Scotts Bakery Limited 31/03/2025 iXBRL

Company registration number: NI043594

Scotts Bakery Limited

Financial statements

31 March 2025

Scotts Bakery Limited

Contents

Directors and other information

Strategic report

Directors report

Independent auditor's report to the members

Statement of income and retained earnings

Statement of financial position

Statement of cash flows

Notes to the financial statements

Scotts Bakery Limited

Directors and other information


Directors	Mr Robert W Elliott	(Retired 9 October 2024)
	Mr George Elliott
	Mrs Sarah Elliott


Secretary	Mr Robert Coulter


Company number	NI043594


Registered office	169 Ballagh Road
	Fivemiletown
	Co Tyrone
	BT75 0QP


Business address	169 Ballagh Road
	Fivemiletown
	Co Tyrone
	BT75 0QP


Auditor	David McQuillan & Company
	Glendinning House
	6 Murray Street
	Belfast
	BT1 6DN




	Bankers	Danske Bank
		24 Townhall Street
		Enniskillen
		Co Fermanagh
		BT74 7BB

Scotts Bakery Limited

Strategic report

Year ended 31 March 2025

Introduction

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

Principal activity and review of the business

The principal activity of the company is the production and supply of bakery products.

The directors are pleased with both the results for the year and the financial position at the year end.

Financial key performance indicators

During the year, turnover increased by 3% from £38,643,318 in 2024 to £39,889,620 in 2025. The gross profit percentage decreased from 12% to 11% and profit after taxation decreased from £2,601,898 to £2,297,911. The company invested a further £1,511,056 in property, plant, machinery and facilities.

Principal risks and uncertainties

The principal risk to the business remains the effect of fluctuating costs of materials, energy and labour and the uncertainty surrounding the supply of these. The possible impact of this is continually reviewed by management to ensure minimum disruption and effect on our customers.

Other key business risks and uncertainties affecting the company are the maintenance and growth of market share. This is managed by focusing on our customers, building strong customer relationships and providing innovative new products.

Financial risk management

The company uses various financial instruments including bank overdraft, cash and items, such as trade debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.

The main risks arising from the company's financial instruments are credit risk, foreign exchange risk and liquidity risk.

The directors review and agree policies for the prudent management of these risks as follows: -

Credit risk

The company performs credit checks on new customers and places a credit limit on all significant debtors.

Foreign exchange risk

While the greater part of the company's activities are denominated in sterling, the company is exposed to some foreign exchange risk, principally on sales and purchases in euros. To minimise this risk the company purchase forward exchange contracts.

Liquidity risk

The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. Short term flexibility is achieved by overdraft facilities.

Future developments

The company continues to invest in staff, plant and further research and development into new products and the directors are confident that trading results will continue to improve.

This report was approved by the board of directors on 17 December 2025 and signed on behalf of the board by:

Mr George Elliott

Director

Scotts Bakery Limited

Directors report

Year ended 31 March 2025

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

Directors

The directors who served the company during the year were as follows:


Mr Robert W Elliott				(Retired 9 October 2024)
Mr George Elliott
Mrs Sarah Elliott

Dividends

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Future developments

Details of future developments are addressed in the Strategic Report.

Employment of disabled persons

It is the policy of the Company to give full and fair consideration to applications for employment made by disabled persons, to continue where possible the employment of those who become disabled and to provide equal opportunities for the training and career development of disabled employees.

Financial instruments

Details of financial instruments are addressed in the Strategic Report.

Disclosure of information in the strategic report.

The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the Strategic Report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors' Report.

Directors responsibilities statement

The directors are responsible for preparing the strategic report, directors report 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 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 judgments and accounting estimates that are reasonable and prudent; and

- 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

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

This report was approved by the board of directors on 17 December 2025 and signed on behalf of the board by:

Mr George Elliott

Director

Scotts Bakery Limited

Independent auditor's report to the members of

Scotts Bakery Limited

Year ended 31 March 2025

Opinion

We have audited the financial statements of Scotts Bakery Limited (the 'company') for the year ended 31 March 2025 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and notes to the 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report has 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 directors' report. 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 the 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 directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We focused on laws and regulations that could give rise to material misstatement in the financial statements. Our tests included but were not limited to: - agreeing the financial statement disclosures to underlying supporting documentation; - enquiries of management; and - considering the effectiveness of the control environment and monitoring 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 and investigated the rationale behind significant or unusual transactions. We also communicated relevant identified laws and regulations and potential fraud risk to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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 auditor’s report.

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 an auditors report 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.

David McQuillan (Senior Statutory Auditor)

For and on behalf of

David McQuillan & Company

Chartered Accountants and Statutory Auditor

Glendinning House

6 Murray Street

Belfast

BT1 6DN

17 December 2025

Scotts Bakery Limited

Statement of income and retained earnings

Year ended 31 March 2025

		2025	2024
	Note	£	£


Turnover	4	39,889,620	38,643,318
Cost of sales		( 35,547,111)	( 33,988,466)
		_________	_________
Gross profit		4,342,509	4,654,852

Distribution costs		( 11,722)	( 46,050)
Administrative expenses		( 1,281,276)	( 1,148,915)
Other operating income	5	18,006	18,765
		_________	_________
Operating profit	6	3,067,517	3,478,652

Other interest receivable and similar income	9	37,121	17,189
Interest payable and similar expenses	10	( 30,920)	( 65,745)
		_________	_________
Profit before taxation		3,073,718	3,430,096

Tax on profit	11	( 775,807)	( 828,198)
		_________	_________
Profit for the financial year and total comprehensive income		2,297,911	2,601,898
		_________	_________

Dividends declared and paid or payable during the year	12	-	( 40,000)

Retained earnings at the start of the year		11,329,493	8,767,595
		_________	_________
Retained earnings at the end of the year		13,627,404	11,329,493
		_________	_________

All the activities of the company are from continuing operations.

Scotts Bakery Limited

Statement of financial position

31 March 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Tangible assets	13	7,690,339		7,195,843
		_________		_________
			7,690,339		7,195,843

Current assets
Stocks	14	1,559,915		1,375,573
Debtors	15	6,335,491		5,830,769
Cash at bank and in hand		2,764,482		2,448,299
		_________		_________
		10,659,888		9,654,641
Creditors: amounts falling due
within one year	16	( 3,858,790)		( 4,366,065)
		_________		_________
Net current assets			6,801,098		5,288,576
			_________		_________
Total assets less current liabilities			14,491,437		12,484,419

Creditors: amounts falling due
after more than one year	17		( 12,033)		( 402,926)

Provisions for liabilities	19		( 850,000)		( 750,000)

			_________		_________
Net assets			13,629,404		11,331,493
			_________		_________

Capital and reserves
Called up share capital	23		2,000		2,000
Profit and loss account	24		13,627,404		11,329,493
			_________		_________
Shareholders funds			13,629,404		11,331,493
			_________		_________

These financial statements were approved by the board of directors and authorised for issue on 17 December 2025 , and are signed on behalf of the board by:

Mr George Elliott

Director

Company registration number: NI043594

Scotts Bakery Limited

Statement of cash flows

Year ended 31 March 2025

	2025	2024
	£	£

Cash flows from operating activities
Profit for the financial year	2,297,911	2,601,898

Adjustments for:
Depreciation of tangible assets	1,006,888	942,109
Other interest receivable and similar income	( 37,121)	( 17,189)
Interest payable and similar expenses	30,920	65,745
Gain/(loss) on disposal of tangible assets	5,172	-
Tax on profit	775,807	828,198
Accrued expenses/(income)	290,264	( 253,294)

Changes in:
Stocks	( 184,342)	301,983
Trade and other debtors	( 504,722)	( 330,950)
Trade and other creditors	( 306,411)	318,985
	_________	_________
Cash generated from operations	3,374,366	4,457,485

Interest paid	( 30,920)	( 65,745)
Interest received	37,121	17,189
Tax paid	( 1,167,865)	( 72,018)
	_________	_________
Net cash from operating activities	2,212,702	4,336,911
	_________	_________

Cash flows from investing activities
Purchase of tangible assets	( 1,511,056)	( 725,309)
Proceeds from sale of tangible assets	4,500	-
	_________	_________
Net cash used in investing activities	( 1,506,556)	( 725,309)
	_________	_________

Cash flows from financing activities
Repayments of borrowings	( 318,535)	( 930,271)
Payment of finance lease liabilities	( 71,428)	( 71,429)
Equity dividends paid	-	( 40,000)
	_________	_________
Net cash used in financing activities	( 389,963)	( 1,041,700)
	_________	_________

Net increase/(decrease) in cash and cash equivalents	316,183	2,569,902
Cash and cash equivalents at beginning of year	2,448,299	(121,603)
	_________	_________
Cash and cash equivalents at end of year	2,764,482	2,448,299
	_________	_________

Scotts Bakery Limited

Notes to the financial statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 169 Ballagh Road, Fivemiletown, Co Tyrone, BT75 0QP.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements have been prepared in accordance with the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgementsThe judgments that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:Recoverability of debtorsTrade and other debtors are recognised to the extent that they are judged recoverable. Management reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made against specific invoices where recoverability is uncertain.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Research and development

Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold property	-	5 %	straight line
Plant and machinery	-	15 %	reducing balance
Fittings fixtures and equipment	-	25 %	reducing balance
Motor vehicles	-	25 %	reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Hire purchase and finance leases

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Turnover

Turnover arises from:

	2025	2024
	£	£
Sale of goods	39,889,620	38,643,318
	_________	_________

The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

	2025	2024
	£	£
GB & NI	33,469,815	31,932,633
Europe	6,419,805	6,710,685
	_________	_________
	39,889,620	38,643,318
	_________	_________

5. Other operating income

	2025	2024
	£	£
Rental income	18,006	18,765
	_________	_________

6. Operating profit

Operating profit is stated after charging/(crediting):

	2025	2024
	£	£
Depreciation of tangible assets	1,006,888	942,109
(Gain)/loss on disposal of tangible assets	5,172	-
Impairment of trade debtors	-	22,686
Research and development expenditure written off	91,953	82,032
Operating lease rentals	74,105	74,105
Foreign exchange differences	18,249	10,911
Fees payable for the audit of the financial statements	20,000	19,500
	_________	_________

7. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2025	2024
Production staff	228	211
Administrative staff	33	35
	_________	_________
	261	246
	_________	_________

The aggregate payroll costs incurred during the year were:

	2025	2024
	£	£
Wages and salaries	8,621,800	6,977,167
Social security costs	820,425	654,338
Other pension costs	157,545	141,996
	_________	_________
	9,599,770	7,773,501
	_________	_________

8. Directors remuneration

The directors aggregate remuneration in respect of qualifying services was:

	2025	2024
	£	£
Remuneration	185,333	100,008
Company contributions to pension schemes in respect of qualifying services	2,626	2,626
	_________	_________
	187,959	102,634
	_________	_________

The number of directors who accrued benefits under company pension plans was as follows:

	2025	2024
	Number	Number
Defined contribution plans	2	2
	_________	_________

9. Other interest receivable and similar income

	2025	2024
	£	£
Bank deposits	37,121	17,189
	_________	_________

10. Interest payable and similar expenses

		2025	2024
		£	£
Bank loans and overdrafts		18,420	53,245
Other loans made to the company:
	Finance leases and hire purchase contracts	12,500	12,500
		_________	_________
		30,920	65,745
		_________	_________

11. Tax on profit

Major components of tax expense

	2025	2024
	£	£
Current tax:
UK current tax expense	698,548	790,606
Adjustments in respect of previous periods	( 22,741)	( 12,408)
	_________	_________

Deferred tax:
Origination and reversal of timing differences	100,000	50,000
	_________	_________
Tax on profit	775,807	828,198
	_________	_________

Reconciliation of tax expense

The tax assessed on the profit for the year is higher than (2024: lower than) the standard rate of corporation tax in the UK of 25.00 % (2024: 25.00%).

	2025	2024
	£	£
Profit before taxation	3,073,718	3,430,096
	_________	_________

Profit multiplied by rate of tax	768,430	857,524
Adjustments in respect of prior periods	( 22,741)	( 12,408)
Effect of expenses not deductible for tax purposes	200	158
Effect of capital allowances and depreciation	( 44,805)	18,924
Adjustments in respect of R & D tax relief	( 25,277)	( 86,000)
Adjustments in respect of timing differences	100,000	50,000
	_________	_________
Tax on profit	775,807	828,198
	_________	_________

12. Dividends

Equity dividends

	2025	2024
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year)	-	40,000
	_________	_________

13. Tangible assets

	Freehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 April 2024	3,985,590	10,154,473	1,290,159	121,798	15,552,020
Additions	496,129	928,772	86,155	-	1,511,056
Disposals	-	-	-	( 54,345)	( 54,345)
	_________	_________	_________	_________	_________
At 31 March 2025	4,481,719	11,083,245	1,376,314	67,453	17,008,731
	_________	_________	_________	_________	_________
Depreciation
At 1 April 2024	664,463	6,597,166	985,029	109,519	8,356,177
Charge for the year	224,086	672,912	109,238	652	1,006,888
Disposals	-	-	-	( 44,673)	( 44,673)
	_________	_________	_________	_________	_________
At 31 March 2025	888,549	7,270,078	1,094,267	65,498	9,318,392
	_________	_________	_________	_________	_________
Carrying amount
At 31 March 2025	3,593,170	3,813,167	282,047	1,955	7,690,339
	_________	_________	_________	_________	_________
At 31 March 2024	3,321,127	3,557,307	305,130	12,279	7,195,843
	_________	_________	_________	_________	_________

Obligations under finance leases

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:


		Plant and machinery
		£
	At 31 March 2025	216,860
		_________
	At 31 March 2024	255,130
		_________

14. Stocks

	2025	2024
	£	£
Raw materials	1,015,362	824,285
Finished goods	544,553	551,288
	_________	_________
	1,559,915	1,375,573
	_________	_________

15. Debtors

	2025	2024
	£	£
Trade debtors	5,365,272	5,450,099
Prepayments and accrued income	14,397	15,564
Other debtors	955,822	365,106
	_________	_________
	6,335,491	5,830,769
	_________	_________

16. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	121,797	39,600
Trade creditors	2,596,757	2,890,653
Accruals and deferred income	496,838	206,574
Corporation tax	298,548	790,606
Social security and other taxes	180,879	193,394
Obligations under finance leases	71,428	71,428
Director loan accounts	92,543	173,810
	_________	_________
	3,858,790	4,366,065
	_________	_________

The bank facilities are secured by fixed and floating charges over the company and all its property.

17. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	-	319,465
Obligations under finance leases	12,033	83,461
	_________	_________
	12,033	402,926
	_________	_________

The bank facilities are secured by fixed and floating charges over the company and all its property.

Included within creditors: amounts falling due after more than one year is an amount of £ - (2024 £ 143,465 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank loan is repayable in monthly instalments by January 2026 with interest charged at base plus 3.75% per annum.

18. Obligations under finance leases

Company lessee

The total future minimum lease payments under finance lease agreements are as follows:

	2025	2024
	£	£
Not later than 1 year	83,928	83,928
Later than 1 year and not later than 5 years	13,988	97,916
	_________	_________
	97,916	181,844
Less: future finance charges	( 14,455)	( 26,954)
	_________	_________
Present value of minimum lease payments	83,461	154,890
	_________	_________

19. Provisions

	Deferred tax (note 20)	Total
	£	£
At 1 April 2024	750,000	750,000
Additions	100,000	100,000
	_________	_________
At 31 March 2025	850,000	850,000
	_________	_________

20. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 19)	850,000	750,000
	_________	_________

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	850,000	750,000
	_________	_________

21. Employee benefits

The amount recognised in profit or loss in relation to defined contribution plans was £ 157,545 (2024: £ 141,996 ).

22. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2025	2024
	£	£
Financial assets that are debt instruments measured at amortised cost
Trade debtors	5,365,272	5,450,099
Cash at bank and in hand	2,764,482	2,448,299
	_________	_________
	8,129,754	7,898,398
	_________	_________

Financial liabilities measured at amortised cost
Bank and other loans	(121,797)	(359,065)
Trade creditors	(2,596,757)	(2,890,653)
Finance leases	(83,461)	(154,889)
	_________	_________
	( 2,802,015)	( 3,404,607)
	_________	_________

The bank facilities are secured by fixed and floating charges over the company and all its property.The bank loan is repayable in monthly instalments by January 2026 with interest charged at base plus 3.75% per annum.

23. Called up share capital

Issued, called up and fully paid

	2025		2024
	No	£	No	£
Ordinary shares shares of £ 1.00 each	2,000	2,000	2,000	2,000
	_________	_________	_________	_________

24. Reserves

Profit and loss account:This reserve records retained earnings and accumulated losses.

25. Analysis of changes in net debt

	At 1 April 2024	Cash flows	At 31 March 2025
	£	£	£
Cash and cash equivalents	2,448,299	316,183	2,764,482
Debt due within one year	(284,838)	(930)	(285,768)
Debt due after one year	(402,926)	390,893	(12,033)
	_________	_________	_________
	1,760,535	706,146	2,466,681
	_________	_________	_________

26. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	49,400	92,100
Later than 1 year and not later than 5 years	-	31,400
	_________	_________
	49,400	123,500
	_________	_________

The company had signed a five year operating lease for an ERP software solution.

27. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2025
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr Robert W Elliott	( 110,501)	110,501	-	-
	Mr George Elliott	( 63,309)	230,766	( 260,000)	( 92,543)
		_________	_________	_________	_________
		( 173,810)	341,267	( 260,000)	( 92,543)
		_________	_________	_________	_________

2024
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Mr Robert W Elliott	( 346,347)	235,846	-	( 110,501)
	Mr George Elliott	( 567,974)	504,665	-	( 63,309)
		_________	_________	_________	_________
		( 914,321)	740,511	-	( 173,810)
		_________	_________	_________	_________

28. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2025	2024	2025	2024
	£	£	£	£
Ballyferglo Limited	-	-	500,000	-
	_________	_________	_________	_________

The company shares common shareholders and directors with Ballyferglo Limited. During the year Ballyferglo Limited provided a guarantee to the company's bank for £620,000 (2024 £620,000).The company operates on land owned by a Small Self-administered Pension Scheme in which some of the directors are members. During the year it paid rent for this land of £18,000 (2024 £18,000).Finally the directors have personally guaranteed the company's bank facilities for £500,000 (2024 £500,000).

29. Key management personnel

Key management personnel are the directors as they have the authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the company was £ 187,959 (2024 £102,634).

30. Controlling party

The company is under the control of Mr George Elliott by virtue of his shareholding.