REGISTERED NUMBER: 04387642 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2024 TO 30 APRIL 2025

FOR

MINIBUS TRAVEL SERVICES LTD.

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

5

Statement of Income and Retained Earnings

9

Balance Sheet

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTOR:

A.M. Stannard

REGISTERED OFFICE:

Second Floor Ridgeland House

15 Carfax

Horsham

West Sussex

RH12 1ER

REGISTERED NUMBER:

04387642 (England and Wales)

AUDITORS:

Galloways Accounting

Statutory Auditor

15 West Street

Brighton

East Sussex

BN1 2RL

The director presents his strategic report for the period 1 April 2024 to 30 April 2025.

REVIEW OF BUSINESS

The company continued to provide specialised transportation services under a range of contracts during the year, including arrangements supporting the movement of individuals requiring additional assistance to educational and other designated establishments. Despite a stable operational environment, activity levels were modestly lower than the prior year, reflecting changes in contract volumes and general market conditions.

PRINCIPAL RISKS AND UNCERTAINTIES

The company operates in a regulated sector and remains subject to risks common to organisations providing contracted transportation services. These include fluctuations in contract demand, cost variability, regulatory changes, and the ongoing need to maintain appropriate staffing and service capacity. Management continues to monitor these matters closely and believes the company is well-positioned to adapt to developments in the operating environment.

ANALYSIS USING FINANCIAL KEY PERFORMANCE INDICATORS

The company experienced a slight reduction in overall trading performance during the period.

Turnover decreased by approximately 10%, primarily due to variations in service requirements across certain contractual arrangements. As a result of lower revenues and ongoing cost pressures, net profit reduced by around 11%, with a corresponding movement in the net profit margin, which declined by approximately 1 percentage point.

EBITDA also saw a reduction of around 20%, largely reflecting the combined effect of the above factors and the timing of certain operational expenditures.

Performance measure

2025

2024 13 month pro rata

2024

Movement %

Turnover

£m

2.65

2.94

2.72

(10)

Net Profit

£m

1.31

1.47

1.36

(11)

Net Profit Margin

%

49

50

50

(1)

EBITDA

£m

1.09

1.36

1.26

(20)

FUTURE DEVELOPMENTS

The company intends to maintain its focus on delivering reliable, high-quality services under its existing arrangements while exploring opportunities to enhance operational efficiency. Management remains committed to supporting service users, contract partners, and stakeholders, and will continue to review the business structure to ensure it remains responsive to future requirements and market conditions.

ON BEHALF OF THE BOARD:

A.M. Stannard - Director

5 January 2026

The director presents his report with the financial statements of the company for the period 1 April 2024 to 30 April 2025.

PRINCIPAL ACTIVITY

The company's principal activity is to contract with local councils to provide specialist transportation services for students requiring additional services and assistance from their transportation provider.

DIVIDENDS

An interim dividend of 1.50 per share was paid on 26 March 2025. The director recommends that no final dividend be paid.

The total distribution of dividends for the period ended 30 April 2025 will be £ 75,000 .

DIRECTOR

A.M. Stannard held office during the whole of the period from 1 April 2024 to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen, in accordance with the Companies Act 2006 s414C(11), to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

AUDITORS

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

ON BEHALF OF THE BOARD:

A.M. Stannard - Director

5 January 2026

Opinion

We have audited the financial statements of Minibus Travel Services Ltd. (the 'company') for the period ended 30 April 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the 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 company's affairs as at 30 April 2025 and of its profit for the period 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 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 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 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, 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 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 three, 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 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 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.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Based on our understanding of the company and industry, we considered the risk of non-compliance with laws and regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls).

Audit procedures performed included:

-

Obtaining an understanding of the legal and regulatory frameworks that the company operates in;

-

Review of legal expenses for evidence of fees relating to non-compliance;

-

Challenging assumptions and judgements made by management in determining significant accounting estimates

-

Reviewing journal entries, non-sales bank receipts and non-purchase bank payments for unusual accounting entries;

-

Substantive procedures to test that services contracted by clients were recognised as revenue in the financial statements in the correct period; and

-

Substantive procedures to test that accrued expenses were valid and complete.

There are inherent limitations in the audit procedures described above. Because of these inherent limitations, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities 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.

Other matters which we are required to address

The comparative amounts are unaudited since the company was not required to have an audit for the year ended 31 March 2024

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.

Colin Young BA FCA (Senior Statutory Auditor)

for and on behalf of Galloways Accounting

Statutory Auditor

15 West Street

Brighton

East Sussex

BN1 2RL

7 January 2026

TURNOVER

3

2,646,635

2,716,849

Cost of sales

(1,392,493

)

(1,322,466

)

GROSS PROFIT

1,254,142

1,394,383

Administrative expenses

(202,632

)

(167,613

)

OPERATING PROFIT

5

1,051,510

1,226,770

Interest receivable and similar income

253,565

129,568

PROFIT BEFORE TAXATION

1,305,075

1,356,338

Tax on profit

6

(326,646

)

(339,468

)

PROFIT FOR THE FINANCIAL PERIOD

978,429

1,016,870

Retained earnings at beginning of period as previously reported

5,003,750

4,315,861

Dividends

7

(75,000

)

(85,000

)

Prior year adjustment - corrections of material errors

8

243,981

-

RETAINED EARNINGS AT END OF PERIOD

6,151,160

5,247,731

FIXED ASSETS

Tangible assets

9

105,376

91,972

CURRENT ASSETS

Debtors

10

1,861,725

1,235,450

Cash at bank and in hand

4,795,759

4,573,493

6,657,484

5,808,943

CREDITORS

Amounts falling due within one year

11

(535,632

)

(585,730

)

NET CURRENT ASSETS

6,121,852

5,223,213

TOTAL ASSETS LESS CURRENT LIABILITIES

6,227,228

5,315,185

PROVISIONS FOR LIABILITIES

13

(26,088

)

(17,474

)

NET ASSETS

6,201,140

5,297,711

CAPITAL AND RESERVES

Called up share capital

14

49,980

49,980

Retained earnings

15

6,151,160

5,247,731

SHAREHOLDERS' FUNDS

6,201,140

5,297,711

The financial statements were approved by the director and authorised for issue on 5 January 2026 and were signed by:

A.M. Stannard - Director

Cash flows from operating activities

Cash generated from operations

1

1,054,567

1,119,667

Tax paid

(262,619

)

(140,048

)

Net cash from operating activities

791,948

979,619

Cash flows from investing activities

Purchase of tangible fixed assets

(68,440

)

(12,500

)

Sale of tangible fixed assets

26,601

3,316

Loans made

(610,000

)

(570,000

)

Loans repaid

8,000

-

Interest received

149,157

77,798

Net cash from investing activities

(494,682

)

(501,386

)

Cash flows from financing activities

Equity dividends paid

(75,000

)

(85,000

)

Net cash from financing activities

(75,000

)

(85,000

)

Increase in cash and cash equivalents

222,266

393,233

Cash and cash equivalents at beginning of period

2

4,573,493

4,180,260

Cash and cash equivalents at end of period

2

4,795,759

4,573,493

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

Period

1/4/24

to

Year Ended

30/4/25

31/3/24

as

restated

£

£

Profit before taxation

1,305,075

1,356,338

Depreciation charges

39,084

30,657

Profit on disposal of fixed assets

(10,649

)

(1,277

)

Finance income

(253,565

)

(129,568

)

1,079,945

1,256,150

Decrease/(increase) in trade and other debtors

80,133

(265,897

)

(Decrease)/increase in trade and other creditors

(105,511

)

129,414

Cash generated from operations

1,054,567

1,119,667

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:

Period ended 30 April 2025

30/4/25

1/4/24

£

£

Cash and cash equivalents

4,795,759

4,573,493

Year ended 31 March 2024

31/3/24

1/4/23

as restated

£

£

Cash and cash equivalents

4,573,493

4,180,260

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 30/4/25

£

£

£

Net cash

Cash at bank and in hand

4,573,493

222,266

4,795,759

4,573,493

222,266

4,795,759

Total

4,573,493

222,266

4,795,759

1.	STATUTORY INFORMATION

Minibus Travel Services Ltd. 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£) and have been rounded to the nearest pound.

The financial statements are for the 13 months from 1 April 2024 to 30 April 2025. The comparatives are for the 12 month period 1 April 2023 to 31 March 2024. The balance sheet date was changed for administrative purposes. As a result, the comparatives are not entirely comparable.

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.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.

The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Impairment of loan debtors

The company considers whether loan debtors should be impaired. Where an indication of impairment is identified, the estimation of recoverable value is assessed. This requires the company to estimate the anticipate recoverable amount of the loans receivable. Loans have been provided to property development companies. The amounts are unsecured and therefore estimation on whether the projects funded will be profitable enough to return the full loan and any interest accruing must be made.The unimpaired value as reported in the accounts of these loans is £1,628,178 (2024: £921,770).

Turnover

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

The company works exclusively for local councils to provide specialist transportation services for students requiring additional services and assistance from their transportation provider.

Turnover is recognised under pre agreed rates when the company has met the performance obligations necessary to be entitled to invoice the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Financial instruments

Basic financial assets

Basic financial assets, which include debtors and cash and cash equivalents, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost, using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Amortised cost is determined as being the transaction price less any amounts settled and any impairment losses. Financial assets classified as receivable within one year are not amortised.

A provision for impairment of debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

Basic financial liabilities

Basic financial liabilities, including trade, group and other creditors (including accruals) payable are initially measured at the transaction price and subsequently measured at amortised cost unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as receivable within one year are not amortised.

Debt instruments are carried at amortised cost using the effective interest rate method.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred 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 period 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.

Pension costs and other post-retirement benefits

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

3.

TURNOVER

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

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

Period

1/4/24

to

Year Ended

30/4/25

31/3/24

as

restated

£

£

Specialist private transport

2,646,635

2,716,849

2,646,635

2,716,849

An analysis of turnover by geographical market is given below:

Period

1/4/24

to

Year Ended

30/4/25

31/3/24

as

restated

£

£

United Kingdom

2,646,635

2,716,849

2,646,635

2,716,849

4.	EMPLOYEES AND DIRECTORS

Period

1/4/24

to

Year Ended

30/4/25

31/3/24

as

restated

£

£

Wages and salaries

1,028,005

1,016,789

Social security costs

43,654

29,979

Other pension costs

69,385

60,000

1,141,044

1,106,768

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

Period

1/4/24

to

Year Ended

30/4/25

31/3/24

as

restated

Director

1

1

Manager

1

1

Admin Manager/Driver

1

1

Yard Person/Driver

1

1

Driver

46

50

Carer

41

44

91

98

Period

1/4/24

to

Year Ended

30/4/25

31/3/24

as

restated

£

£

Director's remuneration

11,185

10,400

Director's pension contributions to money purchase schemes

60,000

60,000

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

Money purchase schemes

1

1

5.	OPERATING PROFIT

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

Period

1/4/24

to

Year Ended

30/4/25

31/3/24

as

restated

£

£

Other operating leases

25,012

23,182

Depreciation - owned assets

39,084

30,657

Profit on disposal of fixed assets

(10,649

)

(1,277

)

Auditors' remuneration

17,000

-

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the period was as follows:

Period

1/4/24

to

Year Ended

30/4/25

31/3/24

as

restated

£

£

Current tax:

UK corporation tax

318,032

343,305

Deferred tax

8,614

(3,837

)

Tax on profit

326,646

339,468

UK corporation tax has been charged at 25% .

Reconciliation of total tax charge included in profit and loss

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

Period

1/4/24

to

Year Ended

30/4/25

31/3/24

as

restated

£

£

Profit before tax

1,305,075

1,356,338

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

326,269

339,085

Effects of:

Expenses not deductible for tax purposes

1,490

-

Income not taxable for tax purposes

(6,650

)

(319

)

Adjustments in respect of prior periods - Deferred Tax

5,537

-

Remeasurement of deferred tax

-

702

Total tax charge

326,646

339,468

The 2024 corporation tax charge reflects the amended tax following a prior year adjustment which resulted in an increase in the tax expense relating to the year ended 31 March 2024 of £81,327.

7.

DIVIDENDS

Period

1/4/24

to

Year Ended

30/4/25

31/3/24

as

restated

£

£

Ordinary shares of 1 each

Interim

75,000

85,000

8.	PRIOR YEAR ADJUSTMENT

During the year it was identified that accrued income in respect of the year ended 31 March 2024 was materially understated. The accounts have been restated to recognise the accrued income at 31/03/2024.

This resulted in an increase in accrued income and turnover at 31/03/2024 of £273,538.

It was also identified that loans made by the company were materially understated due to no accrual being made for interest which accrues over the loan term.

This resulted in an increase in interest receivable for the year and loan debtors at 31/03/2024 of £51,770.

The above adjustments resulted in an increase in the tax expense and tax liability in the year ended 31 March 2024 of £81,327.