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

Bolsover Cruise Club remains a market-leading, independent cruise retailer in the UK, with a primary focus on premium and luxury cruise lines. The company has continued to capitalise on its strong brand reputation, sector-leading customer service, and robust supplier relationships, enabling it to deliver another year of growth and profitability. Our unwavering commitment to exceptional customer services is reflected in our company ethos and evidenced by our sector leading Trustpilot excellent rating of 4.9 recognising our dedication to customer care.

We have either maintained or grown share with leading brands, including our principal cruise partner P&O Cruises, as well as with Ambassador, Azamara, Celebrity Cruises, Cunard, Fred. Olsen, Holland America Line, Oceania, Norwegian Cruise Line, Marella, MSC, Princess, Regent Seven Seas, Royal Caribbean, Seabourn, Scenic, Silversea, and Viking. This diverse and balanced trading portfolio has reinforced our position as one of the UK’s leading cruise specialists and ensured continued commercial resilience.

The Cruise and Stay department had its most successful year to date, both in terms of revenue and passenger numbers. The strategic decision to allocate additional office space and team resources to this department underscores confidence in its continued growth. Forward sales for this division rose to £16.9 million, up 35% from £12.5 million in 2024, supporting a projected 30% increase in gross profit from this stream.

Investment during the year focused on ongoing website enhancements, the development of internal systems, and the replacement of the legacy telephone infrastructure with a cloud-based solution provided by industry leader Mitel. A phased refurbishment programme was also initiated to modernise the Call Centre, including the full replacement of air conditioning systems. Phase one was completed within the financial year, with phases two and three scheduled for completion in the following year.

In December 2023, the company launched a fully integrated online booking platform, significantly enhancing its digital presence and customer journey. Engagement from both new and existing customers has been strong, with a substantial increase online bookings on the platform in its first full year of operation. The company anticipates that online bookings will become a key driver of future growth.

In May 2025 the company introduced a new online-only brand, Odysia Cruise, targeting the value-focused segment of the market. This strategic move is designed to expand market share while preserving the premium identity of the original brand. The directors expect to make significant investment in site optimisation and digital marketing, which will likely impact profitability in the 2025–26 financial year as the new brand is established.

Bolsover Cruise Club’s bi-monthly publication, Into the Blue, remains a cornerstone of its brand engagement strategy and a distinctive asset within the UK cruise sector. Now beyond its 60th edition, the magazine has cultivated a dedicated readership exceeding 150,000, offering a blend of destination features, interviews with industry insiders and celebrities, and exclusive insights into new cruise ships. The magazine’s influence extends beyond readership; it has directly contributed to customer engagement and sales. Supported by advertising from major cruise lines, Into the Blue not only reinforces Bolsover Cruise Club’s premium positioning but also serves as a valuable marketing channel for its partners. Its continued success underscores the company's commitment to providing informative and engaging content that resonates with both new and seasoned cruisers.

The travel industry is inherently subject to a range of risks, including terrorism, political instability, economic fluctuations, and natural disasters—events that are beyond the company's direct control. However, the industry has demonstrated a strong track record of resilience and adaptability in the face of such challenges. In particular, the nature of cruising allows for swift redeployment away from affected areas, effectively minimizing exposure to these risks and ensuring the safety and continuity of operations. As a result, the company’s exposure to these risks is considered to be limited.

The current financial landscape, characterized by higher inflation and rising living costs, presents an additional consideration for the business. The directors are fully aware of the impact these economic factors may have on both consumer spending and operational costs. They will continue to monitor the situation closely and implement strategies to mitigate potential risks as they arise, ensuring that the business remains adaptable and financially secure in an ever-changing environment.

The company faces competition from other travel agents and tour operators across both the online and call centre/face-to-face markets. However, thanks to its well-established and respected brand, strong relationships with key suppliers, and unwavering commitment to high levels of customer service, the directors believe the company possesses a significant competitive advantage. This positions the business well to not only maintain but also expand its market share in the face of increasing competition

Cybersecurity threats continue to be a significant concern for businesses of all sizes. Our company, however, is fully PCI compliant and employs robust security measures to safeguard against potential risks. We utilize advanced level antivirus solutions, dual firewalls, and conduct regular penetration testing to ensure the integrity of our systems. Our exposure to these threats is closely monitored, and we continuously assess our risk to ensure that it does not pose a substantial threat to the business. To further enhance our security infrastructure, we are planning a company-wide operating system upgrade, ensuring we stay ahead with the latest technology and cutting-edge protection.

The company proudly maintains an ATOL (Air Travel Organiser’s Licence), which provides assurance to our customers by guaranteeing the protection of their funds in the unlikely event of insolvency. This licence underscores our commitment to safeguarding our customers' financial security and upholding the highest standards within the travel industry. The directors are fully aware of ongoing developments within the regulatory landscape. The Civil Aviation Authority (CAA) is currently reviewing the ATOL scheme, and the UK government is considering implementing a domestic version of the European Package Travel Directive. Both of these regulatory frameworks play a crucial role in shaping the rules and regulations that govern the sale and provision of holiday packages. As these regulations evolve, the company is committed to staying informed and proactive. We will continue to closely monitor any updates and changes to the ATOL scheme and relevant legislation. Our leadership team is dedicated to ensuring that the company adapts swiftly to new requirements, ensuring full compliance and continued protection for our customers, while maintaining the integrity and trust that our clients rely on.

Bolsover Cruise Club is committed to minimising its environmental footprint and actions to date include: -

• Conversion to all LED lighting.

• Modern Heating and Cooling systems used throughout the Call Centre updated to the latest technology in 2024-2025

• Virtually paperless administration and document storage, with over 80% of clients travelling in this financial year elected to “Go Green” receiving their documents by email.

• Solar roof providing a large proportion of our electricity needs.

• Transition to sustainable packaging for the “Into the Blue” magazine, coupled with printing on sustainable paper.

The Directors are committed to exploring and implementing additional energy-efficient solutions to further reduce the environmental impact of operations.

The principal key performance indicators used by the company are expenses, gross profit, income, forward sales and on-going profitability.

As shown in the company’s statement of income and retained earnings on page 9, turnover has continued to increase. The total turnover for the current year of £26.7m is £2.9m higher than the 2024 turnover of £23.8m, which is in part due to a change in the mix of cruise agency income and package travel, with the proportion of packages increasing.

As sales as principal income increases, which is the income from the Cruise and Stay business, the gross profit becomes a more meaningful figure to analyse business performance. Gross profit has increased 4% to £12.9m from the 2024 gross profit of £12.4m. The Administrative expenses have decreased by 3% to £7.5m from the 2024 costs of £7.7m.

Administrative expenses have shifted due to the goodwill being fully amortised in 2024 and this yearly expense is no longer occurring. Looking at Administrative costs in 2024 excluding the amortisation, which would have totalled £6.7m, the comparative administrative costs have increased £0.7m to £7.5m which is a 11.8% increase. Staff costs have grown which is due to an increase in both the number of staff and an increase in the average salary (along with an increase in taxes and pension costs resulting from this).

The end result is profit before tax of £5.9m for the year, previous year (excluding amortisation) would have been of £6.1m.

The statement of financial position on page 10 shows that the net assets are £14.3m which is an increase of 3.3% from the 2024 figure of £13.8m.

The forward sales focussing on the Cruise and Stay business continues to increase, at the year-end forward sales totalled £16.8m, which is up 35% from £12.5m in 2024. The on-going profitability; being the margin achieved from the forward sales against expected forward costs, is projected at 11.2% which is a slight reduction from the 11.6% in 2024. The growth in Cruise and Stay sales is expected to achieve a gross profit increase of 30%, even after the reduced margin which is the business passing on some savings to help grow this area of the business.

Customer satisfaction remains a top priority, reflected in our outstanding Trustpilot rating of 4.9 from over 8,000 reviews — with more than 94% awarding us five stars. With nearly four decades of excellence, our multi-award-winning business continues to earn recognition. Most recently, Michael Wilson received the prestigious Carnival UK Lifetime Contribution Award, celebrating nearly 40 years of dedicated service to some of the UK’s premier brands.

Customer retention continues to perform at an industry-leading level, underscoring our commitment to long-term relationships and exceptional service. Notably, we have once again secured the highest rate of repeat clientele for P&O Cruises — a distinction we have proudly maintained for many years. This sustained loyalty reflects the trust and satisfaction of our guests, reinforcing our position as a preferred choice within the cruise industry.

Our customer-facing staff continue to perform at exemplary levels, consistently meeting and exceeding key performance indicators across service quality, efficiency, and customer satisfaction. Regular performance monitoring through structured KPI assessments—including metrics such as first contact resolution, customer satisfaction scores, and quality assurance reviews—ensures that high standards are maintained. Ongoing training, coaching, and real-time feedback loops support a culture of continuous improvement, resulting in a consistently exceptional experience for our customers and reinforcing our reputation for service excellence.

On behalf of the board

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

The principal activity of the company continued to be that of a travel agent primarily specialising in Cruise Holidays.

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £4,000,000. The directors do not recommend payment of a further dividend. An ordinary interim dividend relating to the year ending 31st March, 2026 of £2,400,000 was paid after the year end.

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

The company continues to develop its centralised system to help provide the highest standard of detail orientated client booking management integrated with the financial and operating information, which in turn allows the management to track and meet its key performance indicators with live data.

The auditor, Just Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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 company’s auditor 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 company’s auditor is aware of that information.

The directors' responsibilities statement that the directors agree to can be found on page 5.

The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.

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

• select suitable accounting policies and then apply them consistently;

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

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

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

We have audited the financial statements of Bolsover Cruise Club Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of income and retained earnings, the statement of financial position, the 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 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 Auditor's 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 included in the strategic report and the directors' report, other than the financial statements and our auditor’s report 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 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 company and its 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, 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.

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 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.

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.

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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed the audit procedures to respond to risk, recognising that 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. We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the company financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

• Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our audit opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (i.e. gives a true and fair view).

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 income statement has been prepared on the basis that all operations are continuing operations.

Bolsover Cruise Club Limited is a private company limited by shares incorporated in England and Wales. The registered office is 35 Sherwood Street, Warsop, Mansfield, Nottinghamshire, NG20 0JR.

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. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 402 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that all of its subsidiary undertakings can be excluded from consolidation. The financial statements present information about the company as an individual entity and not about the group.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company 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, net of discounts and value added tax, represents the commissions receivable on transactions where the company is regarded as acting as an agent. This is recognised once the tour operator has received payment. The company provides for estimated commission refunds where there is an obligation as at the year end to refund any commissions resulting from cancellations arising from conditions which existed at the statement of financial position date.

Turnover also includes the value of transactions such as cruise, flights, accommodation and related products in which the company is, for these purposes regarded as being the principal. These are recognised on a departure basis.

Miscellaneous commission is recognised on a receivable basis.

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

Depreciation is recognised so as to write off the cost 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 credited or charged to profit or loss.

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

Subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

At each reporting period end date, the company 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.

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

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 statement of income and retained earnings 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 company’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.

The carrying amount of deferred tax assets is reviewed at each reporting end 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. 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. Deferred tax is charged or credited in the statement of income and retained earnings, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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

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.

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

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

The whole of the turnover is attributable to the principal activity of the company, wholly undertaken in the United Kingdom.

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

Their aggregate remuneration comprised:

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:

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

The registered office for the above companies is 35 Sherwood Street, Warsop, Mansfield, Notts, NG20 0JR.

Trade debtors include the full travel package sales at the time of booking.

Prepayments include the corresponding full travel package costs for tours departing after the year end. Package costs physically paid to suppliers in 2025 is £4,108,971 (2024: £2,686,938 ), the amounts unpaid total £10,730,369 (2024: £8,273,010) which are also included in trade creditors.

Prepayments include travel package costs for tours departing after the year end.

Included within trade creditors is the balance owed to suppliers relating to future departures totalling £10,730,369 (2024: £8,273,010) which are also included in Prepayments.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

This represents the income receivable for holidays where the company acts as principal and the holidays have not yet departed.

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

Amounts contracted for but not provided in the financial statements:

Refurbishment of the air conditioning system at a value of £165,000 (2024: £nil )

A bond is not required by The Civil Aviation Authority (CAA).

In the prior year the directors undertook to indemnify the Air Travel Trust for costs in the event of failure of the company, if the company had overtraded in excess of the bond.

Land and buildings at Barlborough are rented at £166,590 per annum (2024: £166,590) from a director.

Dividends totalling £4,000,000 (2024: £2,500,000) were credited to the directors' loan accounts in respect of shares held by the company's directors. The directors have withdrawn from their loan accounts a total of £4,000,000 (2024: £2,500,000). At no point were the loan accounts overdrawn in either year.

The directors' loan accounts totalling £159,304 (2024: £159,304) as included in note 18 under Other creditors are repayable on demand and are interest free.

The controlling party is Mr M Wilson.