REGISTERED NUMBER: 00360505 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

LC DESIGNS CO. LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

A G Pestell

B E Pestell

K B Pestell

V F Pestell

S Luxford

C E Pestell

SECRETARY:

K B Pestell

REGISTERED OFFICE:

London House

Sheldon Way

Larkfield

Aylesford

Kent

ME20 6SE

REGISTERED NUMBER:

00360505 (England and Wales)

AUDITORS:

BSR Bespoke

Chartered Accountants

Registered Auditors

Linden House

Linden Close

Tunbridge Wells

Kent

TN4 8HH

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

REVIEW OF BUSINESS

The company's principal activity is the distribution of giftware and housewares and it continues working closely with premier worldwide retail groups across its core product competencies.

PRINCIPAL RISKS AND UNCERTAINTIES

In common with other designers and vendors to the premier UK retail groups, the company operates in an environment which is extremely price sensitive. Accordingly, the company constantly invests in producing original products at prices to deliver the desired margin requirements of their customers.

PERFORMANCE OF THE BUSINESS

Product innovation and brand development are an important part of the company's operation. A high level of investment is maintained in originating and marketing new products and the brands. The company's staff work closely with major retailers to satisfy consumer demand for innovative products that meet the highest standards of quality and value.

The directors are satisfied with the performance of the company given the competitive trading environment. Turnover has increased by 25.3% to £13,141,914 (2024: £10,486,825) with gross profits increasing to £5,839,048 (2024: £4,725,433). The gross profit margin has decreased to 44.4% in the current year compared to 45.1% in 2024.

POSITION OF THE BUSINESS

The company remains in a healthy financial position with strong liquidity. At the year end the company has a cash position of £3,729,502 (2024: £4,704,896) and net current assets of £3,871,301 (2024: £3,817,195). The directors anticipate the challenging retail environment will continue for the foreseeable future and therefore consider it prudent to retain cash within the business.

The trade debtor day ratio has increased to 32 days (2024: 18 days). The directors are satisfied with the position of the business.

LIKELY FUTURE DEVELOPMENTS IN THE BUSINESS OF THE COMPANY

The company has seen a slowdown in consumer spending due to the cost of living crisis which has also affected the major retailers. As a result, the turnover is expected to fluctuate as the retail market goes through a period of reconciliation until consumer confidence returns. During this period the company will continue to put a high level of investment into its ecommerce presence both domestically and internationally.

KEY PERFORMANCE INDICATORS

The directors consider the key performance indicators of the business to be revenue and gross profit. Details of the performance of these indicators are given in the performance of the business discussion above.

ON BEHALF OF THE BOARD:

K B Pestell - Director

22 December 2025

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

DIVIDENDS

The directors proposed no dividends for the year ended 31 March 2025 (2024: £nil).

DIRECTORS

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

A G Pestell

B E Pestell

K B Pestell

V F Pestell

S Luxford

C E Pestell

GOING CONCERN

Although the company has experienced a slowdown in consumer spending, mainly due to the cost of living crisis, it continues to have a strong online presence picking up new retailers worldwide. It also has a strong position financially, owning the premises for which it operates, and no concerns regarding cashflow. The directors therefore conclude that it is appropriate to continue to apply the going concern basis for preparation.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The main financial risks arising from the company's activities are price, credit, liquidity and exchange risks.

The company's policy in respect of price risk is set out in the strategic report on page 2 of these financial statements.

The company's policy in respect of credit risk is to require appropriate credit checks on potential customers before sales are made and to take out credit insurance.

The company's policy in respect of the liquidity risk is to maintain a readily accessible bank deposit account to ensure that the company has sufficient funds for operation. The cash deposits are held in a mixture of short term deposits and current accounts which earn interest at a floating rate.

The company's policy in respect of exchange risk, which primarily exists as a result of foreign currency purchases, is to maintain sufficient cash reserves in the appropriate foreign currencies which can be used to meet foreign currency liabilities. Also the company is actively generating sales in the currency in which purchases are made to reduce currency risk, and thus act as a natural hedge.

RESEARCH AND DEVELOPMENT ACTIVITIES

The group continues to invest in research and development of the Stackers website. In the current year, development charged as an expense totalled £128,089 (2024: £122,628).

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, BSR Bespoke, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

K B Pestell - Director

22 December 2025

Opinion

We have audited the financial statements of LC Designs Co. Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, 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 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 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 Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

-	adequate accounting records have not been kept, 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the client and determined that the most significant are:

-

The form and content of the financial statements, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006,

-

UK Employment Law and data protection, and

-

UK Corporate tax laws.

We gathered an understanding of how the entity is complying with the above frameworks by enquiring and observing management and those charged with governance, ensuring there is a culture of honesty with an emphasis on fraud prevention which may reduce opportunities for fraud to occur as well as acting as a deterrent.

We assessed the susceptibility of the financial statements to material misstatement due to fraud, by making an assessment of the key fraud risks, the manner in which any such risks may materialise, our knowledge of the client and an assessment of the current business environment.

We designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed additional audit procedures to address each identified fraud risk to obtain reasonable assurance that the financial statements were free of fraud or error.

We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business.

There are inherent limitations in the audit procedures described above, 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. The primary responsibility for the prevention and detection of fraud rests with management and those charged with governance.

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.

Stephen Pocock FCCA (Senior Statutory Auditor)

for and on behalf of BSR Bespoke

Chartered Accountants

Registered Auditors

Linden House

Linden Close

Tunbridge Wells

Kent

TN4 8HH

23 December 2025

TURNOVER

3

13,141,914

10,486,825

Cost of sales

7,302,866

5,761,392

GROSS PROFIT

5,839,048

4,725,433

Distribution costs

391,029

347,277

Administrative expenses

5,542,667

4,494,136

5,933,696

4,841,413

OPERATING LOSS

5

(94,648

)

(115,980

)

Interest receivable and similar income

6

107,081

119,992

PROFIT BEFORE TAXATION

12,433

4,012

Tax on profit

7

9,016

4,768

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

3,417

(756

)

PROFIT/(LOSS) FOR THE YEAR

3,417

(756

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

3,417

(756

)

FIXED ASSETS

Tangible assets

8

1,130,500

1,158,361

CURRENT ASSETS

Stocks

9

2,081,351

1,275,194

Debtors

10

1,481,734

585,731

Cash at bank and in hand

3,729,502

4,704,896

7,292,587

6,565,821

CREDITORS

Amounts falling due within one year

11

3,421,286

2,748,626

NET CURRENT ASSETS

3,871,301

3,817,195

TOTAL ASSETS LESS CURRENT LIABILITIES

5,001,801

4,975,556

PROVISIONS FOR LIABILITIES

12

214,213

191,385

NET ASSETS

4,787,588

4,784,171

CAPITAL AND RESERVES

Called up share capital

13

184,700

184,700

Retained earnings

4,602,888

4,599,471

SHAREHOLDERS' FUNDS

4,787,588

4,784,171

The financial statements were approved by the Board of Directors and authorised for issue on 22 December 2025 and were signed on its behalf by:

A G Pestell - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

184,700

4,600,227

4,784,927

Changes in equity

Total comprehensive income

-

(756

)

(756

)

Balance at 31 March 2024

184,700

4,599,471

4,784,171

Changes in equity

Total comprehensive income

-

3,417

3,417

Balance at 31 March 2025

184,700

4,602,888

4,787,588

1.	STATUTORY INFORMATION

LC Designs Co. 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 presentation and functional currency of the financial statements is the Pound Sterling (£). Amounts are rounded to the nearest Pound.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirement of paragraph 33.7.

This information is included in the consolidated financial statements of London Clock Holding Company Limited as at 31 March 2025 and these financial statements may be obtained from Companies House.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of giftware and housewares is recognised when all of the following conditions are satisfied:

-

the company has transferred the significant risks and rewards of ownership to the buyer;

-

the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

-

the amount of turnover can be measured reliably;

-

it is probable that the company will receive the consideration due under the transaction; and

-

the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases:

Freehold property

-

2% on cost

Motor vehicles

-

25% on reducing balance

Equipment, fixtures & fittings

-

15% on reducing balance

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 the profit or loss.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to sell. Cost is based on the cost of purchase on a first in, first out basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to sell. The impairment loss is recognised immediately in the profit or loss.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

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

Interest income

Interest income is recognised in the profit and loss using the effective interest method.

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires 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 year that the company becomes aware of the obligation, and are measured at the best estimate at the statement of financial position 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 statement of financial position.

Judgements in applying accounting policies and key sources of estimation

In preparing these financial statements, the directors have made the following judgements:

-

Determine the recoverability of trade receivables via regular review in the light of available economic information specific to each receivable with specific provisions recognised for balances considered to be irrecoverable.

-

Stock is valued at lower of cost and net realisable value. Management apply judgement in estimating the net realisable value for each product line, which includes assessing the lifecycle of the product, sell through date and price achieved. Estimates are revised as latest information is available.

-

Provisions are liabilities of uncertain timing or amount and therefore in making a reliable estimate of the quantum and timing liabilities, judgement is applied and re-evaluated at each reporting date to ensure that the assumptions applied remain appropriate.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.3.25

31.3.24

£

£

United Kingdom

7,741,564

7,519,695

Europe

917,124

709,803

Rest of the world

4,483,226

2,257,327

13,141,914

10,486,825

4.	EMPLOYEES AND DIRECTORS

31.3.25

31.3.24

£

£

Wages and salaries

3,389,054

2,728,628

Social security costs

441,153

328,973

Other pension costs

105,161

104,553

3,935,368

3,162,154

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

31.3.25

31.3.24

Office and management

29

30

Manufacturing and distribution

17

14

46

44

31.3.25

31.3.24

£

£

Directors' remuneration

1,536,258

1,315,757

Directors' pension contributions to money purchase schemes

11,922

8,640

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

2

The highest paid director received remuneration of £477,250 (2024: £409,337).

5.	OPERATING LOSS

The operating loss is stated after charging/(crediting):

31.3.25

31.3.24

£

£

Depreciation - owned assets

51,076

50,969

Profit on disposal of fixed assets

(2,467

)

(10,144

)

Foreign exchange differences

6,913

(2,401

)

Website development costs

128,089

122,628

Auditors' remuneration

16,750

16,250

Defined contribution pension cost

105,161

104,553

6.

INTEREST RECEIVABLE AND SIMILAR INCOME

31.3.25

31.3.24

£

£

Bank interest receivable

107,081

119,992

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.3.25

31.3.24

£

£

Current tax:

UK corporation tax

12,557

7,757

Deferred tax

(3,541

)

(2,989

)

Tax on profit

9,016

4,768

UK corporation tax has been charged at 23.06% (2024 - 21.34%).

Reconciliation of total tax charge included in profit and loss

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

31.3.25

31.3.24

£

£

Profit before tax

12,433

4,012

Profit multiplied by the standard rate of corporation tax in the UK of 23.057% (2024 - 21.340%)

2,867

856

Effects of:

Expenses not deductible for tax purposes

6,424

5,676

Difference in deferred tax rate

(275

)

(1,764

)

Total tax charge

9,016

4,768

As of 1 April 2023, the main rate of UK corporation tax increased from 19% to 25%. As the company's profit

qualified for Marginal Relief, this has resulted in an effective tax rate for the year of 23.057% (2024: 21.340%).

8.	TANGIBLE FIXED ASSETS

Equipmen-

t,

fixtures

Freehold

& fittin-

Motor

property

gs

vehicles

Totals

£

£

£

£

COST

At 1 April 2024

1,651,077

553,082

123,104

2,327,263

Additions

-

-

24,248

24,248

Disposals

-

-

(36,819

)

(36,819

)

At 31 March 2025

1,651,077

553,082

110,533

2,314,692

DEPRECIATION

At 1 April 2024

598,960

497,576

72,366

1,168,902

Charge for year

24,262

8,326

18,488

51,076

Eliminated on disposal

-

-

(35,786

)

(35,786

)

At 31 March 2025

623,222

505,902

55,068

1,184,192

NET BOOK VALUE

At 31 March 2025

1,027,855

47,180

55,465

1,130,500

At 31 March 2024

1,052,117

55,506

50,738

1,158,361

Included in cost of freehold property is land of £438,000 (2024: £438,000) which is not depreciated.

9.

STOCKS

31.3.25

31.3.24

£

£

Stocks

2,081,351

1,275,194

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

1,405,625

524,764

Other debtors

8,000

8,000

VAT

50,155

41,429

Deferred tax asset

11,455

7,914

Prepayments and accrued income

6,499

3,624

1,481,734

585,731

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

62,683

71,086

Amounts owed to group undertakings

742,256

742,256

Corporation tax

12,557

7,757

Social security and other taxes

329,697

223,375

Other creditors

302,246

309,878

Accruals and deferred income

1,971,847

1,394,274

3,421,286

2,748,626

12.	PROVISIONS FOR LIABILITIES

31.3.25

31.3.24

£

£

Other provisions

214,213

191,385

Provisi-

on for

Deferred

guarant-

tax

ees

£

£

Balance at 1 April 2024

(7,914

)

191,385

(Credit)/charge to Income Statement during year

(3,541

)

22,828

Balance at 31 March 2025

(11,455

)

214,213

Deferred tax has been calculated using the applicable rate when the liability/(asset) is expected to be realised. The applicable tax rate applied at the balance sheet date is 25% (2024: 25%). Deferred tax comprises the effect of depreciation in excess of capital allowances and bonuses unpaid within 9 months. There is not expected to be a material reversal of the deferred tax asset in the next year.