REGISTERED NUMBER: 00492098 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Period 31 March 2024 to 29 March 2025

for

The Heygate Engineering Company Limited

Page

Company Information

1

Strategic Report

2

to

3

Report of the Directors

4

to

5

Report of the Independent Auditors

6

to

9

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

to

25

DIRECTORS:

A R Heygate

P M Heygate

A R Heygate

Mrs S E Kreckler

SECRETARY:

S K Y Chia

REGISTERED OFFICE:

Bugbrooke Mills

Bugbrooke

Northamptonshire

NN7 3QH

REGISTERED NUMBER:

00492098 (England and Wales)

AUDITORS:

Clifford Roberts

Chartered Accountants &

Statutory Auditors

Pacioli House

9 Brookfield

Duncan Close

Northampton

Northamptonshire

NN3 6WL

BANKERS:

HSBC UK Bank plc

Large Corporates

6th Floor

120 Edmund Street

Birmingham

B3 2QZ

The directors present their strategic report for the period 31 March 2024 to 29 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company continues to be road haulage, transport services and vehicle maintenance, which it provides as a service to other companies within the Heygate and Sons Limited group and other related parties.

REVIEW OF BUSINESS

The company's turnover is dependent on the demand for its services from other companies within the group and the rate charged is affected by changes in fuel prices and other direct costs. The demand from group companies has increased resulting in more tonnes delivered resulting in an increase in turnover. Direct costs have also increased due to more tonnes carried and more miles driven. Overall the company has achieved their aim of being breakeven prior to tax charges.

PRINCIPAL RISKS AND UNCERTAINTIES

The company does not have significant exposure to foreign currency or cash flow risks due to the nature of its trade. Exposure to credit, liquidity, interest rate and other price risks arise in the normal course of The Heygate Engineering Company Limited's business. These risks are limited by the company's financial management policies described below.

Credit risk

The Heygate Engineering Company Limited is a member of the Heygate and Sons Limited group of companies and provides its services to other group companies. The company therefore has limited exposure to credit risk outside of the group other than related parties.

Liquidity risk

The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves, banking and borrowing facilities. These are managed on a group wide basis in order to benefit from economies of scale.

Interest rate risk

The company is exposed to interest rate risk through the impact of rate changes on interest bearing borrowings. The hire purchase and finance lease contracts are liabilities impacted by this risk. These contracts are negotiated on the best fixed rate terms achievable at the time and therefore crystallise the risk and remove the sensitivity to a change in rates.

Other price risk

The price of fuel has a large impact on the haulage and transport revenue streams of the company. As a significant cost, the company endeavours to maximise route and fuel consumption efficiencies, but fluctuations in the price of fuel are ultimately passed on to fellow subsidiaries, spreading the risk across the group as a whole.

ANALYSIS OF DEVELOPMENTS AND PERFORMANCE

The directors are satisfied with the performance of the company for the period and its position at the 29th March, 2025. The company is maintaining its policy of investing in new commercial vehicles as part of an ongoing fleet modernisation process.

The key performance indicators (KPI's) used in monitoring the company's performance are:

1. Organic sales growth - year on year percentage change in sales revenue.

2. Gross return on sales - gross profit as a percentage of sales revenue.

3. Net return on sales - profit/(loss) on ordinary activities before taxation and before non-recurring items and income from other fixed asset investments, as a percentage of sales revenue.

4. Return on net assets - profit/(loss) on ordinary activities before taxation and before non-recurring items and income from other fixed asset investments, as a percentage of net assets.

5. Free cash flow - comprises the net cash flows from operating activities, less cash outflows due to capital

expenditure.

KEY PERFORMANCE INDICATORS (KPI's)

2025

2024

Organic sales growth

2.82%

4.38%

Gross return on sales

7.52%

6.60%

Net return on sales

0.33%

0.08%

Return on net assets

11.32%

3.05%

Free cash flow

£1,762k

(£3,363k)

ON BEHALF OF THE BOARD:

P M Heygate - Director

16 December 2025

The directors present their report with the financial statements of the company for the period 31 March 2024 to 29 March 2025.

DIVIDENDS

There was a profit on ordinary activities after taxation for the year amounting to £35,634 (2024: £9,003). The directors did not declare a dividend on the company's ordinary shares in respect of the period ended 29th March, 2025, and no ordinary dividends were paid in the period. The company did, however, pay a dividend on its preference shares as follows:

£

Preference dividend paid 662

The dividend has been accounted for as interest payable in accordance with FRS 102 Section 22 - 'Liabilities and Equity'.

FUTURE DEVELOPMENTS

The directors have no plans for any significant changes in business operations in the foreseeable future. They anticipate that the trading performance will be maintained in the next financial year and turnover will vary with the changes in demand for its services from group companies and with the price of fuel.

GOING CONCERN

The financial statements have been prepared on a going concern basis as the company will continue to receive the support of the group. The company operates profitably and continues to invest in its fleet. The expenditure on commercial vehicles generates substantial capital allowances that help to reduce the corporation tax charges within the group. The group support is demonstrated by payment for those capital allowances. However, the capital spend results in deferred tax charges that negate the sale of the tax losses. As the company has no plans to dispose of the capital assets, the deferred tax provision will slowly reverse out, improving the performance of the company, and reducing the need for group support.

DIRECTORS

The directors shown below have held office during the whole of the period from 31 March 2024 to the date of this report.

A R Heygate

P M Heygate

A R Heygate

Mrs S E Kreckler

DISCLOSURE IN THE STRATEGIC REPORT

Principal activity, financial risk management objectives and policies and the exposure to credit, liquidity, interest rate and other price risks are set out in the strategic report (as defined by section 414 C (11) of the Companies Act 2006).

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). 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, Clifford Roberts, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P M Heygate - Director

16 December 2025

Opinion

We have audited the financial statements of The Heygate Engineering Company Limited (the 'company') for the period ended 29 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 29 March 2025 and of its profit for the period 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 pages four and five, 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.

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 obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, UK Generally Accepted Accounting Practice and UK corporate taxation laws.

-

We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and by observing the oversight of management, the culture of honesty and ethical behaviour and whether strong emphasis is placed on fraud prevention, which may reduce the opportunities for fraud to take place, and fraud deterrence, which could persuade individuals not to commit fraud in the first instance. We corroborated our inquiries through our review of all relevant available audit information.

-

We assessed and understood the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. The audit procedures performed by the engagement team included:

>

identifying and assessing the design and effectiveness of controls management has in place to prevent and detect fraud;

>

understanding of how senior management considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

>

challenging assumptions and judgements made by management in its significant accounting estimates;

>

performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and,

>

assessing the extent of compliance with relevant laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

Robert Dearing BEng FCA (Senior Statutory Auditor)

for and on behalf of Clifford Roberts

Chartered Accountants &

Statutory Auditors

Pacioli House

9 Brookfield

Duncan Close

Northampton

Northamptonshire

NN3 6WL

16 December 2025

TURNOVER

15,155,059

14,739,644

Cost of sales

14,014,679

13,766,352

GROSS PROFIT

1,140,380

973,292

Administrative expenses

973,073

875,282

OPERATING PROFIT

4

167,307

98,010

Interest payable and similar expenses

5

117,935

85,785

PROFIT BEFORE TAXATION

49,372

12,225

Tax on profit

6

13,738

3,222

PROFIT FOR THE FINANCIAL PERIOD

35,634

9,003

PROFIT FOR THE PERIOD

35,634

9,003

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

35,634

9,003

FIXED ASSETS

Tangible assets

7

7,427,239

6,725,184

Investments

8

8,080

8,080

7,435,319

6,733,264

CURRENT ASSETS

Stocks

9

526,934

475,115

Debtors

10

1,783,524

626,719

Cash at bank

1,957,016

500,180

4,267,474

1,602,014

CREDITORS

Amounts falling due within one year

11

9,467,986

5,994,347

NET CURRENT LIABILITIES

(5,200,512

)

(4,392,333

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,234,807

2,340,931

CREDITORS

Amounts falling due after more than one year

12

(513,105

)

(899,408

)

PROVISIONS FOR LIABILITIES

17

(1,285,710

)

(1,041,165

)

NET ASSETS

435,992

400,358

CAPITAL AND RESERVES

Called up share capital

18

10,500

10,500

Retained earnings

19

425,492

389,858

SHAREHOLDERS' FUNDS

435,992

400,358

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2025 and were signed on its behalf by:

P M Heygate - Director

A R Heygate - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 2 April 2023

10,500

380,855

391,355

Changes in equity

Total comprehensive income

-

9,003

9,003

Balance at 30 March 2024

10,500

389,858

400,358

Changes in equity

Total comprehensive income

-

35,634

35,634

Balance at 29 March 2025

10,500

425,492

435,992

1.	PRINCIPAL PLACE OF BUSINESS

The Heygate Engineering Company Limited is a private company, limited by shares, incorporated and domiciled in England and has its registered office and principal place of business at Bugbrooke Mills, Bugbrooke, Northampton, NN7 3QH. The company's registered number can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis.

The financial statements are presented in Sterling (£) and cover the period to the Saturday that falls closest to the 31st March each year. This results in the comparatives being not entirely comparable.

Going concern

The financial statements have been prepared on a going concern basis as the company will continue to receive the support of the group. The company operates profitably and continues to invest in its fleet. The expenditure on commercial vehicles generates substantial capital allowances that help to reduce the corporation tax charges within the group. The group support is demonstrated by payment for those capital allowances. However, the capital spend results in deferred tax charges that negate the sale of the tax losses. As the company has no plans to dispose of the capital assets, the deferred tax provision will slowly reverse out, improving the performance of the company, and reducing the need for group support.

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 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.

Details of the parent company in which full disclosure can be found are contained in the 'Ultimate Controlling Party' note.

Preparation of consolidated financial statements

The financial statements contain information about The Heygate Engineering Company Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Heygate and Sons Limited, Bugbrooke Mills, Bugbrooke, Northamptonshire, NN7 3QH.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

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

(a) Determining net book value of tangible fixed assets

In determining the net book value of tangible fixed assets, management estimate both the residual value and the useful economic lives of assets. Both judgements rely on the experience of management.

(b) Determining net realisable values of stocks

In determining the net realisable value of stocks, management takes into account the most reliable evidence available at the dates the estimates are made.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is revenue earned from the rendering of services and is recognised on evidence of completion of the service. The turnover and pre-tax profit is wholly attributable to road haulage, transport services and vehicle maintenance provided to the other companies within the Heygate and Sons Limited group and other related parties within the United Kingdom.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

2.5% - 3% per annum

Commercial vehicles

-

16.66% on cost and 10% on cost

Plant and machinery

-

10% on cost

Office equipment

-

33% on cost

Motor vehicles

-

25% on cost

Items costing £5,000, or less, and not forming part of a wider project costing more than £5,000, are written off to the income statement as repairs and renewals.

Investments in subsidiaries

Fixed asset investments comprise of unquoted shares in a subsidiary which are stated at cost less impairment. Impairment losses are recognised immediately in the statement of income. The details of the investment is shown in the 'Fixed Asset Investments' note.

Stocks

Stocks are stated at the lower of cost price and net realisable value, calculated on a first in first out basis. Net realisable value is based on estimated selling price, less further costs expected to be incurred to completion and disposal.

Financial instruments

The Heygate Engineering Company Limited enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans, hire purchase contracts and balances to and from related parties.

Debt instruments (other than those wholly repayable or receivable in one year), including loans and other accounts receivable and payable, are initially measured at the present value of future cash flows and subsequently at amortised cost using the effective interest rate 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.

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 impairment is found, an impairment loss is recognised in the income statement.

Taxation

Taxation for the period 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 period 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.

Hire purchase and leasing commitments

Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to profit and loss over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight line basis over the lease term.

Pension and post employment benefits

In accordance with FRS 102 Section 28 - 'Employee benefits', the operating and financing costs of pension and post-retirement schemes are recognised separately in the profit and loss. Service costs are systematically spread over the service lives of the employees and financing costs are recognised in the period in which they arise. The costs of past service benefit enhancements, settlements and curtailments are also recognised in the period in which they arise.

The difference between actual and expected returns on assets during the year, including changes in actuarial assumptions, are recognised in the statement of other comprehensive income.

The disclosure required by FRS 102 Section 28 - 'Employee benefits' are given in the 'Pension Commitments' note.

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

5,527,515

5,436,738

Social security costs

588,529

579,402

Other pension costs

312,857

289,760

6,428,901

6,305,900

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

2025

2024

No.

No.

Office and management

8

8

Transport operatives

93

96

101

104

Period

Period

31.3.24

2.4.23

to

to

29.3.25

30.3.24

£

£

Directors' remuneration

-

-

4.	OPERATING PROFIT

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

Period

Period

31.3.24

2.4.23

to

to

29.3.25

30.3.24

£

£

Other operating leases

3,500

3,500

Depreciation - owned assets

1,446,740

1,045,404

Depreciation - assets on hire purchase contracts

186,838

179,719

Loss/(profit) on disposal of fixed assets

1,657

(30,314

)

Auditors remuneration

23,550

23,000

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

Period

31.3.24

2.4.23

to

to

29.3.25

30.3.24

£

£

Interest paid on preference shares

662

662

Hire purchase

117,273

85,123

117,935

85,785

The interest paid is the dividend on the 4.2% preference shares.

6.

TAXATION

Analysis of the tax charge

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

Period

Period

31.3.24

2.4.23

to

to

29.3.25

30.3.24

£

£

Current tax:

Sale of tax losses to fellow group companies

(230,807

)

(697,370

)

Deferred tax

244,545

700,592

Tax on profit

13,738

3,222

Reconciliation of total tax charge included in profit and loss

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

Period

Period

31.3.24

2.4.23

to

to

29.3.25

30.3.24

£

£

Profit before tax

49,372

12,225

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

12,343

3,056

Effects of:

Capital allowances in excess of depreciation

(243,730

)

(693,014

)

Preference share dividend treated as loan interest

166

166

Loss/(profit) on disposal of fixed assets not taxable

414

(7,579

)

Losses surrendered under group relief

230,807

697,370

Deferred tax charge

244,545

700,592

Sale of tax losses to fellow group companies

(230,807

)

(697,369

)

Total tax charge

13,738

3,222

7.	TANGIBLE FIXED ASSETS

Short

Commercial

Plant and

leasehold

vehicles

machinery

£

£

£

COST

At 31 March 2024

245,227

17,627,108

539,522

Additions

136,646

2,078,485

71,383

Disposals

-

(192,647

)

-

At 29 March 2025

381,873

19,512,946

610,905

DEPRECIATION

At 31 March 2024

245,227

11,170,345

302,665

Charge for period

4,917

1,573,107

34,077

Eliminated on disposal

-

(181,127

)

-

At 29 March 2025

250,144

12,562,325

336,742

NET BOOK VALUE

At 29 March 2025

131,729

6,950,621

274,163

At 30 March 2024

-

6,456,763

236,857

Office

Motor

equipment

vehicles

Totals

£

£

£

COST

At 31 March 2024

39,049

57,370

18,508,276

Additions

-

60,743

2,347,257

Disposals

-

(417

)

(193,064

)

At 29 March 2025

39,049

117,696

20,662,469

DEPRECIATION

At 31 March 2024

39,049

25,806

11,783,092

Charge for period

-

21,477

1,633,578

Eliminated on disposal

-

(313

)

(181,440

)

At 29 March 2025

39,049

46,970

13,235,230

NET BOOK VALUE

At 29 March 2025

-

70,726

7,427,239

At 30 March 2024

-

31,564

6,725,184