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

The principal activity of the Company and Group was that of a holding company for its subsidiary companies, specialising in the formulation, manufacture, and global supply of technically advanced wax compounds for industrial and consumer applications.

Operating from its purpose-built facilities in the United Kingdom, the Company combines technical innovation, manufacturing expertise, and customer collaboration to deliver tailored solutions that meet evolving market demands for innovation, performance, sustainability, and cost efficiency.

The Company’s strategic objective is to achieve sustainable and profitable growth through innovation, customer focus, and continued development of manufacturing capabilities. The strategy is underpinned by the following key priorities:

• Customer partnerships: working closely with clients to deliver bespoke formulations and technical support, strengthening long-term relationships.

• Operational efficiency: investing in process automation and energy management to reduce waste, improve productivity, and enhance cost competitiveness.

• Market diversification: expanding into adjacent technical markets and developing export opportunities globally.

• Sustainability and innovation: developing eco-friendly wax blends using renewable and recycled feedstocks to meet increasing customer and regulatory expectations.

The financial year to 31 March 2025 delivered a solid performance and showcased the Company’s sustained resilience despite challenging market conditions.

Turnover for the year was £11,127,960 (2024: £11,335,191), with an operating profit of £1,515,307 (2024: £1,213,162). Margins strengthened despite ongoing cost pressures from energy and raw materials, reflecting enhanced production efficiency and disciplined procurement practices.

Operating cash flow remained positive throughout the year, and the balance sheet remains robust, providing a strong platform for continued investment in research and development, infrastructure and organisational resources.

The directors oversee and manage the Company’s performance using comprehensive monthly accounts together with a series of operational and quality-related performance measures. Key metrics relating to financial performance, cash management and stock control include:

The Directors regularly review and monitor risks through established management processes to ensure that appropriate actions and controls are in place. The principal risks and uncertainties facing the Company include:

• Raw material and energy price volatility: mitigated through multi-sourcing strategies, long-term supplier relationships, and forward purchasing where appropriate.

• Global economic, market conditions and tariff volatilities: the business remains exposed to wider economic uncertainty, including fluctuations in international trade tariffs and duties that can affect the cost and availability of imported raw materials. These risks are mitigated through close monitoring of global market trends, maintaining flexible sourcing options, and managing a broad and diverse customer base that provides resilience.

• Challenging UK operating environment: manufacturing businesses continue to face elevated input costs, energy price instability, skills shortages, and ongoing supply chain disruption. The Company mitigates these pressures through operational efficiency improvements, careful cost management, production planning, and maintaining strong relationships with key suppliers.

The Company is committed to an ambitious long-term programme of investment in advanced manufacturing capabilities, the research and development of innovative products, and sustainability initiatives, all of which are expected to accelerate growth and enhance market leadership. Demand across the Company’s core sectors is anticipated to strengthen further, supported by expanding customer partnerships, a growing order pipeline and the Company’s unwavering commitment to quality, innovation and operational excellence.

Approved by the Board of Directors and signed on its behalf by:

The directors present their annual report and consolidated financial statements for the year ended 31 March 2025.

The principal activity of the Company and Group was that of a holding company for its subsidiary companies, specialising in the formulation, manufacture, and global supply of technically advanced wax compounds for industrial and consumer applications.

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £270,000 (2024: £150,000). The directors do not recommend payment of a further dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

WP Audit Services LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

The directors are responsible for preparing the Annual Report and the consolidated 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

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

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

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

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

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

We have audited the financial statements of The Darent Wax Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

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 our audit:

• The information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

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

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

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

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

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

As explained more fully in the directors' responsibilities statement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit, in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We designed procedures in line with our responsibilities, outlined below, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We obtained an understanding of the legal and regulatory framework applicable to the preparation of the financial statements of the group, and the procedures that management adopt to ensure compliance. We have considered the extent to which non-compliance might have a material effect on the financial statements, and in particular we identified: the Companies Act 2006 and FRS 102.

We have also identified other laws and regulations that do not have a direct effect on the amounts or disclosures within the financial statements, but for which compliance is fundamental to the group's operations and to avoid material penalties, including the GDPR, health and safety, employment law and ISO 9001:2015 certification.

Having reviewed the laws and regulations applicable to both the company and group, we designed and performed audit procedures to obtain sufficient appropriate audit evidence. Specifically, we:

• Select a team with sector experience to perform the audits;

• Reviewed internal policies and procedures and external guidance;

• Reviewed the minutes of meetings held in the year by management for any evidence of non compliance with laws or regulations;

• Held discussions with management involved in the compliance functions, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; and

• Reviewed the completeness and accuracy of associated disclosures made in the financial statements.

In relation to the group companies, 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 key risks were related to the understatement of revenue, and management bias in accounting estimates and areas of the financial statements requiring judgement. Such areas include, but are not limited to, the depreciation of tangible fixed assets, the carrying value of inventory and the bad debt provision for trade debtors. Audit procedures performed by us included:

• Assessing the systems and controls in place, and whether any weaknesses were identified which could suggest or allow fraud;

• Challenging assumptions made by management in arriving at accounting estimates and judgements, particularly in relation to the property revaluations;

• Considering the appropriateness of the depreciation rates used and ensuring that these had been applied consistently for all assets within each class;

• Reviewing the net realisable value of inventory and whether any provision is required for obsolete stock;

• Designing and performing audit procedures to obtain sufficient appropriate audit evidence in relation to the completeness and cut-off of income; and

• Review of post period-end receipts to ensure the recoverability of trade debtors.

In relation to the parent company, the additional risks identified were in relation to the correct treatment of deferred consideration and the valuation of the investment in subsidiaries. Procedures performed in relation to these areas included:

• Reviewing the treatment of deferred consideration and ensuring that it is held at the correct value in the period-end accounts; and

• Reviewing the performance of the subsidiaries for any indications of investments requiring impairment.

The audit has been planned and performed in such a way as to best identify risks of material misstatement, however, because of the inherent limitations of audit procedures there is a risk that we will not detect all irregularities, including those that may lead to material misstatements in the financial statements. For example, whilst we have properly planned and performed our audit in accordance with auditing standards, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely audit procedures are to identify it. Also, the risk of not detecting an irregularity due to fraud is higher than the risk of not detecting one resulting from error, due to probable deliberate concealment, override of controls, collusion or misrepresentations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

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

As permitted by s408 Companies Act 2006, the Company has not presented its own profit and loss account and related notes. The company’s profit for the year was £748,890 (2024 - £3,200,504 profit),

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The Darent Wax Group Limited (“the Company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1 The Mills, Station Road, South Darenth, Kent, DA4 9BD.

The group consists of The Darent Wax Group Limited and all of its subsidiaries.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

The consolidated group financial statements consist of the financial statements of the parent company, The Darent Wax Group Limited, together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 March 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

At the time of approving the financial statements, the directors have a reasonable expectation that the truegroup has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for goods, services and rental income provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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

Freehold land and buildings held and used in the company's own activities for production and supply of goods or for administrative purposes are stated in the statement of financial position at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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 recognised in the profit and loss account.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and loss are recognised in profit or loss.

Following the revaluation in the year, depreciation is not charged on the freehold properties as the residual value of the properties is not deemed to be materially different from the market value.

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

An impairment loss is recognised immediately in profit or loss.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stocks are valued in the accounts on an average cost basis.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

The company and group only have financial instruments which are classified as basic financial instruments.

Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.

Bank loans are initially recorded at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method.

Equity instruments issued by the group are recorded at 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 group.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.

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.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the group’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.

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

The salaries of production staff are included within stock to accurately reflect all elements of production costs incurred. In order to calculate this, management increase the cost of finished goods by a flat 20%, to recognise the cost of direct labour invested into finished goods.

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.

Depreciation is calculated to write off the cost or valuation of assets over their estimated useful economic lives. See note 1.6 for specific rates.

Amortisation is calculated to write off the goodwill over its estimated useful economic life of 10 years. See note 1.5 for more details on the amortisation policy.

Investment property is measured at fair value at each reporting date. The valuation considers all relevant available information, including but not limited to: relevant valuation indices (such as rental yields and recent sales) for properties of a similar type in the location in which the properties are held. The valuer uses their judgement in selecting and applying these indices, as well as their experience within the industry, to determine a suitable valuation of the properties. The valuation at 31 March 2025 was undertaken by a company independent of the company. The revaluation in the year was £2,127,141.

The average monthly number of persons (including directors) employed by the Group and Company during the year was:

Their aggregate remuneration comprised:

The Company paid no wages in the period to 31 March 2025 or the period to 31 March 2024.

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024: 2).

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

The freehold property was revalued as at 31 March 2025 to its fair value of £4,400,000 by The Acorn Group, who are independent of the group and have experience of valuing similar properties. If freehold property were included in the balance sheet on an historical cost basis, then the carrying amount would be £2,272,859 (2024: £2,326,077), including accumulated depreciation of £388,045 (2024: £334,827).

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Details of the Company's subsidiaries at 31 March 2025 are as follows:

The Company held no stock at 31 March 2025 or 31 March 2024.

Within other creditors is a balance owed to a director of the company totalling £nil at 31 March 2025 (2024 - £640,000). Interest amounting to £27,652 (2024: £65,280) was paid to the director in relation to this balance. There are fixed and floating charges dated 19 April 2021 and 28 June 2021 over the assets of the group in relation to this balance. These charges were satisfied on 1 May 2025.

The long-term loans are secured by fixed charges over the assets of the group.

The Group has two loans outstanding at the year end. The first loan has a balance of £196,000 at the year-end, bears interest at a rate of 2.99% and will be fully repaid by May 2026 as a result of monthly repayments. The second loan bears interest at a rate of 2.5% above the Bank of England base rate, with the loan maturing in May 2027.

The Company has no loans or overdrafts at 31 March 2025 or 31 March 2024.

The Company had no finance leases at 31 March 2025, or 31 March 2024.

The following are the major deferred tax liabilities and assets recognised by the Group and Company, and movements thereon:

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the Group in an independently administered fund.

At the reporting end date the Group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

There are fixed and floating charges across the group in respect of a loan held by Darent Wax Properties Limited. These charges are dated 5 February 2014, 31 May 2017 and 1 March 2021. The amount owed by the group under these charges at 31 March 2025 amounted to £1,233,772 (2024: £1,555,319).

There are fixed and floating charges across the group in respect of a loan held by The Darent Wax Company Limited. These charges are dated 9 May 2017, 16 May 2017 and 1 March 2021. The amount owed by the group under these charges at 31 March 2025 amounted to £196,000 (2024: £364,000).

At the year end, £2,068 (2024: £2,918) was owed to The Darent Wax Company Limited by a director of the company.

At the year end, £nil (2024: £9,595) was owed to The Darent Wax Company Limited by Darent Wax SAS, an entity controlled by a member of key management personnel. During the year, a balance of £9,911 was expensed.

The above balances are included within other debtors.

The Company has taken advantage of the exemption provided in 33.1A of FRS 102 not to include details of transactions with 100% group companies.

In April 2025, a group restructure was undertaken with Darent Wax 25 Ltd becoming the new ultimate parent company. As a result of the restructure, two fixed and floating charges were created in each group company over its assets on 19 May 2025 in respect of £2,043,694 due to two directors of Darent Wax 25 Limited.