REGISTERED NUMBER: 01889043 (England and Wales)

J.E. PORTER LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Strategic Report

2

to

3

Report of the Directors

4

Report of the Independent Auditors

5

to

7

Income Statement

8

Other Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Statement of Cash Flows

13

Notes to the Financial Statements

14

to

20

DIRECTORS:

Mrs K M Porter

J E Porter

M E Porter

REGISTERED OFFICE:

Barn Farm

Lowfields

Navenby

Lincoln

Lincolnshire

LN5 0LN

REGISTERED NUMBER:

01889043 (England and Wales)

SENIOR STATUTORY AUDITOR:

Theo Banos BA FCA

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

BANKERS:

Handelsbanken

Olympic House

First Floor

995 Doddington Road

Lincoln

LN6 3SE

SOLICITORS:

Roythornes Limited

Enterprise Way

Pinchbeck

Spalding

Lincolnshire

PE11 3YR

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

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the non-complex nature of our business and is written in the context of the risks and uncertainties we face.

Following the sale of the animal feed processing trade and assets, we have been actively looking at future trading activities and opportunities. During the year, the company made capital investment in its new agricultural business and has invested further since 31 March 2025, to include the acquisition of a trading subsidiary as reported in the notes to the financial statements.

Principal risks and uncertainties

Market risk affects the investment portfolio which has exposure to movements in market prices such as global listed equities, interest rates and foreign exchange rates. The investments are held in a long-term portfolio however, where risk is managed with appropriate diversification by geography, sector and investment cycle vintage. The external managers have the ability to time new investments and exits from portfolio holdings according to their views on markets and underlying market conditions.

Fair review of the business

We consider that our key financial performance indicators (KPI's) are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross margin and profit before tax.

The key financial highlights for the last 4 periods are as follows :

2025

2024

2023

2022

Turnover

£23,035

£16,566,476

£95,657,000

£88,044,091

Gross profit percentage

71.6%

2.4%

3.7%

5.4%

(Loss) / Profit before tax

(£51,704)

£3,669,509

£21,668,490

£3,151,171

Turnover has decreased by 99.9% (2024: 82.7% increase) from the previous year. The company continues to be profitable and the balance sheet remains strong with net assets of £54,789,154 (2024 - £54,736,095).

Given the nature of the business, the directors are of the opinion that analysis using KPI's other than those above is not necessary for an understanding of the development, performance or position of the business.

Financial instruments

The company's principal financial instruments comprise of bank balances and fixed asset investments.

Trade debtors are managed in respect of credit and cash flow risk by policies on the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

SECTION 172(1) STATEMENT

The directors set out their statement of compliance with s172 (1) of the Companies Act 2006.

The directors preside over the company for the benefit of all stakeholders. In making decisions, the directors take into account their potential short and long-term implications. The basic goal is the long term sustainability of the business which will continue to allow returns for shareholders.

When considering the long term prosperity of the company, the directors take serious account of the outcome of all their decisions on employees and undertakes to act in their best interests. Employees are given regular assessments and equal opportunities. The directors are commited to provide a working environment that promotes employee's wellbeing, whilst facilitating their performance.

The company is mindful of the impact of its operations on both the community and the environment and expects both its employees and its suppliers to meet exacting standards in their everyday business conduct. J. E. Porter Limited strive to maintain a reputation for the highest standards of business conduct. The directors always endeavour to operate the highest ethical standards to maintain and promote the reputation of the company with customers and suppliers.

ON BEHALF OF THE BOARD:

J E Porter - Director

24 December 2025

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

DIVIDENDS

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

EVENTS SINCE THE END OF THE YEAR

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

DIRECTORS

Mrs K M Porter held office during the whole of the period from 1 April 2024 to the date of this report.

Other changes in directors holding office are as follows:

G E Porter - resigned 30 January 2025

J E Porter - appointed 30 January 2025

M E Porter - appointed 30 January 2025

It is with great sadness that the directors report the death of Mr G E Porter on 12 July 2025.

GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY

Due to the sale of the trade on 28 March 2023, there is no information to report for the above this year.

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). 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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

J E Porter - Director

24 December 2025

Opinion

We have audited the financial statements of J.E. Porter Limited (the 'company') for the year ended 31 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 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 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 directors are responsible for the other information. The other information comprises the information in the 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 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 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 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with directors and other management obtained as part of the work required by auditing standards. We have also discussed with the directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. The potential impact of different laws and regulations varies considerably.

Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of unusual material journal entries .

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection. This inspection included a review of the external audits conducted within the year for any evidence of non-compliance, in addition to an assessment of the company's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Theo Banos BA FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

24 December 2025

TURNOVER

3

23,035

16,566,476

Cost of sales

6,533

16,161,470

GROSS PROFIT

16,502

405,006

Administrative expenses

539,234

371,447

OPERATING (LOSS)/PROFIT

5

(522,732

)

33,559

Income from fixed asset investments

244,519

71,409

Interest receivable and

investment revaluations

246,711

3,694,758

491,230

3,766,167

(31,502

)

3,799,726

Interest payable and similar expenses

6

20,202

130,217

(LOSS)/PROFIT BEFORE TAXATION

(51,704

)

3,669,509

Tax on (loss)/profit

7

(104,763

)

440,397

PROFIT FOR THE FINANCIAL YEAR

53,059

3,229,112

PROFIT FOR THE YEAR

53,059

3,229,112

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

53,059

3,229,112

FIXED ASSETS

Tangible assets

8

1,230,669

4,096

Investments

9

36,080,705

35,769,219

37,311,374

35,773,315

CURRENT ASSETS

Debtors: amounts falling due within one year

10

16,395,354

17,307,203

Debtors: amounts falling due after more than one year

10

600,000

600,000

Cash at bank

1,361,625

2,142,964

18,356,979

20,050,167

CREDITORS

Amounts falling due within one year

11

60,993

164,189

NET CURRENT ASSETS

18,295,986

19,885,978

TOTAL ASSETS LESS CURRENT LIABILITIES

55,607,360

55,659,293

PROVISIONS FOR LIABILITIES

13

818,206

923,198

NET ASSETS

54,789,154

54,736,095

CAPITAL AND RESERVES

Called up share capital

14

100

100

Retained earnings

54,789,054

54,735,995

SHAREHOLDERS' FUNDS

54,789,154

54,736,095

The financial statements were approved by the Board of Directors and authorised for issue on 24 December 2025 and were signed on its behalf by:

J E Porter - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

100

51,506,883

51,506,983

Changes in equity

Total comprehensive income

-

3,229,112

3,229,112

Balance at 31 March 2024

100

54,735,995

54,736,095

Changes in equity

Total comprehensive income

-

53,059

53,059

Balance at 31 March 2025

100

54,789,054

54,789,154

Cash flows from operating activities

Cash generated from operations

1

423,569

3,541,900

Interest paid

(20,202

)

(130,217

)

Tax paid

(86,671

)

(3,455,896

)

Net cash from operating activities

316,696

(44,213

)

Cash flows from investing activities

Purchase of tangible fixed assets

(1,521,250

)

-

Purchase of fixed asset investments

(8,157,858

)

(46,859,901

)

Sale of tangible fixed assets

77,000

-

Sale of fixed asset investments

7,829,748

23,710,614

Interest received

431,755

902,772

Dividends received

244,519

71,409

Net cash from investing activities

(1,096,086

)

(22,175,106

)

Cash flows from financing activities

Amount withdrawn by directors

(1,949

)

(180

)

Net cash from financing activities

(1,949

)

(180

)

Decrease in cash and cash equivalents

(781,339

)

(22,219,499

)

Cash and cash equivalents at beginning of year

2

2,142,964

24,362,463

Cash and cash equivalents at end of year

2

1,361,625

2,142,964

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

(Loss)/profit before taxation

(51,704

)

3,669,509

Depreciation charges

217,177

723

Profit on disposal of fixed assets

(167,921

)

(57,945

)

Finance costs

20,202

130,217

Finance income

(491,230

)

(3,766,167

)

(473,476

)

(23,663

)

Decrease in trade and other debtors

911,849

11,302,050

Decrease in trade and other creditors

(14,804

)

(7,736,487

)

Cash generated from operations

423,569

3,541,900

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 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

1,361,625

2,142,964

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

2,142,964

24,362,463

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

2,142,964

(781,339

)

1,361,625

2,142,964

(781,339

)

1,361,625

Total

2,142,964

(781,339

)

1,361,625

1.	GENERAL INFORMATION

J.E. Porter Limited is a limited company incorporated in England and Wales. The address of the registered office is given in the company information on page one of these financial statements. The nature of the company's operations and principal activities are detailed in the strategic report on page two.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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 as modified by the revaluation of certain assets.

The entity has been assessed as a going concern; the financial statements have been prepared in accordance with this assessment.

Turnover

Turnover represents the fair value of consideration received for net invoiced sales of raw materials and animal feed ingredients, excluding value added tax. Sales are recognised upon delivery to the customer.

Tangible fixed assets

Tangible assets are held at cost less accumulated depreciation and impairment losses. Depreciation is provided at the following annual rates in order to write off each asset over it's estimated useful life.

Fixtures, fittings and equipment

- 15% reducing balance

Where factors, such as technological advancement or changes in market price, indicate that residual value or useful life have changed, the residual value, useful life or depreciation rate are amended prospectively to reflect the new circumstances.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is any indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount its reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment is recognised immediately in the income statement.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Basic financial liabilities, including trade and other 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 receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Pension costs and other post-retirement benefits

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

Fixed asset investments

Fixed asset investments are stated at fair value.

Foreign currencies

Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result. Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the financial reporting date.

Going concern

The financial statements have been prepared on the going concern basis which assumes the company will continue in operational existence for the foreseeable future. The company's principal activity was the processing of animal feed until the trade and assets were sold on 28 March 2023. The company is actively looking at future trading activities and opportunities and therefore the directors believe that the going concern basis is appropriate.

3.

TURNOVER

The turnover and loss (2024 - profit) before taxation are attributable to the one principal activity of the company.

The company's principal activity was carried out within the United Kingdom.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

29,374

44,078

Social security costs

2,225

2,927

Other pension costs

354

468

31,953

47,473

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

2025

2024

Directors

2

2

Administration

1

1

3

3

2025

2024

£

£

Directors' remuneration

24,000

24,000

5.	OPERATING (LOSS)/PROFIT

The operating loss (2024 - operating profit) is stated after charging/(crediting):

2025

2024

£

£

Depreciation - owned assets

217,177

723

Profit on disposal of fixed assets

(167,921

)

(57,945

)

Auditors' remuneration

19,470

18,600

Non-audit fees - taxation and other work

6,050

5,710

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Other interest

20,202

130,217

7.

TAXATION

Analysis of the tax (credit)/charge

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

2025

2024

£

£

Current tax:

UK corporation tax

228

224,825

Adjustment re previous years

-

(463,923

)

Total current tax

228

(239,098

)

Origination and reversal of timing differences

(104,991

)

679,495

Tax on (loss)/profit

(104,763

)

440,397

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

Reconciliation of total tax (credit)/charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

(Loss)/profit before tax

(51,704

)

3,669,509

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

(12,926

)

917,377

Effects of:

Expenses not deductible for tax purposes

3,133

3,695

Capital allowances in excess of depreciation

(29,586

)

-

Adjustments to tax charge in respect of previous periods

-

(463,923

)

Franked investment income

(61,130

)

(17,852

)

(Increase)/Decrease in investments

46,009

(663,909

)

Profit on investments

(42,105

)

(14,486

)

Chargeable gains

96,833

-

Movement in deferred tax

(104,991

)

679,495

Total tax (credit)/charge

(104,763

)

440,397

8.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

and

equipment

£

COST

At 1 April 2024

65,984

Additions

1,521,250

Disposals

(77,500

)

At 31 March 2025

1,509,734

DEPRECIATION

At 1 April 2024

61,888

Charge for year

217,177

At 31 March 2025

279,065

NET BOOK VALUE

At 31 March 2025

1,230,669

At 31 March 2024

4,096

9.	FIXED ASSET INVESTMENTS

Listed

investments

£

COST OR VALUATION

At 1 April 2024

35,769,219

Additions

8,157,858

Disposals

(7,661,327

)

Revaluations

(185,045

)

At 31 March 2025

36,080,705

NET BOOK VALUE

At 31 March 2025

36,080,705

At 31 March 2024

35,769,219

Cost or valuation at 31 March 2025 is represented by:

Listed

investments

£

Valuation in 2024

127,299

Cost

35,953,406

36,080,705