REGISTERED NUMBER: 06224858 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

FOR

COMPLETE IT SYSTEMS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditor

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

Mr Paul Denis Spence

Mr Benjamin John Gregg

Mr Kevin John Roy

Ms Susan Crowley

SECRETARY:

Ms Susan Crowley

REGISTERED OFFICE:

Unit 1 The Courtyard,

Midpoint

Thornbury

Bradford

West Yorkshire

BD3 7AY

REGISTERED NUMBER:

06224858 (England and Wales)

AUDITOR:

Fortus Audit LLP

Equinox House, Clifton Park

Shipton Road

York

Yorkshire

YO30 5PA

BANKERS:

Lloyds Bank Plc

65-68 Briggate

Leeds

LS1 6LH

The directors present their strategic report for the year ended 30 April 2025.

REVIEW OF BUSINESS

The Directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and the position at the year end. The review is consistent with the size and non-complex nature of the business and is written in context of the risks and uncertainties faced.

The Directors are pleased with the performance of the company throughout the year after taking into consideration the difficult economic client. Especially increasing the £1.3m.

The company continues to invest in suitable personnel to maintain its strategic aims.

The company's financial assets consist of trade debtors and creditors, cash balances and bank finance.

PRINCIPAL RISKS AND UNCERTAINTIES

A strong Information Technology market brings with it continuous change which the company addresses through just in time stock management and high quality staff training and recruitment alongside experienced management.

Further external factors include continued uncertainty in the economic climate around the UK's relationship with the European Union, which has been further complicated by the Ukraine war, cost of living crisis and resulting inflationary pressures, including rising interest rates. In order to manage this uncertainty, the Directors maintain a business model which is both adaptable and scalable.

DEVELOPMENT AND PERFORMANCE

The company remains well placed to continue to provide an exceptional service to its customers, taking advantage of continued improvement in internal processes and efficiencies.

Trading is expected to remain comparable with the current year, operating proactively and dynamically around uncontrollable economic factors.

Based upon this approach, another strong year is anticipated in 2025/26.

KEY PERFORMANCE INDICATORS

Turnover has seen a 7.4% increase to £19.4m (2024 - £18.1m), providing a gross profit of £3.6m (2024 - £3.7m) and gross profit margin of 20.59% (2023 - 19.74%).

Overheads have also increased therefore seeing a reduction in net profit to £507,632 (2024 - £672,438) being achieved which represents a net profit margin of 2.62% (2024 - 3.73%).

Net assets of the company have decreased to £1,115,228 (2024 - £1,140,556).

The directors are satisfied with these results and the company's performance during the year on ordinary activities.

ON BEHALF OF THE BOARD:

Mr Paul Denis Spence - Director

23 December 2025

The directors present their report with the financial statements of the company for the year ended 30 April 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the supply of computer hardware, software and related services.

DIVIDENDS

The total distribution of dividends for the year ended 30 April 2025 will be £401,990.

DIRECTORS

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

Mr Paul Denis Spence

Mr Benjamin John Gregg

Mr Kevin John Roy

Ms Susan Crowley

DISCLOSURE IN THE STRATEGIC REPORT

The director has elected to disclose matters considered to be of strategic importance to the company in the strategic report as per Section 414 of the Companies Act 2006.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

Company law requires the directors to prepare accounts for each financial year which 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 those accounts the directors are required to:

1. Select suitable accounting policies and then apply them consistently.

2. Make judgements and estimates that are reasonable and prudent.

3. Follow applicable accounting standards, subject to any material departures disclosed and explained in the accounts.

4. Prepare the accounts on a going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping proper accounting records which disclose with reasonable

accuracy at any time the financial position of the company and enable them to ensure that the accounts

comply with the Companies Act 1985. They are also responsible for safequarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

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 auditor is 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 auditor is aware of that information.

AUDITOR

The auditor, Fortus Audit LLP, was appointed during the year and will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr Paul Denis Spence - Director

23 December 2025

Opinion

I have audited the financial statements of Complete IT Systems Limited (the 'company') for the year ended 30 April 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 my opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 April 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

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

Conclusions relating to going concern

In auditing the financial statements, I 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 I have performed, I 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.

My 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 my Report of the Auditor thereon.

My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon.

In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact. I have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In my 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 I am 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, I have not identified material misstatements in the Strategic Report or the Report of the Directors.

I have nothing to report in respect of the following matters where the Companies Act 2006 requires me to report to you if, in my opinion:

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

-	I have not received all the information and explanations I require for my audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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.

Auditor's responsibilities for the audit of the financial statements

My 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 Auditor that includes my 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 my procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud are instances of non-compliance with laws and regulations. We design

procedures in line with our responsibilities, outlined above, to detect material misstatements in respect to

irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,

including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the

company and determined that the most significant frameworks which are directly relevant to specific

assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the

Companies Act 2006) and the relevant tax compliance regulations in the UK.

We understood how the company is complying with those frameworks by making enquiries of

management and those responsible for legal and compliance procedures. We corroborated our enquiries through discussions with those charged with governance.

We assessed the susceptibility of the company’s financial statements to material misstatement, including

how fraud might occur, by discussion with management to understand where they considered there was

a susceptibility to fraud. We considered the procedures and controls that the company has established to

prevent and detect fraud, and how these are monitored by management.

Based on our understanding, we designed our audit procedures to identify any non-compliance with laws

and regulations identified in the paragraphs above.

We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant

transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities,

including those leading to a material misstatement in the financial statements or non-compliance with

regulation. This risk increases the more that compliance with a law or regulation is removed from the

events and transactions reflected in the financial statements, as we will be less likely to become aware of

instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather

than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of my 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 my Report of the Auditor.

Use of my 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. My audit work has been undertaken so that I might state to the company's members those matters I am required to state to them in a Report of the Auditor and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's members as a body, for my audit work, for this report, or for the opinions I have formed.

Frances Howard BFP FCA (Senior Statutory Auditor)

for and on behalf of Fortus Audit LLP

Equinox House, Clifton Park

Shipton Road

York

Yorkshire

YO30 5PA

23 December 2025

TURNOVER

3

19,385,298

18,050,580

Cost of sales

15,778,799

14,334,403

GROSS PROFIT

3,606,499

3,716,177

Administrative expenses

3,052,738

2,986,874

OPERATING PROFIT

5

553,761

729,303

Interest payable and similar expenses

6

46,129

56,865

PROFIT BEFORE TAXATION

507,632

672,438

Tax on profit

7

130,969

172,075

PROFIT FOR THE FINANCIAL YEAR

376,663

500,363

PROFIT FOR THE YEAR

376,663

500,363

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

376,663

500,363

FIXED ASSETS

Tangible assets

9

333,522

345,654

CURRENT ASSETS

Stocks

10

39,435

105,397

Debtors

11

3,176,528

3,055,533

Cash at bank and in hand

476,295

269,629

3,692,258

3,430,559

CREDITORS

Amounts falling due within one year

12

2,898,128

2,622,832

NET CURRENT ASSETS

794,130

807,727

TOTAL ASSETS LESS CURRENT LIABILITIES

1,127,652

1,153,381

PROVISIONS FOR LIABILITIES

15

12,423

12,825

NET ASSETS

1,115,229

1,140,556

CAPITAL AND RESERVES

Called up share capital

16

1,120

1,120

Share premium

17

1,399

1,399

Capital redemption reserve

17

5

5

Retained earnings

17

1,112,705

1,138,032

1,115,229

1,140,556

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:

Mr Paul Denis Spence - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 May 2023

1,120

1,129,269

1,399

5

1,131,793

Changes in equity

Dividends

-

(491,600

)

-

-

(491,600

)

Total comprehensive income

-

500,363

-

-

500,363

Balance at 30 April 2024

1,120

1,138,032

1,399

5

1,140,556

Changes in equity

Dividends

-

(401,990

)

-

-

(401,990

)

Total comprehensive income

-

376,663

-

-

376,663

Balance at 30 April 2025

1,120

1,112,705

1,399

5

1,115,229

Cash flows from operating activities

Cash generated from operations

1

835,984

508,421

Interest paid

(46,129

)

(56,865

)

Tax paid

(174,026

)

(134,674

)

Net cash from operating activities

615,829

316,882

Cash flows from investing activities

Purchase of tangible fixed assets

(7,173

)

(4,846

)

Net cash from investing activities

(7,173

)

(4,846

)

Cash flows from financing activities

Equity dividends paid

(401,990

)

(491,600

)

Net cash from financing activities

(401,990

)

(491,600

)

Increase/(decrease) in cash and cash equivalents

206,666

(179,564

)

Cash and cash equivalents at beginning of year

2

269,629

449,193

Cash and cash equivalents at end of year

2

476,295

269,629

1.	RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit for the financial year

376,663

500,363

Depreciation charges

19,305

23,529

Finance costs

46,129

56,865

Taxation

130,969

172,075

573,066

752,832

Decrease in stocks

65,962

61,200

Increase in trade and other debtors

(120,995

)

(781,692

)

Increase in trade and other creditors

317,951

476,081

Cash generated from operations

835,984

508,421

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 30 April 2025

30.4.25

1.5.24

£

£

Cash and cash equivalents

476,295

269,629

Year ended 30 April 2024

30.4.24

1.5.23

£

£

Cash and cash equivalents

269,629

449,193

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.24

Cash flow

At 30.4.25

£

£

£

Net cash

Cash at bank and in hand

269,629

206,666

476,295

269,629

206,666

476,295

Total

269,629

206,666

476,295

1.	STATUTORY INFORMATION

Complete IT Systems 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.

2.	ACCOUNTING POLICIES

Accounting convention

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principles accounting policies adopted are set out below.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing business. 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 revision and future periods where the revision affects both current and future periods.

Turnover

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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

Revenue from contracts for the provision of professional services is recognised by referencing to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings

2.5% straight line

Plant and machinery

25% reducing balance

Fixtures, fittings and equipment

25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of costs incurred to date compared to the estimated total costs. Costs incurred in the year in connection with future activity on a order are excluded from costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

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. Amounts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charges or credited directly to equity, in which case the deferred tax is also dealt with in equity.

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 at the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Leases

Rentals payable under operating leases, including any lease incentives required, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

2025

2024

£

£

United Kingdom

17,722,568

16,526,169

Europe

1,588,403

1,228,955

Rest of World

74,327

295,456

19,385,298

18,050,580

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,355,837

2,311,648

Social security costs

256,586

233,074

Other pension costs

40,273

40,464

2,652,696

2,585,186

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

2025

2024

Accs/admin

7

7

Directors

4

4

IT

5

5

Purchasing

5

5

Sales

36

36

57

57

2025

2024

£

£

Directors' remuneration

188,848

188,922

5.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Other operating leases

39,308

45,711

Depreciation - owned assets

19,305

23,528

Auditors' remuneration

15,000

14,016

Foreign exchange differences

8,579

19,766