REGISTERED NUMBER: 13325561 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

MILLANE INVESTMENTS HOLDINGS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

Notes to the Consolidated Financial Statements

17

DIRECTORS:

Mr M Millane

Mrs G Millane

Mr D Millane

Mr S Cooke

REGISTERED OFFICE:

12 High Street

Stanford-Le-Hope

United Kingdom

SS17 0EY

REGISTERED NUMBER:

13325561 (England and Wales)

AUDITORS:

Haslers

Chartered Accountants

Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL

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

REVIEW OF BUSINESS

The key financial and other performance indicators during the year were as follows:

2025

2024

£

£

Turnover

23,591,522

26,898,848

Gross profit

4,173,484

5,143,853

(Loss)/Profit before tax

(296,195)

1,037,099

Current assets as % of current liabilities (current ratio)

185%

175%

Gross profit margin

17.7%

19.1%

Average number of employees

34

31

The poor results for the year can be attributed to the planning issues which were widespread within the construction industry. The company had won £4.5m of work the start of which was constantly delayed due to the delays in planning being agreed.

PRINCIPAL RISKS AND UNCERTAINTIES

Liquidity Risk

The directors consider the liquidity risk to be low due to the cash reserves the company has built up over the last few financial years. Further credit control is constantly reviewed to ensure that there is always significant capital to pay debts as they fall due. The success of these controls can be seen by a further increase in cash reserves.

Emerging Risk

The current cost of living crisis together with soaring interest rates present an emerging risk for the company. The high cost of borrowing and slow down in economic activity imply there is a risk that there will be a reduction in investment in large construction projects. Further, due to the effect the current economic climate has on the housing market. The slowdown in the market poses a risk to the company as they face increased competition from companies seeking to diversify into the construction industry.

The continued conflict in the Middle East and the possibility of the escalation of the war between Russia and Ukraine is an obvious concern should the uncertainty this creates have a knock-on effect on the UK economy.

The recent change in UK Government and their commitment to a major increase in house building could affect the construction industry by putting pressure on the labour market which is already suffering from a shortage of numbers and requisite skills.

FUTURE DEVELOPMENTS

The directors are optimistic for the future. The maintenance department have won a substantial three-year contract with a housing association which commenced in October 2025.

The planning issues referred to above are now being resolved which has enabled the company to commence on the delayed projects. There appears to be more confidence returning to the sector with more new projects commencing in London and the South East. The company is noticing an upturn in the number of tenders they are being asked to quote with a full order book until the end of the financial year, the directors believe the future outlook for the company is positive.

ON BEHALF OF THE BOARD:

Mr M Millane - Director

19 December 2025

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

PRINCIPAL ACTIVITY

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

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 will be £ 458,000 .

DIRECTORS

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

Mr M Millane

Mrs G Millane

Mr D Millane

Mr S Cooke

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he 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 group's auditors are aware of that information.

AUDITORS

The auditors, Haslers, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr M Millane - Director

19 December 2025

Opinion

We have audited the financial statements of Millane Investments Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's loss for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the Strategic Report and the Report of the Directors, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the Strategic Report and the Report of the Directors. 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the legal and regulatory frameworks that are applicable to the entity we have considered those that have a direct and indirect material impact on the financial statements and operations of the company. These include but are not limited to the Companies Act 2006, GDPR, and Employment and Health & Safety legislation.

We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of documentation generated and assessing the extent of compliance with the relevant laws and regulations.

We discussed among the audit engagement team regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

As a result of performing the above, we identified the greatest potential for material misstatements due to fraud are in the following areas, and our specific procedures performed to address these are described below:

The risk of management override of controls is the area where the financial statements were most susceptible to material misstatement due to fraud. In addition, the key principal risks related to the existence of inappropriate journal entries to impact the profit for the year and management bias in accounting estimates.

Procedures performed to address these were as follows:

- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud, including known or suspected instances of non-compliance with laws and regulations, and fraud;

- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

- Challenging assumptions and judgements made by management in its significant accounting estimates; and

- Identifying and testing journal entries, in particular any unusual journal entries posted around the year-end and journal entries posted by infrequent system users.

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 our responsibilities is available on the FRC's website at: https://www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-audit or%E2%80%99s-responsibilities-for. This description forms part of our auditor's report.

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.

Laura Ambrose BA(Hons) FCA (Senior Statutory Auditor)

for and on behalf of Haslers

Chartered Accountants

Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL

19 December 2025

TURNOVER

3

23,591,522

26,898,848

Cost of sales

19,418,038

21,754,995

GROSS PROFIT

4,173,484

5,143,853

Administrative expenses

4,454,759

4,097,393

OPERATING (LOSS)/PROFIT

6

(281,275

)

1,046,460

Interest receivable and similar income

7

5,400

5,151

(275,875

)

1,051,611

Interest payable and similar expenses

8

20,320

14,512

(LOSS)/PROFIT BEFORE TAXATION

(296,195

)

1,037,099

Tax on (loss)/profit

9

61,983

465,802

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(358,178

)

571,297

(Loss)/profit attributable to:

Owners of the parent

(358,178

)

571,297

(LOSS)/PROFIT FOR THE YEAR

(358,178

)

571,297

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(358,178

)

Prior year adjustment

(450,024

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

121,273

Total comprehensive income attributable to:

Owners of the parent

(358,178

)

121,273

FIXED ASSETS

Intangible assets

13

3,150,164

3,600,188

Tangible assets

14

385,182

316,898

Investments

15

-

-

3,535,346

3,917,086

CURRENT ASSETS

Stocks

16

419,783

676,838

Debtors

17

5,849,324

6,395,832

Cash at bank

929,926

1,533,376

7,199,033

8,606,046

CREDITORS

Amounts falling due within one year

18

3,898,481

4,921,245

NET CURRENT ASSETS

3,300,552

3,684,801

TOTAL ASSETS LESS CURRENT LIABILITIES

6,835,898

7,601,887

CREDITORS

Amounts falling due after more than one year

19

(148,701

)

(115,430

)

PROVISIONS FOR LIABILITIES

22

(93,910

)

(76,992

)

NET ASSETS

6,593,287

7,409,465

CAPITAL AND RESERVES

Called up share capital

23

8,865,000

8,865,000

Retained earnings

24

(2,271,713

)

(1,455,535

)

SHAREHOLDERS' FUNDS

6,593,287

7,409,465

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2025 and were signed on its behalf by:

Mr M Millane - Director

FIXED ASSETS

Intangible assets

13

-

-

Tangible assets

14

-

-

Investments

15

8,865,000

8,865,000

8,865,000

8,865,000

CURRENT ASSETS

Debtors

17

649,000

649,000

Cash at bank

459,406

374,728

1,108,406

1,023,728

CREDITORS

Amounts falling due within one year

18

452,688

371,393

NET CURRENT ASSETS

655,718

652,335

TOTAL ASSETS LESS CURRENT LIABILITIES

9,520,718

9,517,335

CAPITAL AND RESERVES

Called up share capital

23

8,865,000

8,865,000

Retained earnings

24

655,718

652,335

SHAREHOLDERS' FUNDS

9,520,718

9,517,335

Company's profit for the financial year

461,383

760,081

The financial statements were approved by the Board of Directors and authorised for issue on 19 December 2025 and were signed on its behalf by:

Mr M Millane - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

8,865,000

(820,308

)

8,044,692

Prior year adjustment

-

(450,024

)

(450,024

)

As restated

8,865,000

(1,270,332

)

7,594,668

Changes in equity

Dividends

-

(756,500

)

(756,500

)

Total comprehensive income

-

571,297

571,297

Balance at 31 March 2024

8,865,000

(1,455,535

)

7,409,465

Changes in equity

Dividends

-

(458,000

)

(458,000

)

Total comprehensive income

-

(358,178

)

(358,178

)

Balance at 31 March 2025

8,865,000

(2,271,713

)

6,593,287

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

8,865,000

648,754

9,513,754

Changes in equity

Dividends

-

(756,500

)

(756,500

)

Total comprehensive income

-

760,081

760,081

Balance at 31 March 2024

8,865,000

652,335

9,517,335

Changes in equity

Dividends

-

(458,000

)

(458,000

)

Total comprehensive income

-

461,383

461,383

Balance at 31 March 2025

8,865,000

655,718

9,520,718

Cash flows from operating activities

Cash generated from operations

1

380,577

1,159,842

Interest paid

(20,320

)

(14,512

)

Tax paid

(358,517

)

(251,439

)

Net cash from operating activities

1,740

893,891

Cash flows from investing activities

Purchase of tangible fixed assets

(193,929

)

(181,185

)

Sale of tangible fixed assets

2,758

17,938

Interest received

5,400

5,151

Net cash from investing activities

(185,771

)

(158,096

)

Cash flows from financing activities

Capital repayments in year

38,581

60,821

Equity dividends paid

(458,000

)

(756,500

)

Net cash from financing activities

(419,419

)

(695,679

)

(Decrease)/increase in cash and cash equivalents

(603,450

)

40,116

Cash and cash equivalents at beginning of year

2

1,533,376

1,493,260

Cash and cash equivalents at end of year

2

929,926

1,533,376

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

2025

2024

£

£

(Loss)/profit before taxation

(296,195

)

1,037,099

Depreciation charges

562,630

560,209

Loss on disposal of fixed assets

10,281

24,393

Finance costs

20,320

14,512

Finance income

(5,400

)

(5,151

)

291,636

1,631,062

Decrease in stocks

257,055

115,099

Decrease/(increase) in trade and other debtors

546,508

(2,301,870

)

(Decrease)/increase in trade and other creditors

(714,622

)

1,715,551

Cash generated from operations

380,577

1,159,842

2.	CASH AND CASH EQUIVALENTS

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

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

929,926

1,533,376

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

1,533,376

1,493,260

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

1,533,376

(603,450

)

929,926

1,533,376

(603,450

)

929,926

Debt

Finance leases

(198,835

)

(38,581

)

(237,416

)

(198,835

)

(38,581

)

(237,416

)

Total

1,334,541

(642,031

)

692,510

1.	STATUTORY INFORMATION

Millane Investments Holdings 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 General 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.

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102- 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.

The financial statements are presented in Sterling (£).

Significant judgements and estimates

In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

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

The key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

WIP Valuation

WIP is stated at the lower of cost and estimated net realisable value. The value of costs incurred and revenue recognised at the reporting date is based on the stage of completion of the contract activity, provided the outcome of the contract can be estimated reliably. The stage of completion is assessed by reference to:

- The proportion of contract costs incurred to date compared to total estimated contract costs, or

- Surveys of work performed.

When the outcome of a contract cannot be estimated reliably, revenue is recognised only to the extent of recoverable costs incurred.

Expected losses on contracts are recognised immediately as an expense in the profit and loss account.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. In respect of construction contracts and the rendering of services, turnover represents revenue measured by reference to the stage of completion of the contract activity or of the service transaction at the end of the reporting period.

The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

Rendering of services

The company acts as a contractor providing building maintenance services. When the outcome of a transaction for the rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion, the company recognises revenue on the sales of services in the reporting period in which the services are rendered by reference to the stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered.

Construction contracts

The company works as a contractor on construction projects. When the outcome of a construction contract can be estimated reliably in terms of its stage of completion, future costs to complete and collectability of billings, the company recognises revenue and expenses on the construction contract by reference to the stage of completion of the contract activity at the end of the reporting period. The stage of completion is determined on the basis of the proportion of the contract costs incurred to date over the estimated total costs.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

10% straight line basis

Plant and machinery

-

33% straight line basis

Motor vehicles

-

25% on reducing balance

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Stocks have been valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.

The company has a policy to classify any stock purchase below £75 as a revenue expense.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred taxation

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

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

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Pension costs and other post-retirement benefits

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

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.

Financial instruments policy

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Operating leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

Employee benefit trust

The company established an Employee Benefit Trust (EBT) during the year to 31 March 2011 for the benefit of certain employees. Until such time as the assets of the EBT vest unconditionally with the employees, the assets and liabilities of the EBT are included within the relevant assets and liabilities of the company.

3.

TURNOVER

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

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

2025

2024

£

£

Rendering of services

23,591,522

26,898,848

23,591,522

26,898,848