REGISTERED NUMBER: 09383324 (England and Wales)

ETHOS TECHNOLOGY LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

Page

Company Information

1

Strategic Report

2

to

3

Report of the Directors

4

Report of the Independent Auditors

5

to

7

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

to

14

Notes to the Financial Statements

15

to

24

DIRECTORS:

Cobra Holdings Ltd

Mr Omar Galbraith

Mr Martin Stuart Whittle

REGISTERED OFFICE:

Cranfield University Technology Park

University Way

Cranfield

Bedfordshire

MK43 0BT

REGISTERED NUMBER:

09383324 (England and Wales)

AUDITORS:

Shareef

Statutory Auditors

4 Highlands Court

Cranmore Avenue

Solihull

West Midlands

B90 4LE

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

REVIEW OF BUSINESS

We believe the results for the period and the financial position of the company are considered to be satisfactory. We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole. The turnover of the company has increased by 8.3% in comparison to the previous year due to improved product ranges. Gross margins have improved by 0.048%pts. The turnover of the company was within expectations and we are confident the turnover and profitability will be maintained in forthcoming years.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to competition from other high street retailers.

The company does not use financial instruments as part of its financial management. It is exposed to the usual credit risk and cash flow risk associated with selling on credit and manages this through credit control procedures.

The company's financial assets and liabilities, such as cash, trade creditors, trade debtors arise directly from the company's operating activities. The main risks associated with the company's financial assets and liabilities are set out below.

Interest rate risk.

Whilst external borrowing facilities are in place, there is currently a limited requirement to utilise these therefore the risk of interest rate movement is considered to be low.

Credit risk.

The company has external debtors, however, the company undertakes assessments of its customers in order to ensure that credit is not extended where there is a likelihood of default.

Liquidity risk.

The company aims to mitigate liquidity risk by managing cash generated by its operations.

THE LIKELY CONSEQUENCES OF ANY DECISION IN THE LONG TERM

The Director considers all the potential impacts and risks for the company, employees, suppliers and the governing authorities when making decisions, believed to be in the best interest of the company and its shareholders.

INTERESTS OF THE COMPANY'S EMPLOYEES

The Company's employees are fundamental to the successful operations of the company, regardless of their role or where they are based. The Company and it's board of Directors are fully committed to equality, diversity and inclusion objectives and ensure this is cascaded down to all departments. The Health and Safety of the Club's employees continues to be a key focus as is ensuring the mental well-being of all employees.

THE NEED TO FOSTER THE COMPANY'S RELATIONSHIPS WITH SUPPLIERS AND CUSTOMERS

As a company we work closely with the business community across the local area in terms of using services, procuring goods. Where possible, the company aims to support the local economy and recognises the need to be socially responsible. The company has good working relationships with key stakeholders.

ON BEHALF OF THE BOARD:

Mr Omar Galbraith - Director

26 November 2025

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

DIVIDENDS

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

DIRECTORS

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

Cobra Holdings Ltd

Mr Omar Galbraith

Mr Martin Stuart Whittle

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he 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.

AUDITORS

The auditors, Shareef, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr Omar Galbraith - Director

26 November 2025

Opinion

We have audited the financial statements of Ethos Technology Limited (the 'company') for the year ended 31 January 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 January 2025 and of its loss 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.

Emphasis of matter

The 2024 comparatives were not audited by us or any other auditors.

We have however reviewed material items that affect the 2025 figures and made necessary adjustments to ensure that closing balances at the end of 2025 are not materially misstated.

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:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and FRS 102. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to achieve desired financial results and the manipulation of exceptional items and management bias in accounting estimates. Audit procedures performed by the engagement team included, but were not limited to: - enquiries with management, and the Company's legal counsel (internal and, where relevant, external), including consideration of known or suspected instances of fraud and non-compliance with laws and regulations and examining supporting calculations where a provision has been made in respect of these; reading key correspondence with regulatory authorities in relation to compliance with certain employment laws and indirect tax matters; - understanding and evaluating the design and implementation of management's controls designed to prevent and detect irregularities; - challenging assumptions and judgements made by management in their significant accounting estimates, in particular, in relation to accrued expenses); - identifying and testing journal entries, in particular any journal entries posted with unusual account combinations and postings by unusual users; There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

Use of our report

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

Naeem Shareef (Senior Statutory Auditor)

for and on behalf of Shareef

Statutory Auditors

4 Highlands Court

Cranmore Avenue

Solihull

West Midlands

B90 4LE

26 November 2025

TURNOVER

62,759,432

58,006,392

Cost of sales

60,280,550

55,909,841

GROSS PROFIT

2,478,882

2,096,551

Administrative expenses

2,511,765

2,121,429

(32,883

)

(24,878

)

Other operating income

42,474

23,327

OPERATING PROFIT/(LOSS)

4

9,591

(1,551

)

Interest receivable and similar income

103,463

68,657

113,054

67,106

Interest payable and similar expenses

5

17,795

23,436

PROFIT BEFORE TAXATION

95,259

43,670

Tax on profit

6

97,281

10,316

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(2,022

)

33,354

(LOSS)/PROFIT FOR THE YEAR

(2,022

)

33,354

OTHER COMPREHENSIVE INCOME

Reclassification of revaluation reserve

-

944,000

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

944,000

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(2,022

)

977,354

Note

Prior year adjustment

8

140,888

72,413

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

138,866

1,049,767

FIXED ASSETS

Tangible assets

9

142,162

199,249

CURRENT ASSETS

Debtors

10

16,861,849

18,131,458

Cash at bank

4,646,228

3,630,737

21,508,077

21,762,195

CREDITORS

Amounts falling due within one year

11

19,425,042

19,667,227

NET CURRENT ASSETS

2,083,035

2,094,968

TOTAL ASSETS LESS CURRENT LIABILITIES

2,225,197

2,294,217

CREDITORS

Amounts falling due after more than one year

12

99,092

166,090

NET ASSETS

2,126,105

2,128,127

CAPITAL AND RESERVES

Called up share capital

16

900

900

Retained earnings

17

2,125,205

2,127,227

SHAREHOLDERS' FUNDS

2,126,105

2,128,127

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2025 and were signed on its behalf by:

Mr Omar Galbraith - Director

Mr Martin Stuart Whittle - Director

Called up

share

Retained

Share

Revaluation

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 February 2023

12,444

2,083,960

10,000

(944,000

)

1,162,404

Prior year adjustment

-

72,413

-

-

72,413

As restated

12,444

2,156,373

10,000

(944,000

)

1,234,817

Changes in equity

Issue of share capital

(11,544

)

-

(10,000

)

-

(21,544

)

Dividends

-

(62,500

)

-

-

(62,500

)

Total comprehensive income

-

(107,534

)

-

944,000

836,466

Balance at 31 January 2024

900

1,986,339

-

-

1,987,239

Prior year adjustment

-

140,888

-

-

140,888

As restated

900

2,127,227

-

-

2,128,127

Changes in equity

Total comprehensive income

-

(2,022

)

-

-

(2,022

)

Balance at 31 January 2025

900

2,125,205

-

-

2,126,105

Cash flows from operating activities

Cash generated from operations

1

1,216,094

1,364,116

Interest paid

(17,795

)

(23,436

)

Tax paid

(70,255

)

-

Net cash from operating activities

1,128,044

1,340,680

Cash flows from investing activities

Purchase of tangible fixed assets

(13,964

)

(179,951

)

Amounts due from group undertakings

120,245

(2,352,087

)

Interest received

103,463

68,657

Net cash from investing activities

209,744

(2,463,381

)

Cash flows from financing activities

Loan repayments in year

(67,853

)

(70,622

)

Amount introduced by directors

97,806

198,962

Amount withdrawn by directors

(352,250

)

-

Share issue

-

(11,544

)

Transfer of share premium to creditors

-

(10,000

)

Reclassification of revaluation reserve

-

944,000

Equity dividends paid

-

(62,500

)

Net cash from financing activities

(322,297

)

988,296

Increase/(decrease) in cash and cash equivalents

1,015,491

(134,405

)

Cash and cash equivalents at beginning of year

2

3,630,737

3,765,142

Cash and cash equivalents at end of year

2

4,646,228

3,630,737

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

2025

2024

as restated

£

£

Profit before taxation

95,259

43,670

Depreciation charges

71,050

47,726

Finance costs

17,795

23,436

Finance income

(103,463

)

(68,657

)

80,641

46,175

Decrease/(increase) in trade and other debtors

1,149,364

(13,052,971

)

(Decrease)/increase in trade and other creditors

(13,911

)

14,370,912

Cash generated from operations

1,216,094

1,364,116

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 January 2025

31.1.25

1.2.24

£

£

Cash and cash equivalents

4,646,228

3,630,737

Year ended 31 January 2024

31.1.24

1.2.23

as restated

£

£

Cash and cash equivalents

3,630,737

3,765,142

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.24

Cash flow

At 31.1.25

£

£

£

Net cash

Cash at bank

3,630,737

1,015,491

4,646,228

3,630,737

1,015,491

4,646,228

Debt

Debts falling due within 1 year

(67,854

)

856

(66,998

)

Debts falling due after 1 year

(166,090

)

66,998

(99,092

)

(233,944

)

67,854

(166,090

)

Total

3,396,793

1,083,345

4,480,138

1.	STATUTORY INFORMATION

Ethos Technology 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.

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.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery

-

33% on cost

Fixtures and fittings

-

10% on cost

Motor vehicles

-

33% on cost

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and 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_.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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. Long term player payables are also accounted for in this manner. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

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.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Amounts due from lessees under finance leases are recognised as receivables at the amount of the company's net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company's net investment outstanding in respect of leases.

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.

3.	EMPLOYEES AND DIRECTORS

2025

2024

as restated

£

£

Wages and salaries

782,239

622,281

Social security costs

77,814

56,030

Other pension costs

11,986

8,745

872,039

687,056

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

2025

2024

as restated

Administration

22

20

2025

2024

as restated

£

£

Directors' remuneration

99,640

31,378

Directors' pension contributions to money purchase schemes

2,626

2,626

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

Money purchase schemes

2

2

4.	OPERATING PROFIT/(LOSS)

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

2025

2024

as restated

£

£

Hire of plant and machinery

5,444

-

Other operating leases

133,610

264,556

Depreciation - owned assets

71,051

47,726

Auditors' remuneration

14,000

-

Exchange gains/ (Losses)

17,091

244,618

Stocks recognised as an expense

60,280,550

55,918,941

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

as restated

£

£

Bank loan interest

17,795

23,436