REGISTERED NUMBER: 09127501 (England and Wales)

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

DUNCAN & TOPLIS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Statement of Financial Position

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

D A Brain

M N Smith

REGISTERED OFFICE:

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

REGISTERED NUMBER:

09127501 (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 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 ACTIVITIES

The principal activities of the company were the provision of accountancy, taxation, corporate finance, payroll and cloud accounting services to businesses and individuals.

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:

M N Smith - appointed 7 June 2024

A N Reynolds - resigned 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 Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity 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 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

29,923

14,016

Cost of sales

18,453

9,119

GROSS PROFIT

11,470

4,897

Administrative expenses

11,366

5,134

104

(237

)

Other operating income

127

102

OPERATING PROFIT/(LOSS)

6

231

(135

)

Income from fixed asset investments

1,082

3,931

Interest receivable and similar income

50

7

1,132

3,938

1,363

3,803

Interest payable and similar expenses

7

764

263

PROFIT BEFORE TAXATION

599

3,540

Tax on profit

8

81

(152

)

PROFIT FOR THE FINANCIAL YEAR

518

3,692

PROFIT FOR THE YEAR

518

3,692

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

518

3,692

FIXED ASSETS

Intangible assets

10

12,174

419

Property, plant and equipment

11

1,412

1,062

Investments

12

-

4

13,586

1,485

CURRENT ASSETS

Debtors

13

8,716

7,470

Cash at bank

2,465

1,634

11,181

9,104

CREDITORS

Amounts falling due within one year

14

18,643

7,625

NET CURRENT (LIABILITIES)/ASSETS

(7,462

)

1,479

TOTAL ASSETS LESS CURRENT LIABILITIES

6,124

2,964

CREDITORS

Amounts falling due after more than one year

15

(2,589

)

-

PROVISIONS FOR LIABILITIES

17

(172

)

(119

)

NET ASSETS

3,363

2,845

CAPITAL AND RESERVES

Called up share capital

18

2,628

2,628

Capital redemption reserve

19

206

206

Retained earnings

19

529

11

SHAREHOLDERS' FUNDS

3,363

2,845

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

Capital

share

Retained

redemption

Other

Total

capital

earnings

reserve

reserves

equity

£'000

£'000

£'000

£'000

£'000

Balance at 1 April 2023

2,629

837

383

(1

)

3,848

Changes in equity

Purchase of own shares

-

-

(177

)

-

(177

)

Treasury shares cancelled

(1

)

-

-

1

-

Dividends

-

(4,518

)

-

-

(4,518

)

Total comprehensive income

-

3,692

-

-

3,692

Balance at 31 March 2024

2,628

11

206

-

2,845

Changes in equity

Total comprehensive income

-

518

-

-

518

Balance at 31 March 2025

2,628

529

206

-

3,363

1.	GENERAL INFORMATION

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

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 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.

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

3.	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" including the provisions of Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention.

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 requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirement of paragraph 33.7.

Preparation of consolidated financial statements

The financial statements contain information about Duncan & Toplis 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 undertakings are included by full consolidation in the consolidated financial statements of its ultimate parent, Kinbrook Holdings Limited, registered in England and Wales.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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 impairment of trade debtors and the impairment of amounts recoverable on contract have the most significant impact on the annual results.

(i) Useful economic life of goodwill

Goodwill, being the amount paid on acquisition of a business or fees is amortised over an estimated useful economic life of 10 years. The useful life is estimated taking into account client retention rates, breadth of service, brand name, regulatory environment, market share, past performance and percentage of recurring fee income.

(ii) 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 9 for the carrying value of trade debtors which is stated after an impairment provision of £162k (2024 : £87k).

(iii) 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 9 for the carrying value of amounts recoverable on contract which is stated after an impairment provision of £nil (2024 : £119k).

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.

Goodwill

Goodwill, being amounts recognised on multiple business acquisitions since 2014, is being amortised over the useful life of these businesses. We deem the useful life of these businesses to be 10 years.

Tangible fixed assets

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

Improvements to property

-

10% on cost

Plant and machinery

-

Between 10% and 33% on cost

Fixtures and fittings

-

Between 5% and 33% on cost

Motor vehicles

-

25% on cost

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

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

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.

4.

REVENUE

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

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

2025

2024

£'000

£'000

Professional services

29,697

14,012

Other income

226

4

29,923

14,016

5.	EMPLOYEES AND DIRECTORS

2025

2024

£'000

£'000

Wages and salaries

15,777

7,719

Social security costs

1,563

799

Other pension costs

1,912

919

19,252

9,437

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

2025

2024

Fee earning team members

350

166

Support team members

78

39

428

205

2025

2024

£

£

Directors' remuneration

355,760

141,726

Directors' pension contributions to money purchase schemes

90,000

48,181

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

Money purchase schemes

3

2

Information regarding the highest paid director for the year ended 31 March 2025 is as follows:

2025

£

Emoluments etc

173,903

Pension contributions to money purchase schemes

60,000

6.	OPERATING PROFIT/(LOSS)

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

2025

2024

£'000

£'000

Other operating leases

753

327

Depreciation - owned assets

457

233

(Profit)/loss on disposal of fixed assets

(6

)

5

Goodwill amortisation

873

415

Auditors' remuneration

24

18

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£'000

£'000

Bank loan interest

764

263

8.

TAXATION

Analysis of the tax charge/(credit)

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

2025

2024

£'000

£'000

Current tax:

UK corporation tax

28

(42

)

Deferred tax

53

(110

)

Tax on profit

81

(152

)

9.

DIVIDENDS

The total distribution of dividends for the year was £nil (2024 : £4,518,308).

10.	INTANGIBLE FIXED ASSETS

Goodwill

£'000

COST

At 1 April 2024

834

Additions

12,628

At 31 March 2025

13,462

AMORTISATION

At 1 April 2024

415

Amortisation for year

873

At 31 March 2025

1,288

NET BOOK VALUE

At 31 March 2025

12,174

At 31 March 2024

419

11.	PROPERTY, PLANT AND EQUIPMENT

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£'000

£'000

£'000

£'000

£'000

COST

At 1 April 2024

241

895

146

5

1,287

Additions

-

644

20

-

664

Transfer to ownership

117

19

7

-

143

At 31 March 2025

358

1,558

173

5

2,094

DEPRECIATION

At 1 April 2024

14

183

24

4

225

Charge for year

52

363

41

1

457

At 31 March 2025

66

546

65

5

682

NET BOOK VALUE

At 31 March 2025

292

1,012

108

-

1,412

At 31 March 2024

227

712

122

1

1,062

12.	FIXED ASSET INVESTMENTS

Unlisted

investments

£'000

COST

At 1 April 2024

4

Disposals

(4

)

At 31 March 2025

-

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

4

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Richard James Green Limited

Registered office: 3 Castlegate, Grantham NG31 6SF

Nature of business: Dormant

%

Class of shares:

holding

Ordinary shares of £1 each

100.00