Thrift Energy Limited

	Page
Strategic Report	1
Directors' Report	2
Independent Auditor's Report	3—4
Profit and Loss Account	5
Statement of Comprehensive Income	6
Balance Sheet	7
Statement of Changes in Equity	8
Statement of Cash Flows	9
Notes to the Statement of Cash Flows	10
Notes to the Financial Statements	11—15

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

Review of the Business

The company has experienced a good trading year with a 55.9% increase in turnover compared to the previous trading year resulting in turnover in excess of £20m for the period.

Operating profit has increased to £2.2m in the period (up from £2.4m in the prior period), driven by an increase in installations in the renewables space.

The directors are happy with the growth of the company, but are aware of continued wages and material cost pressures which are monitored closely.

Key Performance Indicators

	2025	2024
	£	£
Turnover	20,444,592	13,115,082
Gross profit	8,147,165	4,880,680
Operating Profit	4,640,766	2,413,002

Future Developments

The directors plan to continue to grow the company, taking advantage of the UK Government's scheme to assist with the installation of renewables. Funding is being withdrawn due to the scrapping og the Eco Funding Scheme, but new funding will be becoming available via the Warm Home Social Housing Fund. The directors expect there to be a fall in short term revenue and profitability whilst the new funding schemes are set up, but then expect significant growth once the schemes are fully operational.

The directors also plan to develop an upskilled supplied chain to operate with increased health and safety and compliance requirements.

The directors are aware of potential cost and supply constraints, many of which are outside of their control, but will continue to monitor these to ensure the company remains profitable and competitive.

Principal Risks and Uncertainties

The performance of the company is subject to a number of risks, including global inflationary pressures, supply chain constraints including raw material availability, customer pricing agreements and demand, global market conditions, competition and globalisation, process capability, availability of qualified staff, loss of major key customers, health and safety, environmental, cyber security, export

controls and quality issues, critical equipment and site continuity. These risks are regularly reviewed by the board of directors and appropriate processes have been put in place to monitor and mitigate risks where possible.

On behalf of the board

Mr R P Browne

Director

23/12/2025

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Thrift Energy Limited

Company No. 07976869

Directors' Report For The Year Ended 31 March 2025

Directors' Report

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

Principal Activity

The company's principal activity continues to be provision of retrofit services..

Directors

The directors who held office during the year were as follows:

Mr R P Browne

Mr D B Campbell

Mr J D Raffo

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report 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, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors

The auditors, Glen C Rodger Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr R P Browne

Director

23/12/2025

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Independent Auditor's Report

to the Members of

Thrift Energy Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Thrift Energy Limited for the year ended 31 March 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit/(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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

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

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Thrift Energy Limited

Matters on Which We Are Required to Report by Exception

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

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records or returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor's Responsibilities for the Audit of the Financial Statements

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

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

Making enquiries of directors and management as to where they consider there to be susceptibility to fraud and whether they have any knowledge or suspicion of fraud;
obtaining an understanding of the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
assessing the design effectiveness of the controls in place to prevent and detect fraud;
assessing the risk of management override, including identifying and testing journal entries.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use Of Our Report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

T W Duffy (Senior Statutory Auditor)

for and on behalf of Glen C Rodger Limited , Statutory Auditor

23/12/2025

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Thrift Energy Limited

Profit and Loss Account

For The Year Ended 31 March 2025

Profit and Loss Account

		2025	2024
	Notes	£	£
TURNOVER	3	20,444,592	13,155,082
Cost of sales		(12,297,427 )	(8,274,402 )

GROSS PROFIT		8,147,165	4,880,680

Administrative expenses		(3,660,530 )	(2,595,711 )
Other operating income		154,131	128,033

OPERATING PROFIT	5	4,640,766	2,413,002
Exceptional items		-	-
Loss on disposal of fixed assets		(18,575 )	(36,642 )
Other interest receivable and similar income	9	86,159	43,302
Interest payable and similar charges	10	(100,071 )	(80,856 )

PROFIT BEFORE TAXATION		4,608,279	2,338,806
Tax on Profit	11	(1,239,003 )	(589,886 )

PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR		3,369,276	1,748,920

The notes on pages 10 to 15 form part of these financial statements.

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Thrift Energy Limited

Statement of Comprehensive Income

For The Year Ended 31 March 2025

Statement of Comprehensive Income

	2025	2024
	£	£
PROFIT FOR THE FINANCIAL YEAR	3,369,276	1,748,920
OTHER COMPREHENSIVE INCOME FOR THE YEAR	-	-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR	3,369,276	1,748,920

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Thrift Energy Limited

Balance Sheet

As At 31 March 2025

Balance Sheet

Registered number: 07976869

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12		74,719		169,571

			74,719		169,571
CURRENT ASSETS
Stocks	13	161,667		236,681
Debtors	14	3,634,920		3,088,133
Cash at bank and in hand		2,151,013		1,788,025

		5,947,600		5,112,839
Creditors: Amounts Falling Due Within One Year	15	(2,102,976 )		(2,628,630 )

NET CURRENT ASSETS (LIABILITIES)			3,844,624		2,484,209

TOTAL ASSETS LESS CURRENT LIABILITIES			3,919,343		2,653,780

PROVISIONS FOR LIABILITIES
Provisions For Charges	17		(266,677 )		(266,677 )
Deferred Taxation	16		(18,680 )		(42,393 )

NET ASSETS			3,633,986		2,344,710

CAPITAL AND RESERVES
Called up share capital	18		2,500		2,500
Capital redemption reserve			2,508		2,508
Profit and Loss Account			3,628,978		2,339,702

SHAREHOLDERS' FUNDS			3,633,986		2,344,710

On behalf of the board

Mr R P Browne

Director

23/12/2025

The notes on pages 10 to 15 form part of these financial statements.

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Thrift Energy Limited

Statement of Changes in Equity

For The Year Ended 31 March 2025

Statement of Changes in Equity

	Share Capital	Capital Redemption	Profit and Loss Account	Total
	£	£	£	£
As at 1 April 2023	2,500	2,508	1,190,782	1,195,790
Profit for the year and total comprehensive income	-	-	1,748,920	1,748,920

Dividends paid	-	-	(600,000)	(600,000)

As at 31 March 2024 and 1 April 2024	2,500	2,508	2,339,702	2,344,710


Profit for the year and total comprehensive income	-	-	3,369,276	3,369,276

Dividends paid	-	-	(2,080,000)	(2,080,000)

As at 31 March 2025	2,500	2,508	3,628,978	3,633,986

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Thrift Energy Limited

Statement of Cash Flows

For The Year Ended 31 March 2025

Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash generated from operations	1	3,536,870	1,663,718
Interest paid		(100,071 )	(80,856 )
Tax paid		(1,123,803 )	(367,032 )

Net cash generated from operating activities		2,312,996	1,215,830

Cash flows from investing activities
Purchase of tangible assets		(11,363 )	(97,031 )
Proceeds from disposal of tangible assets		55,196	2,834
Interest received		86,159	43,302

Net cash generated from/(used in) investing activities		129,992	(50,895 )

Cash flows from financing activities
Equity dividends paid		(2,080,000 )	(600,000 )



Increase in cash and cash equivalents		362,988	564,935
Cash and cash equivalents at beginning of year	2	1,788,025	1,223,090

Cash and cash equivalents at end of year	2	2,151,013	1,788,025

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Thrift Energy Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 March 2025

Notes to the Statement of Cash Flows

1. Reconciliation of profit for the financial year to cash generated from operations

	2025	2024
	£	£
Profit for the financial year	3,369,276	1,748,920
Adjustments for:
Tax on profit	1,239,003	589,886
Interest expense	100,071	80,856
Interest income	(86,159 )	(43,302 )
Depreciation of tangible assets	32,444	38,539
Loss on disposal of tangible assets	18,575	36,642
Movements in working capital:
Decrease in stocks	75,014	116,921
Increase in trade and other debtors	(546,787 )	(274,231 )
Decrease in trade and other creditors	(664,567 )	(630,513 )

Net cash generated from operations	3,536,870	1,663,718

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	2,151,013	1,788,025

3. Analysis of changes in net funds

	As at 1 April 2024	Cash flows	As at 31 March 2025
	£	£	£
Cash at bank and in hand	1,788,025	362,988	2,151,013

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Thrift Energy Limited

Notes to the Financial Statements

For The Year Ended 31 March 2025

Notes to the Financial Statements

1. General Information

Thrift Energy Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07976869 . The registered office is Unit 2 Ninth Avenue, Team Valley Trading Estate, Gateshead, NE11 0EH.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	10% straight line
Motor Vehicles	25% reducing balance
Fixtures & Fittings	25% reducing balance
Computer Equipment	33% straight line

2.4. Stocks and Work in Progress

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 stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

2.5. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

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Thrift Energy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.6. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Turnover

Analysis of turnover by geographical market is as follows:

	2025	2024
	£	£
United Kingdom	20,444,592	13,154,582

	20,444,592	13,154,582

4. Other Operating Income

	2025	2024
	£	£
Other operating income	154,131	128,033

	154,131	128,033

5. Operating Profit

The operating profit is stated after charging:

	2025	2024
	£	£
Bad debts	(108)	550,788
Depreciation of tangible fixed assets	32,444	38,539

6. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	8,000	5,819

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Thrift Energy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

7. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	1,051,742	654,001
Other pension costs	1,568,208	503,541

	2,619,950	1,157,542

8. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2025	2024
Office and administration	31	20

	31	20

9. Interest Receivable and Similar Income

	2025	2024
	£	£
Bank interest receivable	86,159	43,302

10. Interest Payable and Similar Charges

	2025	2024
	£	£
Bank loans and overdrafts	100,071	80,856

11. Tax on Profit

	Tax Rate		2025	2024
The tax charge on the profit for the year was as follows:
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	1,203,351	566,849
Prior period adjustment			59,365	15,764

			1,262,716	582,613
Deferred Tax
Deferred taxation			(23,713 )	7,273


Total tax charge for the period			1,239,003	589,886


The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
			2025	2024
			£	£
Profit before tax			4,608,279	2,338,806

Tax on profit at 25% (UK standard rate)			1,152,070	584,702

...CONTINUED

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Thrift Energy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

Goodwill/depreciation not allowed for tax	12,755	18,795
Expenses not deductible for tax purposes	3,855	2,665
Capital allowances	10,958	(23,549 )
Prior period adjustment	59,365	15,764
Group relief	-	(8,491 )

Total tax charge for the period	1,239,003	589,886

12. Tangible Assets

	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 April 2024	110,493	186,715	40,592	337,800
Additions	8,460	-	2,903	11,363
Disposals	(78,967 )	(56,890 )	-	(135,857 )

As at 31 March 2025	39,986	129,825	43,495	213,306

Depreciation
As at 1 April 2024	25,498	109,451	33,280	168,229
Provided during the period	9,213	18,066	5,165	32,444
Disposals	(14,170 )	(47,916 )	-	(62,086 )

As at 31 March 2025	20,541	79,601	38,445	138,587

Net Book Value
As at 31 March 2025	19,445	50,224	5,050	74,719

As at 1 April 2024	84,995	77,264	7,312	169,571

13. Stocks

	2025	2024
	£	£
Stock	161,667	236,681

14. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	1,064,982	1,889,597
Other debtors	2,569,938	1,198,536

	3,634,920	3,088,133

15. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	773,771	849,756
Other creditors	677,053	1,297,803
Corporation tax	533,555	394,642
Taxation and social security	118,597	86,429

	2,102,976	2,628,630

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Thrift Energy Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

16. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024
	£	£
Other timing differences	18,680	42,393

17. Provisions for Liabilities


	Deferred Tax	Other Provisions	Total
	£	£	£
As at 1 April 2024	42,393	266,677	309,070
Deferred taxation	(23,713 )	-	(23,713 )

Balance at 31 March 2025	18,680	266,677	285,357

Irrecoverable Loans Provision

A provision is respect of irrecoverable loans totalling £138,125 (2024 - £138,125) has been recognised.

National Insurance Contributions Provision

A provision in respect of Class 1 Secondary National Insurance Contributions totalling £128,552 (2024 - £128,552) has been recognised in the event that a settlement is required relating to trust payments made in prior years.

18. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
2,500 Ordinary Shares of £ 1.00 each	2,500	2,500

19. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the year the charge to the profit and loss account in respect of defined contribution schemes was £1,568,208 (2024: £503,541).

At the balance sheet date contributions of £3,702 (2024: £2,424) were due to the fund and are included in creditors.

20. Dividends

	2025	2024
	£	£
On equity shares:
Interim dividend paid	2,080,000	600,000

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