REGISTERED NUMBER: 13144632 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

LOGISTICS SOLUTIONS LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTOR:

T F Seagers

REGISTERED OFFICE:

International Logistics Centre

Bonehill Road

Tamworth

Staffordshire

B78 3HH

REGISTERED NUMBER:

13144632 (England and Wales)

AUDITORS:

TC Group

31 High View Close

Hamilton Office Park

Leicester

Leicestershire

LE4 9LJ

The director presents his strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

The group is a medium sized provider of logistics and courier services within the United Kingdom. The group specialises in fast, reliable, and efficient parcel delivery services for businesses and consumers, with a focus on same-day and next-day delivery.

The main trading entity, Crown Couriers Ltd, was established in 1990, Crown Couriers has grown significantly, now employing over 65 staff. The company serves a variety of sectors, including parcel, motor trade, healthcare, retail, and engineering. With a strong emphasis on customer satisfaction and technology-driven solutions, Crown Couriers offers tailored delivery options to meet the unique needs of its diverse customer base.

PRINCIPAL RISKS AND UNCERTAINTIES

The group is exposed to a range of risks that could impact its business. These include:

Economic and Market Conditions: Economic uncertainty and inflationary cost pressures all could impact profitability. However, the company has adopted flexible pricing strategies, utilising new in house IT software to increase efficiency and mitigate these risks.

Competition: The logistics and courier industry remains highly competitive, with pressure from both established players and potential new entrants. Crown Couriers differentiates itself through superior customer service and tailored solutions such as dynamic routing, real time tracking and full job visibility.

Regulatory and Environmental Compliance: The company faces increasing regulation surrounding environmental standards, particularly in relation to fleet emissions. Crown Couriers is committed to reducing its carbon footprint by planning transition to increased level of electric vehicles (EVs), meeting stricter emissions regulations. In addition we are reviewing options around alternative energy in line with the companies values.

Operational Risks: The company faces risks related to vehicle breakdowns, delivery delays due to adverse weather conditions. Crown Couriers mitigates these risks by maintaining a live tracking of all delivery vehicles, being able to supply additional subcontractors on demand from a large pool.

FINANCIAL HIGHLIGHTS & KPH

For the financial year ending 31 March 2025, the group has delivered a strong performance:

Revenue: £29.1 million (a decrease of 13.1% compared to £33.5 million in 2024)

Profit After Tax: £498k (a decrease of 11.9% from £554k in 2024)

Total Assets: £6.5 million (a decrease of 9.2% from £7.1 million in 2024)

Net Assets/Equity: £3 million (up 6.5% from £2.9 million in 2024)

This reduction in trade was mainly attributable to changing trends within the delivery market, however the company has shown good resilience with profit of just over half a million pounds for the year. Year on year loss of a couple existing customers who changed their logistics solution in house during a standard re-tender process contributed to a year on year decline, as they reset their base and focus on more profitable work for future growth. Overheads remain tightly controlled with savings offset by strategic spend & investment on improvement areas to be fit for the future

BUSINESS STRATEGY

The strategy for the group is built around four key pillars:

Expansion & development of Services: They plan to continue to develop their same-day delivery service offering, working with different sectors. This expansion is aligned with the increasing demand for fast and efficient deliveries from consumers.

Technology Integration: The group is investing in developing a bespoke in-house software solution, incorporating artificial intelligence (AI) for route optimisation and predictive delivery times. The adoption of machine learning technologies is expected to improve operational efficiency and reduce delivery costs.

Sustainability Initiatives: As part of our commitment to sustainability, they are investing in & driving the use of electric vehicle (EVs) to reduce emissions and decrease reliance on fossil fuels. This will reduce their carbon footprint while positioning them as a leader in eco-friendly logistics solutions.

Customer-Centric Approach: We will continue to focus on delivering exceptional customer service by providing personalised delivery solutions and improving their online tracking and communication systems.

FUTURE PROSPECTS

The outlook for the group is positive, with expected growth driven by the continued rise in demand for quick and reliable deliveries. They expect to capture a larger market share in both existing and new sectors, alongside driving new revenue streams.

Continued development and improvement in their bespoke IT system is key to growth both within existing revenue streams but also developing new ones for the future.

ON BEHALF OF THE BOARD:

T F Seagers - Director

17 December 2025

The director presents his 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 freight transport by road.

DIVIDENDS

The total distribution of dividends for the period ended 31 March 2025 will be £302,768 (2024: £333,955).

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.

DIRECTOR

T F Seagers held office during the whole of the period from 1 April 2024 to the date of this report.

FINANCIAL INSTRUMENTS

The group has various financial instruments such as trade debtors and trade creditors which arise directly from operations. The group also has an overdraft facility and in the past has utilised finance to acquire motor vehicles. The group does not enter into derivative transactions. The group uses invoice financing as part of its working capital management. Under these arrangements, the group receives an advance from the finance provider against amounts due from customers. The finance provider typically advances a proportion of the receivables balance, with the remainder (less financing fees and charges) received when customers settle their invoices.

The main financial risk arising from the group's activities is credit risk, being the recovery of amounts owed but also reducing the time between the amounts owed and amounts payable to subcontractors. The associated risk is monitored by the board of directors and is mitigated to an acceptable level and having appropriate debt recovery strategies. Interest rate risk is mitigated through working capital and cash management. The group enters into few contracts with overseas parties so foreign currency risk is considered to present limited risk to the business.

DISCLOSURE IN THE STRATEGIC REPORT

As permitted by Paragraph 1A of schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and reports) Regulations 2008 certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report instead. These matters are considered of strategic importance.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

T F Seagers - Director

17 December 2025

Opinion

We have audited the financial statements of Logistics Solutions Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

We understood how the group is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through discussions with those charged with governance.

We assess the susceptibility of the group's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the group has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transaction outside the normal course of business and reviewing accounting estimates for bias.

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.

Richard Gillespie FCCA (Senior Statutory Auditor)

for and on behalf of TC Group

31 High View Close

Hamilton Office Park

Leicester

Leicestershire

LE4 9LJ

17 December 2025

TURNOVER

4

29,130,341

33,458,710

Cost of sales

24,771,383

28,411,349

GROSS PROFIT

4,358,958

5,047,361

Administrative expenses

3,698,554

4,385,840

660,404

661,521

Other operating income

18,932

-

OPERATING PROFIT

6

679,336

661,521

Interest receivable and similar income

7,196

-

Interest payable and similar expenses

7

(23,190

)

(9,371

)

PROFIT BEFORE TAXATION

663,342

652,150

Tax on profit

8

165,836

98,231

PROFIT FOR THE FINANCIAL YEAR

497,506

553,919

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

497,506

553,919

Profit attributable to:

Owners of the parent

497,506

553,919

Total comprehensive income attributable to:

Owners of the parent

497,506

553,919

FIXED ASSETS

Tangible assets

11

186,646

54,771

Investments

12

-

-

186,646

54,771

CURRENT ASSETS

Debtors

13

6,266,233

7,058,368

Cash at bank

21,827

15,133

6,288,060

7,073,501

CREDITORS

Amounts falling due within one year

14

3,311,854

4,264,572

NET CURRENT ASSETS

2,976,206

2,808,929

TOTAL ASSETS LESS CURRENT LIABILITIES

3,162,852

2,863,700

CREDITORS

Amounts falling due after more than one year

15

104,414

-

NET ASSETS

3,058,438

2,863,700

CAPITAL AND RESERVES

Called up share capital

17

200

200

Retained earnings

18

3,058,238

2,863,500

SHAREHOLDERS' FUNDS

3,058,438

2,863,700

The financial statements were approved by the director and authorised for issue on 17 December 2025 and were signed by:

T F Seagers - Director

FIXED ASSETS

Tangible assets

11

-

-

Investments

12

102

102

102

102

CURRENT ASSETS

Debtors

13

376,750

198

CREDITORS

Amounts falling due within one year

14

376,652

100

NET CURRENT ASSETS

98

98

TOTAL ASSETS LESS CURRENT LIABILITIES

200

200

CAPITAL AND RESERVES

Called up share capital

17

200

200

SHAREHOLDERS' FUNDS

200

200

Company's profit for the financial year

302,768

333,955

The financial statements were approved by the director and authorised for issue on 17 December 2025 and were signed by:

T F Seagers - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

200

2,643,535

2,643,735

Changes in equity

Dividends

-

(333,954

)

(333,954

)

Total comprehensive income

-

553,919

553,919

Balance at 31 March 2024

200

2,863,500

2,863,700

Changes in equity

Dividends

-

(302,768

)

(302,768

)

Total comprehensive income

-

497,506

497,506

Balance at 31 March 2025

200

3,058,238

3,058,438

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

200

-

200

Changes in equity

Dividends

-

(333,955

)

(333,955

)

Total comprehensive income

-

333,955

333,955

Balance at 31 March 2024

200

-

200

Changes in equity

Dividends

-

(302,768

)

(302,768

)

Total comprehensive income

-

302,768

302,768

Balance at 31 March 2025

200

-

200

Cash flows from operating activities

Cash generated from operations

1

843,884

(528,418

)

Interest paid

(20,526

)

(9,013

)

Interest element of hire purchase payments paid

(2,664

)

(358

)

Tax paid

(142,751

)

(125,560

)

Net cash from operating activities

677,943

(663,349

)

Cash flows from investing activities

Purchase of tangible fixed assets

(35,932

)

(6,582

)

Sale of tangible fixed assets

43,166

-

Interest received

7,196

-

Net cash from investing activities

14,430

(6,582

)

Cash flows from financing activities

Capital repayments in year

(6,359

)

(7,611

)

Amount withdrawn by directors

(376,552

)

-

Equity dividends paid

(302,768

)

(333,954

)

Net cash from financing activities

(685,679

)

(341,565

)

Increase/(decrease) in cash and cash equivalents

6,694

(1,011,496

)

Cash and cash equivalents at beginning of year

2

15,133

1,026,629

Cash and cash equivalents at end of year

2

21,827

15,133

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

2025

2024

£

£

Profit before taxation

663,342

652,150

Depreciation charges

37,819

27,740

Profit on disposal of fixed assets

(43,166

)

-

Finance costs

23,190

9,371

Finance income

(7,196

)

-

673,989

689,261

Decrease/(increase) in trade and other debtors

1,150,167

(1,018,983

)

Decrease in trade and other creditors

(980,272

)

(198,696

)

Cash generated from operations

843,884

(528,418

)

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

21,827

15,133

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

15,133

1,026,629

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

Other

non-cash

At 1.4.24

Cash flow

changes

At 31.3.25

£

£

£

£

Net cash

Cash at bank

15,133

6,694

21,827

15,133

6,694

21,827

Debt

Finance leases

-

6,359

(133,762

)

(127,403

)

-

6,359

(133,762

)

(127,403

)

Total

15,133

13,053

(133,762

)

(105,576

)

1.	STATUTORY INFORMATION

Logistics Solutions 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements are prepared in sterling, which is the functional currency of the entity and

rounded to the nearest pound.

Going concern

As at the point of authorising the accounts, and for the foreseeable future, the directors consider the going concern assumption to still be appropriate. The directors acknowledge that given the rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the directors to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

Parent company disclosure exemptions

- No cash flow statement has been presented for the parent company;

- Disclosures in respect of the parent company's financial instruments have not been presented as equivalent disclosures have been provided in respect of the group as a whole.

- No disclosure has been given of the key management personnel of the parent company as their remuneration is included in the totals for the group as a whole; and

- Only one reconciliation of the number of shares outstanding at the beginning and end of the period has been presented as the reconciliation's for the group and the parent company would be identical.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Statement of Comprehensive Income from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full. Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Turnover

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

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.

Depreciation is provided on the following basis:

Motor vehicles - 25% on cost

Office equipment - 20% on cost

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 profit or loss.

At each reporting date the group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use.

Financial instruments

The Company 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 and loans to related parties.

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 Income statement.

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.

Financial liabilities and equity are classified according to the substance of the financial instrument's

contractual obligations, rather than the financial instrument's legal form.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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

3.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation of the financial statements requires management to make significant judgements and the items in the financial statements where these judgements and estimates have been made include:

Debtor recoverability

The group has a policy in place to assess the need for impairment of trade debtors. The group considers the trade debtors on an individual basis and uses its knowledge of the customer, ageing of the debt and historic rate of defaults. Based on this analysis the group then applies a specific provision against the trade debtor balances.

4.

TURNOVER

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

All turnover has been generated in the UK.

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,387,857

2,916,830

Social security costs

248,226

295,820

Other pension costs

58,452

62,315

2,694,535

3,274,965