REGISTERED NUMBER: 11475942 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

SNACKRUPTORS HOLDCO LIMITED

PREVIOUSLY KNOWN AS

FAIRWAY HOLDCO 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

17

DIRECTORS:

O Ajmera

T Ajmera

REGISTERED OFFICE:

17 The Crescent

Salford

Manchester

M5 4PF

REGISTERED NUMBER:

11475942 (England and Wales)

AUDITORS:

Harold Sharp Limited

Statutory Auditors and Chartered Accountants

5 Brooklands Place

Brooklands Road

Sale

Cheshire

M33 3SD

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

REVIEW OF BUSINESS

Turnover for the year was £38.8m (2024: £34.4m) and pre-tax profits were £3.9m (2024: £2.2m) for the year. The overall balance sheet improved once again and dividends of £262,861 (2024: £637,848) were paid by way of cash. The results for the year and the financial position at the yearend were considered satisfactory by the directors.

During the period under review, the entire share capital of the company was purchased by Snackrupters Inc.

PRINCIPAL RISKS AND UNCERTAINTIES

The main financial risks to which the group is exposed are those of interest rate, liquidity, foreign currency and credit. The group’s policy is to maintain strong cash balances where possible, to manage currency risk with forward contracts and to trade with major customers with strong credit ratings. The financial risks and uncertainties are believed to be under control.

KEY PERFORMANCE INDICATORS

The group's key performance indicators are considered to be those that communicate the financial performance of the group as a whole, these being turnover and operating and pre-tax profit. The current period KPIs are disclosed within the review of business above.

ON BEHALF OF THE BOARD:

O Ajmera - Director

12 January 2026

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

CHANGE OF NAME

The group passed a special resolution on 20 October 2025 changing its name from Fairway Holdco Limited to Snackruptors Holdco Limited.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of the import and wholesale of confectionary and other food stuffs.

DIVIDENDS

Interim dividends of £5,837.36 (2024: £14,174.40) per share were declared for the Ordinary C £1 shares.

The total distribution of dividends for the period ended 31 March 2025 will be £262,681 (2024: £637,848) for Ordinary C shares. The directors recommend that no final dividend is paid on any of the shares.

DIRECTORS

The directors who have held office during the period from 1 April 2024 to the date of this report are as follows:

I V James - resigned 28 February 2025

D P Lock - resigned 28 February 2025

O Ajmera - appointed 28 February 2025

T Ajmera - appointed 28 February 2025

DISCLOSURE IN THE STRATEGIC REPORT

The group has chosen to set out information in respect of principal risks and uncertainties and key performance indicators in its strategic 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 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, Harold Sharp Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

O Ajmera - Director

12 January 2026

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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:

As part of our planning process:

- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, health and safety, and employment law.

- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates.

- Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entities ability to continue in operation.

- Testing key revenue lines, in particular cut-off, for evidence of management bias.

- Performing a physical verification of key assets , including stock.

- Obtaining third-party confirmation of material bank balances.

- Documenting and verifying all significant related party and consolidated balances and transactions.

- Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.

- Testing all material consolidation adjustments.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors and management.

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.

Thomas Smart (Senior Statutory Auditor)

for and on behalf of Harold Sharp Limited

Statutory Auditors and Chartered Accountants

5 Brooklands Place

Brooklands Road

Sale

Cheshire

M33 3SD

12 January 2026

TURNOVER

3

38,763,112

34,446,985

Cost of sales

(35,842,877

)

(32,451,350

)

GROSS PROFIT

2,920,235

1,995,635

Administrative expenses

1,049,533

304,202

OPERATING PROFIT

5

3,969,768

2,299,837

Interest receivable and similar income

10,653

3,906

3,980,421

2,303,743

Interest payable and similar expenses

6

(40,120

)

(129,409

)

PROFIT BEFORE TAXATION

3,940,301

2,174,334

Tax on profit

7

(980,231

)

(534,864

)

PROFIT FOR THE FINANCIAL YEAR

2,960,070

1,639,470

Profit attributable to:

Owners of the parent

2,960,070

1,639,470

PROFIT FOR THE YEAR

2,960,070

1,639,470

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,960,070

1,639,470

Total comprehensive income attributable to:

Owners of the parent

2,960,070

1,639,470

FIXED ASSETS

Intangible assets

10

26,343

22,239

Tangible assets

11

51,097

1,056,822

Investments

12

-

-

77,440

1,079,061

CURRENT ASSETS

Stocks

13

4,169,954

4,083,845

Debtors

14

6,142,618

5,445,700

Cash at bank and in hand

2,526,866

1,046,206

12,839,438

10,575,751

CREDITORS

Amounts falling due within one year

15

(5,111,589

)

(5,571,350

)

NET CURRENT ASSETS

7,727,849

5,004,401

TOTAL ASSETS LESS CURRENT LIABILITIES

7,805,289

6,083,462

PROVISIONS FOR LIABILITIES

17

(12,774

)

(17,403

)

NET ASSETS

7,792,515

6,066,059

CAPITAL AND RESERVES

Called up share capital

18

190

190

Other reserves

19

3,245,655

4,216,588

Retained earnings

19

4,546,670

1,849,281

7,792,515

6,066,059

The financial statements were approved by the Board of Directors and authorised for issue on 12 January 2026 and were signed on its behalf by:

O Ajmera - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

6,700,000

6,700,000

6,700,000

6,700,000

CURRENT ASSETS

Debtors

14

152

152

TOTAL ASSETS LESS CURRENT LIABILITIES

6,700,152

6,700,152

CAPITAL AND RESERVES

Called up share capital

18

190

190

Other reserves

19

5,729,029

6,699,962

Retained earnings

19

970,933

-

6,700,152

6,700,152

Company's profit for the financial year

1,233,614

637,848

The financial statements were approved by the Board of Directors and authorised for issue on 12 January 2026 and were signed on its behalf by:

O Ajmera - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 April 2023

190

847,659

4,216,588

5,064,437

Changes in equity

Dividends

-

(637,848

)

-

(637,848

)

Total comprehensive income

-

1,639,470

-

1,639,470

Balance at 31 March 2024

190

1,849,281

4,216,588

6,066,059

Changes in equity

Dividends

-

(262,681

)

-

(262,681

)

Total comprehensive income

-

2,960,070

(970,933

)

1,989,137

Balance at 31 March 2025

190

4,546,670

3,245,655

7,792,515

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 April 2023

190

-

6,699,962

6,700,152

Changes in equity

Dividends

-

(637,848

)

-

(637,848

)

Total comprehensive income

-

637,848

-

637,848

Balance at 31 March 2024

190

-

6,699,962

6,700,152

Changes in equity

Dividends

-

(262,681

)

-

(262,681

)

Total comprehensive income

-

1,233,614

(970,933

)

262,681

Balance at 31 March 2025

190

970,933

5,729,029

6,700,152

Cash flows from operating activities

Cash generated from operations

1

2,584,855

2,912,246

Interest paid

(22,487

)

(16,990

)

Finance costs paid

(17,633

)

(112,419

)

Tax paid

(801,836

)

(138,491

)

Net cash from operating activities

1,742,899

2,644,346

Cash flows from investing activities

Purchase of intangible fixed assets

(10,782

)

(23,268

)

Purchase of tangible fixed assets

(51,815

)

(92,148

)

Sale of tangible fixed assets

52,386

30,000

Interest received

10,653

3,906

Net cash from investing activities

442

(81,510

)

Cash flows from financing activities

Equity dividends paid

(262,681

)

(637,848

)

Net cash from financing activities

(262,681

)

(637,848

)

Increase in cash and cash equivalents

1,480,660

1,924,988

Cash and cash equivalents at beginning of year

2

1,046,206

(878,782

)

Cash and cash equivalents at end of year

2

2,526,866

1,046,206

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

2025

2024

£

£

Profit before taxation

3,940,301

2,174,334

Depreciation charges

45,385

31,868

Profit on disposal of fixed assets

(4,487

)

(14,359

)

Finance costs

40,120

129,409

Finance income

(10,653

)

(3,906

)

4,010,666

2,317,346

(Increase)/decrease in stocks

(86,109

)

534,157

(Increase)/decrease in trade and other debtors

(696,918

)

980,583

Decrease in trade and other creditors

(642,784

)

(919,840

)

Cash generated from operations

2,584,855

2,912,246

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

2,526,866

1,046,206

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

1,046,206

202,214

Bank overdrafts

-

(1,080,996

)

1,046,206

(878,782

)

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank and in hand

1,046,206

1,480,660

2,526,866

1,046,206

1,480,660

2,526,866

Total

1,046,206

1,480,660

2,526,866

1.	STATUTORY INFORMATION

Snackruptors Holdco Limited is a private company limited by shares, incorporated in England and Wales. The company's registered number is 11475942 and registered office is 17 The Crescent, Salford, Manchester, M5 4PF.

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 functional and presentation currency is £ sterling.

Basis of consolidation

The group financial statements include the audited accounts of the company and its wholly owned subsidiary, Snackrupters Limited (previously known as Fairway (GB) Limited), made up to 31 March. The subsidiary has been accounted for as a merger from the date of acquisition on 27 July 2018.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

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. 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.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax. Turnover is recognised when the goods are physically delivered to the customers.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

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

-

Straight line over 3 to 5 years

Motor vehicles

-

30% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Freehold property

There has been continued levels of investment and development to improve the quality of the group's property therefore no depreciation has been charged in the financial period, as in the opinion of the directors the cost/valuation included in the accounts is a fair representation of their residual value.

At each balance sheet date the group reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items.

Stocks consist of sweets and crackers, and includes goods in transit. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition, including landed costs.

Financial instruments

The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets, which include trade debtors, other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including bank loans and overdrafts, trade creditors, other creditors, amounts owed to group undertakings and directors loan accounts that are classified as debt, are initially recognised at transaction price 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 are derecognised when, and only when, the group's contractual obligations are discharged, cancelled, or they expire.

Derivative financial instruments are recognised at fair value using a valuation technique with any gains or losses being reported in profit or loss. Outstanding derivatives at reporting date are included under the appropriate format heading depending on the nature of the derivative.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Property, plant and equipment obtained under hire purchase contracts or finance leases are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges are included in creditors.

Rentals paid under operating leases are charged to the profit and loss account 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.

Going concern

Based on the current trading and future expectations, the directors are confident the group will continue to trade profitably in future periods and generate sufficient cash flows to meet its obligations as they fall due for payment.

3.

TURNOVER

The turnover and profit 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

33,143,147

28,584,263

Europe

5,619,965

5,862,722

38,763,112

34,446,985

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

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,589,859

2,144,855

Social security costs

160,805

149,804

Other pension costs

46,718

42,988

1,797,382

2,337,647