

)

5,123,811

7,907,461

(2,783,650

)

5,123,811

Debt

Finance leases

(248,671

)

187,212

(61,459

)

Debts falling due within 1 year

(354,375

)

236,250

(118,125

)

(603,046

)

423,462

(179,584

)

Total

7,304,415

(2,360,188

)

4,944,227