Surelock McGill Limited - Limited company accounts 25.1

REGISTERED NUMBER: 00684463 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

SURELOCK MCGILL LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

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

18

DIRECTORS:

J McGill

D R Milne

M Popov

C Y Hough

S J McGill

N Doble

T Manning

SECRETARY:

K L Johnston

REGISTERED OFFICE:

26 The Business Centre

Molly Millars Lane

Wokingham

Berkshire

RG41 2QY

REGISTERED NUMBER:

00684463 (England and Wales)

AUDITORS:

Cooper Parry Group Limited

Statutory Auditor

First Floor, Davidson House

Forbury Square

Reading

Berkshire

RG1 3EU

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

REVIEW OF BUSINESS

Demand for the Group's products, in all territories and markets, has increased in the year, as customers seek to ensure that they remain secure against terrorism and other threats.

Group turnover increased by 19% in the year, and the margin rose to 54%.

Reserves have increased from £5.77m to £7.06m.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group employs a strict policy of controls encompassing specific controls to address financial risks. Such risks included interest rate risk on borrowings and exchange rate risk on foreign currency transactions, in addition to risks associated with day to day trading such as credit, liquidity and cash flow.

The board reviews such risks on a regular basis and takes action in accordance with its policy to ensure that such risks are mitigated.

FINANCIAL KEY PERFORMANCE INDICATORS

The Group's focus is on maintaining gross margin, since this key performance indicator underpins its overall success.

ON BEHALF OF THE BOARD:

J McGill - Director

23 December 2025

The directors present their report with the financial statement 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 the manufacture and maintenance of locks, door locking systems and security doors.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 totalled £359,970 (2024: £221,493).

RESEARCH AND DEVELOPMENT

The Group continually carries out research and development to ensure that it complies with the latest standards applying to the market in which it operates, and to ensure that products remain the market leader in terms of both quality and the application of innovation.

FUTURE DEVELOPMENTS

There are no particular matters that the directors feel will significantly alter the ongoing development of the Group in the short and medium term.

EVENTS SINCE THE END OF THE YEAR

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

DIRECTORS

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

J McGill

D R Milne

M Popov

C Y Hough

S J McGill

Other changes in directors holding office are as follows:

N Doble and T Manning were appointed as directors after 31 March 2025 but prior to the date of this report.

A R Swan and D W Dunbar-Jones ceased to be directors after 31 March 2025 but prior to the date of this report.

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, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J McGill - Director

23 December 2025

Opinion

We have audited the financial statements of Surelock McGill 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 pages three and 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.

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

We obtained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS102 - the Financial Reporting Standard applicable in the UK & The Republic of Ireland, the Companies Act 2006 and relevant tax compliance regulations in the UK.

We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by meeting with management to understand where management considered there was susceptibility to fraud. Audit procedures performed by the audit team included:

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

- Identifying and testing journal entries, with a focus on entries made with unusual accounting combinations;

- Confirming with management whether they have knowledge of any actual, suspected or illegal fraud;

- Evaluating whether there was evidence of bias by management that represents a risk of material misstatement due to fraud.

These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance with all laws and regulations.

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

Use of our report

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

Mark Newbold FCA (Senior Statutory Auditor)

for and on behalf of Cooper Parry Group Limited

Statutory Auditor

First Floor, Davidson House

Forbury Square

Reading

Berkshire

RG1 3EU

23 December 2025

TURNOVER

4

35,071,986

29,397,676

Cost of sales

16,014,335

15,487,775

GROSS PROFIT

19,057,651

13,909,901

Administrative expenses

16,848,342

13,978,719

2,209,309

(68,818

)

Other operating income

12,238

33,800

OPERATING PROFIT/(LOSS)

6

2,221,547

(35,018

)

Interest receivable and similar income

364

630

2,221,911

(34,388

)

Interest payable and similar expenses

8

92,357

138,573

PROFIT/(LOSS) BEFORE TAXATION

2,129,554

(172,961

)

Tax on profit/(loss)

9

384,886

(17,331

)

PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

1,744,668

(155,630

)

Profit/(loss) attributable to:

Owners of the parent

1,744,668

(155,630

)

PROFIT/(LOSS) FOR THE YEAR

1,744,668

(155,630

)

OTHER COMPREHENSIVE INCOME

Forex reserve movement

(85,299

)

84,131

Income tax relating to other
comprehensive income

-

OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(85,299

)

84,131

TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,659,369

(71,499

)

Total comprehensive income attributable to:

Owners of the parent

1,659,369

(71,499

)

FIXED ASSETS

Intangible assets

12

111,581

225,004

Tangible assets

13

3,229,613

3,075,342

Investments

14

-

3,341,194

3,300,346

CURRENT ASSETS

Stocks

15

5,245,130

4,777,175

Debtors

16

6,832,828

6,046,613

Cash at bank and in hand

1,518,738

862,514

13,596,696

11,686,302

CREDITORS

Amounts falling due within one year

17

7,810,700

7,740,089

NET CURRENT ASSETS

5,785,996

3,946,213

TOTAL ASSETS LESS CURRENT
LIABILITIES

9,127,190

7,246,559

CREDITORS

Amounts falling due after more than one
year

18

(806,636

)

(897,417

)

PROVISIONS FOR LIABILITIES

22

(1,253,853

)

(581,840

)

NET ASSETS

7,066,701

5,767,302

CAPITAL AND RESERVES

Called up share capital

23

25,950

Capital redemption reserve

24

28,976

Foreign exchange reserve

24

(443,544

)

(358,245

)

Retained earnings

24

7,455,319

6,070,621

SHAREHOLDERS' FUNDS

7,066,701

5,767,302

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

J McGill - Director

FIXED ASSETS

Intangible assets

12

-

Tangible assets

13

852,724

809,542

Investments

14

2,119,857

2,972,581

2,929,399

CURRENT ASSETS

Stocks

15

1,647,024

1,826,350

Debtors

16

4,407,384

4,915,983

Cash at bank

258,871

234,573

6,313,279

6,976,906

CREDITORS

Amounts falling due within one year

17

3,812,416

5,281,462

NET CURRENT ASSETS

2,500,863

1,695,444

TOTAL ASSETS LESS CURRENT
LIABILITIES

5,473,444

4,624,843

CREDITORS

Amounts falling due after more than one
year

18

(129,592

)

(115,605

)

PROVISIONS FOR LIABILITIES

22

(498,016

)

(176,024

)

NET ASSETS

4,845,836

4,333,214

CAPITAL AND RESERVES

Called up share capital

23

25,950

Capital redemption reserve

24

28,976

Retained earnings

24

4,790,910

4,278,288

SHAREHOLDERS' FUNDS

4,845,836

4,333,214

Company's profit for the financial year

872,592

11,884

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

J McGill - Director

Called up

Capital

Foreign

share

Retained

redemption

exchange

Total

capital

earnings

reserve

equity

£

Balance at 1 April 2023

25,950

6,447,744

28,976

(442,376

)

6,060,294

Changes in equity

Dividends

-

(221,493

)

-

(221,493

)

Total comprehensive income

-

(155,630

)

-

84,131

(71,499

)

Balance at 31 March 2024

25,950

6,070,621

28,976

(358,245

)

5,767,302

Changes in equity

Dividends

-

(359,970

)

-

(359,970

)

Total comprehensive income

-

1,744,668

-

(85,299

)

1,659,369

Balance at 31 March 2025

25,950

7,455,319

28,976

(443,544

)

7,066,701

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

Balance at 1 April 2023

25,950

4,487,897

28,976

4,542,823

Changes in equity

Dividends

-

(221,493

)

-

(221,493

)

Total comprehensive income

-

11,884

-

11,884

Balance at 31 March 2024

25,950

4,278,288

28,976

4,333,214

Changes in equity

Dividends

-

(359,970

)

-

(359,970

)

Total comprehensive income

-

872,592

-

872,592

Balance at 31 March 2025

25,950

4,790,910

28,976

4,845,836

Cash flows from operating activities

Cash generated from operations

1

2,462,931

1,576,507

Interest paid

(39,626

)

(92,703

)

Interest element of hire purchase
payments paid

(52,731

)

(45,870

)

Tax paid

62,796

(32,915

)

Net cash from operating activities

2,433,370

1,405,019

Cash flows from investing activities

Purchase of intangible fixed assets

-

(300,000

)

Purchase of tangible fixed assets

(977,005

)

(491,383

)

Sale of tangible fixed assets

3,890

7,705

Interest received

364

630

Net cash from investing activities

(972,751

)

(783,048

)

Cash flows from financing activities

Loan repayments in year

(278,678

)

(278,111

)

Capital repayments in year

22,811

(193,392

)

Equity dividends paid

(359,970

)

(221,493

)

Net cash from financing activities

(615,837

)

(692,996

)

Increase/(decrease) in cash and cash equivalents

844,782

(71,025

)

Cash and cash equivalents at
beginning of year

2

(1,690,801

)

(1,620,954

)

Effect of foreign exchange rate changes

150

1,178

Cash and cash equivalents at end of
year

2

(845,869

)

(1,690,801

)

1.	RECONCILIATION OF PROFIT/(LOSS) FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS

2025

2024

£

Profit/(loss) for the financial year

1,744,668

(155,630

)

Depreciation charges

935,818

903,329

Profit on disposal of fixed assets

(3,700

)

(5,397

)

Forex reserve movement

(85,299

)

84,131

Finance costs

92,357

138,573

Finance income

(364

)

(630

)

Taxation

384,886

(17,331

)

3,068,366

947,045

Increase in stocks

(467,955

)

(13,938

)

(Increase)/decrease in trade and other debtors

(839,296

)

212,958

Increase in trade and other creditors

701,816

430,442

Cash generated from operations

2,462,931

1,576,507

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

1,518,738

862,514

Bank overdrafts

(2,364,607

)

(2,553,315

)

(845,869

)

(1,690,801

)

Year ended 31 March 2024

31/3/24

1/4/23

£

Cash and cash equivalents

862,514

154,864

Bank overdrafts

(2,553,315

)

(1,775,818

)

(1,690,801

)

(1,620,954

)

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

862,514

656,224

1,518,738

Bank overdrafts

(2,553,315

)

188,708

(2,364,607

)

(1,690,801

)

844,932

(845,869

)

Debt

Finance leases

(939,704

)

(22,811

)

(962,515

)

Debts falling due within 1 year

(274,385

)

100,660

(173,725

)

Debts falling due after 1 year

(347,684

)

178,018

(169,666

)

(1,561,773

)

255,867

(1,305,906

)

Total

(3,252,574

)

1,100,799

(2,151,775

)

1.	STATUTORY INFORMATION

Surelock McGill 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

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements.

These financial statements represent the results of the Company and its subsidiaries, from the manufacture and maintenance of locks, door locking systems and security doors.

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 April 2014.

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

- the Group has transferred the significant risks and rewards of ownership to the buyer;

- the Group retains neither continuing managerial involvement to the degree usually associated

with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the Group will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are

provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Group will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured

reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Goodwill

Goodwill represents the difference between the amounts paid on the cost of a business combination and the acquirers interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to inital recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the consolidated statement of comprehensive income over its useful economic life.

The estimated useful lives range as follows:

Goodwill - 5 years

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

- Property improvements - shorter of 25 years and the life of the lease

- Plant & machinery - 3 to 10 years

- Motor vehicles - 5 years

- Fixtures & fittings - 4 to 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the consolidated statement of comprehensive income.

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 includes all direct costs and an appropriate proportion of fixed and variable overheads.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Financial instruments

The Group only enters into basic financial instrument 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 debtors and creditors, 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 the 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 consolidated statement of comprehensive income.

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 of the recoverable amount, which is an approximation of the amount that the Group 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.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the consolidated statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will

be recovered against the reversal of deferred tax liabilities or other future taxable profits;

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax

allowances have been met; and

- Where they relate to timing differences in respect of interests in subsidiaries, associates branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currency translation

Functional and presentation currency

The Group's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the consolidated statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Operating leases

Rentals paid under operating leases are charged to the consolidated statement of comprehensive income on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Leased assets

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 consolidated statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in the consolidated statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Finance costs

Finance costs are charged to the consolidated statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are

recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Interest income

Interest income is recognised in the consolidated statement of comprehensive income using the effective interest method.

Borrowing costs

All borrowing costs are recognised in the consolidated statement of comprehensive income in the year in which they are incurred.

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the consolidated statement of comprehensive income in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation of the financial statements can require management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include the useful economic life of tangible fixed assets, together with overhead absorption rates and labour hours in the context of valuing inventory. Other less significant areas include the assessment of any provision for obsolete stock and doubtful debts, together with certain accruals.

4.

TURNOVER

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

An analysis of turnover by geographical market is given below:

2025

2024

£

United Kingdom

27,742,395

23,456,777

Rest of the world

7,329,591

5,940,899

35,071,986

29,397,676

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

Wages and salaries

10,651,972

9,694,035

Social security costs

1,023,671

874,123

Other pension costs

337,906

301,047

12,013,549

10,869,205

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

2025

2024

Management

19

Administration

96

95

Production

120

115

235

229

2025

2024

£

Directors' remuneration

662,632

621,923

Directors' pension contributions to money purchase schemes

56,635

42,931

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

5

Information regarding the highest paid director is as follows:

2025

2024

£

Emoluments etc

170,000

153,750

Pension contributions to money purchase schemes

9,350

6.	OPERATING PROFIT/(LOSS)

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

2025

2024

£

Hire of plant and machinery

123,050

106,469

Other operating leases

957,395

707,595

Depreciation - owned assets

568,264

502,654

Depreciation - assets on hire purchase contracts

254,131

293,380

Profit on disposal of fixed assets

(3,700

)

(5,397

)

Goodwill amortisation

107,296

Development costs amortisation

6,127

-

Foreign exchange differences

11,851

54

7.	AUDITORS' REMUNERATION

2025

2024

£

Fees payable to the company's auditors for the audit of the
company's financial statements

33,434

39,102

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

Bank interest

3,768

37,275

Bank loan interest

17,291

30,028

Interest on overdue tax

4,576

-

Interest payable

13,991

25,400

Hire purchase

52,731

45,870

92,357

138,573

9.

TAXATION

Analysis of the tax charge/(credit)

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

2025

2024

£

Current tax:

UK corporation tax

468,461

57,871

Adjustment in respect of

prior year

(39,328

)

(57,081

)

Total current tax

429,133

790

Deferred tax

(44,247

)

(18,121

)

Tax on profit/(loss)

384,886

(17,331

)

UK corporation tax has been charged at 25 % .

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

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

2025

2024

£

Profit/(loss) before tax

2,129,554

(172,961

)

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

532,389

(43,240

)

Effects of:

Expenses not deductible for tax purposes

90,057

36,932

Income not taxable for tax purposes

(196,567

)

(47,249

)

Capital allowances in excess of depreciation

(28,342

)

-

Depreciation in excess of capital allowances

-

36,686

Utilisation of tax losses

-

(3,132

)

Adjustments to tax charge in respect of previous periods

(39,328

)

(57,081

)

Other differences

-

40,687

Amortisation of goodwill not taxable

26,824

Group relief

-

(7,274

)

Marginal relief

(147

)

(484

)

Total tax charge/(credit)

384,886

(17,331

)

Tax effects relating to effects of other comprehensive income

2025

Gross

Tax

Net

£

Forex reserve movement

(85,299

)

-

(85,299

)

2024

Gross

Tax

Net

£

Forex reserve movement

84,131

-

84,131

10.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.

11.

DIVIDENDS

2025

2024

£

Ordinary shares of £1 each

Interim

359,970

221,493

12.	INTANGIBLE FIXED ASSETS

Group

Development

Goodwill

costs

Totals

£

COST

At 1 April 2024

and 31 March 2025

940,897

125,434

1,066,331

AMORTISATION

At 1 April 2024

722,020

119,307

841,327

Amortisation for year

107,296

6,127

113,423

At 31 March 2025

829,316

125,434

954,750

NET BOOK VALUE

At 31 March 2025

111,581

-

111,581

At 31 March 2024

218,877

6,127

225,004

13.	TANGIBLE FIXED ASSETS

Group

Short

Long

Property

Plant and

leasehold

improvements

machinery

£

COST

At 1 April 2024

-

11,458

1,998,051

5,881,862

Additions

16,999

43,883

329,939

276,666

Disposals

-

(39,525

)

Exchange differences

-

(490

)

(823

)

At 31 March 2025

16,999

55,341

2,327,500

6,118,180

DEPRECIATION

At 1 April 2024

-

1,503

1,229,042

3,972,520

Charge for year

1,350

5,268

238,790

384,437

Eliminated on disposal

-

(39,335

)

Exchange differences

-

(454

)

(729

)

At 31 March 2025

1,350

6,771

1,467,378

4,316,893

NET BOOK VALUE

At 31 March 2025

15,649

48,570

860,122

1,801,287

At 31 March 2024

-

9,955

769,009

1,909,342

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

COST

At 1 April 2024

1,302,676

769,403

235,423

10,198,873

Additions

53,801

238,546

17,171

977,005

Disposals

-

(30,160

)

(23,652

)

(93,337

)

Exchange differences

(866

)

-

(1,246

)

(3,425

)

At 31 March 2025

1,355,611

977,789

227,696

11,079,116

DEPRECIATION

At 1 April 2024

1,251,296

477,409

191,761

7,123,531

Charge for year

40,816

133,012

18,722

822,395

Eliminated on disposal

-

(30,160

)

(23,652

)

(93,147

)

Exchange differences

(865

)

-

(1,228

)

(3,276

)

At 31 March 2025

1,291,247

580,261

185,603

7,849,503

NET BOOK VALUE

At 31 March 2025

64,364

397,528

42,093

3,229,613

At 31 March 2024

51,380

291,994

43,662

3,075,342

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

COST

At 1 April 2024

1,884,648

62,192

408,291

2,355,131

Additions

232,934

-

238,547

471,481

Disposals

(145,954

)

-

(106,427

)

(252,381

)

At 31 March 2025

1,971,628

62,192

540,411

2,574,231

DEPRECIATION

At 1 April 2024

1,000,358

62,192

175,615

1,238,165

Charge for year

174,453

-

79,678

254,131

Eliminated on disposal

(80,168

)

-

(63,466

)

(143,634

)

At 31 March 2025

1,094,643

62,192

191,827

1,348,662

NET BOOK VALUE

At 31 March 2025

876,985

-

348,584

1,225,569

At 31 March 2024

884,290

-

232,676

1,116,966

Company

Fixtures

Property

Plant and

and

Motor

improvements

machinery

fittings

vehicles

Totals

£

COST

At 1 April 2024

545,673

3,504,451

1,169,081

45,675

5,264,880

Additions

20,745

73,447

49,357

111,664

255,213

At 31 March 2025

566,418

3,577,898

1,218,438

157,339

5,520,093

DEPRECIATION

At 1 April 2024

531,625

2,750,481

1,129,868

43,364

4,455,338

Charge for year

7,138

158,260

32,479

14,154

212,031

At 31 March 2025

538,763

2,908,741

1,162,347

57,518

4,667,369

NET BOOK VALUE

At 31 March 2025

27,655

669,157

56,091

99,821

852,724

At 31 March 2024

14,048

753,970

39,213

2,311

809,542

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

COST

At 1 April 2024

1,522,884

62,192

23,769

1,608,845

Additions

59,280

-

111,664

170,944

At 31 March 2025

1,582,164

62,192

135,433

1,779,789

DEPRECIATION

At 1 April 2024

857,448

62,192

21,458

941,098

Charge for year

134,398

-

14,154

148,552

At 31 March 2025

991,846

62,192

35,612

1,089,650

NET BOOK VALUE

At 31 March 2025

590,318

-

99,821

690,139

At 31 March 2024

665,436

-

2,311

667,747

14.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

£

COST

At 1 April 2024

and 31 March 2025

2,119,857

NET BOOK VALUE

At 31 March 2025

2,119,857

At 31 March 2024

2,119,857

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Stafford Bridge Doors

Registered office: UK

Nature of business: Manufacture of security doors

%

Class of shares:

holding

Ordinary

100.00

Tindall Engineering Limited

Registered office: UK

Nature of business: Manufacture of locking systems

%

Class of shares:

holding

Ordinary

100.00

Safe Locking Limited

Registered office: UK

Nature of business: Resale of locks

%

Class of shares:

holding

Ordinary

100.00

247 National Limited

Registered office: UK

Nature of business: Maintenance and support services

%

Class of shares:

holding

Ordinary

100.00

Surelock McGill Group Limited

Registered office: UK

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

Surelock Group Limited

Registered office: UK

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

Surelock McGill LLC

Registered office: USA

Nature of business: Manufacture of locking systems

%

Class of shares:

holding

Ordinary

100.00

Amesbury Locks Limited

Registered office: UK

Nature of business: Manufacture of locking systems

%

Class of shares:

holding

Ordinary

100.00

BenweldSecure Limited

Registered office: UK

Nature of business: Manufacture of locking systems

%

Class of shares:

holding

Ordinary

100.00

15.

STOCKS

Group

Company

2025

2024

2025

2024

£

Raw materials and consumables

3,497,224

3,326,355

857,531

1,172,212

Work-in-progress

221,175

225,182

8,045

4,355

Finished goods

1,526,731

1,225,638

781,448

649,783

5,245,130

4,777,175

1,647,024

1,826,350

16.

DEBTORS

Group

Company

2025

2024

2025

2024

£

Amounts falling due within one year:

Trade debtors

5,575,123

5,051,560

841,618

814,214

Amounts owed by group undertakings

-

3,296,890

3,880,277

Other debtors

237,525

194,620

21,861

30,618

Tax

83,908

136,989

83,908

Prepayments and accrued income

872,711

663,444

163,107

106,966

6,769,267

6,046,613

4,407,384

4,915,983

Amounts falling due after more than one

year:

Other debtors

63,561

-

Aggregate amounts

6,832,828

6,046,613

4,407,384

4,915,983

17.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2025

2024

2025

2024

£

Bank loans and overdrafts (see note 19)

2,538,332

2,827,700

531,347

779,677

Hire purchase contracts (see note 20)

325,545

389,971

99,155

150,356

Trade creditors

3,056,512

2,420,527

630,837

660,341

Amounts owed to group undertakings

-

1,913,926

2,959,528

Tax

536,718

97,871

238,807

51,139

Social security and other taxes

437,308

419,879

158,506

132,058

Other creditors

319,843

421,060

45,350

45,498

Directors' loan accounts

49,411

37,322

49,411

37,322

Accruals and deferred income

547,031

1,125,759

145,077

465,543

7,810,700

7,740,089

3,812,416

5,281,462

Finance leases are secured on the underlying assets. Bank loans and overdrafts are secured by a fixed and floating charge over the assets of the Group, and by a personal guarantee of £150,000 given by a director. Assets acquired under hire purchase contracts are secured on the underlying assets.

18.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group

Company

2025

2024

2025

2024

£

Bank loans (see note 19)

169,666

347,684

-

18,518

Hire purchase contracts (see note 20)

636,970

549,733

129,592

97,087

806,636

897,417

129,592

115,605

19.

LOANS

An analysis of the maturity of loans is given below:

Group

Company

2025

2024

2025

2024

£

Amounts falling due within one year or

on demand:

Bank overdrafts

2,364,607

2,553,315

513,349

668,566

Bank loans

173,725

274,385

17,998

111,111

2,538,332

2,827,700

531,347

779,677

Amounts falling due between one and

two years:

Bank loans - 1-2 years

136,333

264,351

-

18,518

Amounts falling due between two and

five years:

Bank loans - 2-5 years

33,333

83,333

-

20.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group

Hire purchase

contracts

2025

2024

£

Net obligations repayable:

Within one year

325,545

389,971

Between one and five years

636,970

549,733

962,515

939,704

Company

Hire purchase

contracts

2025

2024

£

Net obligations repayable:

Within one year

99,155

150,356

Between one and five years

129,592

97,087

228,747

247,443

Group

Non-cancellable

operating leases

2025

2024

£

Within one year

675,770

607,460

Between one and five years

2,204,958

2,020,345

In more than five years

1,346,271

1,829,570

4,226,999

4,457,375

Company

Non-cancellable

operating leases

2025

2024

£

Within one year

481,118

464,460

Between one and five years

1,640,002

1,623,924

In more than five years

1,267,315

1,657,258

3,388,435

3,745,642

21.	SECURED DEBTS

The following secured debts are included within creditors:

Group

Company

2025

2024

2025

2024

£

Bank overdrafts

2,364,607

2,553,315

513,349

668,566

Bank loans

343,391

622,069

17,998

129,629

Hire purchase contracts

962,515

939,704

228,747

247,443

3,670,513

4,115,088

760,094

1,045,638

Finance leases are secured on the underlying assets. Bank loans and overdrafts are secured by a fixed and floating charge over the assets of Group, and by a personal guarantee of £150,000 given by a director. Assets acquired under hire purchase contracts are secured on the underlying assets.

22.	PROVISIONS FOR LIABILITIES

Group

Company

2025

2024

2025

2024

£

Deferred tax

537,593

581,840

174,016

176,024

Other provisions

716,260

-

324,000

-

Aggregate amounts

1,253,853

581,840

498,016

176,024

Group

Deferred

Other

tax

provisions

£

Balance at 1 April 2024

581,840

-

Provided during year

(44,247

)

486,110

Reclassified during the year

-

230,150

Balance at 31 March 2025

537,593

716,260

Company

Deferred

Other

tax

provisions

£

Balance at 1 April 2024

176,024

-

Provided during year

(2,008

)

93,850

Reclassified during the year

-

230,150

Balance at 31 March 2025

174,016

324,000

23.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

25,950

Ordinary

£1

25,950

24.

RESERVES

Group

Capital

Foreign

Retained

redemption

exchange

earnings

reserve

Totals

£

At 1 April 2024

6,070,621

28,976

(358,245

)

5,741,352

Profit for the year

1,744,668

Dividends

(359,970

)

(359,970

)

Forex reserve movement

-

(85,299

)

(85,299

)

At 31 March 2025

7,455,319

28,976

(443,544

)

7,040,751

Company

Capital

Retained

redemption

earnings

reserve

Totals

£

At 1 April 2024

4,278,288

28,976

4,307,264

Profit for the year

872,592

Dividends

(359,970

)

(359,970

)

At 31 March 2025

4,790,910

28,976

4,819,886

25.	PENSION COMMITMENTS

The Group operates various defined contribution pension schemes, the assets of which are held separately from those of the Group in independently administered funds.

The pension cost charge represents contributions payable by the Group to the schemes and amounted to £337,906 (2024 - £301,047).

Contributions totalling £72,892 (2024 - £76,985) were payable to the schemes at the balance sheet date and are included in creditors.

26.	CONTINGENT LIABILITIES

The Company is part of a group invoice discounting facility and has provided a cross guarantee in respect of this. At the year end, there was a contingent liability arising there from of £2,364,607 (2024 - £2,058,926). The other group companies party to the invoice discounting agreement are Stafford Bridge Doors Limited and Tindall Engineering Limited.

27.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date, an amount of £Nil (2024 - £8,054) was owed to the Group by a director, under an interest-free loan arrangement, repayable on demand.

At the balance sheet date, an amount of £49,411 (2024 - £34,664 Debtor) was owed by the Group to a director, under an interest-free loan arrangement, repayable on demand.

28.	POST BALANCE SHEET EVENTS

Subsequent to the year end, the Company purchased the entire share capital of Salisbury Investment Castings Limited.

On 17 November 2025, Barclays Bank registered a fixed charge over fixed assets in the new subsidiary.

29.	ULTIMATE CONTROLLING PARTY

The Group has been under the control of J McGill, director and majority shareholder, throughout the current and previous year.

30.	SHARE-BASED PAYMENT TRANSACTIONS

As at 31 March 2025, the company had granted 2,090 shares to certain employees under an EMI option scheme.

The options have an exercise price of £36.04 per share, and may not be exercised unless and until the company is subject to a sale. The options lapse after ten years.

As at 31 March 2025, the company had granted 1,365 shares to certain employees under another EMI option scheme, of which 1,365 had vested.

The options have an exercise price of £10.98 per share, and may not be exercised unless and until the company is subject to a sale. The options lapse after ten years.

The fair value of the share options has been considered immaterial to the company on the basis that the non-market vesting condition are considered remote. On this basis the directors have not recognised a charge in the profit and loss account for share based payments.