REGISTERED NUMBER: 02473770 (England and Wales)

GBA (Holdings) Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31st March 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

C Judah

Y Judah

M Simpson

REGISTERED OFFICE:

Meridian House

Alexandra Dock North

Grimsby

DN31 3UA

REGISTERED NUMBER:

02473770 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

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

REVIEW OF BUSINESS

The company's main activity is that of a holding and management company, providing services to other group companies. In addition to this the company also provides port and cargo operating and management services.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risk is the trading of the subsidiaries and possible impairment of the investments.

The company is continually seeking new opportunities within the automotive logistics sector as well as providing value added services to its customers, in order to maintain steady and sustainable growth. The company believes one of its main strengths is its customer relationships and the service level it offers to them.

The company's credit risk is primarily attributable to its trade debtors. Credit risk is managed by running credit checks on new customers and by monitoring payments against contractual terms.

The company currently has no secured loans or credit finance so its exposure to debt risk and interest rate risk is limited.

The company monitors cash flow as part of its day to day control procedures. The Board considers cash flow projections on a monthly basis and ensures the funds are available to be drawn upon as necessary to manage liquidity risk.

The Board works closely with its management team to anticipate and monitor all financial risks, as detailed above, in order to plan and react accordingly to ensure there is minimal effect on the financial performance of the company.

Development and performance

The company will continue as a holding and management company and continue to support other group companies.

The company's growth strategy has to-date focused on organic expansion led by the demands and requirements of the core OEM base. This strategy will be maintained. The company will continue to invest in technology, skills, capability and capacity to the benefit of the customer.

Key performance indicators

The profit and loss account is set out on page 9 and shows a profit for the year after tax of £3,115,473 (2024 - £1,866,690).

SECTION 172 STATEMENT

The Board believes that, individually and collectively, they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, having regard to the matters set out in section 172(1)(a)-(f) of the Companies Act 2006 and forms the directors’ statement required under section 414CZA of the Companies Act 2006.

As a non-trading holding company, the Company’s principal activities are the ownership of investments in its subsidiaries and the provision of strategic oversight, governance and capital allocation to the wider Group. The Company has no employees and limited direct operational activities. Accordingly, the nature of the Company’s stakeholders and the manner in which the directors engage with them differs from that of the wider trading group.

Long-term decision making

The directors consider the long-term consequences of decisions primarily in the context of the Group’s strategy, capital structure, and investment requirements. Decisions taken during the year focused on ensuring that the Company continues to provide stable financial support to its subsidiaries and maintains an appropriate governance framework.

Employees

The Company has no employees. The directors nevertheless have regard to the interests and wellbeing of employees across the wider Group through their oversight role and participation in Group-level governance processes which are detailed in the consolidated accounts for Ensco 1330 Limited.

Relationships with suppliers, customers and others

The Company has limited direct relationships with external stakeholders. Its principal external stakeholders are, professional advisers and trade creditors relating to asset purchases. The directors engage with these stakeholders through regular financial reporting, compliance with contractual obligations, and maintaining transparent and responsible business practices.

Impact on the community and the environment

Given the Company’s non-trading nature, its direct environmental and community impact is minimal. The directors nevertheless consider the Group’s broader environmental and social responsibilities when approving major investments or strategic initiatives, ensuring alignment with the Group’s ESG commitments.

Reputation for high standards of business conduct

The directors recognise the importance of maintaining the Company’s reputation for high standards of governance, financial stewardship and compliance. The Company adheres to the Group’s governance policies, risk management framework and internal control environment.

ON BEHALF OF THE BOARD:

C Judah - Director

22nd December 2025

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of The principal activity of the company continued to be that of port and cargo operation and management services.

DIVIDENDS

Ordinary dividends were paid amounting to £2,150,000 (2024: £1,541,104). The directors do not recommend payment of a final dividend.

DIRECTORS

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

C Judah

Y Judah

M Simpson

Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

GOING CONCERN

The directors have prepared the 31 March 2025 financial statements on a going concern basis. In recent years, the company's activities have increased on the backdrop of further recovery and stabilisation of vehicle supply. In light of relatively volatile inflationary and regulatory costs, the company has been increasingly selective in respect to those services and contracts with which it engages, ensuring long term economic sustainability.

The directors are of the opinion that the company has sufficient resources to continue as a going concern after considering the above issues. The directors have taken appropriate steps to mitigate the impacts of changing macro-economic conditions on the company's trading activity and cash flow. They therefore believe that the company has adequate resources available to meet its liabilities as they fall due allowing the company to continue in operational existence for a period of at least twelve months from the date of the approval of these financial statements.

Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

STREAMLINED ENERGY AND CARBON REPORTING

Carbon reporting

The company is exempt from carbon reporting obligations as they are covered by their intermediate parent Ensco 1330 Limited's group 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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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, Smailes Goldie, will be proposed for re-appointment in accordance with section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

C Judah - Director

22nd December 2025

Opinion

We have audited the financial statements of GBA (Holdings) Limited (the 'company') for the year ended 31st 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 31st 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 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.

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

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the United Kingdom Accounting Standards FRS 102, the Companies Act 2006 and tax legislation. We also considered those laws and regulations that may have an indirect material effect on the financial statements including data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

reading the minutes of meetings of those charged with governance;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with relevant regulators and the company's legal advisors.

Due to 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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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.

Matthew Fox FCCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

23rd December 2025

TURNOVER

-

-

Administrative expenses

947,226

395,878

(947,226

)

(395,878

)

Other operating income

2,223,460

794,418

OPERATING PROFIT

4

1,276,234

398,540

Income from shares in group undertakings

2,150,000

1,541,104

Interest receivable and similar income

11,550

20,982

2,161,550

1,562,086

PROFIT BEFORE TAXATION

3,437,784

1,960,626

Tax on profit

5

322,311

93,936

PROFIT FOR THE FINANCIAL YEAR

3,115,473

1,866,690

FIXED ASSETS

Intangible assets

7

94,699

151,414

Tangible assets

8

7,541,109

7,746,704

Investments

9

467,096

467,096

8,102,904

8,365,214

CURRENT ASSETS

Debtors

10

10,611,117

5,195,738

Cash at bank

278,385

1,009,419

10,889,502

6,205,157

CREDITORS

Amounts falling due within one year

11

16,524,391

12,992,671

NET CURRENT LIABILITIES

(5,634,889

)

(6,787,514

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,468,015

1,577,700

PROVISIONS FOR LIABILITIES

12

463,869

539,027

NET ASSETS

2,004,146

1,038,673

CAPITAL AND RESERVES

Called up share capital

13

100

100

Retained earnings

14

2,004,046

1,038,573

SHAREHOLDERS' FUNDS

2,004,146

1,038,673

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

C Judah - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st April 2023

100

712,987

713,087

Changes in equity

Dividends

-

(1,541,104

)

(1,541,104

)

Total comprehensive income

-

1,866,690

1,866,690

Balance at 31st March 2024

100

1,038,573

1,038,673

Changes in equity

Dividends

-

(2,150,000

)

(2,150,000

)

Total comprehensive income

-

3,115,473

3,115,473

Balance at 31st March 2025

100

2,004,046

2,004,146

1.	STATUTORY INFORMATION

GBA (Holdings) 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.

Company information

GBA (Holdings) Limited is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is Meridian House, Alexandra Dock North, Grimsby, North East Lincolnshire, DN31 3UA.

The company's principal activities and nature of its operations are disclosed in the Directors' Report.

Accounting convention

These financial statements have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the requirements of the Companies Act 2006, including the provisions of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’ - Presentation of a statement of cash flow and related notes

and disclosures.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statement present information about the company as an individual entity and not about its group.

The financial statements of the company are consolidated in the financial statements of Ensco 1330 Limited. These consolidated financial statements are available from its registered office, Meridian House, Alexandra Dock North, Grimsby, North East Lincolnshire, DN31 3UA.

Financial Reporting Standard 102 - reduced disclosure exemptions

Going concern

The directors have prepared the 31 March 2025 financial statements on a going concern basis. In recent years, the company's activities have increased on the backdrop of further recovery and stabilisation of vehicle supply. In light of relatively volatile inflationary and regulatory costs, the company has been increasingly selective in respect to those services and contracts with which it engages, ensuring long term economic sustainability.

The directors are of the opinion that the company has sufficient resources to continue as a going concern after considering the above issues. The directors have taken appropriate steps to mitigate the impacts of changing macro-economic conditions on the company's trading activity and cash flow. They therefore believe that the company has adequate resources available to meet its liabilities as they fall due allowing the company to continue in operational existence for a period of at least twelve months from the date of the approval of these financial statements.

Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Judgements and key sources of estimation uncertainty

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

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

Key sources of estimation uncertainty

'The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Impairment of fixed assets

The company reviews the carrying value of its tangible fixed assets for indications of impairment at each year end. If indicators of impairment exist, the carrying value of the asset is subject to further testing to determine whether its carrying value exceeds its recoverable amount.

Depreciation

Depreciation is charged to the statement of comprehensive income based on the useful economic life selected, which requires an estimation of the period and profile over which the company expects to consume the future economic benefits embodied in the assets.

Amortisation

'Amortisation is charged to the statement of comprehensive income based on the useful economic life Selected, which requires an estimation of the period and profile over which the company expects to consume the future economic benefits embodied in the assets.

Impairment of investments

'The company reviews the carting value of its investments for indicators of impairment at each year end. If indicators of impairment exist, the carrying value of the investment is subject to further testing to determine whether its carrying value exceeds its recoverable amount.

Intangible assets

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer software - 20% on cost

Tangible fixed assets

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

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings

5% -15% reducing balance

Plant and equipment

20% reducing balance

Fixtures and fittings

15% reducing balance

Computer equipment

20% reducing balance

Motor vehicles

20% reducing balance

Freehold land is not depreciated

Assets under construction are carried at cost, less any identified impairment loss. Depreciation commences when the assets are ready for their intended use.

Investments in subsidiaries

Investments in subsidiaries and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment are recognised immediately in profit or loss.

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

Entities in which the company has long term interest and shares control under contractual arrangements are classified as jointly controlled entities.

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 when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, and amounts owed to group undertakings, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

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

Equity instruments

Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Dividend income

Dividend income is recognised when the companies right to receive payment is established.

3.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31st March 2025 nor for the year ended 31st March 2024.

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

2025

2024

Directors

3

3

2025

2024

£

£

Directors' remuneration

-

-

4.	OPERATING PROFIT

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

2025

2024

£

£

Depreciation - owned assets

473,125

104,064

Profit on disposal of fixed assets

(1,833

)

(12,098

)

Computer software amortisation

81,248

-

Auditors' remuneration

19,575

26,500

Auditors' remuneration for non audit work

6,500

43,662

Foreign exchange differences

277

115

5.

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

357,469

80,471

Deferred tax

(35,158

)

13,465

Tax on profit

322,311

93,936

Reconciliation of total tax charge included in profit and loss

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

2025

2024

£

£

Profit before tax

3,437,784

1,960,626

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

859,446

490,157

Effects of:

Expenses not deductible for tax purposes

365

539

Income not taxable for tax purposes

-

(3,527

)

Adjustments to tax charge in respect of previous periods

-

(8,394

)

Dividend income

(537,500

)

(385,276

)

Deferred tax adjustments in respect fo prior periods

-

437

Total tax charge

322,311

93,936

6.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Interim

2,150,000

1,541,104

7.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1st April 2024

445,817

Additions

24,533

At 31st March 2025

470,350

AMORTISATION

At 1st April 2024

294,403

Amortisation for year

81,248

At 31st March 2025

375,651

NET BOOK VALUE

At 31st March 2025

94,699

At 31st March 2024

151,414

8.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1st April 2024

5,919,069

667,369

1,514,467

Additions

-

242,430

12,117

Disposals

-

-

-

At 31st March 2025

5,919,069

909,799

1,526,584

DEPRECIATION

At 1st April 2024

336,884

57,306

174,475

Charge for year

38,794

164,276

215,618

Eliminated on disposal

-

-

-

At 31st March 2025

375,678

221,582

390,093

NET BOOK VALUE

At 31st March 2025

5,543,391

688,217

1,136,491

At 31st March 2024

5,582,185

610,063

1,339,992

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1st April 2024

481,011

1,044,963

9,626,879

Additions

40,567

-

295,114

Disposals

(71,348

)

-

(71,348

)

At 31st March 2025

450,230

1,044,963

9,850,645

DEPRECIATION

At 1st April 2024

266,547

1,044,963

1,880,175

Charge for year

54,437

-

473,125

Eliminated on disposal

(43,764

)

-

(43,764

)

At 31st March 2025

277,220

1,044,963

2,309,536

NET BOOK VALUE

At 31st March 2025

173,010

-

7,541,109

At 31st March 2024

214,464

-

7,746,704

Included in cost of land and buildings is freehold land of £ 4,816,649 (2024 - £ 4,816,649 ) which is not depreciated.