REGISTERED NUMBER: 01738476 (England and Wales)

N.E.M. Co. Limited

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 March 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Income and Retained Earnings

8

Statement of Financial Position

9

Statement of Cash Flows

10

Notes to the Statement of Cash Flows

11

Notes to the Financial Statements

12

DIRECTORS:

D Duric

A B Pearce

D N Pearce

P Amondsen

SECRETARY:

A B Pearce

REGISTERED OFFICE:

Wedgewood Way

Stevenage

Hertfordshire

SG1 4SX

REGISTERED NUMBER:

01738476 (England and Wales)

AUDITORS:

Bracey's Accountants (Audit) Limited

Statutory Auditor, Chartered Accountants

Unit 1 The Cam Centre

Wilbury Way

Hitchin

Hertfordshire

SG4 0TW

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

REVIEW OF BUSINESS

The directors are pleased to announce a satisfactory result before taxation for the year of £164,677, this is after adjustments made from review of longer term stock provisions and a potential bad debt. The underlying results show a decline in turnover of £2.1m (16%) and reduced gross margin from 32% to 27%.

The company is committed to reducing its carbon emissions and holds ISO14001 accreditation, highlighting the company's ongoing commitment to Corporate Social Responsibility. Investments continue to be made in this area.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's operations expose it to a variety of financial risks that include credit risk. The company has in place a risk management programme that seeks to limit the adverse effect on the financial performance of the company by monitoring its exposure to credit risk.

Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department. The department has a policy and procedures manual that sets our specific guidelines to monitor credit risk.

The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual counterparty is subject to a limit, which is reassessed annually by the board. Outstanding debtors are monitored weekly and remedial action taken when customers exceed their payment terms.

FUTURE DEVELOPMENTS

The current order book is static and more emphasis is to be placed on new business development growth.

The directors are continuing their efforts to improve efficiencies to increase profits and margins for the year to 31st March 2026, as well as focusing our sales efforts towards blue chip companies.

ON BEHALF OF THE BOARD:

D N Pearce - Director

17 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of manufacture and supply of electronic components.

DIVIDENDS

An interim dividend of 15.08 per share was paid on 30 April 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2025 will be £ 301,600 .

FUTURE DEVELOPMENTS

The directors have given an indication of the likely future developments in the company’s business in the strategic report.

DIRECTORS

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

D Duric

A B Pearce

D N Pearce

Other changes in directors holding office are as follows:

P Amondsen was appointed as a director after 31 March 2025 but prior to the date of this report.

S Fortune ceased to be a director after 31 March 2025 but prior to the date of this report.

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, Bracey's Accountants (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

D N Pearce - Director

17 December 2025

Opinion

We have audited the financial statements of N.E.M. Co. Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006 and tax legislation.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate revenue or understate expenditure and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

- discussions with management, including considerations of known or suspected instances of non- compliance with laws and regulations and fraud;

- gaining an understanding of management's controls designed to prevent and detect irregularities;

- review of the financial statements and disclosures to the underlying supporting documentation;

- assessing significant judgements and review of accounting estimates, in particular with regards to stock provisions and valuations;

- evaluation and consideration of areas where the potential for management bias exists

- performance of analytical review and reviewing findings of testing

- identifying and testing journal entries; and

- overall considering the consistency of discussions had with the findings and evidence obtained throughout the audit.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Emma Fraser FCA (Senior Statutory Auditor)

for and on behalf of Bracey's Accountants (Audit) Limited

Statutory Auditor, Chartered Accountants

Unit 1 The Cam Centre

Wilbury Way

Hitchin

Hertfordshire

SG4 0TW

23 December 2025

TURNOVER

3

11,114,785

13,250,808

Cost of sales

8,148,487

9,002,283

GROSS PROFIT

2,966,298

4,248,525

Distribution costs

179,477

160,328

Administrative expenses

2,805,179

3,533,813

2,984,656

3,694,141

OPERATING (LOSS)/PROFIT

5

(18,358

)

554,384

Interest receivable and similar income

7

183,035

107,204

PROFIT BEFORE TAXATION

164,677

661,588

Tax on profit

8

41,170

160,388

PROFIT FOR THE FINANCIAL YEAR

123,507

501,200

Retained earnings at beginning of year

7,802,166

7,444,966

Dividends

9

(301,600

)

(144,000

)

RETAINED EARNINGS AT END OF YEAR

7,624,073

7,802,166

FIXED ASSETS

Tangible assets

10

827,590

858,887

CURRENT ASSETS

Stocks

11

3,374,535

3,898,444

Debtors

12

2,632,051

3,156,779

Cash and cash equivalents

5,021,919

4,100,746

11,028,505

11,155,969

CREDITORS

Amounts falling due within one year

13

4,054,162

4,033,406

NET CURRENT ASSETS

6,974,343

7,122,563

TOTAL ASSETS LESS CURRENT LIABILITIES

7,801,933

7,981,450

PROVISIONS FOR LIABILITIES

15

157,860

159,284

NET ASSETS

7,644,073

7,822,166

CAPITAL AND RESERVES

Called up share capital

16

20,000

20,000

Retained earnings

17

7,624,073

7,802,166

SHAREHOLDERS' FUNDS

7,644,073

7,822,166

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

D N Pearce - Director

Cash flows from operating activities

Cash generated from operations

1

1,393,009

471,924

Tax paid

(113,467

)

(219,844

)

Net cash from operating activities

1,279,542

252,080

Cash flows from investing activities

Purchase of tangible fixed assets

(238,786

)

(441,186

)

Interest received

183,035

107,204

Net cash from investing activities

(55,751

)

(333,982

)

Cash flows from financing activities

Amount withdrawn by directors

(1,018

)

35,070

Equity dividends paid

(301,600

)

(144,000

)

Net cash from financing activities

(302,618

)

(108,930

)

Increase/(decrease) in cash and cash equivalents

921,173

(190,832

)

Cash and cash equivalents at beginning of year

2

4,100,746

4,291,578

Cash and cash equivalents at end of year

2

5,021,919

4,100,746

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

164,677

661,588

Depreciation charges

270,083

270,574

Finance income

(183,035

)

(107,204

)

251,725

824,958

Decrease in stocks

523,909

639,312

Decrease/(increase) in trade and other debtors

524,728

(115,171

)

Increase/(decrease) in trade and other creditors

92,647

(877,175

)

Cash generated from operations

1,393,009

471,924

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

5,021,919

4,100,746

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

4,100,746

4,291,578

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash and cash equivalents

4,100,746

921,173

5,021,919

4,100,746

921,173

5,021,919

Total

4,100,746

921,173

5,021,919

1.	STATUTORY INFORMATION

N.E.M. 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.

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.

The Company's functional and presentational currency is GBP. Amounts are rounded to the nearest £1.

Significant judgements and estimates

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

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

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

Useful Economic Life of Tangible Assets:

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets.

Inventory Provisioning:

The company purchases large quantities of raw materials of electrical components. Due to the technological nature of the parts used in production, they can become obsolete. This is considered and reviewed on a regular basis when making provisions against inventory.

Turnover

Turnover is measured at 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 revenue is recognised:

Sale of goods

- 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 revenue 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.

Sales invoices are raised on dispatch from the warehouse.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Asset class

Depreciation rate

Short-term leasehold property

over life of the lease

Plant and machinery

15% straight line

Motor vehicles

25% straight line

Fixtures and fittings

15% straight line

Computer equipment

33% straight line

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 asset's 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 including work in progress

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is determined using the weighted average cost method. Work in progress and finished goods include labour and attributable overheads.

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 complete and sell. The impairment loss is recognised immediately in profit or loss. Provision is made for the obsolete and slow-moving stock where the carrying value exceeds the net realisable value. Obsolescence is assessed on an item-by-item basis taking into account factors including expected future demand, technological changes and the conditions of stocks.

Financial instruments

The Company has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments.

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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables due with the operating cycle fall into this category of financial instruments.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 currency translation

Transactions and balances

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

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

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

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

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:

2025

2024

£

£

United Kingdom

10,588,627

12,826,983

Rest of World

526,158

423,825

11,114,785

13,250,808

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

4,030,231

4,124,155

Other pension costs

1,748

1,097

4,031,979

4,125,252

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

2025

2024

Directors

4

5

Admin

15

13

Production

96

107

115

125

2025

2024

£

£

Directors' remuneration

306,983

355,162

Directors' pension contributions to money purchase schemes

1,748

1,097

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

Money purchase schemes

1

1

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

93,597

91,229

Pension contributions to money purchase schemes

1,748

1,097

5.	OPERATING (LOSS)/PROFIT

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

2025

2024

£

£

Other operating leases

436,602

416,229

Depreciation - owned assets

270,083

270,574

Foreign exchange differences

1,813

(2,698

)

6.	AUDITORS' REMUNERATION

2025

2024

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

9,000

9,000

7.

INTEREST RECEIVABLE AND SIMILAR INCOME

2025

2024

£

£

Interest received

183,035

107,204

8.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

42,594

113,467

Prior year amount

-

(5,008

)

Total current tax

42,594

108,459

Deferred tax

(1,424

)

51,929

Tax on profit

41,170

160,388

UK corporation tax has been charged at 25% .

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:

2025

2024

£

£

Profit before tax

164,677

661,588

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

41,169

165,397

Effects of:

Capital allowances in excess of depreciation

-

(51,930

)

Depreciation in excess of capital allowances

75

-

Adjustments to tax charge in respect of previous periods

-

(5,008

)

Deferred tax

(1,424

)

51,929

Temporary timing differences

1,350

-

Total tax charge

41,170

160,388

9.

DIVIDENDS

During the year interim dividends totalling £301,600 (2024: £144,000) was paid on Ordinary £1 shares.