REGISTERED NUMBER: SC689514 (Scotland)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2025

for

QPP Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

19

DIRECTORS:

P Aslam

G D C Mclaren

SECRETARY:

G D C Mclaren

REGISTERED OFFICE:

Suite 4, Pavilion 3 St James Business Pa

Linwood Road

Paisley

United Kingdom

PA3 3BB

REGISTERED NUMBER:

SC689514 (Scotland)

AUDITORS:

RA Audit Services Limited (Statutory Auditor)

2nd Floor

Grove House

55 Lowlands Road

Harrow

Middlesex

HA1 3AW

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

FAIR REVIEW OF BUSINESS

The group's results for the year and the financial position at the year end were considered satisfactory by the directors.

QPP Holdings Limited was incorporated in 2021 and it became holding company for pharmacy trading business.

The group has continued to perform with in management expectations and the group continues to maintain a healthy balance of working capital to meet its liabilities. The group has navigated the businesses through a challenging trading environment with increased competition.

The group's key performance indicators for the year ended 31 March 2025 are as follows:

YE 31.3.25

YE 31.3.24

£   s

£   s

Turnover

10,923

10,105

Gross profit

2,227

1,878

Gross profit margin

20.39%

18.58%

Profit before tax

852

593

Shareholders' equity

7,032

6,892

PRINCIPAL RISKS AND UNCERTAINTIES

The directors have set out below a number of key risks and uncertainties that could impact future performance:

Credit risk

The Group principal financial assets are bank balances, trade and other receivables.

The Group credit risk is primarily attributable to its trade receivables. The major proportion of the business receivables are from NHS. the amounts presented in the balance sheet are net of allowances for doubtful receivables.

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations the Group manages its cash flow from operations.

Regulatory compliance risk

The Group is regulated by the General Pharmaceutical Council ('GPhC') and follows specific clinical and governance frameworks. The Group pharmacists are registered with the GPhC and maintain a close working relationship to mitigate the risk of non-compliance.

Currency risk

The majority of the company's purchases and sales are denominated in GBP, minimising currency risk.

Future prospects

The Group continues to improve its operating performance. The Group is well placed to grow revenue and operating profits and there are number of opportunities to expand.

ON BEHALF OF THE BOARD:

G D C Mclaren - 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.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of

DIVIDENDS

No interim dividend was paid during the year. The total distribution of dividends for the year ended 31 March 2025 will be £310,200 (2024: £188,000).

DIRECTORS

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

P Aslam

G D C Mclaren

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;

-	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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, RA Audit Services Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

G D C Mclaren - Director

23 December 2025

Opinion

We have audited the financial statements of QPP Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 four, 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:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK taxation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management override of controls. Audit procedures performed by the engagement team included:

- Discussions with those charged with governance;

- Enquiry of management and those charged with governance around actual and potential litigation and claims;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations, and - Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and testing accounting estimates (because of the risk of management bias).

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. 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 misrepresentation, 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.

Abdul Hafeez ACA, FCCA (Senior Statutory Auditor)

for and on behalf of RA Audit Services Limited (Statutory Auditor)

2nd Floor

Grove House

55 Lowlands Road

Harrow

Middlesex

HA1 3AW

23 December 2025

TURNOVER

4

10,923,247

10,104,532

Cost of sales

8,695,899

8,226,903

GROSS PROFIT

2,227,348

1,877,629

Administrative expenses

1,313,705

1,224,078

913,643

653,551

Other operating income

6,000

6,000

OPERATING PROFIT

6

919,643

659,551

Interest receivable and similar income

63,196

27,810

982,839

687,361

Interest payable and similar expenses

7

131,018

94,477

PROFIT BEFORE TAXATION

851,821

592,884

Tax on profit

8

401,203

323,427

PROFIT FOR THE FINANCIAL YEAR

450,618

269,457

Profit attributable to:

Owners of the parent

450,618

269,457

PROFIT FOR THE YEAR

450,618

269,457

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

450,618

269,457

Total comprehensive income attributable to:

Owners of the parent

450,618

269,457

FIXED ASSETS

Intangible assets

11

5,085,143

5,833,361

Tangible assets

12

1,269,993

1,144,712

Investments

13

-

-

6,355,136

6,978,073

CURRENT ASSETS

Stocks

14

418,705

438,895

Debtors

15

1,040,254

966,807

Cash at bank and in hand

2,836,393

2,424,125

4,295,352

3,829,827

CREDITORS

Amounts falling due within one year

16

1,900,056

1,988,644

NET CURRENT ASSETS

2,395,296

1,841,183

TOTAL ASSETS LESS CURRENT LIABILITIES

8,750,432

8,819,256

CREDITORS

Amounts falling due after more than one year

17

(1,625,058

)

(1,866,928

)

PROVISIONS FOR LIABILITIES

21

(93,226

)

(60,598

)

NET ASSETS

7,032,148

6,891,730

CAPITAL AND RESERVES

Called up share capital

22

6,000,004

6,000,004

Retained earnings

1,032,144

891,726

SHAREHOLDERS' FUNDS

7,032,148

6,891,730

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:

G D C Mclaren - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

-

-

Investments

13

8,000,000

8,000,000

8,000,000

8,000,000

CURRENT ASSETS

Debtors

15

4

4

CREDITORS

Amounts falling due within one year

16

1,001,070

1,001,070

NET CURRENT LIABILITIES

(1,001,066

)

(1,001,066

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,998,934

6,998,934

CAPITAL AND RESERVES

Called up share capital

22

6,000,004

6,000,004

Retained earnings

998,930

998,930

SHAREHOLDERS' FUNDS

6,998,934

6,998,934

Company's profit for the financial year

310,200

188,360

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:

G D C Mclaren - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

6,000,004

810,269

6,810,273

Changes in equity

Dividends

-

(188,000

)

(188,000

)

Total comprehensive income

-

269,457

269,457

Balance at 31 March 2024

6,000,004

891,726

6,891,730

Changes in equity

Dividends

-

(310,200

)

(310,200

)

Total comprehensive income

-

450,618

450,618

Balance at 31 March 2025

6,000,004

1,032,144

7,032,148

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

6,000,004

998,570

6,998,574

Changes in equity

Dividends

-

(188,000

)

(188,000

)

Total comprehensive income

-

188,360

188,360

Balance at 31 March 2024

6,000,004

998,930

6,998,934

Changes in equity

Dividends

-

(310,200

)

(310,200

)

Total comprehensive income

-

310,200

310,200

Balance at 31 March 2025

6,000,004

998,930

6,998,934

Cash flows from operating activities

Cash generated from operations

1

1,525,585

1,818,309

Interest paid

(122,754

)

(94,477

)

Interest element of hire purchase payments paid

(8,264

)

-

Tax paid

(299,050

)

(245,369

)

Net cash from operating activities

1,095,517

1,478,463

Cash flows from investing activities

Purchase of intangible fixed assets

-

(2,600,001

)

Purchase of tangible fixed assets

(220,772

)

(110,591

)

Interest received

63,196

27,810

Net cash from investing activities

(157,576

)

(2,682,782

)

Cash flows from financing activities

New loans in year

-

1,800,000

Loan repayments in year

(277,901

)

(224,260

)

New HP in year

103,784

76,000

Capital repayments in year

(41,356

)

-

Equity dividends paid

(310,200

)

(188,000

)

Net cash from financing activities

(525,673

)

1,463,740

Increase in cash and cash equivalents

412,268

259,421

Cash and cash equivalents at beginning of year

2

2,424,125

2,164,704

Cash and cash equivalents at end of year

2

2,836,393

2,424,125

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

31.3.25

31.3.24

£

£

Profit before taxation

851,821

592,884

Depreciation charges

843,710

715,992

Finance costs

131,018

94,477

Finance income

(63,196

)

(27,810

)

1,763,353

1,375,543

Decrease/(increase) in stocks

20,190

(99,354

)

(Increase)/decrease in trade and other debtors

(73,447

)

230,330

(Decrease)/increase in trade and other creditors

(184,511

)

311,790

Cash generated from operations

1,525,585

1,818,309

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

2,836,393

2,424,125

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

2,424,125

2,164,704

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

2,424,125

412,268

2,836,393

2,424,125

412,268

2,836,393

Debt

Finance leases

(76,000

)

(62,428

)

(138,428

)

Debts falling due within 1 year

(269,872

)

-

(269,872

)

Debts falling due after 1 year

(1,795,301

)

277,901

(1,517,400

)

(2,141,173

)

215,473

(1,925,700

)

Total

282,952

627,741

910,693

1.	STATUTORY INFORMATION

QPP Holdings Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the dispensing of NHS prescription is recognised at transaction price and at the point the item is dispensed.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

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.

Improvements to property

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Equity instruments

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

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks and bank overdraft. Bank overdrafts are shown within borrowings in current liabilities.

Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Other operating income

Other operating income includes management fees receivable from overseas subsidiary and is recognised on receivable basis. It also incudes interest receivable from bank.

Going concern

After reviewing the forecasts and projections, which cover the 12-month period from the date of signing the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the company's accounting policies, the directors are required to make judgments estimates and assumptions about the carrying amount of the assets and liabilities that are not readily apparent from other are considered to be relevant. Actual results may differ from these estimates.

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

Key Sources of estimation uncertainty

The following judgements have had the most significant effect on amounts recognised in the financial statements.

Useful lives of intangible fixed assets

Intangible fixed assets consist of goodwill. The annual amortisation charge depends on estimated useful economic life of the asset. The directors regularly review the remaining useful life of these assets. Changes in asset's useful economic life can have a significant impact on amortisation charge for the period. Detail of the useful economic life is included in accounting policies.

Useful lives of tangible fixed assets

The costs of tangible fixed assets less their residual value are depreciated over their estimated useful economic lives which are estimated by the director. Changes in the expected level of usage and technological developments could impact on the useful economic lives of these assets; therefore, further depreciation charges could be revised.

4.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

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

31.3.25

31.3.24

£

£

Sales

10,923,247

10,104,532

10,923,247

10,104,532

An analysis of turnover by geographical market is given below:

31.3.25

31.3.24

£

£

United Kingdom

10,923,247

10,104,532

10,923,247

10,104,532