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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
Fletcher & Partners
Chartered Accountants
Salisbury
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SALISBURY TRADING LIMITED
COMPANY INFORMATION
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SALISBURY TRADING LIMITED
CONTENTS
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SALISBURY TRADING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
Salisbury Trading Limited commenced trading on 1 October 2013 following the transfer from Salisbury NHS Foundation Trust (SFT) of the laundry facility, its equipment and contracts, and its staff. The company remains as a 100% owned subsidiary of SFT.
Salisbury Trading Limited provides a range of linen management services to NHS Trusts, private hospitals and other organisations in the healthcare and personal care sectors across the South West and South East UK.
Linen management is an essential service that is typically outsourced by healthcare providers. The range of our services drives value for our customers through efficient operations, excellent service and a practical approach to the supply chain which enables us to target our resources to our customers' needs. The business performance of Salisbury Trading Limited having experienced significant recovery over the past few year’s challenges presented by the COVID pandemic has now settled into a more consistent and balanced business flow. Again, challenges throughout this financial year due to continuing fluctuation in global energy and fuel prices affecting all areas of the business including transportation and raw material prices plus wages inflation and interest rate fluctuations have where feasible been mitigated through improved efficiencies and attempting devolution of some of the cost increases through to the customer base. However, customers are also experiencing similar challenges making new price negotiations longer and even more challenging than in previous years. As a result, revenue has managed to remain relatively steady with laundry sales only decreasing from £11,505K to £11,415K. This downturn in actual turnover was driven by the termination of a specific contract at the end of the previous financial year and further small contract changes throughout this financial year. Profits for this financial year reflect the change in accounting estimate for the depreciation of stock from a three-year term to a five-year term. This change is justified as appropriate laundry care has been shown to extend the average life span beyond the originally estimated period. Trading in the current year is more positive, and the company is in advanced negotiations for new contracts although these are slowed by complexities availability of funding in customers’ frameworks. It would be expected that the full benefit of the new contracts may well not be seen until year ending 2027.Simultaniously, operating laundry facilities entails a high level of fixed costs and additional revenue will lead to improvements in operating profits as and when the revenue becomes available.
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SALISBURY TRADING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The necessary governance framework has been developed to ensure sufficient review of key risks and the opportunity to regularly review the adequacy and effectiveness of our mitigating controls and strategies.
Risk Management supports the Company's vision to build and maintain a lasting reputation and its core values by: • building and protecting the Company's reputation by championing a responsible approach to business; • achieving brand and business resilience supported by effective risk management; • developing the culture and capability across the Company to manage changing risks and opportunities; and • ensuring the safety and well-being of employees and others who could be affected by our business activities. The Risk Management strategy enables and supports the Company to identify and manage its own risks. This is accomplished by embedding risk management and translating risk management into operational ownership, defining clear responsibilities and measuring risk management performance in line with assisted oversight and governance protocols provision through SFT governance committees. Financial Risk The measures used by the Company to manage financial risk include the preparation of profit & loss, balance sheet, cash flow forecasts and other financial information matrix on a monthly and 12 monthly forecast basis, with monthly monitoring of actual performance against these forecasts and ensuring that adequate financing facilities are in place to meet the requirements of the business. Credit Risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company's receivables from customers. The Company has no significant concentration of credit risk. The amounts presented in the balance sheet are net of allowances for impairment. Management has credit policies in place to manage risk and to monitor exposure to risk on an ongoing basis. These policies are based on past and ongoing experience, and the Company believes that its financial assets are of good credit quality. Liquidity Risk Liquidity risk arises from the Company's management of its working capital and the finance charges and principal repayments on any debt instruments. It is the risk that the Company will encounter difficulty in meeting its financial obligations as they fall due. The Company's policy is to ensure that it will always have sufficient cash to allow it to meet its financial obligations when they become due. To achieve this the Company's management makes use of rolling monthly cash forecasts and 12 month rolling monthly forecasts.
The Company measures profitability of the company using EBITDA (Earnings before interest, taxation, depreciation and amortisation).
The Company's key financial performance indicators during the period were: 2025 2024 £’000 £’000 Turnover 11,415 11,505 Operating profit / (loss) 430 (782) EBITDA 650 (523) Operating profit / (loss) margin 3.8 % (6.8) %
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SALISBURY TRADING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The maintenance of health and safety standards remains a key issue by management. The Company continues to invest in the health and welfare of its employees, monitoring and reporting on all incidents to the Board.
Environmental factors continue to be of significant importance to the Company and it continues to monitor and where possible improve its environmental credentials. This includes but is not limited to logistics efficiency and pollution control with investment in transport efficiencies to improve utilisation and energy consumption. The Linen Services industry remains competitive and is only now beginning to recover from unprecedented cost. increases in labour, gas, power, linen and chemicals and increased interest rates. The industry has reacted where possible across all sectors by introducing strategic price increases to the customer base. The Company has a robust record in retaining contracts at renewal and continues to bid on new business tenders. The directors confirm that they have regard to broader stakeholder interests when performing their duty under section 172 of the Companies Act 2006 and in doing so have regard to (amongst other matters): • the likely consequence of any decision in the long term • the interests of employees • fostering of business relationships with suppliers, customers and others • the impact of operations on the community and the environment • maintaining a reputation for high standards of business conduct • acting fairly as between members of the company
This report was approved by the board on 1 December 2025 and signed on its behalf.
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SALISBURY TRADING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements 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 to 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.
The directors who served during the year were:
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SALISBURY TRADING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The auditors, Fletcher & Partners, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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SALISBURY TRADING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SALISBURY TRADING LIMITED
We have audited the financial statements of Salisbury Trading Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of comprehensive income, the Analysis of net debt, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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SALISBURY TRADING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SALISBURY TRADING LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the 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.
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SALISBURY TRADING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SALISBURY TRADING LIMITED (CONTINUED)
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 Auditors' 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 ensured that the engagement team collectively had the appropriate competence and capabilities to recognise non-compliance with applicable laws and regulations.
We identified the laws applicable to the company through discussions with directors and management, and from our knowledge and experience of the company and the sector; and We ensured that the laws and regulations which we identified were communicated to the engagement team and that they remained alert to instances of non- compliance throughout the audit. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: • making enquiries of management as to their assessment of the risk of fraud and their knowledge of actual or alleged fraud; and • considering the effectiveness of internal controls to mitigate the risks of fraud and non-compliance with laws and regulations. We addressed the risk of fraud through management bias and the over-ride of controls by assessing whether judgements and assumptions made by management were indicative of potential bias and by investigating the rationale behind significant or unusual transactions. In order to address the risk of irregularities we carried out procedures which included agreeing the financial statements to underlying documentation and enquiring of management as to actual and potential litigation and instances of non-compliance.
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 Auditors' 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 Auditors' 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.
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SALISBURY TRADING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SALISBURY TRADING LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants & Statutory Auditors
Crown Chambers
Bridge Street
Wiltshire
SP1 2LZ
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SALISBURY TRADING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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SALISBURY TRADING LIMITED
REGISTERED NUMBER: 06694979
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 25 form part of these financial statements.
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SALISBURY TRADING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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SALISBURY TRADING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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SALISBURY TRADING LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025
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SALISBURY TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Salisbury Trading Limited is a private company limited by shares and incorporated in England. It's registered office is Salisbury District Hospital, Odstock Road, Salisbury, Wiltshire, SP2 8BJ. The financial statements are presented in Sterling, which is the functional currency of the company.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
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SALISBURY TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially
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SALISBURY TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially
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SALISBURY TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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SALISBURY TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The company operates a defined contribution scheme. Employer's pension costs are charged to operating expenses as and when they become due.
Employees who transferred from Salisbury NHS Foundation Trust when the company commenced trading on 1 October 2013 were eligible to remain in the NHS Pension Scheme. This is an unfunded defined benefit scheme primarily for NHS employers, General Practices and other bodies, allowed under the direction of the Secretary of State in England and Wales. It is not possible for Salisbury Trading Limited to identify its share of the underlying scheme liabilities. Therefore the scheme is accounted for as a defined contribution scheme. Employers pension cost contributions in respect of the NHS Pension Scheme are charged to operating expenses as and when they become due.
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SALISBURY TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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SALISBURY TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Company pays corporation tax at the standard rates set by government tax policy.
The Company is not aware of any specific circumstances that would lead to significant changes for taxation in future periods.
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SALISBURY TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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SALISBURY TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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SALISBURY TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
As mentioned in the Accounting Policies note 2.11 the company operates a defined contribution scheme and it also pays contributions to the NHS Pension Scheme for employees who were eligible to remain in that scheme when they transferred from Salisbury NHS Foundation Trust. The pension cost charge represents contributions payable by the company to the fund and amounted to £221,629 (2024: £224,661). There were £34,679 (2024 - £32,060) combined contributions payable to these funds at the year end.
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SALISBURY TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Company is a 100% subsidiary of
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