REGISTERED NUMBER: NI034255 (Northern Ireland)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

CFG HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

to

5

Report of the Directors

6

to

7

Report of the Independent Auditors

8

to

11

Consolidated Statement of Comprehensive Income

12

Consolidated Statement of Financial Position

13

Company Statement of Financial Position

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Statement of Cash Flows

17

Notes to the Consolidated Statement of Cash Flows

18

to

19

Notes to the Consolidated Financial Statements

20

to

36

DIRECTORS:

R G Clements

M Forsyth

N E A Holdcroft

D A Holdcroft

REGISTERED OFFICE:

Mallusk Way

Mallusk Road

Netownabbey

Co. Antrim

BT36 4AA

REGISTERED NUMBER:

NI034255 (Northern Ireland)

AUDITORS:

Sumer Auditco Limited

Chartered Accountants & Statutory Auditors

Stone House

Stone Road Business Park

Stoke-on-Trent

ST4 6SR

BANKERS:

Ulster Bank Limited

11-16 Donegal Square East

Belfast

BT1 5UB

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

The principal activity of the group during the year was that of groupage and parcel distribution.

BUSINESS REVIEW

The Board of Directors is pleased to present the results for the year ended 31 March 2025, marking another profitable year for the business. This performance was achieved notwithstanding a persistently challenging trading environment, with ongoing cost inflation continuing to exert pressure throughout the period. The results underscore the inherent strength, resilience, and operational and financial stability of the business.

The Board continued to meet regularly throughout the financial year to review operational performance and to undertake periodic strategic evaluations of the business. These meetings form an integral part of the Company's governance framework, ensuring effective oversight and informed decision-making. The optimisation of performance within existing divisions, together with the identification and assessment of adjacent market opportunities, remains a key focus of the Board's strategic objectives.The structured business review processes in the year has helped the business understand our existing customer needs more clearly, whilst further strengthening existing customer relationships. The reviews have also helped identify new value-creating opportunities throughout the business.

A key outcome of the Board's deliberations during the year has been a continued emphasis on enhancing the Company's operational systems and their interface with customers. The Board recognises that strengthening these systems is fundamental to improving service quality, operational efficiency and overall customer experience. As such, investment in system development, process refinement and the integration of more responsive customer-facing technologies remains a strategic priority.

The Company continues to benefit from a highly engaged workforce, with strong employee morale evident across the business. The Board recognises that effective employee engagement is fundamental to the ongoing success of the organisation. To support this, the Company maintains a range of both formal and informal engagement channels between employees and management, complemented by ongoing employee wellbeing initiatives. The Board considers employees to be one of the Company's most valuable assets and remains committed to fostering a supportive, inclusive and high-performing working environment.

FUTURE DEVELOPMENTS

Looking forward, the Company is committed to enhancing operational efficiency through the implementation of a new, more streamlined operational system. This initiative is designed to optimise workflows, improve the interface with customers, and strengthen overall service delivery. The Directors believe that the introduction of this system will support the Company's strategic objectives, drive productivity, and position the business for sustainable long-term growth.

REVIEW OF BUSINESS RISKS

The main risk of the business continues to be the uncertain global economy and interest rates above government and Bank of England targets. These two factors have proven to be persistent forces present in the wider economy for longer than most expected.

The uncertain global economy has been created a cost of living crisis. The long term impact on most businesses has seen a dampening of consumer spending habits and the corresponding decline in demand for most business services and products.

Interest rates and their impact on consumers and businesses also remain a factor of concern. Whilst having seen interest rates decrease recently their continued reduction will clearly be at a slower rate than their initial increase.

LIQUIDITY RISK

The Group seeks to manage financial risk by maintaining sufficient liquidity to meet foreseeable operational and strategic requirements, while ensuring that surplus cash resources are invested prudently and profitably.

FOREIGN CURRENCY RISK

The Group operates within the UK and Europe and is subject to only limited exposure to fluctuations in foreign currency exchange rates. In light of this low level of exposure, the Group has determined that the use of derivative instruments for managing foreign exchange risk is not required.

GOING CONCERN DISCLOSURE

The Company's forecasts and projections, which take into consideration potential variations in trading performance, indicate that the business will remain profitable and cash generative. The Company also maintains established banking facilities that provide adequate funding to meet its operational and strategic requirements on acceptable terms.

After making appropriate enquiries, the Directors have a reasonable expectation that the Company has sufficient resources to continue in operational existence for the foreseeable future. Accordingly, the going concern basis has been adopted in preparing the annual report and financial statements.

SECTION 172(1) STATEMENT

As required by Section 172 of the Companies Act, a director of a company must act in a way he or she considers, in good faith, would likely promote the success of the company for the benefit of the shareholders. In doing so, the director must have regard, amongst other matters, to the following issues:

- the likely consequences of any decisions in the long term;

- the interests of the company's employees; - the need to foster the company's business relationships with suppliers/customers and others; - the impact of the company's operations on the community and environment; - the company's reputation for high standards of business conduct; and - the need to act fairly between members of the company As set out above in the Strategic Report the Board remains focussed on providing for shareholders through the long term success of the Company. The means by which this is achieved is set out further below.

S172(1) (a) "The likely consequences of any decision in the long term"

In fulfilling its duty to promote the success of the Company, the Board carefully reviews and considers the interests of all stakeholders when making business decisions. The Board provides oversight of the responsible management of the Company's operations, ensuring that the business is conducted to the highest standards of ethics, governance, and corporate responsibility.

The Board recognises the potential impacts of its decisions on stakeholders, the environment, and the communities in which the Company operates, and seeks to ensure that these considerations are reflected in its strategic and operational decision-making.

S172(1) (b) "The interests of the Company's employees"

The Directors recognise that employees are fundamental to the Company's business model and essential to the safe delivery of its strategic objectives. The success of the business depends on attracting, retaining, developing, and motivating talented individuals. The Company is committed to being a responsible employer, adopting fair and competitive approaches to remuneration and benefits, while actively promoting employee wellbeing initiatives.

S172(1) (c) "The need to foster the Company's business relationships with suppliers, customers and others"

The successful delivery of our strategy relies on establishing and maintaining strong, mutually beneficial relationships with suppliers, customers, and other stakeholders. The Company is fully committed to engaging effectively with all stakeholders, recognising that in a highly connected environment, their views, decisions, and actions have a significant impact on our business. Our success depends on the ability to collaborate constructively and maintain open lines of communication.

During the year, examples of our stakeholder engagement activities include:

- Periodic meetings with key suppliers to review performance and strategic alignment.

- Regular communication with customers through dedicated account contacts.

- Ongoing engagement with suppliers to strengthen relationships across our supply chains and de-velop strategic partnerships with key suppliers.

- Participation in multimodal industry events to monitor market trends and expand our customer and supplier networks.

S172(1) (d) "The impact of the Company's operations on the community and the environment"

Countrywide acknowledges the importance of its environmental responsibilities and is committed to minimising the Company's impact on the environment. Key initiatives include the adoption of greener fuels where practicable and the phased introduction of electric forklifts across its locations, subject to feasibility assessments. These measures form part of the Company's broader strategy to enhance sustainability and reduce its carbon footprint.

S172(1) (e) "The desirability of the Company maintaining a reputation for high standards of business conduct"

The Board periodically reviews and approves clearly defined governance frameworks to ensure ethical business conduct. Countrywide maintains comprehensive policies that promote an ethical workplace and establish clear standards of behaviour for all employees. The Board has ensured that robust employee relations and equal opportunity policies are in place. In addition, the Company maintains a Modern Slavery Statement to uphold high standards of business conduct across its operations and supply chains, reinforcing its commitment to responsible and ethical practices.

S172(1) (f) "The need to act fairly as between members of the Company"

After considering all relevant factors, the Directors determine the course of action that best supports the delivery of the Company's strategy and promotes its long-term success, while taking into account the impact on stakeholders. In making these decisions, the Directors act fairly and responsibly in accordance with their duties to the Company's members.

STATEMENT ON ENERGY CONSUMPTION

Direct emissions from vehicles represent the principal component of the Company's energy consumption. In pursuit of its sustainability objectives, Countrywide continues to evaluate its operational network to facilitate the use of electric vehicles where practicable. Additionally, the Company is progressing the integration of electric forklifts across its sites. These measures form part of a wider programme to enhance energy efficiency, reduce carbon emissions, and promote environmentally responsible practices throughout the business.

Using the Government's guidance on greenhouse gas reporting and the applicable conversion factors, the Company's direct energy consumption for the financial year amounted to 2,666,973 kgCO2e, representing a reduction from 2,912,956 kgCO2e reported in the prior financial year.

The other principal area of energy consumption relates to electricity used to power operations across the Company's sites. Based on annual usage of 530,152 kWh, electricity-related emissions for the financial year were calculated at 109,781 kgCO2e, using the Government's Greenhouse Gas Reporting: Conversion Factors. This compares with 96,770 kgCO2e reported in the prior financial year.

No energy efficiency measures were implemented during the reporting period. The table below sets out the Company's total energy consumption (reported in kWh) and associated greenhouse gas emis-sions for the sources required under the regulations, together with the applicable intensity

ratio.

01/04/2024 - 31/03/2025

Total Energy Consumption - Used for Emissions Calculation (kWh)

530,152

Gas Combustion Emissions, Scope 1 (tCO2e)

0

Purchased Electricity Emissions, Scope 2 (tCO2e)

110

Vehicle Fuel Combustion Emissions, Scope 1 (tCO2e)

2,667

Vehicle Fuel Combustion Emissions, Scope 3 (tCO2e)

0

Total Gross Reported Emissions (tCO2e)

2,777

Turnover (£m)

32

Intensity Ratio: Turnover (tCO2e / £m)

86

FINANCIAL KEY PERFORMANCE INDICATORS

The group's key performance indicators are turnover and profit before tax set out in the Statement of comprehensive income.

Turnover in the year FY25 £32,379,363

Turnover in the year FY24 £32,673,104

Gross Profit FY25 £13,267,864

Gross Profit FY24 £13,704,660

Profit before tax FY25 £2,047,861

Profit before tax FY24 £1,729,186

RETURN ON SALES

The return on sales at 31st March 2025 was 6.68% (pre-taxation) versus 5.42% in the year to

31st March 2024.

RETURN ON CAPITAL EMPLOYED

Return on capital employed at 31st March 2025 was 25.54% versus 23.63% in the year to 31st March 2024.

There are a number of methods employed to calculate this particular profitability ratio. The method we have adopted is as follows:

[Pre-tax net profit] / [net asset value] x 100

NON-FINANCIAL

As a measure of employee engagement and morale, employee turnover and sickness KPI measurements are used as a key indicator. At all board meetings the measurements are provided and discussed at length. Particular emphasis on both short and long term absence is discussed. Key learning outcomes are addressed and where possible policies and procedures enacted to limit these. The company seeks to engage positively with employees to ensure the business is supporting their needs.

RESULTS AND DIVIDENDS

The results for the year are set out on page 12 and the profit for the year after tax was £1,493,631. During the year dividends of £1,056,000 were paid.

ON BEHALF OF THE BOARD:

R G Clements - Director

23 December 2025

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

DIVIDENDS

The total distribution of interim dividends for the year ended 31 March 2025 was £1,056,000. The directors recommend that no final dividend be paid.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

R G Clements

M Forsyth

N E A Holdcroft

D A Holdcroft

EMPLOYMENT OF DISABLED PERSONS

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled every effort is made to ensure that their employment with the group continues and that appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical with that of other employees.

EMPLOYEE INVOLVEMENT

Details of the number of employees and related costs can be found in note 3 to the financial statements.

The group's policies and practices aim to keep employees informed on matters relevant to them as employees. The group is pro-active in implementing employee friendly schemes such as the provision of childcare vouchers.

Management is committed to ensure a culture of quality, health, safety and welfare of employees while on company premises.

DISCLOSURE IN THE STRATEGIC REPORT

The group has chosen in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the group's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

The likely future developments of the business are included in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS

The auditors are deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

R G Clements - Director

23 December 2025

Opinion

We have audited the financial statements of CFG Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 March 2025 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 seven, 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 group's and the parent 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 group or the parent 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 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

-

the nature of the industry and sector, control environment and business performance including the design of the group's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;

-

results of our enquiries of management about their own identification and assessment of the risks of irregularities;

-

any matters we identified having obtained and reviewed the group's documentation of their policies and procedures relating to:

-

Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

-

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

-

the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

-

the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

Based on this approach, we were able to assess the company risks and ensure the risks were considered throughout all areas of audit testing. The audit team was professionally sceptical throughout the audit and remained alert for inaccurate or misleading information.

Audit response to risks identified

As a result of performing the above, we identified management override, and compliance with the road safety act, health and safety regulations and working employment act, as key audit matters related to the potential risk of fraud or irregularities.

Our procedures to respond to risks identified included the following:

-

review the outcomes of any external auditors;

-

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

-

enquiring of management concerning actual and potential litigation and claims;

-

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

-

obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

-

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Audit testing was completed on a targeted sample basis based on our assessment of risk and materiality. Due 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, 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 fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

-

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

-	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control.

-	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

-

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.

-	Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

-	Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express and opinion on the consolidated financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

Michelle Coates (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

Chartered Accountants & Statutory Auditors

Stone House

Stone Road Business Park

Stoke-on-Trent

ST4 6SR

23 December 2025

TURNOVER

32,379,363

32,673,104

Cost of sales

(19,111,499

)

(18,968,443

)

GROSS PROFIT

13,267,864

13,704,661

Administrative expenses

(11,103,575

)

(11,934,433

)

GROUP OPERATING PROFIT

4

2,164,289

1,770,228

Share of operating profit in

Associates

270,007

306,894

Interest payable and similar expenses

5

(386,435

)

(347,934

)

PROFIT BEFORE TAXATION

2,047,861

1,729,188

Tax on profit

6

(554,230

)

(482,508

)

PROFIT FOR THE FINANCIAL YEAR

1,493,631

1,246,680

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,493,631

1,246,680

Profit attributable to:

Owners of the parent

1,493,631

1,246,680

Total comprehensive income attributable to:

Owners of the parent

1,493,631

1,246,680

FIXED ASSETS

Intangible assets

9

4,308,014

4,424,234

Tangible assets

10

7,689,756

7,284,266

Investments

11

Interest in associate

89,825

89,353

12,087,595

11,797,853

CURRENT ASSETS

Debtors

12

5,911,338

5,600,636

Cash in hand

-

3,439

5,911,338

5,604,075

CREDITORS

Amounts falling due within one year

13

(7,643,262

)

(8,810,922

)

NET CURRENT LIABILITIES

(1,731,924

)

(3,206,847

)

TOTAL ASSETS LESS CURRENT LIABILITIES

10,355,671

8,591,006

CREDITORS

Amounts falling due after more than one year

14

(1,892,516

)

(1,071,406

)

PROVISIONS FOR LIABILITIES

18

(445,231

)

(202,543

)

NET ASSETS

8,017,924

7,317,057

CAPITAL AND RESERVES

Called up share capital

19

227,414

227,414

Share premium

20

350,449

350,449

Revaluation reserve

20

2,187,274

2,610,303

Capital redemption reserve

20

60,868

60,868

Other reserves

20

(259,509

)

(259,509

)

Foreign currency reserve

20

(7,386

)

(1,413

)

Retained earnings

20

5,458,814

4,328,945

SHAREHOLDERS' FUNDS

8,017,924

7,317,057

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

R G Clements - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

8,346,917

8,346,917

8,346,917

8,346,917

CURRENT ASSETS

Debtors

12

202,000

236,300

Cash at bank

3,067,791

1,730,322

3,269,791

1,966,622

CREDITORS

Amounts falling due within one year

13

(9,835,196

)

(7,276,958

)

NET CURRENT LIABILITIES

(6,565,405

)

(5,310,336

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,781,512

3,036,581

CREDITORS

Amounts falling due after more than one year

14

-

(399,988

)

NET ASSETS

1,781,512

2,636,593

CAPITAL AND RESERVES

Called up share capital

19

227,414

227,414

Share premium

20

350,449

350,449

Capital redemption reserve

20

60,868

60,868

Retained earnings

20

1,142,781

1,997,862

SHAREHOLDERS' FUNDS

1,781,512

2,636,593

Company's profit for the financial year

200,919

1,920,042

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

R G Clements - Director

Called up

share

Retained

Share

Revaluation

capital

earnings

premium

reserve

£

£

£

£

Balance at 1 April 2023

227,414

4,832,265

350,449

2,610,303

Changes in equity

Dividends

-

(1,750,000

)

-

-

Total comprehensive income

-

1,246,680

-

-

Balance at 31 March 2024

227,414

4,328,945

350,449

2,610,303

Changes in equity

Reserves transfer

-

692,238

-

(692,238

)

Revaluation in the year

-

-

-

269,209

Dividends

-

(1,056,000

)

-

-

Total comprehensive income

-

1,493,631

-

-

Balance at 31 March 2025

227,414

5,458,814

350,449

2,187,274

Capital

Foreign

redemption

Other

currency

Total

reserve

reserves

reserve

equity

£

£

£

£

Balance at 1 April 2023

60,868

(259,509

)

-

7,821,790

Changes in equity

Dividends

-

-

-

(1,750,000

)

Total comprehensive income

-

-

(1,413

)

1,245,267

Balance at 31 March 2024

60,868

(259,509

)

(1,413

)

7,317,057

Changes in equity

Revaluation in the year

-

-

-

269,209

Dividends

-

-

-

(1,056,000

)

Total comprehensive income

-

-

(5,973

)

1,487,658

Balance at 31 March 2025

60,868

(259,509

)

(7,386

)

8,017,924

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

227,414

1,827,820

350,449

60,868

2,466,551

Changes in equity

Total comprehensive income

-

1,920,042

-

-

1,920,042

Dividends

-

(1,750,000

)

-

-

(1,750,000

)

Balance at 31 March 2024

227,414

1,997,862

350,449

60,868

2,636,593

Changes in equity

Total comprehensive income

-

200,919

-

-

200,919

Dividends

-

(1,056,000

)

-

-

(1,056,000

)

Balance at 31 March 2025

227,414

1,142,781

350,449

60,868

1,781,512

Cash flows from operating activities

Cash generated from operations

1

1,136,543

2,490,870

Interest paid

(353,005

)

(323,146

)

Interest element of hire purchase payments paid

(33,430

)

(24,788

)

Tax paid

(408,016

)

(373,589

)

Net cash from operating activities

342,092

1,769,347

Cash flows from investing activities

Purchase of intangible fixed assets

-

(47,633

)

Purchase of tangible fixed assets

(52,463

)

(107,607

)

Dividends received

202,000

232,000

Net cash from investing activities

149,537

76,760

Cash flows from financing activities

New loans in year

1,000,000

-

Loan repayments in year

(187,787

)

(241,080

)

Capital repayments in year

(47,977

)

(36,474

)

Amount introduced by directors

347,000

359,000

Amount withdrawn by directors

(383,147

)

(365,247

)

Equity dividends paid

(1,056,000

)

(1,750,000

)

Net cash from financing activities

(327,911

)

(2,033,801

)

Increase/(decrease) in cash and cash equivalents

163,718

(187,694

)

Cash and cash equivalents at beginning of year

2

(2,098,057

)

(1,910,363

)

Cash and cash equivalents at end of year

2

(1,934,339

)

(2,098,057

)