REGISTERED NUMBER: 05287667 (England and Wales)

FITZPATRICK REFERRALS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTOR:

Professor M N Fitzpatrick

REGISTERED OFFICE:

Eashing Barns

Halfway Lane

Eashing

Godalming

Surrey

GU7 2QQ

REGISTERED NUMBER:

05287667 (England and Wales)

AUDITORS:

Bessler Hendrie LLP

Chartered Accountants

Statutory Auditor

Ashbourne House

The Guildway

Old Portsmouth Road

Guildford

Surrey

GU3 1LR

The director presents his strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS

This review presents a balanced summary of the performance of the Company during the financial year ended 31 March 2025, and of its financial position and forward outlook at the year end. The review is consistent with the size and relative non-complex nature of the business.

The Company maintains an independent hospital for the provision of veterinary referral services specific to orthopaedics and neurology for small companion animals, now also incorporating a dental service which was introduced in January 2025.

It continues to do what it can to contribute to moving the veterinary sector forward through innovation and integrity. The primary driver is the welfare of the animals entrusted to the team's care and of the families who love them.

The Company also remains a strong advocate for choice - animals and their guardians deserve all available options, all the time. As a specialist centre, Fitzpatrick Referrals is often able to offer options that no one else can. The team are committed to helping families understand their role in choosing the right treatment for their animal companions. Families have the right to choose what is right for them, financially as well as morally, with all the information made available to them to make an informed choice.

The Company saw a modest increase in revenue resulting in just over £10.2m (2024: £10.1m) of revenue. Other income included a gratefully received residual legacy to support the work of the hospital.

Despite the increasing costs across most aspects of the running of the business, the year's pre-tax losses before exceptional items are comparable to the prior year at just over £0.4m (2024: pre-tax losses of £0.4m). So as to take a prudent approach, a provision of £175k has been included against amounts owed by a related company, resulting in final pre-tax losses of just under £0.6m (2024: pre-tax losses of £0.4m).

At 31 March 2025 cash reserves amounted to £1.6m (2024: £2.2m) after provision for current liabilities. The Company's net asset position at 31 March 2025 stood at £11.8m (2024: £12.4m), affording the Company time to further develop and to cement its longevity as a privately-owned business.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company continues to be exposed to a range of risks and uncertainties. The economic and political climate impacts the business and the veterinary sector overall. The director is satisfied that ongoing as well as new initiatives mitigate impact on the Company and its team as best as possible in the current circumstances.

The principal risks and uncertainties facing the Company primarily arise from the UK's economic status which influences the choices and decisions of pet guardians and veterinary professionals alike. Increasing costs across all aspects of the business added pressure over the past couple of years and continue to do so. In addition, immigration legislation has an ongoing impact on the ability to maintain veterinary staffing levels.

The director recognises these vulnerabilities and is moving the business forward with a strategic outlook so as to safeguard the team's ability to offer the highest level of care and a wide range of treatment options for years to come.

KEY PERFORMANCE INDICATORS

The director considers that the key financial performance indicators are those that communicate the financial performance and strength of the Company as a whole and relate to turnover, gross profit and the net asset position.

As disclosed within the financial statements, the key reported figures are as follows:

2025

2024

£

£

Turnover

10,244,641

10,090,126

Gross profit

8,319,194

8,225,224

Net assets

11,791,569

12,392,685

FINANCIAL RESULTS

A summary of the results of the period's trading is given on page 8 of the financial statements.

ON BEHALF OF THE BOARD:

Professor M N Fitzpatrick - Director

11 August 2025

The director presents his 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 a veterinary referral practice specialising in small animals.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTOR

Professor M N Fitzpatrick held office during the whole of the period from 1 April 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Bessler Hendrie LLP, have indicated their willingness to continue in office.

ON BEHALF OF THE BOARD:

Professor M N Fitzpatrick - Director

11 August 2025

Opinion

We have audited the financial statements of Fitzpatrick Referrals Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its loss 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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:

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, and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with management. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our approach was as follows:

-

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and the sector in which it operates and determined that the significant frameworks, which are directly relevant to specific assertions in the financial statements, are those that relate to the reporting framework (FRS 102 including the Companies Act 2006) and the relevant tax regulations in the UK. This included discussions amongst the members of the audit team and tax specialists.

-

We understood how the company is complying with those frameworks through enquiry with management.

-

We assessed the risks related to the control environment and in particular those related to management override of controls given the size of the business.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

-

Inquire of management regarding their knowledge and actions relating to any non-compliance with laws and regulations that could affect the financial statements.

-

Reviewing the financial statement disclosures and testing supporting documentation.

-

Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

-

Reading minutes of meetings of management.

-

Obtaining and reading correspondence from legal and regulatory bodies including HMRC.

-

In addressing the risk of fraud through management override of controls, testing the appropriateness of journal adjustments, accounting estimates and judgements made.

-

Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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.

Andrea Hollo (Senior Statutory Auditor)

for and on behalf of Bessler Hendrie LLP

Chartered Accountants

Statutory Auditor

Ashbourne House

The Guildway

Old Portsmouth Road

Guildford

Surrey

GU3 1LR

11 August 2025

TURNOVER

5

10,244,641

10,090,126

Cost of sales

(1,925,447

)

(1,864,902

)

GROSS PROFIT

8,319,194

8,225,224

Administrative expenses

(9,193,624

)

(9,059,667

)

(874,430

)

(834,443

)

Other operating income

120,496

68,809

OPERATING LOSS

7

(753,934

)

(765,634

)

Provision against intercompany debt

8

(175,000

)

-

(928,934

)

(765,634

)

Interest receivable and similar income

9

350,902

364,695

LOSS BEFORE TAXATION

(578,032

)

(400,939

)

Tax on loss

10

(23,084

)

107,666

LOSS FOR THE FINANCIAL YEAR

(601,116

)

(293,273

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(601,116

)

(293,273

)

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

1,267,509

1,376,430

1,267,509

1,376,430

CURRENT ASSETS

Stocks

13

499,716

446,681

Debtors

14

8,514,828

8,475,697

Cash at bank and in hand

2,892,141

3,464,163

11,906,685

12,386,541

CREDITORS

Amounts falling due within one year

15

(1,282,676

)

(1,293,421

)

NET CURRENT ASSETS

10,624,009

11,093,120

TOTAL ASSETS LESS CURRENT LIABILITIES

11,891,518

12,469,550

PROVISIONS FOR LIABILITIES

17

(99,949

)

(76,865

)

NET ASSETS

11,791,569

12,392,685

CAPITAL AND RESERVES

Called up share capital

18

1,000

1,000

Retained earnings

19

11,790,569

12,391,685

SHAREHOLDERS' FUNDS

11,791,569

12,392,685

The financial statements were approved by the director and authorised for issue on 11 August 2025 and were signed by:

Professor M N Fitzpatrick - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

1,000

12,684,958

12,685,958

Changes in equity

Total comprehensive income

-

(293,273

)

(293,273

)

Balance at 31 March 2024

1,000

12,391,685

12,392,685

Changes in equity

Total comprehensive income

-

(601,116

)

(601,116

)

Balance at 31 March 2025

1,000

11,790,569

11,791,569

1.	STATUTORY INFORMATION

Fitzpatrick Referrals 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

A summary of the significant accounting policies adopted by the group and the company is given in the following paragraphs. The policies have been consistently applied to all years present, unless stated otherwise.

These financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council (FRC).

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

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirement of paragraph 33.7.

Turnover

Turnover is measured at the fair value of consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and Value Added Tax. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met for the company's activity described below.

Rendering of services

The company provides veterinary services and the service is deemed to be complete once delivery of the service is completed, which is at the time when each element of consultation or treatment ends. Revenue is recognised at this moment as the outcome of the transaction for the rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion. The company recognises revenue on the sale of services in the reporting period in which the services are rendered.

Goodwill

Goodwill is the amount paid in connection with the acquisition of a business in 2005 and has been fully amortised.

Intangible assets

Intangible fixed assets relate to trademarks acquired in the normal course of business and are stated at cost less accumulated amortisation. Amortisation is calculated using the straight line method to allocate the cost of the trademarks over their estimated useful lives, which varies between 3 to 10 years.

Tangible fixed assets

Tangible fixed assets are stated at their historic cost price less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for use. The assets residual values, useful lives and depreciation methods are reviewed if there is an indication of significant change since the last reporting date.

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

Leasehold improvements

Over life of lease

Plant & machinery

20% straight line

Land

not depreciated

Office equipment

20% straight line

Computer equipment

Over 3 years

Fixtures & fittings

10% straight line

Motor Vehicles

Over 3 years

On disposal the difference between the net proceeds and carrying amount of the item sold is recognised in profit or loss, and included in administrative expenses.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated on either a first in first out basis or on a weighted average basis depending on the nature of the stock. Costs of conversion and other costs incurred in bringing stock to their present location and condition are included in the cost valuation.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost. The group has no financial assets nor liabilities which are measured at fair value through profit or loss.

Trade and other debtors are recognised and carried forward at invoiced amounts less provision for any doubtful debts. Bad debts are written off when identified.

Cash and cash equivalents are included in the balance sheet at cost. These comprise of cash at bank and in hand and short term deposits with an original maturity of three months or less.

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

The company has no non-basic financial instruments.

Holiday pay

The company recognises an accrual for holiday entitlement earned by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the subsequent financial year. The provision is measured at the salary cost payable for the period of absence including employers national insurance costs.

Current tax

Current tax is the amount of corporation tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the year end.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Pension costs and other post-retirement benefits

The company makes payments into pension schemes for its employees, including fulfilling its requirements under auto enrolment. The assets of the schemes are held separately from those of the company in independently administered funds. The pension charge represents the amounts payable by the company to the funds in the year.

Leasing commitments

Rentals payable under operating leases are charged against income 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.

4.	SIGNIFICANT JUDGEMENTS AND ESTIMATES

The preparation of the financial statements requires management to make judgements, estimates and assumptions in the application of accounting policies that affect reported amounts of assets, liabilities and profit and loss. In preparing these financial statements, management have made the following key judgements and estimates which are significant to the financial statements.

Impairment of fixed assets

Management assess the impairment of non-current assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable.

Assessment of useful lives of property, plant and equipment

The estimated useful life of assets reflect management's estimate of the period that the company intends to derive future economic benefit from the use of the company's property, plant and equipment. These are assessed annually by management with reference to the expected level of usage, historical experience and expected level of technological developments that could affect the useful economic lives of these assets.

Recoverability of trade debtors

Trade and other debtors are recognised to the extent that they are judged recoverable. Provisions are made specifically against invoices where recoverability is uncertain.

Management make allowances for doubtful debts each year based on assessment of the recoverability of debtors. Allowances are applied to debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. Client creditworthiness, current economic trends, ageing of the debt and management experience are all considered when providing for doubtful debts.

The amount of the provision recognised in the profit and loss account is the excess of the asset's carrying amount and the present value of estimated future cash flows.

Recoverability of related company balances

The recoverability of debts is considered each year, based on the related company performance and profit forecasts as well as managements experience to determine whether a provision is required against any related company debt. Management have estimated £175,000 as the relevant provision.

Leasing

Management determine whether leases entered into are operating or finance lease. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the company and are assessed on a lease by lease basis. The transfer of risk is assessed by reference to the evaluation of the terms and conditions of the arrangement, the estimated useful life of the asset and whether an option to purchase exists at the end of the lease term.

5.

TURNOVER

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

An analysis of turnover by class of business is given below:

2025

2024

£

£

Rendering of services

10,244,641

10,090,126

10,244,641

10,090,126

6.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

5,474,867

5,232,353

Social security costs

579,197

549,157

Other pension costs

121,149

103,567

6,175,213

5,885,077

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

2025

2024

Clinical

118

114

Administration

33

33

151

147

2025

2024

£

£

Director's remuneration

271,545

518,583

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

271,545

518,583

7.	OPERATING LOSS

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

2025

2024

£

£

Depreciation - owned assets

406,386

408,726

Auditors remuneration

27,674

29,661

Auditors remuneration - non audit services

12,647

15,494

Research and development

30,954

30,473

Operating lease rentals

535,714

548,112

8.	EXCEPTIONAL ITEMS

2025

2024

£

£

Provision against intercompany debt

(175,000

)

-

During the year, in order to reflect a prudent approach, a provision of £175,000 was included against amounts owed by a related party of which M N Fitzpatrick is a director.

9.

INTEREST RECEIVABLE AND SIMILAR INCOME

2025

2024

£

£

Interest receivable from group entities

240,003

245,174

Other interest receivable

110,899

119,521

350,902

364,695

All interest receivable relates to financial assets measured at amortised cost.

10.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the loss for the year was as follows:

2025

2024

£

£

Current tax:

Relating to prior year

-

979

Deferred tax:

Origination and reversal of

timing differences

(30,761

)

(108,645

)

Adjustment in respect of prior periods

53,845

-

Total deferred tax

23,084

(108,645

)

Tax on loss

23,084

(107,666

)

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge/(credit) 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

£

£

Loss before tax

(578,032

)

(400,939

)

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

(144,508

)

(100,235

)

Effects of:

Expenses not deductible for tax purposes

89,243

45,340

Adjustments to tax charge in respect of previous periods

53,845

979

Enhanced expenditure

-

(53,750

)

Group relief

24,504

-

Total tax charge/(credit)

23,084

(107,666

)

11.	INTANGIBLE FIXED ASSETS

Goodwill

Trademarks

Totals

£

£

£

COST

At 1 April 2024

and 31 March 2025

260,865

3,924

264,789

AMORTISATION

At 1 April 2024

and 31 March 2025

260,865

3,924

264,789

NET BOOK VALUE

At 31 March 2025

-

-

-

At 31 March 2024

-

-

-

12.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

Plant and

and

Motor

improvements

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2024

3,702,709

1,573,319

834,054

43,083

6,153,165

Additions

4,390

197,520

95,555

-

297,465

Disposals

-

(61,960

)

(27,340

)

-

(89,300

)

At 31 March 2025

3,707,099

1,708,879

902,269

43,083

6,361,330

DEPRECIATION

At 1 April 2024

2,662,690

1,344,516

747,987

21,542

4,776,735

Charge for year

250,589

86,936

54,500

14,361

406,386

Eliminated on disposal

-

(61,960

)

(27,340

)

-

(89,300

)

At 31 March 2025

2,913,279

1,369,492

775,147

35,903

5,093,821

NET BOOK VALUE

At 31 March 2025

793,820

339,387

127,122

7,180

1,267,509

At 31 March 2024

1,040,019

228,803

86,067

21,541

1,376,430

The company has allowed a fixed and floating charge over the company's assets, including the tangible fixed assets with a carrying amount of £1,267,509 in favour of Lloyds Bank PLC.

13.

STOCKS

2025

2024

£

£

Stocks

499,716

446,681

The replacement cost of stock is not considered to be materially different from the carrying amount stated in the accounts.

The company has allowed a floating charge over stock with a carrying amount of £499,716 as security for Lloyds Bank PLC.