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Registration number: 06843333

Therser (UK) Limited
Annual Report and Financial Statements
for the Period from 1 April 2024 to 30 September 2025

Therser (UK) Limited

Contents

Company Information | 1
Strategic Report | 2 to 3
Directors' Report | 4
Statement of Directors' Responsibilities | 5
Independent Auditor's Report | 6 to 9
Profit and Loss Account and Statement of Retained Earnings | 10
Balance Sheet | 11
Statement of Cash Flows | 12
Notes to the Financial Statements | 13 to 24

Therser (UK) Limited

Company Information

Directors | Mr SJ Beaumont Mr M T Pound Mr SP Beaumont

Company secretary | Miss J Hunt

Registered office | Walley Street Buildings Walley Street Stoke-On-Trent Staffordshire ST6 2AH

Auditors | Alextra Audit Limited Chartered Certified Accountants & Registered Auditors7-9 Macon Court Crewe Cheshire CW1 6EA

Therser (UK) Limited

Strategic Report for the Period from 1 April 2024 to 30 September 2025

The directors present their strategic report for the period from 1 April 2024 to 30 September 2025.

Principal activity

The principal activity of the company is building and maintenance of kilns.

Fair review of the business

The results on page 10 shows that turnover has increased from £7,621,283 to £12,774,754, gross profit has increased from £4,179,295 to £5,754,026 and profit before tax has increased from £752,843 to £2,626,116.
These results are in line with directors expectations.
The directors are constantly analysing the company activities and reviewing the profitability of new and existing contracts as well as the prevailing market conditions and the opportunities and risks facing the company.

The company's key financial and other performance indicators during the period were as follows:

Financial KPIs | Unit | 2025 | 2024
Gross profit margin | % | 45.04 | 54.84
Debtor days | Days | 77.00 | 48.00
Current ratio |  | 1.70 | 1.80

Principal risks and uncertainties

We have identified the key risks faced by the company to be market risk, financial risk and credit risk.
To minimise market risk, we regularly review the markets and contracts that the company is involved in, and the costs which are incurred, in delivering these works.
We seek to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.
The company's policy throughout the year has been to maintain liquid funds at the bank and avoid incurring overdraft interest whilst also funding the repayment of finance lease obligations.
To achieve short term flexibility, the company operates hire purchase facilities, which means that it is exposed to interest rate risk. To minimise the company's exposure to interest rate fluctuations on its borrowings, it is the policy to minimise the borrowings on floating rates of interest.
The principal credit risk arises from the company's trade debtors.
In order to manage credit risk, the directors set credit limits for its customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history.
During 2024/25, credit risk exposure was spread over a large number of customers.

Therser (UK) Limited

Strategic Report for the Period from 1 April 2024 to 30 September 2025

Future developments

Looking to the future, the directors want to maintain appropriate investment levels in the company to ensure continued growth as well as maintaining and securing the company's position in the market. The directors closely monitor the market place to ensure that the company can deliver the best products at the best prices.

Approved and authorised by the Board on 3 February 2026 and signed on its behalf by:

......................................... Mr SP Beaumont Director

Therser (UK) Limited

Directors' Report for the Period from 1 April 2024 to 30 September 2025

The directors present their report and the financial statements for the period from 1 April 2024 to 30 September 2025.

Directors of the company

The directors who held office during the period were as follows:

Mr SJ Beaumont

Mr M T Pound

Mr N Mack (ceased 25 March 2025)

Mr SP Beaumont (appointed 1 April 2025)

Information included in the Strategic Report

Future developments and principal risks and uncertainties are disclosed in the strategic report.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 3 February 2026 and signed on its behalf by:

......................................... Mr SP Beaumont Director

Therser (UK) Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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 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 apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | 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.

Therser (UK) Limited

Independent Auditor's Report to the Members of Therser (UK) Limited

Opinion

We have audited the financial statements of Therser (UK) Limited (the 'company') for the period from 1 April 2024 to 30 September 2025, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows, 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 September 2025 and of its profit for the period then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Therser (UK) Limited

Independent Auditor's Report to the Members of Therser (UK) Limited

We have nothing to report in this regard.

Opinion on other matter 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and 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 our 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 and the Directors' Report.

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 5], 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 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.

Auditor 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.

Therser (UK) Limited

Independent Auditor's Report to the Members of Therser (UK) Limited

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was to identify those laws and regulations applicable to the company through discussions with the directors and to assess the content of compliance with them through making enquiries of management and inspecting legal correspondence.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquires of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and considering the internal controls in place to mitigate the risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we performed analytical procedures to identify unusual or unexpected relationships or transactions and assessed whether judgements and assumptions made in determining any accounting estimates were indicative of potential bias.
There are inherent limitations in our audit procedures described above. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusions.

We make enquiries of those charged with governance, review and test internal controls and accounting assertions, both individually and substantively, on a sample basis, and consider any breaches of laws and regulations, including litigation or claims.
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 auditors report.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.

Therser (UK) Limited

Independent Auditor's Report to the Members of Therser (UK) Limited

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Matthew Geoffrey Price FCCA (Senior Statutory Auditor)
For and on behalf of Alextra Audit Limited, Statutory Auditor
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

9 February 2026

Therser (UK) Limited

Profit and Loss Account and Statement of Retained Earnings for the Period from 1 April 2024 to 30 September 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 12,774,754 | 7,621,283
Cost of sales |  | (7,020,728) | (3,441,988)
Gross profit |  | 5,754,026 | 4,179,295
Administrative expenses |  | (5,429,796) | (3,435,510)
Other operating income | 4 | 2,272,800 | 4,586
Operating profit | 6 | 2,597,030 | 748,371
Other interest receivable and similar income | 7 | 37,466 | 74,333
Interest payable and similar charges | 8 | (8,380) | (69,861)
|  | 29,086 | 4,472
Profit before tax |  | 2,626,116 | 752,843
Taxation | 11 | (930,215) | (49,354)
Profit for the financial period |  | 1,695,901 | 703,489
Retained earnings brought forward |  | 2,812,004 | 3,144,515
Dividends paid |  | (1,021,000) | (1,036,000)
Retained earnings carried forward |  | 3,486,905 | 2,812,004

Therser (UK) Limited

(Registration number: 06843333)
Balance Sheet as at 30 September 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 12 | 371,516 | 422,373
Current assets |  |  |
Stocks | 13 | 53,814 | 74,333
Debtors | 14 | 3,471,373 | 3,497,636
Cash at bank and in hand |  | 4,319,475 | 2,058,772
|  | 7,844,662 | 5,630,741
Creditors: Amounts falling due within one year | 16 | (4,603,849) | (3,090,243)
Net current assets |  | 3,240,813 | 2,540,498
Total assets less current liabilities |  | 3,612,329 | 2,962,871
Creditors: Amounts falling due after more than one year | 16 | (53,231) | (78,657)
Provisions for liabilities |  | (72,182) | (72,199)
Net assets |  | 3,486,916 | 2,812,015
Capital and reserves |  |  |
Called up share capital |  | 10 | 10
Capital redemption reserve |  | 1 | 1
Retained earnings |  | 3,486,905 | 2,812,004
Shareholders' funds |  | 3,486,916 | 2,812,015

Approved and authorised by the Board on 3 February 2026 and signed on its behalf by:

......................................... Mr SP Beaumont Director

Therser (UK) Limited

Statement of Cash Flows for the Period from 1 April 2024 to 30 September 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
Profit for the period |  | 1,695,901 | 703,489
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 6 | 114,216 | 123,529
Profit on disposal of tangible assets | 5 | - | (10,964)
Finance income | 7 | (37,466) | (74,333)
Finance costs | 8 | 12,047 | 64,152
Corporation tax expense | 11 | 930,215 | 49,354
|  | 2,714,913 | 855,227
Working capital adjustments |  |  |
Decrease/(increase) in stocks | 13 | 20,519 | (28,953)
Decrease/(increase) in trade debtors | 14 | 26,263 | (1,244,653)
Increase/(decrease) in trade creditors | 16 | 650,374 | (398,529)
Cash generated from operations |  | 3,412,069 | (816,908)
Corporation tax paid | 11 | (70,214) | (1,041,805)
Net cash flow from operating activities |  | 3,341,855 | (1,858,713)
Cash flows from investing activities |  |  |
Interest received | 7 | 37,466 | 74,333
Acquisitions of tangible assets |  | (63,359) | (218,079)
Proceeds from sale of tangible assets |  | - | 120,000
Net cash flows from investing activities |  | (25,893) | (23,746)
Cash flows from financing activities |  |  |
Interest paid | 8 | (12,047) | (64,152)
Payments to finance lease creditors |  | (22,212) | (25,304)
Dividends paid |  | (1,021,000) | (1,036,000)
Net cash flows from financing activities |  | (1,055,259) | (1,125,456)
Net increase/(decrease) in cash and cash equivalents |  | 2,260,703 | (3,007,915)
Cash and cash equivalents at 1 April |  | 2,058,772 | 5,066,687
Cash and cash equivalents at 30 September | 15 | 4,319,475 | 2,058,772

Therser (UK) Limited

Notes to the Financial Statements for the Period from 1 April 2024 to 30 September 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Walley Street Buildings
Walley Street
Stoke-On-Trent
Staffordshire
ST6 2AH
UK

These financial statements were authorised for issue by the Board on 3 February 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.

Disclosure of long or short period

The company has changed its financial year-end from 31 March to 30 September to better align its reporting cycle with the group's reporting calendar. The current financial statements cover a long period of 18 months from 1 April 2024 to 30 September 2025. Due to the change, the comparative figures presented are for the 12 months to 31 March 2024. The figures for the current period are therefore not directly comparable to the prior year's figures.

Judgements

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 revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Therser (UK) Limited

Notes to the Financial Statements for the Period from 1 April 2024 to 30 September 2025

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the building, repair and maintenance of kilns to customers. Turnover is shown net of value added tax, returns, and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Contract revenue recognition

Where the outcome of a contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Therser (UK) Limited

Notes to the Financial Statements for the Period from 1 April 2024 to 30 September 2025

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Land and buildings | Not depreciated
Furniture, fittings and equipment | 25% reducing balance
Motor vehicles | 25% reducing balance
Improvements to property | 25% reducing balance
Other tangible assets | 25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Therser (UK) Limited

Notes to the Financial Statements for the Period from 1 April 2024 to 30 September 2025

Defined contribution pension obligation

When employees have rendered services to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Revenue

The analysis of the company's revenue for the period from continuing operations is as follows:

| 1 April 2024 to 30 September 2025 £ | Year ended 31 March 2024 £
Sale of goods | 12,774,754 | 7,618,414
Other revenue | - | 2,869
| 12,774,754 | 7,621,283

4 | Other operating income

The analysis of the company's other operating income for the period is as follows:

| 1 April 2024 to 30 September 2025 £ | Year ended 31 March 2024 £
Government grants | - | 4,586
Management charges receivable | 2,272,800 | -
| 2,272,800 | 4,586

5 | Other gains and losses

The analysis of the company's other gains and losses for the period is as follows:

| 1 April 2024 to 30 September 2025 £ | Year ended 31 March 2024 £
Gain/loss on disposal of property, plant and equipment | - | 10,964

Therser (UK) Limited

Notes to the Financial Statements for the Period from 1 April 2024 to 30 September 2025

6 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 114,216 | 123,529
Operating lease expense - plant and machinery | 118,970 | 85,774
Profit on disposal of property, plant and equipment | - | (10,964)

7 | Other interest receivable and similar income

| 1 April 2024 to 30 September 2025 £ | Year ended 31 March 2024 £
Interest income on bank deposits | 37,466 | 74,333

8 | Interest payable and similar expenses

| 1 April 2024 to 30 September 2025 £ | Year ended 31 March 2024 £
Interest on obligations under finance leases and hire purchase contracts | 12,047 | 5,776
Interest expense on other finance liabilities | - | 58,376
Foreign exchange gains/losses | (3,667) | 5,709
| 8,380 | 69,861

Therser (UK) Limited

Notes to the Financial Statements for the Period from 1 April 2024 to 30 September 2025

9 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 3,553,268 | 2,257,040
Social security costs | 397,619 | 243,809
Other short-term employee benefits | 22,277 | 26,186
Pension costs, defined contribution scheme | 77,532 | 55,454
Other employee expense | 22,638 | 20,766
| 4,073,334 | 2,603,255

The average number of persons employed by the company (including directors) during the period, analysed by category was as follows:

| 2025 No. | 2024 No.
Production | 31 | 31
Administration and support | 30 | 30
| 61 | 61

Therser (UK) Limited

Notes to the Financial Statements for the Period from 1 April 2024 to 30 September 2025

10 | Directors' remuneration

The directors' remuneration for the period was as follows:

| 1 April 2024 to 30 September 2025 £ | Year ended 31 March 2024 £
Remuneration | 240,753 | 155,166
Contributions paid to money purchase schemes | 8,665 | 12,642
| 249,418 | 167,808

In respect of the highest paid director:

| 1 April 2024 to 30 September 2025 £ | Year ended 31 March 2024 £
Remuneration | 133,503 | 83,666
Company contributions to money purchase pension schemes | 6,411 | 1,441

Therser (UK) Limited

Notes to the Financial Statements for the Period from 1 April 2024 to 30 September 2025

11 | Taxation

Tax charged/(credited) in the profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 930,232 | 18,729
Deferred taxation |  |
Arising from origination and reversal of timing differences | (17) | 30,625
Tax expense in the income statement | 930,215 | 49,354

The tax on profit before tax for the period is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 2,626,116 | 752,843
Corporation tax at standard rate | 656,529 | 188,211
Effect of expense not deductible in determining taxable profit (tax loss) | 251,342 | 54,172
Deferred tax expense relating to changes in tax rates or laws | - | 13,129
Tax increase from effect of capital allowances and depreciation | 22,344 | -
Marginal rate relief | - | (119)
Tax decrease from effect of adjustment in research and development tax credit | - | (206,039)
Total tax charge | 930,215 | 49,354

Therser (UK) Limited

Notes to the Financial Statements for the Period from 1 April 2024 to 30 September 2025

12 | Tangible assets

| Furniture, fittings and equipment £ | Motor vehicles £ | Improvements to property £ | Other tangible assets £ | Total £
Cost or valuation
At 1 April 2024 | 158,696 | 192,914 | 248,852 | 166,593 | 767,055
Additions | 1,339 | 29,461 | - | 32,559 | 63,359
At 30 September 2025 | 160,035 | 222,375 | 248,852 | 199,152 | 830,414
Depreciation
At 1 April 2024 | 96,723 | 82,561 | 49,242 | 116,156 | 344,682
Charge for the period | 21,570 | 34,954 | 36,931 | 20,761 | 114,216
At 30 September 2025 | 118,293 | 117,515 | 86,173 | 136,917 | 458,898
Carrying amount
At 30 September 2025 | 41,742 | 104,860 | 162,679 | 62,235 | 371,516
At 31 March 2024 | 61,973 | 110,353 | 199,610 | 50,437 | 422,373

Therser (UK) Limited

Notes to the Financial Statements for the Period from 1 April 2024 to 30 September 2025

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

| 2025 £ | 2024 £
Motor vehicles | 85,476 | 86,509

13 | Stocks

| 2025 £ | 2024 £
Work in progress | 3,098 | -
Other inventories | 50,716 | 74,333
| 53,814 | 74,333

14 | Debtors

Current | 2025 £ | 2024 £
Trade debtors | 1,801,831 | 1,016,723
Amounts owed by related parties | 913,531 | 1,147,759
Other debtors | 439,488 | 1,088,111
Gross amount due from customers for contract work | 316,523 | 245,043
| 3,471,373 | 3,497,636

15 | Cash and cash equivalents

| 30 September 2025 £ | 31 March 2024 £
Cash on hand | 280 | 329
Cash at bank | 4,319,195 | 2,058,443
| 4,319,475 | 2,058,772

Therser (UK) Limited

Notes to the Financial Statements for the Period from 1 April 2024 to 30 September 2025

16 | Creditors

| Note | 30 September 2025 £ | 31 March 2024 £
Due within one year |  |  |
Hire purchase |  | 32,663 | 29,449
Trade creditors |  | 813,408 | 463,576
Amounts due to related parties |  | 1,005,000 | -
Social security and other taxes |  | 598,808 | 177,725
Outstanding defined contribution pension costs |  | - | 10,706
Other payables |  | 164,921 | 127,247
Corporation tax liability | 11 | 930,232 | 70,214
Gross amount due to customers for contract work |  | 1,058,817 | 2,211,326
|  | 4,603,849 | 3,090,243
Due after one year |  |  |
Hire purchase |  | 53,231 | 78,657

Hire purchase liabilities are secured against the assets to which they relate.
A fixed and floating charge dated 29 October 2024, in favour of S Beaumont, was granted as a legal mortgage on all freehold and leasehold land now vested in the company together with all building fixtures, fittings and fixed plant and machinery now or at any time afterwards on it. Fixed charge over all such property. Fixed charge over all of the company's present or future intellectual property rights and interests.

17 | Analysis of changes in net funds

| At 1 April 2024 £ | Financing cash flows £ | At 30 September 2025 £
Cash and cash equivalents |  |  |
Cash | 2,058,772 | 2,260,703 | 4,319,475
| 2,058,772 | 2,260,703 | 4,319,475

Therser (UK) Limited

Notes to the Financial Statements for the Period from 1 April 2024 to 30 September 2025

18 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £77,532 (2024 - £55,454).
Contributions totalling £Nil (2024 - £10,706) were payable to the scheme at the end of the period and are included in creditors.

19 | Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 76,569 | 92,161
Later than one year and not later than five years | 84,981 | 31,755
| 161,550 | 123,916

The amount of non-cancellable operating lease payments recognised as an expense during the period was £640,109 (2024 - £423,773).

20 | Parent and ultimate parent undertaking

The company's immediate parent is Therser Holdings Limited, incorporated in England and Wales.
The ultimate parent is Drayton Beaumont Group Limited, incorporated in England and Wales.
These financial statements are consolidated within the group financial statements prepared by Drayton Beaumont Group Limited and are available on request from the registered office of Drayton Beaumont Building, Merrial Street, Newcastle Under Lyme, Staffordshire, ST5 2AE.
The ultimate controlling party is the shareholders of Drayton Beaumont Group Limited.
The company has taken advantage of the exemption from disclosure of intra group transactions in accordance with FRS102 paragraph 33.1A.