REGISTERED NUMBER: 00293103 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025

FOR

W.A. TRUELOVE & SON LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Independent Auditors' Report

5

Income Statement

9

Other Comprehensive Income

10

Statement of Financial Position

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Statement of Cash Flows

14

Notes to the Financial Statements

16

DIRECTORS:

D A H Truelove

S A Truelove

G M Peck

SECRETARY:

D A H Truelove

REGISTERED OFFICE:

116-118 Carshalton Road

Sutton

Surrey

SM1 4RL

REGISTERED NUMBER:

00293103 (England and Wales)

AUDITORS:

Richard Place Dobson Services Limited

Statutory Auditor

Chartered Accountants

1-7 Station Road

Crawley

West Sussex

RH10 1HT

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

REVIEW OF BUSINESS

It has now been five years since the covid 19 pandemic and, even though the virus is still with us, its day-to-day effects are negligible. Normal operations have been resumed for some time now but we are still mindful of the devastating impact such an epidemic can have, not only globally, but also for the people of the United Kingdom and the funeral directing industry as a whole. With this in mind we are prepared for the eventuality that this may happen again but with the hope that it never does.

Turnover fell from £6,855,101 in 2024 to £6,411,254 in 2025 with the impact that gross profit decreased from £2,338,580 in 2024 to £1,911,651 in 2025. However, with the careful management of overheads, the companies net profit dipped only slightly from £555,366 in 2024 to £437,518 in 2025.

The continued cost of living crisis has exerted pressure on the financial resources of our clients resulting in an increase in those individuals opting for a less traditional funeral, instead selecting either a simple funeral, or a direct cremation with no attendees. Simple funerals have increased to approximately 23% of the funerals we undertook throughout 2025, and direct cremations approximately 10%, an increase of 4%. We are also aware that the spend by those individuals having a traditional funeral remained similar to last year, all factors of which have contributed to the decline in sales over the year.

As with last year, the funeral industry remains challenging. Competition continues to exert pressure on our operations, not so much from our high street rivals but more from online retailers whose market share is slowly increasing. Whilst generational attitudes change and the requirement for online trade, (coupled with restrictions on client's resources), becomes more integrated into society, as a business we are firmly committed to offering our clients face-to-face contact with a trained and experienced funeral arranger. We cannot compete on price with the internet businesses, but we believe that the services we offer in comparison with those online companies, may cost a little more but offer a more dignified and personal funeral.

In common with many other businesses responsible for defined benefit pension schemes, the company was finding it increasingly difficult to fully fund the scheme from the profits of the business and after due process it was agreed that contributions to the scheme would cease with effect from 1st February 2010. From that date pension contributions made by the company have been directed to a new group pension plan based on defined contributions. This new plan more closely matches its asset value with the time scale for which benefits are likely to be provided, as an individual's fund grows each year that they work due to the regular contributions. To enhance our approach to managing the defined benefit scheme, it was decided to elect a professional trustee and we were proud to announce in 2022 that Dalriada Trustees Limited were appointed. The FRS 102 accounts treatment disclosed a re-measurement loss of £44,000 (2024: £306,000 loss) adjusted for via other comprehensive income, and the liabilities of the scheme slightly decreased by £79,000 to £684,000, before any deferred tax adjustment. There has been a positive impact from the Company deficit contributions paid and the higher discount rate, lower inflation and life expectancy assumptions. This has been largely offset, though, by the return on assets being lower than expected.

The business is optimistic that with the careful management of the scheme assets and with the matching of liabilities with those assets, the scheme will not exert such a burden on the operations of the company.

The FCA's regulation of the prepaid funeral market was welcomed and their strict control over sellers, and their practices, continues. The welfare of individuals purchasing such plans is paramount and with the FCA's intervention, unscrupulous organisations have been forced from the market. Continued training and monitoring ensure our clients are treated in a transparent and competent manner when buying such plans. Whilst our sales in this market declined immediately after the FCA became involved, due to a lack of confidence in the market, they have slowly increased as clients became more confident in the regulations imposed and the legitimacy of the FCA'S involvement. Management is hopeful that sales will continue to rise.

Whilst the business strives to control its carbon footprint in all areas of its operations its shift to environmentally friendly vehicles is hindered. Direct supplies of coffins and ancillary items to us are reviewed to ensure sustainability, and energy is obtained from greener sources. However, until vehicle manufacturers can produce a funeral vehicle that, in the opinions of the directors, has the capacity to reliably provide our clients with the dignity and respect they deserve, the business, unfortunately, continues to use petrol or diesel fuelled vehicles. The restricted mileage ranges of electric vehicles impose problems and infrastructure issues preclude the company from investing, at this time, in such a fleet. However, recent advancements in hybrid technology means that the business is actively considering investment in such vehicles with a view to embracing fully electric vehicles in the future.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties remain as last year.

The worsening cost-of-living crisis continues to restrict individuals' disposable incomes. Inflationary pressures, although calming to a certain degree, continue to exert pressures on individuals' disposable income. Energy costs continue to rise and the influence of governments policies restrict the economy's growth and hinder job security. With less money to spend, clients will opt for less elaborate or expensive funerals, leading to pressures on the businesses' turnover. Changing beliefs, coupled with less available income, will reinforce the trend away from the more profitable funerals, as clients dispense with the need for the more traditional styled service. With the prolific saturation of online based funeral companies offering alternatives to the more dignified traditional style, our clients have greater choice. We strongly believe a traditional funeral is a fundamental part of the grieving process and saying good-bye to a loved one in this way helps with the emotional turmoil experienced on the death of an individual. Never-the-less, we are continually monitoring the wishes of our clients and are confident that we can adapt the business model to match the ever-changing needs of customers whichever way that happens to be.

A fall in the death rate is always a fundamental risk to the business. The vacuum created by the increase in deaths due to the pandemic continues to leave its mark as the additional deaths experienced during those dreadful times legacy going forward while the mortality rate evens out. However, as the population grows older the company feels that the death rate will remain steady with a slow growth in future years.

As with many businesses the recent budget has imposed many challenges. The overall effects of the recent changes in the levels of national insurance payable and the increase in national minimum wage, (and the associated increase in auto-enrolment pension costs), will be in the region of £100,000, which, due to market forces and competition, will have to be absorbed by the business, with the detrimental consequence that investment strategies in both capital and human resources, will have to be reviewed to negate the long-term impact of the government's fiscal impositions.

ON BEHALF OF THE BOARD:

D A H Truelove - Secretary

23rd December 2025

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

DIVIDENDS

An interim dividend of £186 per share was paid on 15th January 2025. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31st March 2025 will be £ 186,000 .

FUTURE DEVELOPMENTS

The future development of the company is discussed in the strategic report.

DIRECTORS

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

D A H Truelove

S A Truelove

G M Peck

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

D A H Truelove - Secretary

23rd December 2025

Opinion

We have audited the financial statements of W.A. Truelove & Son Limited (the 'company') for the year ended 31st March 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the 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 company's affairs as at 31st March 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The 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 contained within the annual report. 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the 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.

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 an Auditors' 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.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatements due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud, the audit engagement team made enquiries of management, and those charged with governance, regarding the procedures relating to identifying, evaluating and complying with;

1. laws and regulations and whether they were aware of any instances of non-compliance;

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

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

As a result of these procedures, we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Companies Act 2006, employment and tax law and regulations and data protection regulations. We performed audit procedures to detect non-compliance, which may have a material impact on the financial statements. These included reviewing financial statement disclosures and evaluating advice received from internal management. There were no significant laws and regulations we deemed as having an indirect impact on the financial statements.

Risks identified

Audit response

Management override of controls

Discussion was had with management and amongst the audit team to gain an understanding of the entities current activities, authorisation procedures and effectiveness of the control environment. Our understanding was tested during the audit work and the systems controls in place were found to be operating effectively. We reviewed all material transactions and journal adjustments both during the year and after the year end for evidence of manipulation. In addition, we performed analytical procedures to identify any unusual or unexpected relationships.

Fraud or error in revenue recognition

For a sample of sales during the year, we obtained and reviewed the supporting documentation. We reviewed income recognition by vouching a sample of invoices from the internal systems and vouching them to supporting documentation. We reviewed the nominal ledger for any evidence of manipulation by management. We tested a sample of transactions before and after the year end to ensure appropriate cut-off procedures have been followed.

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 Auditors' 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.

Darren Harding ACA, FCCA, DChA (Senior Statutory Auditor)

for and on behalf of Richard Place Dobson Services Limited

Statutory Auditor

Chartered Accountants

1-7 Station Road

Crawley

West Sussex

RH10 1HT

23rd December 2025

REVENUE

3

6,411,254

6,855,101

Cost of sales

4,499,603

4,516,521

GROSS PROFIT

1,911,651

2,338,580

Administrative expenses

1,582,694

1,898,888

328,957

439,692

Other operating income

146,495

149,996

OPERATING PROFIT

5

475,452

589,688

Interest receivable and similar income

12,478

11,073

487,930

600,761

Interest payable and similar expenses

6

16,412

20,395

Other finance costs

22

34,000

25,000

50,412

45,395

PROFIT BEFORE TAXATION

437,518

555,366

Tax on profit

7

78,630

101,590

PROFIT FOR THE FINANCIAL YEAR

358,888

453,776

PROFIT FOR THE YEAR

358,888

453,776

OTHER COMPREHENSIVE INCOME

Remeasurement gain/(loss) recognised

on defined benefit pension scheme

(44,000

)

(306,000

)

Income tax relating to other comprehensive income

(19,743

)

39,250

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

(63,743

)

(266,750

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

295,145

187,026

FIXED ASSETS

Property, plant and equipment

9

8,836,724

8,780,910

Investments

10

18,003

18,003

Investment property

11

1,068,930

473,633

9,923,657

9,272,546

CURRENT ASSETS

Inventories

12

79,201

84,156

Debtors

13

641,895

765,939

Cash at bank and in hand

781,570

1,142,005

1,502,666

1,992,100

CREDITORS

Amounts falling due within one year

14

1,366,493

1,363,367

NET CURRENT ASSETS

136,173

628,733

TOTAL ASSETS LESS CURRENT LIABILITIES

10,059,830

9,901,279

CREDITORS

Amounts falling due after more than one year

15

(100,797

)

-

PROVISIONS FOR LIABILITIES

19

(1,412,464

)

(1,384,855

)

PENSION LIABILITY

22

(683,774

)

(762,774

)

NET ASSETS

7,862,795

7,753,650

CAPITAL AND RESERVES

Called up share capital

20

1,000

1,000

Non distributable

capital redemption reserve

21

7,675

7,675

Retained earnings

21

7,854,120

7,744,975

SHAREHOLDERS' FUNDS

7,862,795

7,753,650

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

D A H Truelove - Director

Non

distributable

Called up

capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1st April 2023

1,000

7,937,949

7,675

7,946,624

Changes in equity

Dividends

-

(380,000

)

-

(380,000

)

Total comprehensive income

-

187,026

-

187,026

Balance at 31st March 2024

1,000

7,744,975

7,675

7,753,650

Changes in equity

Dividends

-

(186,000

)

-

(186,000

)

Total comprehensive income

-

295,145

-

295,145

Balance at 31st March 2025

1,000

7,854,120

7,675

7,862,795

Cash flows from operating activities

Cash generated from operations

1

515,056

542,527

Interest paid

(11,940

)

(13,204

)

Interest element of finance lease payments paid

(4,472

)

(7,191

)

Tax paid

(139,647

)

(109,632

)

Net cash from operating activities

358,997

412,500

Cash flows from investing activities

Purchase of tangible fixed assets

(386,800

)

(44,251

)

Purchase of investment property

(595,297

)

-

Sale of tangible fixed assets

220,954

-

Interest received

12,478

11,073

Net cash from investing activities

(748,665

)

(33,178

)

Cash flows from financing activities

Bank loan repayments in year

(14,849

)

(20,701

)

New finance leases

158,590

-

Capital repayments in year

(33,531

)

(79,992

)

Amount introduced by directors

120,964

168,120

Amount withdrawn by directors

(15,941

)

(98,876

)

Equity dividends paid

(186,000

)

(380,000

)

Movement in current asset investments

-

866,971

Net cash from financing activities

29,233

455,522

(Decrease)/increase in cash and cash equivalents

(360,435

)

834,844

Cash and cash equivalents at beginning of year

2

1,142,005

307,161

Cash and cash equivalents at end of year

2

781,570

1,142,005

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

2025

2024

£

£

Profit before taxation

437,518

555,366

Depreciation charges

204,722

207,137

Profit on disposal of fixed assets

(94,690

)

-

Pension charge adjustment to cash

(157,000

)

(174,004

)

Finance costs

50,412

45,395

Finance income

(12,478

)

(11,073

)

428,484

622,821

Decrease in inventories

4,955

6,541

Decrease/(increase) in trade and other debtors

67,054

(53,300

)

Increase/(decrease) in trade and other creditors

14,563

(33,535

)

Cash generated from operations

515,056

542,527

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31st March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

781,570

1,142,005

Year ended 31st March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

1,142,005

307,161

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

1,142,005

(360,435

)

781,570

1,142,005

(360,435

)

781,570

Debt

Finance leases

(15,456

)

(125,059

)

(140,515

)

Debts falling due within 1 year

(193,650

)

14,849

(178,801

)

(209,106

)

(110,210

)

(319,316

)

Total

932,899

(470,645

)

462,254

1.	STATUTORY INFORMATION

W.A. Truelove & Son Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Preparation of consolidated financial statements

The company is exempt from the requirement to prepare consolidated financial statements by virtue of section 405 of the Companies Act 2006 as its subsidiaries are not material. These financial statements therefore present information about the company as an individual undertaking and not about its group.

Critical accounting judgements and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Defined benefit pension scheme

The company has obligations to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including life expectancy, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends.

Residual value of fixed assets

Fixed assets are depreciated over their useful lives to an estimated residual value. Residual value is the amount that would currently be obtained from the disposal of the asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life. Management have reviewed the residual value of all assets and adjusted the depreciation charged accordingly. In particular, the cost of freehold properties is either the deemed cost on transition to FRS 102, which was a fair valuation at 31st March 2015, or the cost of additions since then. Management estimate that the residual value of these properties is the same as cost.

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Turnover is recognised when the service is performed. Incomes from pre-paid funeral plans are deferred until the event occurs.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life:-

Land and buildings 2% on cost

Short leasehold in accordance with the lease terms

Plant and machinery 10% on cost

Fixtures and fittings 10% on cost

Motor vehicles 20% on reducing balance

Tangible fixed assets other than freehold land and investment properties are stated at cost less depreciation. Freehold properties are stated at valuation on transition to FRS 102 which is taken as deemed cost.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Leased assets

Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable during the lease term. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to the profit and loss account.

Lease payments are analysed between capital and interest components. The interest element of the payment is charged to the profit and loss account over the period of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.

All other leases are treated as operating leases. Their annual rentals are charged to the profit and loss account on a straight-line basis over the term of the lease.

Pension costs and other post-employment benefits

Contributions to the company's defined contribution pension scheme are charged to the profit and loss account in the year in which they become payable.

The company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the reporting date less the fair value of the plan assets at the reporting date.

The defined benefit obligation is calculated using the projected unit credit method. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating the estimated period of the future payments ('discount rate'). The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy including the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as ‘Remeasurement of net defined benefit liability’.

The cost of the defined benefit plan, recognised in profit or loss comprises the increase in pension benefit liability arising from employee service during the period and the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets.

Pre-paid funerals

The amount of pre-paid funerals represents monies received in advance of the accounting period in which the funeral will occur. The company has not sold these products in its own name for more than ten years and a small number of claims are made each year. As part of the transition to FCA regulation for such plans, the identifiable balance was transferred to an FCA registered agent in July 2022.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at a shareholders meeting.

3.

REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

Turnover arises solely within the UK.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,324,061

2,302,671

Social security costs

237,919

232,108

Other pension costs

295,427

307,708

2,857,407

2,842,487

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

2025

2024

Administration

16

16

Operations

58

58

74

74

2025

2024

£

£

Directors' remuneration

243,035

278,845

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

Defined benefit schemes

-

1

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

142,446

148,531

Accrued pension at 31st March 2025

-

45,326

None of the directors accrued benefits under the company's defined benefit scheme. The scheme is in deficit and any payments made are to secure benefits at the date the scheme was frozen.

The company paid contributions to defined contribution pension schemes in respect of directors' qualifying services of £23,335 (2024 £23,335), all of which is attributable to the highest paid director.