REGISTERED NUMBER: 04200476

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

FOR

LEONARD CURTIS (UK) LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Profit and Loss Account

9

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

A Poxon

D J Booth

P Birks

D O Brown

A D Cadwallader

REGISTERED OFFICE:

Riverside House

Irwell Street

Manchester

M3 5EN

REGISTERED NUMBER:

04200476

AUDITORS:

Harold Sharp Limited

Statutory Auditors and Chartered Accountants

5 Brooklands Place

Brooklands Road

Sale

Cheshire

M33 3SD

BANKERS:

National Westminster Bank Plc

Spinningfields Square

182 Deansgate

Manchester

M3 3LY

The directors present their strategic report on the company for the year ended 30 April 2024.

REVIEW OF BUSINESS

The nature of the business is to provide insolvency services and advice to a wide range of businesses who are struggling financially and who require assistance in these matters.

The company saw a slight increase in turnover during the year, this was impacted by continuing low levels of insolvencies compared to pre-pandemic levels. The company however continued to hold its market share across the UK and is well placed to take advantage of the expected increase in insolvencies in the future with the end of the government schemes and rise in energy prices.

The company had invested significantly in the staff cost base going into the pandemic and maintained these staffing levels through the quiet period, in anticipation of high volumes of work in coming years.

At the balance sheet date, the company retained sufficient resources to maintain the current level of activities expected.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and the nature of the company's strategy are subject to a number of risks. The directors are of the opinion however that current processes and plans in place mitigate such risks significantly. In overview, the key issues subject to ongoing assessment include;

- Keeping and developing key staff

- Constantly developing service lines to meet the needs of the market

- Competitor actions in terms of hiring the best staff, their market approach and related service lines

- Suitable and appropriate financing to allow the group to achieve its long-term goals and the identified growth opportunities.

FINANCIAL INSTRUMENTS

The company has recently negotiated a new bank facility and due to ongoing generation of cash flow from operating activities the facility is used at a very manageable level, and the company's exposure to interest rate risk on bank borrowing is considered to be low.

FUTURE DEVELOPMENTS

The company continues to seek to grow its market share by way of geographical expansion and by providing new and innovative services to businesses in financial distress.

ON BEHALF OF THE BOARD:

D J Booth - Director

8 January 2026

The directors present their report with the financial statements of the company for the year ended 30 April 2025.

DIVIDENDS

The total distribution of dividend's for the year ended 30 April 2025 are £595,997, in relation to group restructuring

DIRECTORS

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

A Poxon

D J Booth

P Birks

D O Brown

Other changes in directors holding office are as follows:

A D Cadwallader - appointed 1 May 2024

DIRECTORS' INDEMNITIES

The company has made qualifying third-party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT

The company has chosen to set out information in respect of financial instruments and future developments in its strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company'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 company'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:

D J Booth - Director

8 January 2026

Opinion

We have audited the financial statements of Leonard Curtis (UK) Limited (the 'company') for the year ended 30 April 2025 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 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 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 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 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 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, 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 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

- Obtaining third-party confirmation of material bank balances.

- Documenting and verifying all significant related party and transactions.

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

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 shareholders, 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 shareholders 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 shareholders as a body, for our audit work, for this report, or for the opinions we have formed.

Frederick Norman (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

8 January 2026

TURNOVER

4

33,078,924

21,382,110

Cost of sales

(2,741,944

)

(1,810,833

)

GROSS PROFIT

30,336,980

19,571,277

Administrative expenses

(23,275,844

)

(17,619,877

)

OPERATING PROFIT

7

7,061,136

1,951,400

Income from fixed asset investments

1,250,000

1,007,500

Interest receivable and similar income

41,565

18,094

PROFIT BEFORE TAXATION

8,352,701

2,976,994

Tax on profit

9

(1,543,713

)

(611,311

)

PROFIT FOR THE FINANCIAL YEAR

6,808,988

2,365,683

PROFIT FOR THE YEAR

6,808,988

2,365,683

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

6,808,988

2,365,683

FIXED ASSETS

Intangible assets

11

19,681

-

Tangible assets

12

952,110

551,715

Investments

13

340,776

3,702,287

1,312,567

4,254,002

CURRENT ASSETS

Debtors

14

25,077,421

14,459,830

Cash at bank and in hand

1,328,681

1,222,668

26,406,102

15,682,498

CREDITORS

Amounts falling due within one year

15

(6,110,116

)

(4,456,273

)

NET CURRENT ASSETS

20,295,986

11,226,225

TOTAL ASSETS LESS CURRENT LIABILITIES

21,608,553

15,480,227

CREDITORS

Amounts falling due after more than one year

16

(119,245

)

(312,269

)

PROVISIONS FOR LIABILITIES

18

(206,699

)

(98,340

)

NET ASSETS

21,282,609

15,069,618

CAPITAL AND RESERVES

Called up share capital

19

10,077

10,077

Share premium

20

1,457,428

1,457,428

Capital redemption reserve

20

5,658

5,658

Retained earnings

20

19,809,446

13,596,455

SHAREHOLDERS' FUNDS

21,282,609

15,069,618

The financial statements were approved by the Board of Directors and authorised for issue on 8 January 2026 and were signed on its behalf by:

D J Booth - Director

Called up

Capital

share

Retained

Share

redemption

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 May 2023

10,077

11,230,772

1,457,428

5,658

12,703,935

Changes in equity

Total comprehensive income

-

2,365,683

-

-

2,365,683

Balance at 30 April 2024

10,077

13,596,455

1,457,428

5,658

15,069,618

Changes in equity

Dividends

-

(595,997

)

-

-

(595,997

)

Total comprehensive income

-

6,808,988

-

-

6,808,988

Balance at 30 April 2025

10,077

19,809,446

1,457,428

5,658

21,282,609

1.	STATUTORY INFORMATION

Leonard Curtis Recovery Limited is a private company limited by shares, incorporated in England and Wales. The company's registered number is 04200476 and registered office is Riverside House, Irwell Street, Manchester, M3 5EN.

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.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirement of paragraph 33.7.

Preparation of consolidated financial statements

The financial statements contain information about Leonard Curtis (UK) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Project Hallelujah Bidco Limited, Riverside House, Irwell Street, Manchester, M3 5EN..

Revenue

Turnover represents amounts chargeable to clients for professional services provided during the year, inclusive of direct expenses incurred on client assignments but excluding value added tax. Turnover is recognised when a right to consideration has been obtained through performance on each assignment. Consideration accrues as activity progresses by reference to the value of the work performed. Turnover is not recognised where the right to receive payment is contingent on events outside the control of the company.

Unbilled revenue is included on the balance sheet as 'Debtors'.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, has been amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Office furniture and equipment

-

20% on cost and 15% on reducing balance

Computer equipment

-

33% on reducing balance

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

At each balance sheet date, the Company reviews the carrying amounts of its furniture and equipment 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.

Financial instruments

The company 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 company 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, unbilled revenue, amounts due from group undertakings 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 trade creditors, other creditors and amounts owed to group undertakings, 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 company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease.

Pensions

The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the profit and loss account.

Fixed asset investments

Fixed asset investments are stated at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

Hire purchase and leasing commitments

Rentals paid under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continues to adopt the going concern basis of accounting in preparing the financial statements.

3.	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.

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.

Unbilled revenue

The directors make judgements as to whether the final outcome on long term assignments can be assessed with reasonable certainty before profits are calculated.

The directors also make judgements as to the amount of profit that is calculated on long term assignments such that it prudently reflects the proportion of the work carried out by the year end by recording turnover and related costs as contract activity progresses.

Trade debtors recoverability

Amounts recoverable on trade debtors are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses. The directors make estimates as to the recoverability of these debts and provide for them accordingly.

Impairment of investment in subsidiaries

Management consider whether investments in subsidiaries are impaired on an annual basis. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash-generating units (CGUs). This requires estimation of the future cash flows from the CGUs.

4.

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:

2025

2024

£

£

Insolvency services and advice

33,078,924

21,382,110

33,078,924

21,382,110

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

15,322,846

10,835,831

Social security costs

1,658,028

1,091,047

Other pension costs

578,339

415,476

17,559,213

12,342,354

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

2025

2024

Directors

5

5

Management and Administration

240

184

245

189

6.	DIRECTORS' EMOLUMENTS

2025

2024

£

£

Directors' remuneration

964,443

759,131

Directors' pension contributions to money purchase schemes

26,243

35,653

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

Money purchase schemes

5

5

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

324,146

213,969

Pension contributions to money purchase schemes

4,698

9,219

7.	OPERATING PROFIT

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

2025

2024

£

£

Depreciation - owned assets

257,205

300,080

Auditors' remuneration

15,000

34,500

Operating leases - land and buildings

856,822

532,362

Operating leases - other

108,855

193,600

Restructuring adjustments

(2,049,842

)

-

The restructuring adjustments relate to dividends received and the write off of investments in relation to the receipt of trade from subsidiary companies as part of a group restructure.

8.	EXCEPTIONAL ITEMS

2025

2024

£

£

Exceptional items

(964,610

)

-

Exceptional items relate to the forgiveness of an intercompany loan

9.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

1,561,803

608,396

Deferred tax

(18,090

)

2,915

Tax on profit

1,543,713

611,311

Reconciliation of total tax charge included in profit and loss

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

2025

2024

£

£

Profit before tax

8,352,701

2,976,994

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

2,088,175

744,249

Effects of:

Expenses not deductible for tax purposes

191,529

119,992

Income not taxable for tax purposes

(583,808

)

(251,875

)

Capital allowances in excess of depreciation

(37,510

)

-

Depreciation in excess of capital allowances

-

1,409

Deferred tax movement

(18,090

)

2,915

Group relief

(96,583

)

(5,379

)

Total tax charge

1,543,713

611,311

10.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Interim

595,997

-

11.	INTANGIBLE FIXED ASSETS

Computer

Goodwill

software

Totals

£

£

£

COST

At 1 May 2024

27,718

-

27,718

Additions

-

19,681

19,681

At 30 April 2025

27,718

19,681

47,399

AMORTISATION

At 1 May 2024

and 30 April 2025

27,718

-

27,718

NET BOOK VALUE

At 30 April 2025

-

19,681

19,681

At 30 April 2024

-

-

-

12.	TANGIBLE FIXED ASSETS

Office

furniture

Long

and

Computer

leasehold

equipment

equipment

Totals

£

£

£

£

COST

At 1 May 2024

-

1,290,898

777,445

2,068,343

Additions

-

460,124

100,800

560,924

Additions - Hive up

6,979

215,751

76,248

298,978

At 30 April 2025

6,979

1,966,773

954,493

2,928,245

DEPRECIATION

At 1 May 2024

-

1,021,345

495,283

1,516,628

Charge for year

-

54,961

202,244

257,205

Additions - Hive up

6,182

152,456

43,664

202,302

At 30 April 2025

6,182

1,228,762

741,191

1,976,135

NET BOOK VALUE

At 30 April 2025

797

738,011

213,302

952,110

At 30 April 2024

-

269,553

282,162

551,715