REGISTERED NUMBER: 05639292

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2025

FOR

LEONARD CURTIS OFFSHORE LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

A D Cadwallader

D J Booth

M J Wright

REGISTERED OFFICE:

Riverside House

Irwell Street

Manchester

M3 5EN

REGISTERED NUMBER:

05639292

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 for the year ended 30 April 2025.

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

Following the year end, the trade of the company was hived up into its parent company. The company was then repurposed as part of a group restructure and consequently continues to trade as a going concern.

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.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of insolvency practitioners.

DIVIDENDS

The total distribution of dividends for the year ended 30 April 2025 is £6,471,213

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 D Cadwallader

D J Booth

Other changes in directors holding office are as follows:

M J Wright - appointed 15 May 2024

A Poxon ceased to be a director after 30 April 2025 but prior to the date of this 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 Offshore Limited (the 'company') for the year ended 30 April 2025 which comprise the Income Statement, Other 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

-

4,669,658

Cost of sales

-

(294,785

)

GROSS PROFIT

-

4,374,873

Administrative expenses

(955,581

)

(3,759,575

)

(955,581

)

615,298

Other operating income

-

889

OPERATING (LOSS)/PROFIT

5

(955,581

)

616,187

Income from fixed asset investments

1,250,000

2,000,000

Interest receivable and similar income

-

997

294,419

2,617,184

Interest payable and similar expenses

6

-

(113,049

)

PROFIT BEFORE TAXATION

294,419

2,504,135

Tax on profit

7

-

(181,874

)

PROFIT FOR THE FINANCIAL YEAR

294,419

2,322,261

PROFIT FOR THE YEAR

294,419

2,322,261

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

294,419

2,322,261

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

60,362

Investments

11

200

4,552,792

200

4,613,154

CURRENT ASSETS

Debtors

12

-

3,656,260

Cash at bank and in hand

-

95,663

-

3,751,923

CREDITORS

Amounts falling due within one year

13

(100

)

(2,075,138

)

NET CURRENT (LIABILITIES)/ASSETS

(100

)

1,676,785

TOTAL ASSETS LESS CURRENT LIABILITIES

100

6,289,939

PROVISIONS FOR LIABILITIES

15

-

(14,045

)

NET ASSETS

100

6,275,894

CAPITAL AND RESERVES

Called up share capital

16

1,000

100,000

Retained earnings

17

(900

)

6,175,894

SHAREHOLDERS' FUNDS

100

6,275,894

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

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 May 2023

100,000

4,173,633

4,273,633

Changes in equity

Dividends

-

(320,000

)

(320,000

)

Total comprehensive income

-

2,322,261

2,322,261

Balance at 30 April 2024

100,000

6,175,894

6,275,894

Changes in equity

Reduction in share capital

(99,000

)

99,000

-

Dividends

-

(6,570,213

)

(6,570,213

)

Total comprehensive income

-

294,419

294,419

Balance at 30 April 2025

1,000

(900

)

100

1.	STATUTORY INFORMATION

Leonard Curtis Offshore Limited is a private company limited by shares, incorporated in England and Wales. The company's registered number is 05639292 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 financial statements represent the results of the individual entity. The functional and presentation currency is £ sterling.

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 Offshore 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 period, 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 within 'Debtors'.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, was being amortised evenly over its useful economic life of fifteen years. During 2011 an assessment of the useful economic life of this goodwill was made and the amount was then amortised over 5 years from 30 April 2011. Goodwill was fully amortised as at 30 April 2016.

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, preference shares 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 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.

Pensions

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

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.

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.

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.

Impairment of investment in subsidiaries

The directors 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.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

-

2,202,651

Social security costs

-

250,976

Other pension costs

-

104,232

-

2,557,859

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

2025

2024

Employees

-

28

Directors

4

3

4

31

2025

2024

£

£

Directors' remuneration

-

297,182

Directors' pension contributions to money purchase schemes

-

14,323

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

Money purchase schemes

-

1

5.	OPERATING (LOSS)/PROFIT

Operarting profit is stated after charging the following

Depreciation- owned assets nil (2024:£11,368)

Auditors Renumeration- £2,500 (2024:£10,285)

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Finance cost

-

75,549

Preference share dividend

-

37,500

-

113,049

7.

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

-

175,874

Deferred tax

-

6,000

Tax on profit

-

181,874

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

294,419

2,504,135

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

73,605

626,034

Effects of:

Expenses not deductible for tax purposes

-

54,777

Income not taxable for tax purposes

(73,830

)

(500,000

)

Capital allowances in excess of depreciation

(113

)

(4,937

)

Deferred tax movement

-

6,000

Group Relief

338

-

Total tax charge

-

181,874

8.

DIVIDENDS

2025

2024

£

£

A Ordinary shares of £1 each

Interim

6,570,213

320,000

9.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2024

1,057,317

Disposals

(1,057,317

)

At 30 April 2025

-

AMORTISATION

At 1 May 2024

1,057,317

Eliminated on disposal

(1,057,317

)

At 30 April 2025

-

NET BOOK VALUE

At 30 April 2025

-

At 30 April 2024

-

10.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

and

office

Computer

equipment

equipment

Totals

£

£

£

COST

At 1 May 2024

137,331

59,513

196,844

Disposals

(137,331

)

(59,513

)

(196,844

)

At 30 April 2025

-

-

-

DEPRECIATION

At 1 May 2024

107,174

29,308

136,482

Eliminated on disposal

(107,174

)

(29,308

)

(136,482

)

At 30 April 2025

-

-

-

NET BOOK VALUE

At 30 April 2025

-

-

-

At 30 April 2024

30,157

30,205

60,362

11.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 May 2024

4,552,792

Additions

200

Disposals

(4,552,792

)

At 30 April 2025

200

NET BOOK VALUE

At 30 April 2025

200

At 30 April 2024

4,552,792

Leonard Curtis C.I. Limited

The company owns 100% of the share capital of Leonard Curtis C.I. Limited, a company trading as insolvency practitioners incorporated in Guernsey.

The registered office of this company is Suite 3, Richmond House, Ann's Place, St Peter Port, Guernsey, GY1 2NU.

Leonard Curtis Jersey Limited

On 8 June 2023, the company acquired 100% of the share capital in Leonard Curtis Jersey Limited, a company trading as insolvency practitioners incorporated in Jersey.

The registered office of this company is 2nd Floor, The Le Gallais Building, 54 Bath Street, St. Helier, Jersey, JE1 1FW.

12.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

-

555,037

Unbilled revenue

-

3,002,885

Amounts owed by group undertakings

-

19,175

Other debtors

-

12,280

Prepayments and accrued income

-

66,883

-

3,656,260

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

-

44,240

Amounts owed to group undertakings

-

288,872

Corporation tax

-

204,759

Social security and other taxes

-

193,420

Other creditors

100

1,195,798

Accruals

-

148,049

100

2,075,138

14.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

-

207,400

Between one and five years

-

189,742

-

397,142

15.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

-

14,045

Deferred

tax

£

Balance at 1 May 2024

14,045

Movement in the year

Balance at 30 April 2025

14,045

The deferred tax liability calculated at the standard rate of corporation tax relates to an excess of capital allowances over related accumulated depreciation.The net reversal of the deferred tax liability in the next year is expected to be immaterial..