REGISTERED NUMBER: 06995545 (England and Wales)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

FOR

MONTE LAGUNA LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

K S Gosal

S S Gosal

SECRETARIES:

N Gosal

R Gosal

REGISTERED OFFICE:

The Courtyard

30 London Street

Chertsey

Surrey

KT16 8AA

REGISTERED NUMBER:

06995545 (England and Wales)

AUDITORS:

Watson Associates (Audit Services) Ltd

Statutory Auditor

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

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

REVIEW OF BUSINESS

The company continued to trade consistently across all sites during the twelve months to 31 August 2025.

Trading and economic conditions remained highly challenging. The leadership team focused on key performance metrics in order to drive as much operational efficiency as possible. There was ongoing investment in infrastructure, operations, human resources and training.

The leadership team continued to exploit opportunities to grow the business through strategic marketing initiatives and productivity measures. Team recruitment and development remained a priority in order to maximise the value provided to customers.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and execution of the group's strategy are subject to a number of risks. The principal risks and uncertainties affecting the group are considered to relate to competition from both national and independent retailers, employee retention and cost and tax inflation.

Competition remains highly challenging, which ultimately benefits the customer through the provision of numerous offers. Increasing the group's market share through expansion and customer retention enables the group to continue to grow.

Employee retention is a key focus of the group. There is a recognition and reward culture, which helps staff to feel valued and build an employee centric culture.

Recognition of skills continues, with training for employees provided on multiple levels. Learning and development initiatives include a regular training programme, both in the classroom and online.

Cost inflation has continued to increase during the year, including taxation, wages, utilities and direct production costs. In order to keep costs to a minimum there is a focus on reducing waste. Store inventory is carefully managed with fresh food deliveries three times a week, tailored to meet customer demand in the local area.

SECTION 172(1) STATEMENT

Section 172 of the Companies Act 2006 requires a Director of a company to act in the way he or she

considers, in good faith, would most likely promote the success of the company and group for the benefit of its members as a whole. In this respect the Directors have had regard, amongst other matters, to the:

- Likely consequences of any decisions in the long-term;

- Interests of the Company's employees;

- Need to foster the Company's business relationships with suppliers, customers and others;

- Impact of the Company's operations on the community and environment;

- Desirability of the Company maintaining a reputation for high standards of business conduct; and

- Need to act fairly between members of the Company.

The Directors seek to ensure that their decision making process not only takes into account the Company's purpose, vision and values, together with its strategic priorities, but also reflects, as far as practical and possible, the interests of all stakeholders.

KEY PERFORMANCE INDICATORS

The group manages the business by reference to key performance indicators. Each trading outlet is

recognised as a profit centre and is measured accordingly. Individual store monitoring is paramount and is measured daily.

Competent management reporting tools are in place to provide essential current, timely reporting in a clear and precise manner. The principal indicators used by the group include, but are not limited to;

1. Turnover - total turnover and like-for-like turnover

2. Gross Margin - percentage of sales

3. Wages and Employees - wages as a percentage of sales

2025 2024

Turnover £16,430,529 £15,572,873

Turnover Growth 5.51% 4.86%

Gross Profit Margin 24.29% 24.29%

Wages As A % Of Sales 39.56% 38.05%

Gross profit margin has decreased from 24.29% to 23.67%. This is due to continued cost pressure on raw materials and direct cost due to the current challenging economic environment in the UK.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The group's operations expose it to a variety of financial risks that include the effects of price risk and liquidity risk. The group has in place policies and procedures that seek to limit the potentially adverse effects on the financial performance of the group of such risks. These policies are set by the Directors.

Price risk

Due to the market the group operates in, the group is exposed to price risk from its suppliers and

competitors.

However, given the group is a franchisee of a nationwide fast food outlet and in addition to the actions identified above, the potential exposure to the group is managed through supplier agreements.

Liquidity risk

Liquidity risk is the risk that the group will encounter difficulty in meeting obligations associated with its

financial liabilities. The risk is mitigated as the group has sufficient cash resources available to it through either its own funds or access to further bank facilities.

FUTURE DEVELOPMENTS & EVENTS OCCURRING SINCE THE YEAR END

The company continues to achieve growth by exploring new ways to increase the revenue and reduce costs. This includes marketing initiatives, cost reduction exercises and identifying new opportunities to increase the store count.

ENGAGEMENT WITH EMPLOYEES

Our employees are a key part of our operations. We share with them our strategy and actively engage with employees on significant decisions that may impact them. This is achieved through activities such as regular management and supervisor meetings, and company notices.

Engagement with Suppliers, Customers and Others

Our customers and suppliers are central to our business. We engage and build relationships via face to face interactions, events, promotional activity and visits to our sites. We constantly strive to improve working relationships with both suppliers and customers to ensure our continued strength and growth. We feel it is very important to have a good relationship with our suppliers and customers.

Employee involvement

The company's policy is to consult and discuss the interests of employees through staff meetings and

discussions. Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

Disabled persons

The company's policy is to recruit disabled workers for those vacancies that they are able to fill. All

necessary assistance with training courses is given.

Equality

The company is committed to providing a fair, inclusive, and respectful workplace where everyone is treated equally. All employees are given equal opportunities regardless of age, disability, gender, race, religion or belief, sexual orientation, or any other protected characteristic. Diversity is valued and the group is committed to creating an environment where everyone feels respected and able to perform at their best.

ON BEHALF OF THE BOARD:

K S Gosal - Director

1 May 2026

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

DIVIDENDS

The total distribution of dividends for the year ended 31 August 2025 will be £ 1,309,357 .

DIRECTORS

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

K S Gosal

S S Gosal

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

K S Gosal - Director

1 May 2026

Opinion

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

In our opinion the financial statements:

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

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment laws and indirect taxes, and we considered the extent to which non-compliance might have a material effect on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to achieve desired financial results and the manipulation of exceptional items and management bias in accounting estimates. Audit procedures performed by the engagement team included, but were not limited to:

- enquiries with management including consideration of known or suspected instances of fraud and

non-compliance with laws and regulations and examining supporting calculations where a provision has been made in respect of these;

- reading key correspondence with regulatory authorities in relation to compliance with certain employment laws and indirect tax matters;

- understanding and evaluating the design and implementation of management's controls designed to prevent and detect irregularities;

- challenging assumptions and judgements made by management in their significant accounting estimates, in particular, in relation to accrued income cut off

- identifying and testing journal entries in particular and journal entries posted with unusual account combinations and postings by unusual users.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Stephen James Moore (Senior Statutory Auditor)

for and on behalf of Watson Associates (Audit Services) Ltd

Statutory Auditor

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

1 May 2026

TURNOVER

3

16,430,529

15,572,873

Cost of sales

(12,540,724

)

(11,790,417

)

GROSS PROFIT

3,889,805

3,782,456

Administrative expenses

(3,317,130

)

(3,609,756

)

OPERATING PROFIT

5

572,675

172,700

Interest receivable and similar income

67,416

89,083

640,091

261,783

Interest payable and similar expenses

7

-

18

PROFIT BEFORE TAXATION

640,091

261,801

Tax on profit

8

(178,294

)

(209,947

)

PROFIT FOR THE FINANCIAL YEAR

461,797

51,854

Profit attributable to:

Owners of the parent

461,797

51,854

PROFIT FOR THE YEAR

461,797

51,854

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

461,797

51,854

Total comprehensive income attributable to:

Owners of the parent

461,797

51,854

FIXED ASSETS

Intangible assets

11

20,316

197,905

Tangible assets

12

1,677,952

1,660,470

Investments

13

-

-

1,698,268

1,858,375

CURRENT ASSETS

Stocks

14

50,309

79,045

Debtors

15

2,139,784

542,074

Cash at bank and in hand

2,003,534

3,101,998

4,193,627

3,723,117

CREDITORS

Amounts falling due within one year

16

(4,007,281

)

(2,861,239

)

NET CURRENT ASSETS

186,346

861,878

TOTAL ASSETS LESS CURRENT LIABILITIES

1,884,614

2,720,253

PROVISIONS FOR LIABILITIES

19

(366,429

)

(354,508

)

NET ASSETS

1,518,185

2,365,745

CAPITAL AND RESERVES

Called up share capital

20

100

100

Retained earnings

21

1,518,085

2,365,645

SHAREHOLDERS' FUNDS

1,518,185

2,365,745

The financial statements were approved by the Board of Directors and authorised for issue on 1 May 2026 and were signed on its behalf by:

K S Gosal - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

1,447,092

1,431,400

Investments

13

2,864,944

2,864,944

4,312,036

4,296,344

CURRENT ASSETS

Stocks

14

30,335

50,561

Debtors

15

777,497

131,227

Cash at bank and in hand

681,373

528,659

1,489,205

710,447

CREDITORS

Amounts falling due within one year

16

(3,101,908

)

(2,338,916

)

NET CURRENT LIABILITIES

(1,612,703

)

(1,628,469

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,699,333

2,667,875

PROVISIONS FOR LIABILITIES

19

(325,915

)

(315,702

)

NET ASSETS

2,373,418

2,352,173

CAPITAL AND RESERVES

Called up share capital

20

100

100

Retained earnings

21

2,373,318

2,352,073

SHAREHOLDERS' FUNDS

2,373,418

2,352,173

Company's profit for the financial year

1,330,602

95,640

The financial statements were approved by the Board of Directors and authorised for issue on 1 May 2026 and were signed on its behalf by:

K S Gosal - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 September 2023

100

2,313,791

2,313,891

Changes in equity

Total comprehensive income

-

51,854

51,854

Balance at 31 August 2024

100

2,365,645

2,365,745

Changes in equity

Dividends

-

(1,309,357

)

(1,309,357

)

Total comprehensive income

-

461,797

461,797

Balance at 31 August 2025

100

1,518,085

1,518,185

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 September 2023

100

2,256,433

2,256,533

Changes in equity

Total comprehensive income

-

95,640

95,640

Balance at 31 August 2024

100

2,352,073

2,352,173

Changes in equity

Dividends

-

(1,309,357

)

(1,309,357

)

Total comprehensive income

-

1,330,602

1,330,602

Balance at 31 August 2025

100

2,373,318

2,373,418

Cash flows from operating activities

Cash generated from operations

1

428,845

739,925

Interest paid

-

18

Tax paid

(20,294

)

30,036

Net cash from operating activities

408,551

769,979

Cash flows from investing activities

Purchase of tangible fixed assets

(325,074

)

(762,745

)

Interest received

67,416

89,083

Net cash from investing activities

(257,658

)

(673,662

)

Cash flows from financing activities

New loans in year

60,000

-

Amount introduced by directors

1,309,357

-

Amount withdrawn by directors

(1,309,357

)

-

Equity dividends paid

(1,309,357

)

-

Net cash from financing activities

(1,249,357

)

-

(Decrease)/increase in cash and cash equivalents

(1,098,464

)

96,317

Cash and cash equivalents at beginning of year

2

3,101,998

3,005,681

Cash and cash equivalents at end of year

2

2,003,534

3,101,998

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

2025

2024

£

£

Profit before taxation

640,091

261,801

Depreciation charges

485,182

572,208

Finance costs

-

(18

)

Finance income

(67,416

)

(89,083

)

1,057,857

744,908

Decrease/(increase) in stocks

28,736

(9,578

)

Increase in trade and other debtors

(1,597,711

)

(139,346

)

Increase in trade and other creditors

939,963

143,941

Cash generated from operations

428,845

739,925

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 August 2025

31.8.25

1.9.24

£

£

Cash and cash equivalents

2,003,534

3,101,998

Year ended 31 August 2024

31.8.24

1.9.23

£

£

Cash and cash equivalents

3,101,998

3,005,681

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.9.24

Cash flow

At 31.8.25

£

£

£

Net cash

Cash at bank and in hand

3,101,998

(1,098,464

)

2,003,534

3,101,998

(1,098,464

)

2,003,534

Debt

Debts falling due within 1 year

-

(60,000

)

(60,000

)

-

(60,000

)

(60,000

)

Total

3,101,998

(1,158,464

)

1,943,534

1.	STATUTORY INFORMATION

Monte Laguna Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

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

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

Critical accounting judgements and key sources of estimation uncertainty

No significant judgements have had to be made by management in preparing these financial statements.

There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Acquired goodwill is written off in equal instalments over its estimated useful economic life of 10 years.

Intangible assets

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

Franchise fees are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

33% on cost and over term of lease

Improvements to property

-

10% on cost

Plant and machinery

-

15% on reducing balance and 15% on reducing balance

Fixtures and fittings

-

33% on cost, 25% on reducing balance and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3.

TURNOVER

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

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

5,964,528

5,506,836

Social security costs

472,718

349,652

Other pension costs

62,951

68,452

6,500,197

5,924,940