REGISTERED NUMBER: 04544710 (England and Wales)

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

DUNCAN & TOPLIS AUDIT LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of 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

DIRECTORS:

D A Brain

A W Main

REGISTERED OFFICE:

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

REGISTERED NUMBER:

04544710 (England and Wales)

SENIOR STATUTORY AUDITOR:

Sarah Mason FCA

AUDITORS:

RSM UK Audit LLP

4th Floor

100 Avebury Boulevard

Milton Keynes

MK9 1FH

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

REVIEW OF BUSINESS

During the year the Duncan & Toplis Group continued to advance further towards our strategic vision that:

We will be the firm that clients always choose to work with and where talented people belong.

We are committed to nurturing our company culture. The values of Trust, Inclusivity, and Partnership remain central to our actions, shaping how our team interacts with clients, colleagues, and our communities.

Business outlook

We continue to focus on building our audit service offering, ensuring that we deliver unparalleled value to our clients. Our dedication to innovation and excellence drives us to refine our processes, embrace new technologies, and deepen our expertise. By continually seeking feedback and staying attuned to the evolving needs of our clients, we aim to enhance our audit services and provide insights that support their success.

Environmental, Social, and Governance

Being the right kind of business for our team and clients is key to who we are. This is why the work our sustainability group has been doing with our ESG programme is an important part of our future. We will be working on our objectives in this area and with an eye on net zero, yet another example of our team being ready to bring their whole selves to work, sharing their thoughts and ideas on our collective future.

PRINCIPAL RISKS AND UNCERTAINTIES

The key risks affecting the company are set out below:

Clients

To reduce the potential loss of custom, the company values integrity and seeks to conduct its business with professionalism and aspires to provide excellent service in the eyes of our clients.

Team

The business is dependent upon the professional development, recruitment, and retention of high-quality team members. We continue to invest in training and developing our team. The company respects and cares for its people and invests in their career potential. The company monitors remuneration levels against the wider market and provides a flexible working environment and remuneration package.

Liquidity risk

The company seeks to manage this risk by ensuring sufficient liquidity is available to meet financial obligations through managing cash generation and applying billing and cash collection targets throughout the company.

Legal risk

In the ordinary course of business, certain aspects of the company's services are opinion-based and may be subject to challenge. Where appropriate, the company seeks third-party professional corroboration. In addition, the company has appropriate professional indemnity insurance.

Regulatory risk

Changes in the regulatory environment that affect the company and its clients may reduce the level of services required, but equally enable the company to take advantage of opportunities.

Strategic risk

The challenges of integrating acquired companies and/or teams and realising the expected synergies can impact on business performance. The business has identified key roles that will aid in harmonising M&A activity, leading to successful growth.

CONCLUSION

This year was both successful and transformative for our firm, as we underwent a period of significant growth via acquisition supported by private equity firm, The Blixt Group. We saw robust performance and growth. We take pride in our achievements and are deeply appreciative of the support and contributions from our partners, our people, our clients, and our communities.

With a clear and ambitious strategic vision, we are confident and optimistic about our future. Our robust and resilient business model provides a strong foundation. We are eager to continue our journey of excellence and innovation, creating and delivering value and impact to our people, clients, and communities.

ON BEHALF OF THE BOARD:

D A Brain - 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 the provision of Audit services to businesses.

DIVIDENDS

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

DIRECTORS

D A Brain has held office during the whole of the period from 1 April 2024 to the date of this report.

Other changes in directors holding office are as follows:

A N Reynolds - resigned 7 June 2024

A W Main - appointed 7 June 2024

DISABLED EMPLOYEES

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the company continues and that appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

D A Brain - Director

9 December 2025

Opinion

We have audited the financial statements of Duncan & Toplis Audit Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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 four, 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 are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

- obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the company operates in and how the company is complying with the legal and regulatory frameworks;

- inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;

- discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing financial statement disclosures and inspecting correspondence with local tax authorities where available.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to Money Laundering Regulations 2017, Employment Rights Act 1996 and General Data Protection Regulations (2018). We performed audit procedures to inquire of management whether the company is in compliance with these laws and regulations and inspected correspondence with licensing or regulatory authorities where available.

The audit engagement team identified the risk of management override of controls and revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, substantively testing revenue transactions and challenging judgments and estimates applied.

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.

Sarah Mason FCA (Senior Statutory Auditor)

for and on behalf of RSM UK Audit LLP

4th Floor

100 Avebury Boulevard

Milton Keynes

MK9 1FH

9 December 2025

REVENUE

4

4,852

14,044

Cost of sales

3,272

8,839

GROSS PROFIT

1,580

5,205

Administrative expenses

1,587

4,345

(7

)

860

Other operating income

-

52

OPERATING (LOSS)/PROFIT

6

(7

)

912

Interest receivable and similar income

7

3

-

915

Interest payable and similar expenses

7

-

92

PROFIT BEFORE TAXATION

-

823

Tax on profit

8

(34

)

255

PROFIT FOR THE FINANCIAL YEAR

34

568

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

34

568

FIXED ASSETS

Investments

10

3

3

CURRENT ASSETS

Debtors

11

1,186

1,387

CREDITORS

Amounts falling due within one year

12

364

599

NET CURRENT ASSETS

822

788

TOTAL ASSETS LESS CURRENT LIABILITIES

825

791

CAPITAL AND RESERVES

Called up share capital

13

-

-

Retained earnings

14

825

791

SHAREHOLDERS' FUNDS

825

791

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:

D A Brain - Director

Called up

share

Retained

Total

capital

earnings

equity

£'000

£'000

£'000

Balance at 1 April 2023

-

4,118

4,118

Changes in equity

Dividends

-

(3,895

)

(3,895

)

Total comprehensive income

-

568

568

Balance at 31 March 2024

-

791

791

Changes in equity

Total comprehensive income

-

34

34

Balance at 31 March 2025

-

825

825

Cash flows from operating activities

Cash generated from operations

1

(41

)

1,351

Interest paid

-

(92

)

Tax paid

34

(539

)

Net cash from operating activities

(7

)

720

Cash flows from investing activities

Purchase of tangible fixed assets

-

(93

)

Sale of tangible fixed assets

-

13

Interest received

7

3

Net cash from investing activities

7

(77

)

Cash flows from financing activities

Loan repayments in year

-

(122

)

Equity dividends paid

-

(1,488

)

Net cash from financing activities

-

(1,610

)

Decrease in cash and cash equivalents

-

(967

)

Cash and cash equivalents at beginning of year

2

-

967

Cash and cash equivalents at end of year

2

-

-

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

2025

2024

£'000

£'000

Profit before taxation

-

823

Depreciation charges

-

446

Profit on disposal of fixed assets

-

(10

)

Finance costs

-

92

Finance income

(7

)

(3

)

(7

)

1,348

Decrease/(increase) in trade and other debtors

201

(1,592

)

(Decrease)/increase in trade and other creditors

(235

)

1,595

Cash generated from operations

(41

)

1,351

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

£'000

£'000

Year ended 31 March 2024

31.3.24

1.4.23

£'000

£'000

Cash and cash equivalents

-

967

1.	GENERAL INFORMATION

The nature of the company's operations and principal activities are detailed in the Report of the Directors.

These financial statements have been prepared in £ sterling.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated.

2.	STATUTORY INFORMATION

Duncan & Toplis Audit Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 ("FRS102") "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention on a going concern basis.

Significant judgements and estimates

In the process of applying the company's accounting policies, the company is required to make certain estimates, judgements and assumptions that it believes are reasonable based upon the information available. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the periods presented.

On an ongoing basis, the company evaluates its estimates using historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. Actual results may differ from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision become known.

The company believes that the estimates and judgements in relation to the useful economic life of goodwill, the valuation of the interest rate swap, the impairment of trade debtors and the impairment of amounts recoverable on contract have the most significant impact on the annual results.

(i) Impairment of trade debtors

The company makes an estimate of the recoverable value of trade debtors. When assessing impairment of trade debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 13 for the carrying value of trade debtors.

(ii) Impairment of amounts recoverable on contract

Services provided to clients, which at the financial reporting date have not been billed, are recognised as amounts recoverable on contract. The company makes an estimate of the recoverable value based on the historical recovery rate for a portfolio of similar clients. See note 13 for the carrying value of amounts recoverable on contract.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Finance leases are those where substantially all of the risks and rewards incidental to ownership are transferred to the entity. Obligations under such agreements are included in assets and liabilities at amounts equal to the fair value of the leased asset or, if lower, the present value of the minimum lease payments, determined at the inception of the lease.

The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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.

Revenue recognition

Revenue represents amounts recoverable from clients for professional services provided during the year, excluding value added tax. The company recognises revenue when the amount can be reliably measured and it is probable that economic benefits will flow.

Services provided to clients, which at the financial reporting date have not been billed, are recognised as amounts recoverable on contracts.

Revenue recognised in this manner is based on an assessment of the fair value of the services provided at the financial reporting date reflecting the stage of completion of the service rendered. Stage of completion is measured by reference to the sales value of work done to date multiplied by the historical recovery rate for a portfolio of similar clients.

Basic financial instruments

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Basic financial liabilities, including trade and other creditors, bank loans (except those detailed below under "other financial instruments") and loans from Directors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial instruments including derivatives

Other financial instruments including banks loans and interest rate swaps are initially recognised at fair value on the date a contract is entered into and are subsequently remeasured at their fair value through the income statement.

Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative.

Investments

Investments in associates are held at historical cost less accumulated impairment losses.

4.

REVENUE

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

An analysis of revenue by class of business is given below:

2025

2024

£'000

£'000

Professional services

4,852

13,838

Other income

-

206

4,852

14,044

5.	EMPLOYEES AND DIRECTORS

2025

2024

£'000

£'000

Wages and salaries

-

6,416

Social security costs

-

662

Other pension costs

-

719

-

7,797

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

2025

2024

Fee earning team members

-

163

Support team members

-

38

-

201

2025

2024

£

£

Directors' remuneration

-

946,439

Directors' pension contributions to money purchase schemes

-

206,096

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

Money purchase schemes

-

2

6.	OPERATING (LOSS)/PROFIT

The operating loss (2024 - operating profit) is stated after charging/(crediting):

2025

2024

£'000

£'000

Other operating leases

-

226

Depreciation - owned assets

-

147

Depreciation - assets on hire purchase contracts or finance leases

-

2

Profit on disposal of fixed assets

-

(10

)

Goodwill amortisation

-

297

Auditors' remuneration

17

4

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£'000

£'000

Bank interest

-

1

Bank loan interest

-

91

-

92

8.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the profit for the year was as follows:

2025

2024

£'000

£'000

Current tax:

UK corporation tax

(34

)

255

Tax on profit

(34

)

255

Reconciliation of total tax (credit)/charge included in profit and loss

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

2025

2024

£'000

£'000

Profit before tax

-

823

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

-

206

Effects of:

Expenses not deductible for tax purposes

-

3

Income not taxable for tax purposes

-

(3

)

Depreciation in excess of capital allowances

-

7

Adjustments to tax charge in respect of previous periods

(34

)

(14

)

Amortisation disallowed

-

47

Other timing differences

-

9

Total tax (credit)/charge

(34

)

255

9.

DIVIDENDS

2025

2024

£'000

£'000

Ordinary shares of £1 each

Interim

-

3,895

10.	FIXED ASSET INVESTMENTS

Interest

in other

participating

interests

£'000

COST

At 1 April 2024

and 31 March 2025

3

NET BOOK VALUE

At 31 March 2025

3

At 31 March 2024

3

The company has a 50% interest in Fidentia Services LLP.

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£'000

£'000

Trade debtors

1,021

699

Amounts owed by associates

-

563

Amounts recoverable on

contracts

135

110

Prepayments and accrued income

30

15

1,186

1,387

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£'000

£'000

Payments on account

5

-

Amounts owed to associates

313

-

Corporation Tax

(42

)

84

VAT

35

29

Accruals and deferred income

53

486

364

599