REGISTERED NUMBER: 03248226 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

STEVE WOODS LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

J S Woods

S C Loy

REGISTERED OFFICE:

Ince Moss Industrial Estate

Cemetery Road

Wigan

Lancashire

WN3 4NN

REGISTERED NUMBER:

03248226 (England and Wales)

SENIOR STATUTORY AUDITOR:

Jane Dennis BA(Hons) FCA

AUDITORS:

Fairhurst Audit Services Ltd

Statutory Auditor

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

BANKERS:

Royal Bank of Scotland plc

56 Market Street

Chorley

Lancashire

PR7 2SD

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of supply, repair and installation of a wide range of excavator and bulldozer undercarriage parts.

REVIEW OF BUSINESS

The results for this year were disappointing as whilst we were able to maintain our gross margin, we had a reduction of 4% (2024: 13%) in our sales.

This was due partly to uncertainty in the UK economy resulting in the market slowing down but also because of supply chain issues in obtaining parts from our main suppliers.

DIVIDENDS

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

DIRECTORS

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

J S Woods

S C Loy

PRINCIPAL RISKS AND UNCERTAINTIES

The company's operations expose it to a variety of financial risks that include the effects of changes in debt market prices, credit risk, liquidity risk and currency risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and related costs.

The following areas are covered as part of the financial risk management

Foreign currency risk

The company is exposed to foreign currency risk as the majority of its purchases are made in US Dollars and Euros. However, this is partly mitigated by competitive prices offered by suppliers and also by monitoring exchange rate movements and forward buying currency where appropriate.

Credit risk

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 101 'Reduced Disclosure Framework'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

S C Loy - Director

17 December 2025

Opinion

We have audited the financial statements of Steve Woods Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has 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 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; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages two and three, 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:

Extent to which the audit was considered capable of detecting irregularities including fraud

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 such irregularities is detailed below:

-

We obtained an understanding of the company and the sector in which it operates in order to identify those laws and regulations that could reasonably be expected to have a direct effect on the financial statements or a fundamental effect on its operations. We obtained our understanding in this regard through discussions with management, industry research, application of cumulative audit knowledge and experience of the sector. the company, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on its operations.

-

We determined the principal laws and regulations relevant to the company in this regard to be those arising from FRS 101, the Companies Act 2006, GDPR and Health and Safety.

-

We designed our audit procedures to ensure the audit team considered whether there were any indications of non-compliance by the company of those laws and regulations. These procedures included, but were not limited to enquiries of management, review of minutes and review of legal and regulatory correspondence.

-

As in all of our audits, we addressed the risk of fraud arising from management override of controls by performing audit procedures which included, but was not limited to the testing of journals, reviewing accounting estimates for evidence of bias and evaluating the business rational of any significant transactions that were unusual or outside the normal course of business.

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of

internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

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.

Jane Dennis BA(Hons) FCA (Senior Statutory Auditor)

for and on behalf of Fairhurst Audit Services Ltd

Statutory Auditor

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

17 December 2025

TURNOVER

4

4,552,544

4,743,154

Cost of sales

3,371,629

3,603,657

GROSS PROFIT

1,180,915

1,139,497

Administrative expenses

1,146,036

1,118,900

34,879

20,597

Other operating income

5

44,646

(71,441

)

OPERATING PROFIT/(LOSS)

79,525

(50,844

)

Interest receivable and similar income

2

2

79,527

(50,842

)

Interest payable and similar expenses

7

79,233

84,592

PROFIT/(LOSS) BEFORE TAXATION

8

294

(135,434

)

Tax on profit/(loss)

9

(11,023

)

(16,266

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

11,317

(119,168

)

PROFIT/(LOSS) FOR THE YEAR

11,317

(119,168

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

11,317

(119,168

)

FIXED ASSETS

Owned

Tangible assets

10

1,599,451

1,644,160

Right-of-use

Tangible assets

10, 16

83,530

127,138

1,682,981

1,771,298

CURRENT ASSETS

Stocks

11

2,580,662

3,082,828

Debtors

12

854,998

676,806

Cash at bank and in hand

11,072

6,713

3,446,732

3,766,347

CREDITORS

Amounts falling due within one year

13

1,805,823

2,150,299

NET CURRENT ASSETS

1,640,909

1,616,048

TOTAL ASSETS LESS CURRENT LIABILITIES

3,323,890

3,387,346

CREDITORS

Amounts falling due after more than one year

14

(506,394

)

(565,339

)

PROVISIONS FOR LIABILITIES

19

(112,779

)

(128,607

)

NET ASSETS

2,704,717

2,693,400

CAPITAL AND RESERVES

Called up share capital

20

9,600

9,600

Revaluation reserve

188,751

194,429

Capital redemption reserve

6,560

6,560

Retained earnings

21

2,499,806

2,482,811

SHAREHOLDERS' FUNDS

2,704,717

2,693,400

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

The financial statements were approved by the Board of Directors and authorised for issue on 17 December 2025 and were signed on its behalf by:

J S Woods - Director

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

9,600

2,596,301

200,107

6,560

2,812,568

Changes in equity

Total comprehensive income

-

(113,490

)

(5,678

)

-

(119,168

)

Balance at 31 March 2024

9,600

2,482,811

194,429

6,560

2,693,400

Changes in equity

Total comprehensive income

-

16,995

(5,678

)

-

11,317

Balance at 31 March 2025

9,600

2,499,806

188,751

6,560

2,704,717

1.	STATUTORY INFORMATION

Steve Woods Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The functional currency of the entity is £ sterling.

The parent company is Kian Ann Engineering Pte Limited, a company registered in Singapore.

The principal activity of the company continues to be that of the supply, repair and installation of a wide range of excavator and bulldozer undercarriage parts.

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

2.	ACCOUNTING POLICIES

Basis of preparation

These financial statements have been prepared in accordance with Financial Reporting Standard 101 "Reduced Disclosure Framework" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Impact of new international reporting standards, amendments and interpretations

There are no amendments to accounting standards, or IFRIC interpretations that are effective for the financial year ended 31st March 2025 that have a material impact on the company's financial statements.

The company has taken advantage of the disclosure exemptions permitted by FRS 101 in relation to financial instruments, fair value measurement, statement of cash flows and impairment of assets. Where required, the equivalent disclosures are included in the consolidated financial statements of Kian Ann Engineering Pte Ltd.

Going concern

After a thorough review of the future operations of the business it is the directors opinion that the preparation of the financial statements on a going concern basis remains appropriate.

Turnover

Revenue is earned from the supply, repair and installation of a wide range of excavator and bulldozer undercarriage parts (sale of goods) and is recognised at the point in time when the relevant performance obligation is satisfied, which is when the undercarriage parts have been delivered and legal title has passed. There are no contracts whose performance obligations are satisfied over time.

Revenue is measured at the transaction price, being the fair value of the consideration received or receivable. The transaction price is reduced for customer rebates and other similar allowances. Payment is typically due within 30 days of delivery.

Property, plant & equipment

Property, plant and equipment consists of:

-

Land & buildings held and used in the company's own activities for supply of goods or for administrative purposes - this class of asset is carried under the revaluation model.

-

All other assets - these classes of assets are carried under the cost model.

Revaluation model

Land and buildings are stated at the revalued amounts less any depreciation or impairment losses subsequently accumulated (revaluation model).

Revaluations are carried out every three years so that the carrying amounts approximate the fair value at the reporting date. An increase in value is credited to the revaluation reserve except to the extent that it reverses a previous revaluation decrease related to the same property that was recognised in profit or loss. Similarly, revaluation decreases are recognised in the revaluation reserves to the extent that they equal gains previously recognised in respect of the same asset. Thereafter any excess is recognised as an expense in profit or loss.

Land is not depreciated. Depreciation on revalued buildings is recognised using the straight-line basis and results in the carrying amount, less the residual value, being expensed in profit or loss over the estimated useful lives of 50 years.

No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised. When a revalued asset is sold or retired any remaining attributable revaluation surplus is transferred to retained earnings.

Cost model

All other assets are stated at cost less accumulated depreciation and accumulated impairment losses (cost model).

Depreciation on plant and equipment is recognised using the straight-line basis and results in the carrying amount, less the residual value, being expensed in profit or loss over the estimated useful lives. The depreciation rate is 15% on cost.

Depreciation on motor vehicles is recognised using the reducing balance basis and results in the carrying amount, less the residual value, being expensed in profit or loss over the estimated useful lives. The depreciation rate is 25% on reducing balance.

Trade and other receivables

Trade and other receivables where payment is due within one year do not constitute a financing transaction and are recorded at the undiscounted amount expected to be received, less attributable transaction costs. Any subsequent impairment is recognised as an expense in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand and demand deposits with banks.

Trade and other payables

Trade and other payables are initially recognised at fair value less attributable transaction costs. All payables are due within one year.

Derivative financial instruments

The Company uses forward currency contracts to reduce its exposure to risks from foreign exchange movements. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value.

Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss.

Stocks

Stocks are stated at the lower of cost and net realisable value. Costs comprises of purchase price plus an allocation of carriage costs where applicable.

Net realisable value is based on the estimated selling price less any estimated selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs.

Current and deferred taxation

The tax expense for the period comprises current and deferred taxation.

Current tax

Current tax is based on taxable profit for the year. Taxable profit differs from profit as reported for accounting purposes because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible.

Current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. A provision is recognised for tax matters that are uncertain if it is considered probable that there will be a future outflow of funds to a tax authority. The provision is measured at the best estimate of the amount expected to become payable.

Deferred tax

Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transaction and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the date of the transactions.

At each period end, foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated suing the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the profit and loss account within 'other operating income'.

Leases

The company as a lessee

At inception of a contract, the Company assesses whether a contract is, or contains a lease. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expenses on a straight-line basis over the term of the lease.

At the commencement date, the Company measures the lease liability at the present value of the lease

payments unpaid at that date, discounted using the Company’s incremental borrowing rate because as the lease contracts are negotiated with third parties it is not possible to determine the interest rate that is implicit in the lease. The incremental borrowing rate is the estimated rate that the Company would have to pay to borrow the same amount over a similar term, and with similar security to obtain an asset of equivalent value.

Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably certain to be exercised.

Subsequent to initial measurement, the liability will be reduced by lease payments that are allocated between repayments of principal and finance costs. The finance cost is the amount that produces a constant periodic rate of interest on the remaining balance of the lease liability.

The lease liability is reassessed when there is a change in the lease payments. Changes in lease payments arising from a change in the lease term or a change in the assessment of an option to purchase a leased asset. The revised lease payments are discounted using the Company’s incremental borrowing rate at the date of reassessment when the rate implicit in the lease cannot be readily determined. The amount of the remeasurement of the lease liability is reflected as an adjustment to the carrying amount of the right-of-use asset. The exception being when the carrying amount of the right-of-use asset has been reduced to zero then any excess is recognised in profit or loss.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right of use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If the lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement of the lease.

The company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the policy for Tangible fixed assets.

Employee benefit costs

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

Provisions for liabilities

Provisions are made where n event has taken place that give the Company a legal or constructive obligation that probably require settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the period in which the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

3.	CRITICAL JUDGEMENTS AND ESTIMATES

In applying the company's accounting policies, which are described in note 1, management is required to make:

-

judgements (other than those involving estimations) that have a significant impact on the amounts recognised; and

-

estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The critical judgements and key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Bad debt provisions

Management have reviewed the amounts owed to the company by its customers and have used their knowledge of the customer to assess the provision required against balances which may not be received.

Stock provision

The stock provision is determined by both reviewing the ageing of stock and the movement of stock in the current year. Management then use their knowledge and experience of customer requirements in order to make a provision against the stock valuation for any stock that is considered obsolete.

4.

TURNOVER

The turnover and profit (2024 - loss) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

4,294,612

4,482,348

Rest of the world

257,932

260,806

4,552,544

4,743,154

5.	OTHER OPERATING INCOME

2025

2024

£

£

Refund re utilities

48,000

-

Foreign exchange gain/(loss)

(3,354

)

(71,441

)

44,646

(71,441

)

6.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

682,992

711,731

Social security costs

70,255

72,641

Other pension costs

20,458

21,564

773,705

805,936

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

2025

2024

Management & Administration

7

7

Warehouse & Workshop

10

11

17

18

2025

2024

£

£

Directors' remuneration

178,920

179,820

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

30,535

31,784

Mortgage interest

44,434

47,307

Interest on Corporation Tax

(279

)

445

Hire purchase interest

4,069

3,988

Finance lease interest

474

1,068

79,233

84,592

8.	PROFIT/(LOSS) BEFORE TAXATION

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

2025

2024

£

£

Cost of inventories recognised as expense

2,979,629

3,162,494

Depreciation - owned assets

57,691

67,947

Depreciation - assets on hire purchase contracts and finance leases

43,608

35,653

Profit on disposal of fixed assets

-

(8,006

)

Auditors' remuneration

11,000

10,000

Auditors' remuneration for non audit work

31,140

23,125

Foreign exchange(gain)/loss

3,354

71,441

9.

TAXATION

Analysis of tax income

2025

2024

£

£

Current tax:

Tax

4,805

(5,766

)

Deferred tax

(15,828

)

(10,500

)

Total tax income in income statement

(11,023

)

(16,266

)

Factors affecting the tax expense

The tax assessed for the year is lower (2024 - higher) than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit/(loss) before income tax

294

(135,434

)

Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 19% (2024 - 25%)

56

(33,859

)

Effects of:

Expenses not deductible for tax purposes

5

433

Other timing differences

(263

)

-

in excess of depreciation

Deferred taxation movement

(15,828

)

(10,500

)

Impact of depreciation in excess of capital allowances

15,940

15,150

Losses utilised/carried forward

(10,933

)

12,510

Tax income

(11,023

)

(16,266

)

10.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST OR VALUATION

At 1 April 2024

1,878,433

628,830

65,661

Additions

-

6,560

2,850

At 31 March 2025

1,878,433

635,390

68,511

DEPRECIATION

At 1 April 2024

346,036

527,455

55,398

Charge for year

24,262

31,971

3,758

At 31 March 2025

370,298

559,426

59,156

NET BOOK VALUE

At 31 March 2025

1,508,135

75,964

9,355

At 31 March 2024

1,532,397

101,375

10,263