REGISTERED NUMBER: NI609664 (Northern Ireland)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

MEDWYN HOLDING LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

9

Consolidated Income Statement

12

Consolidated Other Comprehensive Income

13

Consolidated Balance Sheet

14

Company Balance Sheet

15

Consolidated Statement of Changes in Equity

16

Company Statement of Changes in Equity

17

Consolidated Cash Flow Statement

18

Notes to the Consolidated Cash Flow Statement

19

Notes to the Consolidated Financial Statements

20

DIRECTORS:

Mr B Hewitt

Mrs M Hewitt

SECRETARY:

Mrs M Hewitt

REGISTERED OFFICE:

6 East Bridge Street

Enniskillen

Co. Fermanagh

BT74 7BT

REGISTERED NUMBER:

NI609664 (Northern Ireland)

SENIOR STATUTORY AUDITOR:

Thomas Samuel Patton

AUDITORS:

Patton Rainey Stenson Limited

Chartered Accountants and Statutory Auditors

6 East Bridge Street

Enniskillen

Co. Fermanagh

BT74 7BT

BANKERS:

Royal Bank of Scotland

88 High Street

Lanark

ML11 7ET

SOLICITORS:

Dale Solicitors LLP

18 Wallace Street

Galston

Ayrshire

KA4 8HP

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review was that of the design, fabrication and erection of structural steelwork.

REVIEW OF BUSINESS AND FUTURE DEVELOPMENTS

The group consider the results for the year and the position of the group at the year end to be satisfactory and in line with expectations.

The turnover during the year ended 31 March 2025 was £96,036,270 compared to £139,203,113 in the previous year. The Net Profit for the year before taxation has decreased from £22,561,796 in 2024 to £19,783,281 in 2025.

Net Assets of the group have increased to £98,031,804 (2024 £84,402,106).

The group has a strong liquidity position which is demonstrated by cash at bank of £54,175,608 (2024 £38,298,209) with no bank loans, overdrafts or hire purchase liabilities.

The group's key performance indicators are as follows:-

2025

2024

£

£

Turnover

96,036

139,203

Gross Profit Margin

30.19%

23.21%

Operating Profit Margin

19.11%

15.67%

Cash at Bank

54,175

38,298

Shareholders' Equity

98,032

84,402

The group's order book for the remainder of 2025 and beyond remains strong and the directors view the outlook for the group with confidence. The group's capital investment programme continues to modernise the premises, plant and machinery assets.

SECTION 172(1) STATEMENT

The directors recognise their responsibility under Section 172(1) of the Companies Act 2006 to promote the success of the group for the benefit of the members as a whole and in doing so have regard to:

a.

The likely consequence of any decisions in the long term;

b.

The interest of the group's employees;

c.

The need to foster the group's business relationships with suppliers, customers and others;

d.

The impact of the group's operations on the community and the environment;

e.

The desirability of the group maintaining a reputation for high standards of business conduct;

f.

The need to act fairly between members of the group.

The key points relating to these factors are considered below in the decision making process.

(a) The likely consequence of any decision in the long term

The directors are focused on a strategic plan which promotes the long-term viability of the group. This

strategy considers the various risks facing the business and concentrates on the long term sustainability of the group.

(b) The interest of the group's employees

The group regards that a skilled and experienced workforce is one of its most important resources. The

health, safety and wellbeing of the group's employees remains a priority. The group is committed to

achieving the highest possible standards in health and safety management and strives to make all production

facilities, sites and offices safe environments for employees and customers alike. Retention of key staff is critical

and there is relatively low turnover of personnel. Their knowledge and experience are vital in the group's

ability to serve customer requirements and to meet contractual obligations.

(c) The need to foster the group's business relationship with suppliers, customers and others

The directors regularly review how the group maintains positive relationships with all of its stakeholders

including suppliers, customers and others. Our continued successes have been founded on building strong

relationships with customers, working collaboratively with them, anticipating issues they face, providing

problem-solving solutions and using our expert capabilities to deliver satisfactory solutions. The group has an

extensive and valued supply chain who supply our business with the highest quality of product. Suppliers are

treated in a fair and consistent manner which includes prompt payment.

(d) The impact of the group's operations on the community and the environment

The group recognises its corporate responsibility to carry out its operations whilst minimising environmental

impacts. The directors continually aim to comply with all applicable environmental legislation, prevent pollution

and reduce waste where possible. As part of the group's ongoing environmental commitment, it has invested

in a wind turbine, a biomass plant and plans to invest in an Anaerobic Digestion Plant. The aim of the group

is to continue to reduce its carbon footprint and help make a contributions to the government's carbon reduction

targets.

(e) The desirability of the group maintaining a reputation for high standards of business conduct

The directors continue to take the responsibility of ensuring the group remains a good corporate citizen

seriously and consider that maintaining its strong reputation for the highest standards of business conduct to be

an important priority. Operating in well invested factories and having skilled employees are key to maintaining

the highest standards of product development.

(f) The need to act fairly between members of the group

The directors meet regularly with the shareholders to provide updates on the progress of the group.It is

a family owned business with a goal to ensure the continued success of the group.

FINANCIAL RISK MANAGEMENT

Strong and effective risk management is a central strategy in the manner which the directors run the business.

The ongoing principal risks and uncertainties faced by the group which are in the areas of safety, contract management, resourcing, finance and regulations. The steel fabrication sector as a whole is affected by the general economic conditions, steel prices and design developments.

The directors of the group manage these risks by a process of regular strategic reviews to assess competitor activity, market share allocation and design developments.

Internally the directors further manage these risks by close attention to health and safety, customer service levels, supplier contractual arrangements and steel sector standards.

In the directors opinion the risks and uncertainties facing the group are adequately addressed and managed.

Health and Safety

The directors continue to focus on the health and safety and the wellbeing of employees ensuring Health and Safety is at the core of everything undertaken by the group. Failure to manage risks in this area could cause serious harm to employees, subcontractors or other stakeholders. The directors remain fully committed to managing and mitigating risk to ensure a safe working environment and this is reflected throughout the culture of the group. The directors maintain an increasing emphasis on wellbeing and have continued to promote the wider health of employees. This has included supporting mental health initiatives and encouraging a healthier lifestyle.

People

The directors recognise that future performance could be impacted through a lack of skilled resources and note that the continued success of the group has been achieved by the people working in it. There are many long serving members of staff, and a relatively low turnover of personnel reflects the general policy of providing good terms and conditions of employment while dealing with staff as well as other stakeholders in the group, in a fair and consistent manner. Employees continued loyalty and hard work are much appreciated. The directors seek to continue their focus on recruitment, training and retention of a highly skilled and professional workforce.

Environmental Sustainability

The directors are mindful that we all live in a world of finite resources and where many operate there is a risk of doing damage to the environment. They are focused on sustainability and seek to exceed all environmental responsibilities. They continue to develop renewable initiatives utilising energy saving procedures during the construction phases and beyond. The directors approach to the environment ensures that the group's construction operations have a minimal impact and where possible enhances the long-term environmental conditions for all stakeholders. Further information is detailed in the Streamlined Energy and Carbon Reporting section.

Financial risk management

The group's operations expose it to a variety of financial risks that include the effects of credit risk, liquidity risk, price risk, currency risk and risks specific to the steel sector. Given the size of the group the financial risk management is not delegated and is controlled by the directors.

Credit risk

The group has implemented policies that require appropriate credit checks on potential customers before sales are made. The group reassesses credit risk on an ongoing basis during the course of the project.

The group operates a credit insurance policy that covers a substantial proportion of its trade debtors and amounts receivable on contracts.

Liquidity risk

The group has significant cash resources and uses a policy of advance payments on major contracts to finance working capital commitments. Liquidity risk is adequately addressed and managed sufficiently.

Price risk

The group is exposed to commodity price risk as a result of its operations. The group manages this risk by a policy of forward buying to match commitments..

Currency risk

The group is not significantly exposed to currency risk and thus considers this risk a secondary issue.

Steel Sector

Future steel prices and demand levels are inherently difficult to forecast. Construction forecasts are generally positive. Steel mill production costs are being impacted as raw material prices remain volatile, energy and production costs have significantly increased, global supply chains remain disrupted, and skill shortages exist. There are also government intervention measures being put in place, and EU and UK quotas and tariffs continue across various products.

Considering the above, the group continues to focus on its purchasing strategy, stock levels and maintaining a robust balance sheet. The group aims to be able to withstand any downturn and to take opportunities as they arise.

The group remains committed to strong financial controls, cash management and prudent accounting policies.

GOING CONCERN

The group's activities, together with factors likely to affect its future development, performance and position are continuously reviewed by the directors. Review of cash flow, liquidity position and borrowing facilities leads the directors to believe that the group is well place to manage its business risks successfully despite any current economic uncertainties.

The group meets its day to day working capital requirements through its current cash levels. The directors are confident that the group has adequate resources to meet its normal business requirements for the foreseeable future for at least 12 months from the date of signing the financial statements and therefore have continued to adopt the going concern basis when preparing the financial statements.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the group since the year end.

ON BEHALF OF THE BOARD:

Mr B Hewitt - Director

23 June 2025

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

DIVIDENDS

No interim dividend was paid during the year. The directors recommend a final dividend of 536.36p per share.

The total distribution of dividends for the year ended 31 March 2025 was £1,180,000 (2024 £1,180,000)

FUTURE DEVELOPMENTS

The directors anticipate that any future developments would relate to the principal activities.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

Mr B Hewitt

Mrs M Hewitt

DONATIONS

During the year the group made charitable donations amounting to £4,923 (2024 £21,181).

No donations were made during the year for political purposes (2024 £Nil).

ENGAGEMENT WITH EMPLOYEES

Employees are regularly informed of matters concerning the performance and future developments of the group. The board takes account of employees' interests when making decisions and suggestions from employees aimed at improving the group's performance are welcomed.

The group has continued with its established policy of employing disabled persons where practicable and endeavours to ensure that they benefit from training and career opportunities in common with all employees. In the event that employees become disabled every effort is made to ensure that their employment with the group continues and that appropriate training is arranged.

It is the policy of the group that training, career development and promotion opportunities should be available to all employees.

The group operates an apprenticeship scheme which has been well received by new employees. The directors are very satisfied with its uptake and implementation.

RESEARCH AND DEVELOPMENT

The group's expenditure on research and development supports the development of construction techniques to deliver quality, certainty, efficiencies and ultimately value to customers.

STREAMLINED ENERGY AND CARBON REPORTING

The group has prepared the following report in accordance with the requirements of the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (2004) and ISO 14064-1:2018 Specification with Guidance at the Organization Level for Quantification and Reporting of Greenhouse Gas Emissions and Removals.

The streamlined energy and carbon reporting disclosure proposals the group's carbon footprint inside the UK across Scope 1 and Scope 2. It also includes an appropriate intensity metric the total energy use of electric and gas as well as a summary of actions taken during the financial year.

GHG Emissions and Energy Use Data

31.03.25

31.03.24

Emissions from combustion of gas, oil and biomass (tCO2e)

32.8

36.7

Emissions from combustion of fuel for transport processes (tCO2e)

1138.09

1684.78

Emissions from purchased electricity (tCO2e)

487.3

494.3

Total gross CO2e based on above (tCO2e)

1658.19

2209.78

Intensity ratio (tCO2e per employee)

4.08

5.12

Methodology

The group's emissions are collated from internal business data and calculated using Government emissions conversion factors for company greenhouse gas reporting, by converting energy usage to carbon dioxide equivalent emissions (CO2s). The group has followed methodology as noted in the GHG Reporting Protocol - Corporate Standard, using an operational control approach. This assessment takes into accounts all the emission sources required under the Companies Act 2006 and the Companies (Directors Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. The emissions data reported relates to all production sites with the control of the group during the reported period. The intensification chosen metric is based on the average number of full time employees during the reporting period.

Energy Efficiency Actions

The group is committed to operating in a low emissions and energy-efficient environment and considers the management of GHG emissions to be a principal component of its environmental and sustainability objectives. It is the aim of the group to exploit all opportunities for energy savings throughout the business in order to establish the group as an environmentally responsible organisation as well as a contributor to national carbon reduction targets. To date, the group have taken the following steps in order to reduce energy use and reduce environmental impacts:

- Installed 13 on-site biomass units ranging between 198kW to 990kW that produce 100% of our heat requirements and save 1,238 tonnes of CO2e per annum.

- Procured a 500kW wind turbine that supplies approximately 30% of on-site electricity requirements annually.

- Signed a contract with an energy supplier that supplies 100% renewable electricity backed by REGO certificates.

- Received ISO 14001: 2015 certificate and joined the Science Based Target initiative (SBTi).

- Procured several electric and hybrid vehicles and installed EV charging points.

- Became one of the founding members of SteelZero, a global initiative run by the Climate Group and Responsible Steel, with the aim to drive the market demand for net-zero emissions steel and ultimately decarbonise the steel sector.

- Started building an Anaerobic Digestor, which will produce more than 100% of electricity requirements and would make the group completely self-sufficient.

- Implemented a number of energy efficiency measures from our ESOS Phase 2 Audit, including the purchase of machinery with newer invented technology, upgraded lighting systems and installed telematic systems in vehicles.

-The group is continually raising awareness among stakeholders and developed software that calculates the embodied carbon of their products.

- Conducted several trials of vehicles that run on alternative fuels, including HGVs fuelled by renewable CNG, HVO fuel and batteries.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group 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 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS

The auditors, Patton Rainey Stenson Limited, have indicated their willingness to continue in office and a resolution will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report was approved by the Board of Directors on 23 June 2025.

ON BEHALF OF THE BOARD:

Mr B Hewitt - Director

23 June 2025

Opinion

We have audited the financial statements of Medwyn Holding Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 the 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 directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages seven and eight, 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 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.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, 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:

Based on our understanding of the group and industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to UK tax regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. 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 and management bias in accounting for estimates including estimates relating to revenue recognition. Audit procedures performed by the engagement team included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- Evaluation of the effectiveness of management's controls designed to prevent and detect irregularities;

- Identification and testing of significant manual journal entries; and

- Testing of assumptions and judgements made by management in making significant accounting estimates.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. 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.

Thomas Samuel Patton (Senior Statutory Auditor)

for and on behalf of Patton Rainey Stenson Limited

Chartered Accountants and Statutory Auditors

6 East Bridge Street

Enniskillen

Co. Fermanagh

BT74 7BT

23 June 2025

TURNOVER

3

96,036,270

139,203,113

Cost of sales

67,038,476

106,886,667

GROSS PROFIT

28,997,794

32,316,446

Administrative expenses

11,382,684

11,303,204

17,615,110

21,013,242

Other operating income

739,619

793,471

OPERATING PROFIT

5

18,354,729

21,806,713

Interest receivable and similar income

6

1,678,137

876,492

20,032,866

22,683,205

Interest payable and similar expenses

7

249,585

121,407

PROFIT BEFORE TAXATION

19,783,281

22,561,798

Tax on profit

8

4,973,583

4,437,473

PROFIT FOR THE FINANCIAL YEAR

14,809,698

18,124,325

Profit attributable to:

Owners of the parent

14,809,698

18,124,325

PROFIT FOR THE YEAR

14,809,698

18,124,325

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

14,809,698

18,124,325

Total comprehensive income attributable to:

Owners of the parent

14,809,698

18,124,325

FIXED ASSETS

Tangible assets

11

25,814,028

26,575,558

Investments

12

-

-

25,814,028

26,575,558

CURRENT ASSETS

Stocks

13

10,624,034

9,228,553

Debtors

14

26,197,292

30,396,365

Cash at bank and in hand

54,175,608

38,298,211

90,996,934

77,923,129

CREDITORS

Amounts falling due within one year

15

16,246,906

17,244,610

NET CURRENT ASSETS

74,750,028

60,678,519

TOTAL ASSETS LESS CURRENT LIABILITIES

100,564,056

87,254,077

PROVISIONS FOR LIABILITIES

16

2,532,252

2,851,969

NET ASSETS

98,031,804

84,402,108

CAPITAL AND RESERVES

Called up share capital

17

220,002

220,002

Retained earnings

18

97,811,802

84,182,106

SHAREHOLDERS' FUNDS

98,031,804

84,402,108

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2025 and were signed on its behalf by:

Mr B Hewitt - Director

FIXED ASSETS

Tangible assets

11

14,412,782

13,537,393

Investments

12

220,002

220,002

14,632,784

13,757,395

CURRENT ASSETS

Stocks

13

1,669,178

1,669,178

Debtors

14

234,613

201,721

Cash at bank

9,513,082

6,198,749

11,416,873

8,069,648

CREDITORS

Amounts falling due within one year

15

1,834,598

1,666,421

NET CURRENT ASSETS

9,582,275

6,403,227

TOTAL ASSETS LESS CURRENT LIABILITIES

24,215,059

20,160,622

CAPITAL AND RESERVES

Called up share capital

17

220,002

220,002

Retained earnings

18

23,995,057

19,940,620

SHAREHOLDERS' FUNDS

24,215,059

20,160,622

Company's profit for the financial year

5,234,437

10,249,308

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2025 and were signed on its behalf by:

Mr B Hewitt - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

220,002

67,237,781

67,457,783

Changes in equity

Dividends

-

(1,180,000

)

(1,180,000

)

Total comprehensive income

-

18,124,325

18,124,325

Balance at 31 March 2024

220,002

84,182,106

84,402,108

Changes in equity

Dividends

-

(1,180,000

)

(1,180,000

)

Total comprehensive income

-

14,809,698

14,809,698

Balance at 31 March 2025

220,002

97,811,804

98,031,806

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

220,002

10,871,312

11,091,314

Changes in equity

Dividends

-

(1,180,000

)

(1,180,000

)

Total comprehensive income

-

10,249,308

10,249,308

Balance at 31 March 2024

220,002

19,940,620

20,160,622

Changes in equity

Dividends

-

(1,180,000

)

(1,180,000

)

Total comprehensive income

-

5,234,437

5,234,437

Balance at 31 March 2025

220,002

23,995,057

24,215,059

Cash flows from operating activities

Cash generated from operations

1

24,788,870

28,012,405

Interest paid

(249,585

)

(121,407

)

Tax paid

(7,199,670

)

(2,508,194

)

Net cash from operating activities

17,339,615

25,382,804

Cash flows from investing activities

Purchase of tangible fixed assets

(2,053,225

)

(6,693,766

)

Sale of tangible fixed assets

92,870

70,767

Interest received

1,678,137

876,492

Net cash from investing activities

(282,218

)

(5,746,507

)

Cash flows from financing activities

Equity dividends paid

(1,180,000

)

(1,180,000

)

Net cash from financing activities

(1,180,000

)

(1,180,000

)

Increase in cash and cash equivalents

15,877,397

18,456,297

Cash and cash equivalents at beginning of year

2

38,298,211

19,841,914

Cash and cash equivalents at end of year

2

54,175,608

38,298,211

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

31.3.25

31.3.24

£

£

Profit before taxation

19,783,281

22,561,798

Depreciation charges

2,762,913

2,125,101

Profit on disposal of fixed assets

(41,028

)

(32,553

)

Finance costs

249,585

121,407

Finance income

(1,678,137

)

(876,492

)

21,076,614

23,899,261

(Increase)/decrease in stocks

(1,395,481

)

265,641

Decrease in trade and other debtors

4,199,071

21,660,874

Increase/(decrease) in trade and other creditors

908,666

(17,813,371

)

Cash generated from operations

24,788,870

28,012,405

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

54,175,608

38,298,211

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

38,298,211

19,841,914

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

38,298,211

15,877,397

54,175,608

38,298,211

15,877,397

54,175,608

Total

38,298,211

15,877,397

54,175,608