Company registration number 03747306 (England and Wales)
GW 351 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
GW 351 LIMITED
COMPANY INFORMATION
Directors
Mr J C S Fell
Mrs S Fell
Mr I G Collis
Secretary
Mrs S Fell
Company number
03747306
Registered office
Reliance Works
Oldbury Road Industrial Estate
West Bromwich
West Midlands
B70 9DD
Auditor
Burgis & Bullock
23-25 Waterloo Place
Leamington Spa
Warwickshire
CV32 5LA
Business address
Reliance Works
Oldbury Road Industrial Estate
West Bromwich
West Midlands
B70 9DD
GW 351 LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Group statement of comprehensive income
8
Group balance sheet
9 - 10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 37
GW 351 LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 1 -

The directors present the strategic report for the year ended 31 May 2025.

Review of the business

The results for the year and the financial position of the group are shown in the annexed financial statement.

Rising costs and falling demand created a challenging climate during this financial year. As predicted, increased availability of cheaper imported electric vehicles from China and confusing messaging from European policy makers helped to further depress demand. The group continues to win new business from existing customers and has made investments into processes to support this new business.

Principal risks and uncertainties

Uncertainty around EV demand continues to put downward pressure on production volumes. Costs continue to rise all be it at a slower pace and the introduction of the new employment rights bill will no doubt add further cost pressures to the business. Energy costs and business rate increases will also have a negative impact on the cost base.

Key performance indicators

The key performance indicator used to determine the progress and performance of the business is gross profit which is up slightly from the previous year, despite the challenges. The gross profit for the year ended 31 May 202 5 is 2 4% (202 4 - 2 2%).

On behalf of the board

Mr I G Collis
Director
2 February 2026
GW 351 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 May 2025.

Principal activities

The principal activity of the group in the year under review was that of general engineers, toolmakers and manufacturers of metal pressings.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J C S Fell
Mrs S Fell
Mr I G Collis
Auditor

The auditor, Burgis & Bullock, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr I G Collis
Director
2 February 2026
GW 351 LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2025
- 3 -

The directors are responsible for preparing the Annual Report 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 group and company, 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GW 351 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GW 351 LIMITED
- 4 -
Opinion

We have audited the financial statements of GW 351 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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 the parent company's affairs as at 31 May 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and 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.

GW 351 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GW 351 LIMITED
- 5 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report 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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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 directors' r esponsibilities s tatement, 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 is 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

GW 351 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GW 351 LIMITED
- 6 -
Auditor's 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 an auditor's report 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.

We gained an understanding of the legal and regulatory framework applicable to the group and the industry in which it operates and assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Based on our understanding of the group and industry we identified that the principal risk of non-compliance with laws and regulations related to breaches of Health & Safety legislation, Companies Act 2006, UK Tax Legislation and UK Employment Law. We also evaluated management incentive and opportunities for fraudulent manipulations of the financial statements.

Audit procedures performed included:

- Making enquiries of management as to any instances of non-compliance with laws and regulations; and

- Reviewing returns made to Companies House and HMRC; and

- Identifying and assessing the design effectiveness of controls in management have in place to prevent and detect fraud; and

- Challenging assumptions and judgments made by management in their significant accounting estimates and assessing if these indicate evidence of management bias; and

- Reviewing the accounting records for large and unusual transactions and testing any identified and in particular the rationale for any transactions outside the company’s normal course of business; and

- Testing a sample of debit entries in the profit and loss account to check they are bona-fide costs of the business.

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

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

GW 351 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GW 351 LIMITED
- 7 -

Use of our report

This report is made solely to the parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Wende Hubbard FCCA (Senior Statutory Auditor)
For and on behalf of Burgis & Bullock, Statutory Auditor
Chartered Accountants
23-25 Waterloo Place
Leamington Spa
Warwickshire
CV32 5LA
2 February 2026
GW 351 LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
11,073,172
12,906,866
Cost of sales
(8,438,406)
(10,084,484)
Gross profit
2,634,766
2,822,382
Distribution costs
(50,655)
(63,456)
Administrative expenses
(2,380,643)
(2,247,678)
Operating profit
4
203,468
511,248
Interest payable and similar expenses
8
(126,809)
(146,420)
Profit before taxation
76,659
364,828
Tax on profit
9
7,748
(101,453)
Profit for the financial year
84,407
263,375
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GW 351 LIMITED
GROUP BALANCE SHEET
AS AT
31 MAY 2025
31 May 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
3,046,536
3,239,380
3,046,536
3,239,380
Current assets
Stocks
15
1,058,777
1,016,603
Debtors
16
2,344,987
2,611,484
Cash at bank and in hand
98,659
47,379
3,502,423
3,675,466
Creditors: amounts falling due within one year
17
(3,016,296)
(3,329,990)
Net current assets
486,127
345,476
Total assets less current liabilities
3,532,663
3,584,856
Creditors: amounts falling due after more than one year
18
(663,808)
(803,701)
Provisions for liabilities
Deferred tax liability
21
522,707
519,414
(522,707)
(519,414)
Net assets
2,346,148
2,261,741
Capital and reserves
Called up share capital
23
125
125
Profit and loss reserves
2,346,023
2,261,616
Total equity
2,346,148
2,261,741
GW 351 LIMITED
GROUP BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2025
31 May 2025
- 10 -
The financial statements were approved by the board of directors and authorised for issue on 2 February 2026 and are signed on its behalf by:
02 February 2026
Mr I G Collis
Director
Company registration number 03747306 (England and Wales)
GW 351 LIMITED
COMPANY BALANCE SHEET
AS AT 31 MAY 2025
31 May 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
13
157,354
157,354
Current assets
Cash at bank and in hand
25
25
Net current assets
25
25
Net assets
157,379
157,379
Capital and reserves
Called up share capital
23
125
125
Profit and loss reserves
157,254
157,254
Total equity
157,379
157,379

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £0 (2024 - £150,000 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 2 February 2026 and are signed on its behalf by:
02 February 2026
Mr I G Collis
Director
Company registration number 03747306 (England and Wales)
GW 351 LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2023
125
2,148,241
2,148,366
Year ended 31 May 2024:
Profit and total comprehensive income
-
263,375
263,375
Dividends
10
-
(150,000)
(150,000)
Balance at 31 May 2024
125
2,261,616
2,261,741
Year ended 31 May 2025:
Profit and total comprehensive income
-
84,407
84,407
Balance at 31 May 2025
125
2,346,023
2,346,148
GW 351 LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2023
125
157,254
157,379
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
150,000
150,000
Dividends
10
-
(150,000)
(150,000)
Balance at 31 May 2024
125
157,254
157,379
Year ended 31 May 2025:
Profit and total comprehensive income
-
-
-
0
Balance at 31 May 2025
125
157,254
157,379
GW 351 LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
567,933
674,943
Interest paid
(126,809)
(146,420)
Income taxes refunded
7,524
3,085
Net cash inflow from operating activities
448,648
531,608
Investing activities
Purchase of tangible fixed assets
(82,407)
(304,433)
Proceeds from disposal of tangible fixed assets
37,426
85,250
Net cash used in investing activities
(44,981)
(219,183)
Financing activities
Repayment of bank loans
(162,007)
(156,245)
Payment of finance leases obligations
(190,380)
(226,331)
Dividends paid to equity shareholders
-
0
(150,000)
Net cash used in financing activities
(352,387)
(532,576)
Net increase/(decrease) in cash and cash equivalents
51,280
(220,151)
Cash and cash equivalents at beginning of year
47,379
267,530
Cash and cash equivalents at end of year
98,659
47,379
GW 351 LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Investing activities
Dividends received
-
150,000
Net cash (used in)/generated from investing activities
-
150,000
Financing activities
Dividends paid to equity shareholders
-
(150,000)
Net cash used in financing activities
-
(150,000)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
25
25
Cash and cash equivalents at end of year
25
25
GW 351 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 16 -
1
Accounting policies
Company information

GW 351 Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Reliance Works, Oldbury Rd Industrial Estate, Oldbury Road, West Bromwich, West Midlands, B70 9DD.

The group consists of GW 351 Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company GW 351 Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 May 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

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

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

GW 351 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 17 -

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of tooling programmes is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Property improvements
2% straight line
Land and buildings freehold
2% straight line
Plant and machinery
10% reducing balance
Fixtures, fittings & equipment
25% - 33% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

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

GW 351 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 18 -
1.7
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

GW 351 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 19 -
1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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

Basic financial assets, which include 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 m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

GW 351 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 20 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

GW 351 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 21 -
1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Full provision is made, at the tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantially enacted at the balance sheet date, in respect of all timing differences which have arisen but not reversed at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the accounts. Deferred tax is measured on a non-discounted basis.

Deferred tax assets are only recognised where they arise from timing differences and where their recoverability in the short term is regarded as more likely than not.

GW 351 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 22 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

GW 351 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 23 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Key sources of estimation uncertainty

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

Revenue recognition

Where contracts exist which cross the year end key judgement are made as to the stage of completion of the contract. Revenue is estimated as that proportion of total contract costs to date bear to total estimated costs for that contract.

Stocks

In relation to potentially obsolete stock, the directors have made key assumptions regarding the provision to be included within the financial statements. Stock included on the balance sheet is net of any provision.

The directors have used estimates in arriving at direct labour and overheads that have been incurred in bringing stocks to their present location and condition using a standard cost formula.

Depreciation

In preparing the year end financial statements, the directors have made key judg e ments regarding the remaining useful economic life of the group's significant assets in applying depreciation rates, the most significant areas being plant & machinery. The significant assets included in plant and machinery are depreciated over 10 years reducing balance, being the directors best estimate of the useful economic life of items used in production based on the directors’ knowledge of the business.

Allowance for doubtful debts

At each reporting date the group evaluates the recoverability of trade debtors and records allowances for doubtful debts based on experience.

GW 351 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 24 -
3
Turnover

An analysis of the group's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Sale of goods and services
11,073,172
12,906,866
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
7,001,138
8,784,909
Europe
3,720,164
3,754,587
Rest of world
351,870
367,370
11,073,172
12,906,866
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(27,609)
(39,414)
Depreciation of owned tangible fixed assets
296,153
285,882
Depreciation of tangible fixed assets held under finance leases
122,767
118,531
Loss/(profit) on disposal of tangible fixed assets
59,927
(23,161)
Operating lease charges
161,692
142,625
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,000
2,825
Audit of the financial statements of the company's subsidiaries
15,500
15,175
18,500
18,000
GW 351 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 25 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Management and administration
12
14
-
-
Production
79
80
-
-
Total
91
94
0
0

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,741,186
2,811,846
-
0
-
0
Social security costs
270,037
267,134
-
-
Pension costs
68,142
98,827
-
0
-
0
3,079,365
3,177,807
-
0
-
0
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
163,836
188,175
GW 351 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 26 -
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
17,480
28,339
Interest on invoice finance arrangements
42,438
52,916
59,918
81,255
Other finance costs:
Interest on finance leases and hire purchase contracts
36,863
31,617
Other interest
30,028
33,548
Total finance costs
126,809
146,420
9
Taxation
2025
2024
£
£
Current tax
Adjustments in respect of prior periods
(11,041)
15
Deferred tax
Origination and reversal of timing differences
27,965
102,538
Adjustment in respect of prior periods
(24,672)
(1,100)
Total deferred tax
3,293
101,438
Total tax (credit)/charge
(7,748)
101,453
GW 351 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
9
Taxation
(Continued)
- 27 -

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
76,659
364,828
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
19,165
91,207
Tax effect of expenses that are not deductible in determining taxable profit
833
1,691
Adjustments in respect of prior years
(35,713)
(1,085)
Permanent capital allowances in excess of depreciation
7,967
9,640
Taxation (credit)/charge
(7,748)
101,453
10
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
-
150,000
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 June 2024 and 31 May 2025
127,354
Amortisation and impairment
At 1 June 2024 and 31 May 2025
127,354
Carrying amount
At 31 May 2025
-
0
At 31 May 2024
-
0
GW 351 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
11
Intangible fixed assets
(Continued)
- 28 -
The company had no intangible fixed assets at 31 May 2025 or 31 May 2024.
12
Tangible fixed assets
Group
Property improvements
Land and buildings freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 June 2024
1,066,700
82,814
5,909,179
728,349
236,251
8,023,293
Additions
-
0
-
0
176,829
60,146
86,454
323,429
Disposals
-
0
-
0
(453,218)
-
0
(111,990)
(565,208)
At 31 May 2025
1,066,700
82,814
5,632,790
788,495
210,715
7,781,514
Depreciation and impairment
At 1 June 2024
362,678
40,176
3,642,984
613,487
124,588
4,783,913
Depreciation charged in the year
21,334
9,908
255,643
72,948
59,087
418,920
Eliminated in respect of disposals
-
0
-
0
(359,336)
-
0
(108,519)
(467,855)
At 31 May 2025
384,012
50,084
3,539,291
686,435
75,156
4,734,978
Carrying amount
At 31 May 2025
682,688
32,730
2,093,499
102,060
135,559
3,046,536
At 31 May 2024
704,022
42,638
2,266,195
114,862
111,663
3,239,380
The company had no tangible fixed assets at 31 May 2025 or 31 May 2024.
GW 351 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
12
Tangible fixed assets
(Continued)
- 29 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2025
2024
2025
2024
£
£
£
£
Plant and machinery
670,334
689,097
-
0
-
0
Motor vehicles
133,935
105,333
-
0
-
0
804,269
794,430
-
-
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
157,354
157,354
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 June 2024 and 31 May 2025
157,354
Carrying amount
At 31 May 2025
157,354
At 31 May 2024
157,354
14
Subsidiaries

Details of the company's subsidiaries at 31 May 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Metal Assemblies Limited
England
Ordinary
100.00
GW 351 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 30 -
15
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
466,414
321,174
-
-
Work in progress
310,834
341,051
-
-
Finished goods and goods for resale
281,529
354,378
-
0
-
0
1,058,777
1,016,603
-
-
16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,021,965
2,343,415
-
0
-
0
Gross amounts owed by contract customers
88,483
82,331
-
0
-
0
Corporation tax recoverable
3,517
-
0
-
0
-
0
Other debtors
58,999
23,483
-
0
-
0
Prepayments and accrued income
172,023
162,255
-
0
-
0
2,344,987
2,611,484
-
-
17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
19
154,825
165,646
-
0
-
0
Obligations under finance leases
20
218,934
179,585
-
0
-
0
Trade creditors
2,067,718
2,219,519
-
0
-
0
Other taxation and social security
115,522
158,846
-
-
Other creditors
318,203
463,470
-
0
-
0
Accruals and deferred income
141,094
142,924
-
0
-
0
3,016,296
3,329,990
-
0
-
0

Included within creditors due within one year are amounts totalling £688,002 (2024 - £804,440) which are secured.

GW 351 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 31 -
18
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
19
359,588
510,774
-
0
-
0
Obligations under finance leases
20
304,220
292,927
-
0
-
0
663,808
803,701
-
-

Included within creditors due after more than one year are amounts totalling £663,808 (2024 - £803,701) which are secured.

Amounts included above which fall due after five years are as follows:
Payable by instalments
228,529
258,692
-
-
19
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
514,413
676,420
-
0
-
0
Other creditors - invoice discounting
314,243
459,210
-
-
828,656
1,135,630
-
-
Payable within one year
469,068
624,856
-
0
-
0
Payable after one year
359,588
510,774
-
0
-
0
GW 351 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
19
Loans and overdrafts
(Continued)
- 32 -

Bank loans are given by Royal Bank of Scotland and comprise:

- a 20 year loan facility with interest accruing at 2.75% over the base rate

- a 6 year government backed Coronavirus Business Interruption Loan Scheme (CBILS) Loan which is repayable by equal instalments over 5 years from April 2021. Interest due until April 2021 was payable by the UK government under the terms of the scheme and from April 2021 interest is payable at 2.62% over base rate.

These bank loans are secured by a debenture and a fixed and floating charge containing a negative pledge over the assets of the company.

The overdraft facility is repayable on demand.

The invoice discounting facility is provided by Royal Bank of Scotland and is secured by a debenture including a fixed and floating charge over the assets of the company. In addition to this the parent company has entered a deed of guarantee and indemnity agreement in relation to the facility.

20
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
218,934
179,585
-
0
-
0
In two to five years
304,220
292,927
-
0
-
0
523,154
472,512
-
-

Finance lease payments represent rentals payable by the group for certain items of plant and machinery and cars. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

GW 351 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 33 -
21
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
529,413
564,173
Tax losses
(1,332)
(43,589)
Retirement benefit obligations
(1,447)
-
Other provisions
(3,927)
(1,170)
522,707
519,414
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 June 2024
519,414
-
Charge to profit or loss
3,293
-
Liability at 31 May 2025
522,707
-

The deferred tax balance relates predominantly to accelerated capital allowances and is expected to reverse over the life of the relevant assets.

22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
68,142
98,827

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

GW 351 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 34 -
23
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
125
125
125
125

Included in the above are 25 Ordinary shares that are not fully paid.

24
Financial commitments, guarantees and contingent liabilities

The company had various forward exchange and swap contracts outstanding at the year end to sell €3,600,000 (2024 - €500,000) for £3,106,759 (2024 - £437,458).

There is also a contingent liability in respect of a guarantee given by bankers of the company to HMRC for £10,000 (2024 - £10,000).

25
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
189,168
88,551
-
-
Between two and five years
547,091
78,356
-
-
In over five years
552,500
-
-
-
1,288,759
166,907
-
-
GW 351 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 35 -
26
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2025
2024
2025
2024
£
£
£
£
Acquisition of tangible fixed assets
-
66,768
-
-
27
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2025
2024
2025
2024
£
£
£
£
Group
Other related parties
11,156
8,128
151,132
248,476
Rent paid
Rent paid
2025
2024
£
£
Group
Other related parties
121,429
100,000

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Group
Other related parties
2,819
7,314
GW 351 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
27
Related party transactions
(Continued)
- 36 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2025
2024
Balance
Balance
£
£
Group
Other related parties
12,561
1,189
28
Controlling party

The group's ultimate controlling party is Mr J C S Fell.

29
Cash generated from group operations
2025
2024
£
£
Profit after taxation
84,407
263,375
Adjustments for:
Taxation (credited)/charged
(7,748)
101,453
Finance costs
126,809
146,420
Loss/(gain) on disposal of tangible fixed assets
59,927
(23,161)
Depreciation and impairment of tangible fixed assets
418,920
404,413
Decrease in provisions
-
(17,424)
Movements in working capital:
(Increase)/decrease in stocks
(42,174)
129,948
Decrease/(increase) in debtors
270,014
(148,927)
Decrease in creditors
(342,222)
(161,154)
Decrease in deferred income
-
(20,000)
Cash generated from operations
567,933
674,943
GW 351 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 37 -
30
Cash generated from operations - company
2025
2024
£
£
Profit after taxation
-
150,000
Adjustments for:
Investment income
-
0
(150,000)
Cash generated from operations
-
-
31
Analysis of changes in net debt - group
1 June 2024
Cash flows
New finance leases
31 May 2025
£
£
£
£
Cash at bank and in hand
47,379
51,280
-
98,659
Borrowings excluding overdrafts
(676,420)
162,007
-
(514,413)
Obligations under finance leases
(472,512)
190,380
(241,022)
(523,154)
(1,101,553)
403,667
(241,022)
(938,908)
32
Analysis of changes in net funds - company
1 June 2024
31 May 2025
£
£
Cash at bank and in hand
25
25
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