REGISTERED NUMBER: 01888295 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

TRANSMISSION DEVELOPMENTS CO (GB) LTD

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

I J Osborne

Mrs C A Osborne

C J Cowler

SECRETARY:

Mrs C A Osborne

REGISTERED OFFICE:

Dawkins Road

Hamworthy

Poole

Dorset

BH15 4HF

REGISTERED NUMBER:

01888295 (England and Wales)

AUDITORS:

MGI Midgley Snelling LLP

Statutory Auditors

Chartered Accountants

Ibex House

Baker Street

Weybridge

Surrey

KT13 8AH

SOLICITORS:

Humphries Kirk

Glebe House

North Street

Wareham

Dorset

BH20 4AN

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

REVIEW OF BUSINESS

Despite some market challenges and uncertainties on a local and global scale, the directors are pleased to note that the business turnover increased by 3% this year.

Unfortunately, an impact on the gross profit margin was however unavoidable, and this reduced from 38% to 34%.

Given the gross profit margin is considered to be the key performance indicator of the company, the directors are therefore slightly disappointed with the results for the year.

The business takes pride in remunerating its employees fairly and with due recognition to cost of living pressures.

The directors were therefore pleased to note that the average employee salary at the company this year increased from £34,829 to £36,949, an increase of 6%.

At the balance sheet date, the net assets of the company were £11,194,195, an improvement of 2% on the prior year. Retained earnings available for distribution also increased by 3% to £10,088,623, even after payment of a dividend of £76,800. The directors are therefore pleased with the position of the company at the balance sheet date.

PRINCIPAL RISKS AND UNCERTAINTIES

Due to the activities of the company it is exposed to various financial risks. These include market risk, credit risk and liquidity risks. All such risks are monitored regularly in order to minimise any negative effects these may have on the company's financial performance.

Forecasts of the company's profitability, cash flow and liquidity positions are monitored by management on a regular basis.

A review by management on a monthly basis is carried out to ensure that all risks, including slowdown of industrial activity, loss or relocation of major suppliers or customers, loss of internal systems and loss of key employees are monitored and dealt with to minimise its impact.

KEY PERFORMANCE INDICATORS

The company maintains and monitors a number of key financial performance indicators to ensure that it is performing in accordance with expectations. The directors believe that the gross profit margin is the key indicator of the performance of the company during the year, and this has been analysed in the review of business above. The directors believe that the net current assets are the key indicator of the position of the company at the balance sheet date, and this has been analysed in the review of business above.

FUTURE DEVELOPMENTS

The directors believe that the strong net current assets position of the company provides a strategic advantage as this enables the company to respond quickly to investment opportunities in equipment, machinery, software and stock without the need for external finance. The directors believe such investment will help maintain the performance and position of the company throughout 2025/2026.

ON BEHALF OF THE BOARD:

Mrs C A Osborne - Secretary

15 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 manufacturers and suppliers of transmission belts, pulleys and chains.

DIVIDENDS

No interim dividend was paid during the year. The directors recommend a final dividend of £0.16 per share.

The total distribution of dividends for the year ended 31 March 2025 will be £ 76,800 .

RESEARCH AND DEVELOPMENT

The company continues to carry out development work in its pursuit of new products and processes. The company also aims to improve its quality and profitability whilst remaining competitive in the market.

Any expenditure incurred, due to its immateriality in relation to the size of the company, is charged to the profit and loss account as incurred. An exception to this is expenditure incurred of a capital nature.

DIRECTORS

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

I J Osborne

Mrs C A Osborne

C J Cowler

EMPLOYEES

In order for the company to maintain its status as a leader in the manufacturing and distribution of mechanical power transmission components, it needs properly informed staff with a high level of training and motivation to succeed.

The company trains all new and existing staff to such level as to be able to familiarise themselves with products, markets, service standards and management skills in order to better satisfy the demands of the customer and thus enhancing their own career prospects at the same time.

The company has detailed policies regarding environmental and health and safety matters. These policies are applied throughout the whole of the company in order to ensure all procedures are up to date.

The company complies with relevant legislation including that specifically concerning disabled employees. The company provides equal opportunities for training, career development and promotion for disabled as for other employees.

DISCLOSURE IN THE STRATEGIC REPORT

Certain information required under Schedule 7, including details of future developments, has been included in the Strategic Report in accordance with section 414C(11) of the Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, MGI Midgley Snelling LLP, are deemed to be re-appointed in accordance with section 386 of the Companies Act 1985, which continues in force under the Companies Act 2006, by virtue of an elective resolution passed by the members on 14 November 1990.

MEDIUM SIZED COMPANIES EXEMPTION

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

ON BEHALF OF THE BOARD:

Mrs C A Osborne - Secretary

15 December 2025

Opinion

We have audited the financial statements of Transmission Developments Co (GB) Ltd (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on 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:

In planning and designing our audit tests, we identify and assess the risks of material misstatements within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override of controls or procedures.

As a result of this assessment, we considered the opportunities and incentives that may exist within the company for fraud and identified that the greatest area of risk was in relation to management override, the valuation of inventory and completeness of income.

We have obtained an understanding of the legal and regulatory frameworks that the company operates in from discussions with the directors together with our knowledge of the company and its industry sector. We have focused on the provisions of those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

We performed the following audit procedures after consideration of the above risks which included the following:

-

enquiry of management of actual and potential litigation and claims;

-

reviewing correspondence with HMRC;

-

testing a sample of inventory items for cost and compare to NRV using recent selling prices;

-

review provisions for slow-moving or obsolete stock and assess reasonableness;

-

agreeing a sample of sales from source documents and shipping records and tracing to sales invoices and the financial statements to confirm completeness;

-

examining sales invoices and shipping documents around year-end to ensure correct period recognition;

-

reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

-

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and

-

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of the business.

The engagement partner has assessed that all engagement team members were made aware of the relevant laws and regulations and potential fraud risks and were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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. The 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.

Sarah Squires BEng FCA (Senior Statutory Auditor)

for and on behalf of MGI Midgley Snelling LLP

Statutory Auditors

Chartered Accountants

Ibex House

Baker Street

Weybridge

Surrey

KT13 8AH

15 December 2025

TURNOVER

3

10,904,149

10,602,001

Cost of sales

7,161,493

6,571,111

GROSS PROFIT

3,742,656

4,030,890

Administrative expenses

3,304,380

2,976,129

438,276

1,054,761

Other operating income

3,500

3,500

OPERATING PROFIT

5

441,776

1,058,261

Interest receivable and similar income

66,569

47,056

PROFIT BEFORE TAXATION

508,345

1,105,317

Tax on profit

6

134,326

283,512

PROFIT FOR THE FINANCIAL YEAR

374,019

821,805

PROFIT FOR THE YEAR

374,019

821,805

OTHER COMPREHENSIVE LOSS

Freehold property revaluation

(115,000

)

-

Income tax relating to other comprehensive loss

28,750

-

OTHER COMPREHENSIVE LOSS FOR THE YEAR, NET OF INCOME TAX

(86,250

)

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

287,769

821,805

FIXED ASSETS

Tangible assets

8

1,335,773

1,527,333

CURRENT ASSETS

Stocks

9

5,181,384

5,408,290

Debtors

10

2,235,851

2,101,842

Cash at bank

4,304,100

4,037,825

11,721,335

11,547,957

CREDITORS

Amounts falling due within one year

11

1,703,989

1,890,870

NET CURRENT ASSETS

10,017,346

9,657,087

TOTAL ASSETS LESS CURRENT LIABILITIES

11,353,119

11,184,420

PROVISIONS FOR LIABILITIES

13

158,924

201,194

NET ASSETS

11,194,195

10,983,226

CAPITAL AND RESERVES

Called up share capital

14

480,000

480,000

Share premium

15

59,015

59,015

Revaluation reserve

15

566,557

652,807

Retained earnings

15

10,088,623

9,791,404

SHAREHOLDERS' FUNDS

11,194,195

10,983,226

The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2025 and were signed on its behalf by:

I J Osborne - Director

Mrs C A Osborne - Director

Called up

share

Retained

Share

Revaluation

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

480,000

9,027,199

59,015

652,807

10,219,021

Changes in equity

Dividends

-

(57,600

)

-

-

(57,600

)

Total comprehensive income

-

821,805

-

-

821,805

Balance at 31 March 2024

480,000

9,791,404

59,015

652,807

10,983,226

Changes in equity

Dividends

-

(76,800

)

-

-

(76,800

)

Total comprehensive income

-

374,019

-

(86,250

)

287,769

Balance at 31 March 2025

480,000

10,088,623

59,015

566,557

11,194,195

Cash flows from operating activities

Cash generated from operations

1

689,731

1,791,230

Tax paid

(306,342

)

(278,372

)

Net cash from operating activities

383,389

1,512,858

Cash flows from investing activities

Purchase of tangible fixed assets

(68,000

)

(19,250

)

Interest received

66,569

47,056

Net cash from investing activities

(1,431

)

27,806

Cash flows from financing activities

Introduced by / (repayment to) directors

(38,883

)

(40,868

)

Equity dividends paid

(76,800

)

(57,600

)

Net cash from financing activities

(115,683

)

(98,468

)

Increase in cash and cash equivalents

266,275

1,442,196

Cash and cash equivalents at beginning of year

2

4,037,825

2,595,629

Cash and cash equivalents at end of year

2

4,304,100

4,037,825

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

31.3.25

31.3.24

£

£

Profit before taxation

508,345

1,105,317

Depreciation charges

142,147

133,296

Loss on disposal of fixed assets

2,412

-

Finance income

(66,569

)

(47,056

)

586,335

1,191,557

Decrease in stocks

226,906

457,945

(Increase)/decrease in trade and other debtors

(134,009

)

173,119

Increase/(decrease) in trade and other creditors

10,499

(31,391

)

Cash generated from operations

689,731

1,791,230

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

4,304,100

4,037,825

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

4,037,825

2,595,629

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

4,037,825

266,275

4,304,100

4,037,825

266,275

4,304,100

Total

4,037,825

266,275

4,304,100

1.	STATUTORY INFORMATION

Transmission Developments Co (GB) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Turnover/revenue recognition

The company recognises as turnover the net invoiced sales of goods to customers, excluding value added tax. Turnover is recognised on despatch in the year in the normal course of business.

Depreciation

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

Freehold property

-

2% on cost

Office equipment

-

15% on reducing balance

Improvements to property

-

4% on cost

Plant and machinery

-

33% on cost and 15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on cost

Stock and work in progress

Stock and work in progress are stated at the lower of cost and net realisable value.

The cost of stock is calculated using the weighted average method. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

At each reporting date an assessment is made for impairment of stock. Any excess of the carrying amount of stock over its net realisable value is recognised as an impairment loss in the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.

Work in progress job costs comprise direct materials and, where applicable, direct labour costs and a proportion of those overheads that have been incurred in bringing the job to its present condition.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Foreign currencies

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme for directors. The assets of the scheme are held seperately from those of the company in an independently administered fund. Contributions payable for the year are charged in the profit and loss account.

The company also makes contributions into a stakeholder pension scheme for its staff members. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable for the year are charged in the profit and loss account.

Operating leases

Costs in respect of operating leases are charged against profits on a straight line basis over the period of the lease.

Employee benefits

The costs of short term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Going concern

Given the strength of the company balance sheet and following another successful year of trading, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Equity instruments

Equity instruments issued by the company are recorded as the proceeds received, net of transaction costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Financial instruments

Basic financial assets, which include debtors and cash at bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including for example creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Expenditure on customisation or modification of software has not been capitalised.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

Freehold property is carried at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in the statement of comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in the profit and loss account.

Critical judgements and key sources of estimation uncertainty

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

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

Stock

To determine whether any provision is required against slow moving or obsolete stock items. These decisions will depend on an assessment of the latest movements of the items held in stock at the balance sheet date, along with a physical inspection to identify any damaged items.

Debtors recoverability

Management applies judgement in evaluating the recoverability of debtors. This judgement is based on the ageing profile of debtors and historical experience. To the extent that the directors believe debtors not to be recoverable they have been provided for in the financial statements.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the asset and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as the working condition of the assets and whether the assets are still in use are both taken into account.

Freehold property valuation

The freehold property value is considered by the directors on an annual basis. The directors obtain independent valuations periodically in accordance with the RICS valuation standards. The most recent valuation being 19th March 2025. They also use their own professional judgement after taking into account local market conditions.

Valuation of stock

Stock held by the company is included in the accounts at the average purchase price of the item. This is considered to be a reasonable and acceptable valuation method, however, stock items are also reviewed to their current sales price, if available, or the most recent purchase price and, if deemed necessary, an impairment adjustment is made based on the possible losses of a reduced net realisable value. The company also prepares a provision based on stock that has not moved for five years.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

31.3.25

31.3.24

£

£

United Kingdom

9,969,841

9,650,962

Rest of the World

934,308

951,039

10,904,149

10,602,001

4.	EMPLOYEES AND DIRECTORS

31.3.25

31.3.24

£

£

Wages and salaries

3,103,694

3,099,801

Social security costs

341,083

318,544

Other pension costs

509,540

150,826

3,954,317

3,569,171

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

31.3.25

31.3.24

Sales and marketing

17

17

Technical and administration

10

13

Manufacturing and production

43

45

Warehouse and distribution

11

11

Directors

3

3

84

89

31.3.25

31.3.24

£

£

Directors' remuneration

169,123

290,471

Directors' pension contributions to money purchase schemes

417,915

21,218

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

Money purchase schemes

3

1

The Directors comprise the key management personnel of the company.