REGISTERED NUMBER: 14702069 (England and Wales)

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

TOP TUBES (HOLDINGS) LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

7

Consolidated Income Statement

11

Consolidated Other Comprehensive Income

12

Consolidated Balance Sheet

13

Company Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Company Statement of Changes in Equity

16

Consolidated Cash Flow Statement

17

Notes to the Consolidated Cash Flow Statement

18

Notes to the Consolidated Financial Statements

20

DIRECTORS:

Ms A L Pearson-Myatt

D A Van Zyl

REGISTERED OFFICE:

2a Smith Road

Off Potters Lane

Wednesbury

WS10 0PD

REGISTERED NUMBER:

14702069 (England and Wales)

AUDITORS:

Blackthorns

Chartered Accountants

and Registered Auditors

Admiral House

Waterfront East

Brierley Hill

West Midlands

DY5 1XG

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

REVIEW OF BUSINESS

We aim to present a review of the development and performance of our business during the period and its position at the period end. Our review is consistent with the size and nature of our business and is written in the context of risks and uncertainties we face.

The principal activity of the group during the year was that of a steel tube manufacturer and laser tube processor.

The directors and management team believe that the financial results for the year ended 31 March 2025 are in line with their expectations. Steel prices and UK steel demand continued to decrease from the previous year, which impacted the overall gross margin generated by the business, along with the gross margin percentage. Despite the reduction in gross margin, the strategies implemented by management have continued to improve production performance, and this has enabled the business to finish the year with a small loss.

Throughout the period, the group has continued to invest in its manufacturing technology, logistics capabilities and IT infrastructure, the benefits of which are being seen by way of process improvements and cost savings.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's activities have exposed it to a number of risks and uncertainties during the period as set out below. The directors' risk management process is driven by:

1) Economic outlook

High interest rates continues to be challenging for the group both in terms of finance costs, and it's knock-on effect on inflation, particularly in the area of energy costs. The group feels very positive that with its strong supplier relations, these costs will be mitigated wherever possible.

2) Steel cost inflation

The fluctuation in both steel prices and exchange rates has created a downward pressure on the steel supply chain, which in turn has impacted availability of material. Alternative sources of steel supply have been secured where necessary in order to lessen this burden, and the group feels that these alternative suppliers will form a basis for future on-going purchases. It is anticipated that this pressure will reverse at some point in the next financial year.

3) Wage cost inflation

The group is inherently exposed to the risk of wage cost inflation due to the labour intensive nature of the business, with wage costs representing the largest cost to the business outside raw material costs.

Inflationary risks have been driven by increases in interest rates, which in turn has fuelled a higher than normal annual wage increase. The group ensures complete compliance with labour market regulations and offers a fair employment policy.

4) Competition

The group operates in a highly competitive market, with a high level of price sensitivity. The group's prices are continuously monitored in order to maintain them at a competitive level.

The group also aims to ensure continued strong demand for its products by improving its product and service offerings, whilst combining stringent quality standards.

SECTION 172(1) STATEMENT

The board of directors, in line with their duties under s172 of the Companies Act 2006, act in a way they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole, and in doing so have regard to a range of matters when making decisions for the long term. Key decisions and matters that are of strategic importance to the group are appropriately informed by factors referred to in s172(1)(a) to (f).

Through an open and transparent dialogue with our key stakeholders, we have been able to develop a clear understanding of their needs, assess their perspectives and monitor their impact on our strategic ambition and culture. As part of the board's decision-making process, the board considers the potential impact of decisions on relevant stakeholders whilst also having regard to a number of broader factors, including the impact of the group's operations on the community and environment, responsible business practices and the likely consequences of decisions in the long term.

KEY PERFORMANCE INDICATORS

The directors have taken the decision not to disclose KPIs in these financial statements as they are not considered necessary to understand the performance or position of the group. KPI's form an integral part of the group's monthly reporting process, allowing the directors and their management team to quickly react where necessary.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The group uses various financial instruments including cash, bank loans, trade creditors, invoice discounting and asset finance that arise directly from its operations.

The existence of these financial instruments exposes the group to a number of financial risks but the directors are confident that these do not pose a material risk to the underlying profitability of the business.

The main risks arising from the group's financial instruments are liquidity risk and interest rate risk. The directors review and manage each of these risks and they are summarised below.

1) Liquidity risk

The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

The group's policy throughout the year has been to achieve this through management's day to day involvement in business decisions rather than setting maximum or minimum liquidity ratios.

group finances its operations through a mixture of retained profits, invoice discounting, asset finance and its bank lending. The interest rate risk on the borrowings is managed by the group.

ON BEHALF OF THE BOARD:

Ms A L Pearson-Myatt - Director

23 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of steel tube manufacture and laser tube processing.

The principal activity of the company was that of holding the investment in the subsidiary.

DIVIDENDS

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

DIRECTORS

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

Ms A L Pearson-Myatt

D A Van Zyl

ENGAGEMENT WITH EMPLOYEES

The board promotes effective engagement with the group's workforce by way of various meetings involving every area of the business. Dedicated working groups review, revise and implement updated policies to provide a safe working environment. Usual channels have supported regular communication of information and guidance which has taken place with employees throughout the year. Risk assessments, training and support have been provided to ensure that all employees are comfortable that they are operating within a secure environment.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

Customers

The board engages both directly with its customers and also indirectly through its senior managers, who provide information about key customer relationships. During the period, the board and senior managers have remained in close contact with its key customers, ensuring that they are informed of production schedules and delivery lead times.

Suppliers

The board has reviewed and approved key supplier contracts, as well as reviewing and revising our raw material strategy. Suppliers are treated fairly and paid promptly and the board and senior managers have remained in close contact with its key suppliers throughout the period, particularly in relation to production schedules and delivery lead times

Community and environment

The board recognises its impact on the local community, and its responsibility to the environment, and this is reinforced with its ISO 14001 accreditation

STREAMLINED ENERGY AND CARBON REPORTING

Greenhouse gas emissions and energy consumption

Unit

2025

2024

Fuel - vehicles

tCO2e

314

317

Gas

tCO2e

7

12

Purchased electricity

749

760

Total emissions

tCO2e

1,070

1,089

Total energy consumption

3,555,008

3,608,409

Intensity ratio: tonnes CO2e per tonne

24.57

31.53

Methodologies for energy and emissions calculations

We have followed the reporting methodology as set out in HM Government Environmental Reporting Guidelines and based on the 2020 UK Government Conversion Factors.

Principal measures taken to increase energy efficiency

The company is progressing in various areas to improve energy efficiency in the operation, including:

- Replacement of partial HGV fleet with Euro 6 compliant vehicle

- Replacement of partial company car fleet with EV and Hybrid models

- Continued LED technology as default for all swap outs and new installations

DISCLOSURE IN THE STRATEGIC REPORT

The directors have opted to disclose the principal activity of the business, its results, its likely future developments and its financial risk management objectives and policies within the strategic report as they consider these items to be of sufficient strategic importance to the financial statements.

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;

-	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 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, Blackthorns, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Ms A L Pearson-Myatt - Director

23 December 2025

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

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 risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following, however, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management:

-

the nature of the industry and sector;

-

control environment and business performance;

-

results of our enquiries of management about their own identification and assessment of the risks;

-

the matters discussed amongst the audit engagement team involving relevant internal specialists, including tax, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may have existed within the organisation and sought to identify those with the greatest potential for fraud and irregularities. In common with all audits under ISAs (UK), we also performed specific procedures to respond to the risk of management override.

We considered the legal and regulatory frameworks that affect the company, focusing on provisions of those laws and regulations that would have had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations that we considered in this context included the Companies Act 2006, tax legislation and pension regulations.

We also considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. The key laws and regulations that we considered in this context included compliance with health and safety regulations.

Audit response to risks identified

As a result of performing the above, our procedures to respond to risks identified included the following:

reviewing the disclosures within the financial statements and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

enquiring of management concerning actual and potential litigation and claims;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

reviewing minutes of meetings involving those charged with governance, reviewing correspondence and reviewing appropriate regulatory correspondence;

obtaining an understanding of provisions through discussions with management in order to understand the basis of recognition;

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;

assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

reviewing the sale and purchase agreement for the acquisition of the subsidiary to confirm that the transaction is correctly recorded;

reviewing the consolidation adjustments to ensure that they correctly account for the assets acquired;

reviewing the consolidation adjustments to ensure that all inter group transactions and balances are eliminated.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit .

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.

Victoria Brassington BA FCA (Senior Statutory Auditor)

for and on behalf of Blackthorns

Chartered Accountants

and Registered Auditors

Admiral House

Waterfront East

Brierley Hill

West Midlands

DY5 1XG

23 December 2025

TURNOVER

3

39,661,234

48,265,797

Cost of sales

31,529,109

37,851,252

GROSS PROFIT

8,132,125

10,414,545

Distribution costs

-

92,025

Administrative expenses

6,508,851

6,242,351

6,508,851

6,334,376

1,623,274

4,080,169

Other operating income

72,250

5,039

OPERATING PROFIT

5

1,695,524

4,085,208

Interest receivable and similar income

25,365

50,065

1,720,889

4,135,273

Interest payable and similar expenses

6

595,785

550,981

PROFIT BEFORE TAXATION

1,125,104

3,584,292

Tax on profit

7

(71,355

)

420,707

PROFIT FOR THE FINANCIAL YEAR

1,196,459

3,163,585

Profit attributable to:

Owners of the parent

1,196,459

3,163,585

PROFIT FOR THE YEAR

1,196,459

3,163,585

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,196,459

3,163,585

Total comprehensive income attributable to:

Owners of the parent

1,196,459

3,163,585

FIXED ASSETS

Intangible assets

9

(1,561,781

)

(3,123,562

)

Tangible assets

10

7,933,102

8,087,247

Investments

11

-

-

6,371,321

4,963,685

CURRENT ASSETS

Stocks

12

6,447,428

5,969,557

Debtors

13

9,510,644

11,384,397

Cash at bank and in hand

1,600,307

760,144

17,558,379

18,114,098

CREDITORS

Amounts falling due within one year

14

16,715,293

17,070,295

NET CURRENT ASSETS

843,086

1,043,803

TOTAL ASSETS LESS CURRENT LIABILITIES

7,214,407

6,007,488

CREDITORS

Amounts falling due after more than one year

15

(1,669,263

)

(1,618,803

)

PROVISIONS FOR LIABILITIES

19

(1,185,000

)

(1,225,000

)

NET ASSETS

4,360,144

3,163,685

CAPITAL AND RESERVES

Called up share capital

20

100

100

Retained earnings

21

4,360,044

3,163,585

SHAREHOLDERS' FUNDS

4,360,144

3,163,685

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:

Ms A L Pearson-Myatt - Director

D A Van Zyl - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

20,203,668

20,203,668

20,203,668

20,203,668

CURRENT ASSETS

Cash in hand

100

100

CREDITORS

Amounts falling due within one year

14

20,618,834

20,448,417

NET CURRENT LIABILITIES

(20,618,734

)

(20,448,317

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(415,066

)

(244,649

)

CAPITAL AND RESERVES

Called up share capital

20

100

100

Retained earnings

21

(415,166

)

(244,749

)

SHAREHOLDERS' FUNDS

(415,066

)

(244,649

)

Company's loss for the financial year

(170,417

)

(244,749

)

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:

Ms A L Pearson-Myatt - Director

D A Van Zyl - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

100

-

100

Total comprehensive income

-

3,163,585

3,163,585

Balance at 31 March 2024

100

3,163,585

3,163,685

Changes in equity

Total comprehensive income

-

1,196,459

1,196,459

Balance at 31 March 2025

100

4,360,044

4,360,144

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Changes in equity

Issue of share capital

100

-

100

Total comprehensive income

-

(244,749

)

(244,749

)

Balance at 31 March 2024

100

(244,749

)

(244,649

)

Changes in equity

Total comprehensive income

-

(170,417

)

(170,417

)

Balance at 31 March 2025

100

(415,166

)

(415,066

)

Cash flows from operating activities

Cash generated from operations

1

(219,906

)

957,026

Interest paid

(450,989

)

(440,195

)

Interest element of hire purchase payments paid

(114,796

)

(110,786

)

Finance costs paid

(30,000

)

-

Tax paid

(77,408

)

(393,703

)

Net cash from operating activities

(893,099

)

12,342

Cash flows from investing activities

Purchase of intangible fixed assets

-

4,685,343

Purchase of tangible fixed assets

(842,569

)

(9,141,313

)

Sale of tangible fixed assets

19,447

19,539

Interest received

25,365

50,065

Net cash from investing activities

(797,757

)

(4,386,366

)

Cash flows from financing activities

New loans in the year

-

3,427,091

Loan repayments in year

(136,284

)

(943,599

)

Capital repayments in year

(226,295

)

-

Share issue

-

100

Net cash from financing activities

(362,579

)

2,483,592

Decrease in cash and cash equivalents

(2,053,435

)

(1,890,432

)

Cash and cash equivalents at beginning of year

2

(1,890,432

)

-

Cash and cash equivalents at end of year

2

(3,943,867

)

(1,890,432

)

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

Period

3.3.23

Year Ended

to

31.3.25

31.3.24

£

£

Profit before taxation

1,125,104

3,584,292

Depreciation charges

(566,194

)

(531,196

)

(Profit)/loss on disposal of fixed assets

(18,322

)

3,942

-

1,284,759

-

5,039

Government grants

-

(5,039

)

Finance costs

595,785

550,981

Finance income

(25,365

)

(50,065

)

1,111,008

4,842,713

Increase in stocks

(477,871

)

(5,969,557

)

Decrease/(increase) in trade and other debtors

1,895,756

(11,384,396

)

(Decrease)/increase in trade and other creditors

(2,748,799

)

13,468,266

Cash generated from operations

(219,906

)

957,026

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

1,600,307

760,144

Bank overdrafts

(5,544,174

)

(2,650,576

)

(3,943,867

)

(1,890,432

)

Period ended 31 March 2024

31.3.24

3.3.23

£

£

Cash and cash equivalents

760,144

-

Bank overdrafts

(2,650,576

)

-

(1,890,432

)

-

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

760,144

840,163

1,600,307

Bank overdrafts

(2,650,576

)

(2,893,598

)

(5,544,174

)

(1,890,432

)

(2,053,435

)

(3,943,867

)

Debt

Finance leases

(1,263,174

)

226,295

(1,036,879

)

Debts falling due within 1 year

(125,950

)

(4,806

)

(130,756

)

Debts falling due after 1 year

(1,094,368

)

141,090

(953,278

)

(2,483,492

)

362,579

(2,120,913

)

Total

(4,373,924

)

(1,690,856

)

(6,064,780

)