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Company registration number: 03498840
S & V E Williams Limited
Financial statements
31 December 2025
S & V E Williams Limited
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Statement of income and retained earnings
Statement of financial position
Statement of cash flows
Notes to the financial statements
S & V E Williams Limited
Directors and other information

| Directors | S Williams
|  | Mrs V E Williams
| Secretary | Mrs V E Williams
| Company number | 03498840
| Registered office | 28-30 Grange Road West
|  | Birkenhead
|  | Merseyside
|  | CH41 4DA
| Auditor | Robert S Boys
|  | 28-30 Grange Road West
|  | Birkenhead
|  | Merseyside
|  | CH41 4DA

| Bankers | The Royal Bank of Scotland Plc
|  | St Ann Street
|  | Manchester
|  | M60 2SS

S & V E Williams Limited
Strategic report
Year ended 31 December 2025
Principal activity
The principal activity of the company during the year was that of a chain of fast food restaurants.
Business review
The external commercial environment is expected to remain competitive, however, we remain confident that we will build on our current level of performance in the future.
Principal risks and uncertainties
As a franchisee the company is fully supported by a global organisation which minimises the brands risks and uncertainties. The company values safe, quality food which is affordable and convenient.
Performance and position
The company has had a successful year despite the impact on the cost of living with profits on ordinary activities before taxation of £1,135,589 compared to profits of £545,433 in 2024. The gross profit margin rose by 0.8% to 33.1% in 2025 compared with 32.3% in 2024. The operating profit margin also increased from 0.2% in 2024 to 1.8% in 2025. The company recognises its responsibility to protect and preserve the environment for future generations to come. The company has a policy of employing local people representing the communities in which we operate. The company also operates a code of conduct with regards to human rights.
Future Development
The company is striving to expand in the future with the addition of further restaurants within the business.
This report was approved by the board of directors on 8 May 2026 and signed on behalf of the board by:
S Williams
Director
S & V E Williams Limited
Directors report
Year ended 31 December 2025
The directors present their report and the financial statements of the company for the year ended 31 December 2025.
Directors
The directors who served the company during the year were as follows:

S Williams
Mrs V E Williams

Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Employment of disabled persons
The company is an equal opportunity employer and one of their greatest strengths is their diverse workforce. The company recognises the importance of being an inclusive employer and employs on the basis of qualities regardless of disability or qualifications.
Employee involvement
The company has an excellent training programme and opportunities to suit individual employee ambitions to aid career development and promotion.
Financial instruments
The key business risks and uncertainties affecting the company are considered to relate to competition and the economic climate.
Disclosure of information in the strategic report.
In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the company has set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
Directors responsibilities statement
The directors are responsible for preparing the strategic report, directors 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 the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 08 May 2026 and signed on behalf of the board by:
S Williams
Director
S & V E Williams Limited
Independent auditor's report to the members of
S & V E Williams Limited
Year ended 31 December 2025
Opinion
We have audited the financial statements of S & V E Williams Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of income and retained earnings, statement of financial position, 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 FRS 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 31 December 2025 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The 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. 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. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report 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 has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the 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 the 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' responsibilities statement, 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'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. 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: As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 auditors 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.
Richard I Coulthard (Senior Statutory Auditor)
For and on behalf of
Robert S Boys
Statutory Auditor
28-30 Grange Road West
Birkenhead
Merseyside
CH41 4DA
08 May 2026
S & V E Williams Limited
Statement of income and retained earnings
Year ended 31 December 2025

|  |  |  | 2025 |  | 2024 |  |
|  | Note |  | £ |  | £ |  |
Turnover |  | 4 |  | 37,224,344 |  | 37,532,176 |  |
Cost of sales |  |  |  | ( 24,886,956) |  | ( 25,408,701) |  |
|  |  |  | _______ |  | _______ |  |
Gross profit |  |  |  | 12,337,388 |  | 12,123,475 |  |
Administrative expenses |  |  |  | ( 11,827,469) |  | ( 12,061,347) |  |
Other operating income |  | 5 |  | 143,761 |  | 12,838 |  |
|  |  |  | _______ |  | _______ |  |
Operating profit |  | 6 |  | 653,680 |  | 74,966 |  |
Gain on financial liabilities at fair value through profit or loss |  |  |  | 310,095 |  | 288,310 |  |
Other interest receivable and similar income |  | 10 |  | 189,168 |  | 196,473 |  |
Interest payable and similar expenses |  | 11 |  | ( 17,354) |  | ( 14,316) |  |
Profit before taxation |  |  |  | 1,135,589 |  | 545,433 |  |
Tax on profit |  | 12 |  | ( 77,113) |  | ( 252,049) |  |
|  |  |  | _______ |  | _______ |  |
Profit for the financial year and total comprehensive income |  |  |  | 1,058,476 |  | 293,384 |  |
|  |  |  | _______ |  | _______ |  |
Dividends declared and paid or payable during the year |  | 13 |  | ( 40,000) |  | ( 90,000) |  |
Retained earnings at the start of the year |  |  |  | 7,473,014 |  | 7,269,630 |  |
|  |  |  | _______ |  | _______ |  |
Retained earnings at the end of the year |  |  |  | 8,491,490 |  | 7,473,014 |  |
|  |  |  | _______ |  | _______ |  |

All the activities of the company are from continuing operations.
S & V E Williams Limited
Statement of financial position
31 December 2025

|  |  | 2025 |  |  |  | 2024 |  |
|  | Note | £ |  | £ |  | £ |  | £
Fixed assets |  |  |  |  |  |  |  |  |
Intangible assets |  | 14 | 154,875 |  |  |  | 222,000 |  |
Tangible assets |  | 15 | 2,110,848 |  |  |  | 3,733,432 |  |
Investments |  | 16 | 3,776,214 |  |  |  | 1,468,208 |  |
|  |  | _______ |  |  |  | _______ |  |
|  |  |  |  | 6,041,937 |  |  |  | 5,423,640
Current assets |  |  |  |  |  |  |  |  |
Stocks |  | 17 | 148,195 |  |  |  | 242,106 |  |
Debtors |  | 18 | 164,425 |  |  |  | 319,594 |  |
Investments |  | 19 | 11,250 |  |  |  | 13,750 |  |
Cash at bank and in hand |  |  | 6,375,538 |  |  |  | 5,485,873 |  |
|  |  | _______ |  |  |  | _______ |  |
|  |  | 6,699,408 |  |  |  | 6,061,323 |  |
Creditors: amounts falling due |  |  |  |  |  |  |  |  |
within one year |  | 20 | ( 3,744,759) |  |  |  | ( 3,158,847) |  |
|  |  | _______ |  |  |  | _______ |  |
Net current assets |  |  |  |  | 2,954,649 |  |  |  | 2,902,476
|  |  |  |  | _______ |  |  |  | _______
Total assets less current liabilities |  |  |  |  | 8,996,586 |  |  |  | 8,326,116
Creditors: amounts falling due |  |  |  |  |  |  |  |  |
after more than one year |  | 21 |  |  | - |  |  |  | ( 89,126)
Provisions for liabilities |  | 22 |  |  | ( 504,996) |  |  |  | ( 763,876)
|  |  |  |  | _______ |  |  |  | _______
Net assets |  |  |  |  | 8,491,590 |  |  |  | 7,473,114
|  |  |  |  | _______ |  |  |  | _______
Capital and reserves |  |  |  |  |  |  |  |  |
Called up share capital |  | 25 |  |  | 100 |  |  |  | 100
Profit and loss account |  | 26 |  |  | 8,491,490 |  |  |  | 7,473,014
|  |  |  |  | _______ |  |  |  | _______
Shareholders funds |  |  |  |  | 8,491,590 |  |  |  | 7,473,114
|  |  |  |  | _______ |  |  |  | _______

These financial statements were approved by the board of directors and authorised for issue on 08 May 2026 , and are signed on behalf of the board by:
S Williams
Director
Company registration number: 03498840
S & V E Williams Limited
Statement of cash flows
Year ended 31 December 2025

|  | 2025 |  | 2024 |
|  | £ |  | £ |
Cash flows from operating activities |  |  |  |  |
Profit for the financial year |  | 1,058,476 |  | 293,384 |
Adjustments for: |  |  |  |  |
Depreciation of tangible assets |  | 661,580 |  | 904,948 |
Amortisation of intangible assets |  | 12,875 |  | 14,125 |
Gain/(loss) on financial liabilities at fair value through profit or loss |  | (310,095) |  | (288,310) |
Other interest receivable and similar income |  | ( 189,168) |  | ( 196,473) |
Interest payable and similar expenses |  | 17,354 |  | 14,316 |
Gain/(loss) on disposal of tangible assets |  | ( 221,022) |  | 4,080 |
Gain/(loss) on disposal of Intangible assets |  | 54,250 |  | - |
Tax on profit |  | 77,113 |  | 252,049 |
Accrued expenses/(income) |  | 92,579 |  | 233,250 |
Changes in: |  |  |  |  |
Stocks |  | 93,911 |  | ( 60,456) |
Trade and other debtors |  | 35,193 |  | ( 109,447) |
Trade and other creditors |  | 41,757 |  | 206,726 |
|  | _______ |  | _______ |
Cash generated from operations |  | 1,424,803 |  | 1,268,192 |
Interest paid |  | ( 17,354) |  | ( 14,316) |
Interest received |  | 189,168 |  | 196,473 |
Tax paid |  | 119,976 |  | ( 109,193) |
|  | _______ |  | _______ |
Net cash from operating activities |  | 1,716,593 |  | 1,341,156 |
|  | _______ |  | _______ |
Cash flows from investing activities |  |  |  |  |
Purchase of tangible assets |  | ( 133,115) |  | ( 2,281,378) |
Proceeds from sale of tangible assets |  | 1,315,142 |  | - |
Purchase of intangible assets |  | - |  | ( 60,000) |
Purchase of other investments |  | ( 1,995,411) |  | ( 2,500) |
|  | _______ |  | _______ |
Net cash used in investing activities |  | ( 813,384) |  | ( 2,343,878) |
|  | _______ |  | _______ |
Cash flows from financing activities |  |  |  |  |
Proceeds from borrowings |  | 34,273 |  | 32,382 |
Payment of finance lease liabilities |  | ( 7,817) |  | ( 7,817) |
Equity dividends paid |  | ( 40,000) |  | ( 90,000) |
|  | _______ |  | _______ |
Net cash used in financing activities |  | ( 13,544) |  | ( 65,435) |
|  | _______ |  | _______ |
Net increase/(decrease) in cash and cash equivalents |  | 889,665 |  | ( 1,068,157) |
Cash and cash equivalents at beginning of year |  | 5,485,873 |  | 6,554,030 |
|  | _______ |  | _______ |

Cash and cash equivalents at end of year |  | 6,375,538 |  | 5,485,873 |
|  | _______ |  | _______ |

S & V E Williams Limited
Notes to the financial statements
Year ended 31 December 2025
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 28-30 Grange Road West, Birkenhead, Merseyside, CH41 4DA.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill | - | 3 years
Other intangible assets | - | 5- 20 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Plant and machinery | - | 15 % | straight line
| Fittings fixtures and equipment | - | 15 % | straight line
| Motor vehicles | - | 15 % | straight line
| Computer equipment | - | 20 % | straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Other operating income

|  |  | 2025 | 2024
|  |  | £ | £
| Other operating income |  | 143,761 | 12,838
|  |  | _______ | _______

6. Operating profit
Operating profit is stated after charging/(crediting):

|  |  |  | 2025 | 2024
|  |  |  | £ | £
| Amortisation of intangible assets |  |  | 12,875 | 14,125
| Depreciation of tangible assets |  |  | 661,580 | 904,948
| (Gain)/loss on disposal of tangible assets |  |  | ( 221,022) | 4,080
| (Gain)/loss on disposal of intangible assets |  |  | 54,250 | -
| Fees payable for the audit of the financial statements |  |  | 5,350 | 5,150
|  |  |  | _______ | _______

7. Auditors remuneration

|  |  | 2025 | 2024
|  |  | £ | £
| Fees payable to Robert S Boys |  |  |
| Fees payable for the audit of the financial statements |  | 5,795 | 5,625
|  |  | _______ | _______
| Fees payable to the company's auditor and its associates for other services: |  |  |
| Other non-audit services |  | 6,255 | 6,875
|  |  | _______ | _______

8. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:

|  |  | 2025 | 2024
| Staff |  | 867 | 875
| Management |  | 35 | 37
|  |  | _______ | _______
|  |  | 902 | 912
|  |  | _______ | _______

The aggregate payroll costs incurred during the year were:

|  |  | 2025 | 2024
|  |  | £ | £
| Wages and salaries |  | 10,484,362 | 10,595,415
| Social security costs |  | 599,626 | 408,223
| Other pension costs |  | 159,077 | 170,806
|  |  | _______ | _______
|  |  | 11,243,065 | 11,174,444
|  |  | _______ | _______

9. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:

|  |  | 2025 | 2024
|  |  | £ | £
| Remuneration |  | 30,449 | 31,241
|  |  | _______ | _______

The number of directors who accrued benefits under company pension plans was as follows:

|  |  | 2025 | 2024
|  |  | Number | Number
| Defined contribution plans |  | 2 | 2
|  |  | _______ | _______

10. Other interest receivable and similar income

|  |  | 2025 | 2024
|  |  | £ | £
| Bank deposits |  | 185,989 | 195,985
| Gain on fair value adjustment of financial liabilities at fair value through profit or loss |  | 310,095 | 288,310
| Other interest receivable and similar income |  | 3,179 | 488
|  |  | _______ | _______
|  |  | 499,263 | 484,783
|  |  | _______ | _______

11. Interest payable and similar expenses

|  |  |  | 2025 | 2024
|  |  |  | £ | £
| Other loans made to the company: |  |  |  |
|  | Finance leases and hire purchase contracts |  | 9,480 | 9,480
|  | Other interest on other loans made to the company |  | 7,874 | -
| Other interest payable and similar expenses |  |  | - | 4,836
|  |  |  | _______ | _______
|  |  |  | 17,354 | 14,316
|  |  |  | _______ | _______

12. Tax on profit
Major components of tax expense

|  |  | 2025 | 2024
|  |  | £ | £
| Current tax: |  |  |
| UK current tax expense/income |  | 335,993 | ( 119,488)
|  |  | _______ | _______
| Deferred tax: |  |  |
| Origination and reversal of timing differences |  | ( 258,880) | 371,537
|  |  | _______ | _______
| Tax on profit |  | 77,113 | 252,049
|  |  | _______ | _______

Reconciliation of tax expense
The tax assessed on the profit for the year is lower than (2024: higher than) the standard rate of corporation tax in the UK of 25.00 % (2024: 25.00%).

|  |  | 2025 | 2024
|  |  | £ | £
| Profit before taxation |  | 1,135,589 | 545,433
|  |  | _______ | _______
| Profit multiplied by rate of tax |  | 283,897 | 136,358
| Effect of expenses not deductible for tax purposes |  | 125 | 1,456
| Effect of capital allowances and depreciation |  | 283,859 | ( 347,104)
| Effect of revenue exempt from tax |  | ( 77,524) | ( 72,077)
| Utilisation of tax losses |  | ( 154,364) | -
| Unrelieved tax losses |  | - | 154,364
| Change of rate in 2023 from 19.00% to 25.00% |  | - | 7,515
|  |  | _______ | _______
| Tax on profit |  | 335,993 | (119,488)
|  |  | _______ | _______

13. Dividends
Equity dividends

|  |  | 2025 | 2024
|  |  | £ | £
| Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) |  | 40,000 | 90,000
|  |  | _______ | _______

14. Intangible assets

|  | Goodwill | Franchise fees | Total |  |  |
|  | £ | £ | £ |  |  |
| Cost |  |  |  |  |  |
| At 1 January 2025 | 1,257,385 | 300,000 | 1,557,385 |  |  |
| Disposals | - | ( 60,000) | ( 60,000) |  |  |
|  | _______ | _______ | _______ |  |  |
| At 31 December 2025 | 1,257,385 | 240,000 | 1,497,385 |  |  |
|  | _______ | _______ | _______ |  |  |
| Amortisation |  |  |  |  |  |
| At 1 January 2025 | 1,257,385 | 78,000 | 1,335,385 |  |  |
| Charge for the year | - | 12,875 | 12,875 |  |  |
| Disposals | - | ( 5,750) | ( 5,750) |  |  |
|  | _______ | _______ | _______ |  |  |
| At 31 December 2025 | 1,257,385 | 85,125 | 1,342,510 |  |  |
|  | _______ | _______ | _______ |  |  |
| Carrying amount |  |  |  |  |  |
| At 31 December 2025 | - | 154,875 | 154,875 |  |  |
|  | _______ | _______ | _______ |  |  |
| At 31 December 2024 | - | 222,000 | 222,000 |  |  |
|  | _______ | _______ | _______ |  |  |

15. Tangible assets

|  | Plant and machinery | Fixtures, fittings and equipment | Motor vehicles | Computer equipment | Total |  |
|  | £ | £ | £ | £ | £ |  |
| Cost |  |  |  |  |  |  |
| At 1 January 2025 | 9,895,749 | 76,377 | 193,764 | 3,700 | 10,169,590 |  |
| Additions | 133,115 | - | - | - | 133,115 |  |
| Disposals | ( 1,384,681) | - | ( 45,900) | ( 1,103) | ( 1,431,684) |  |
|  | _______ | _______ | _______ | _______ | _______ |  |
| At 31 December 2025 | 8,644,183 | 76,377 | 147,864 | 2,597 | 8,871,021 |  |
|  | _______ | _______ | _______ | _______ | _______ |  |
| Depreciation |  |  |  |  |  |  |
| At 1 January 2025 | 6,317,087 | 76,377 | 40,805 | 1,888 | 6,436,157 |  |
| Charge for the year | 635,547 | - | 25,622 | 411 | 661,580 |  |
| Disposals | ( 326,868) | - | ( 10,328) | ( 368) | ( 337,564) |  |
|  | _______ | _______ | _______ | _______ | _______ |  |
| At 31 December 2025 | 6,625,766 | 76,377 | 56,099 | 1,931 | 6,760,173 |  |
|  | _______ | _______ | _______ | _______ | _______ |  |
| Carrying amount |  |  |  |  |  |  |
| At 31 December 2025 | 2,018,417 | - | 91,765 | 666 | 2,110,848 |  |
|  | _______ | _______ | _______ | _______ | _______ |  |
| At 31 December 2024 | 3,578,662 | - | 152,959 | 1,812 | 3,733,433 |  |
|  | _______ | _______ | _______ | _______ | _______ |  |

16. Investments

|  | Other investments other than loans | Total |  |  |  |
|  | £ | £ |  |  |  |
| Cost |  |  |  |  |  |
| At 1 January 2025 | 1,468,208 | 1,468,208 |  |  |  |
| Additions | 1,997,911 | 1,997,911 |  |  |  |
| Fair value adjustment | 310,095 | 310,095 |  |  |  |
|  | _______ | _______ |  |  |  |
| At 31 December 2025 | 3,776,214 | 3,776,214 |  |  |  |
|  | _______ | _______ |  |  |  |
| Impairment |  |  |  |  |  |
| At 1 January 2025 and 31 December 2025 | - | - |  |  |  |
|  | _______ | _______ |  |  |  |
| Carrying amount |  |  |  |  |  |
| At 31 December 2025 | 3,776,214 | 3,776,214 |  |  |  |
|  | _______ | _______ |  |  |  |
| At 31 December 2024 | 1,468,208 | 1,468,208 |  |  |  |
|  | _______ | _______ |  |  |  |

The investment portfolio is a dealing capital account equity investment in Global Purisima Investment Funds. The valuation of £3,776,214 is based on the market value of the investment dated 31 December 2025.
Listed investments

| £ | £
|  | At 31 December 2025
Market value | 3,776,214 | 3,776,214
| _______ | _______
|  | At 31 December 2024
Market value | 1,468,208 | 1,468,208
| _______ | _______

Investments held at valuation
In respect of investments held at valuation, the comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

|  | Other investments other than loans | Total |  |  |  |
|  | £ | £ |  |  |  |
| At 31 December 2025 |  |  |  |  |  |
| Aggregate cost | 2,997,911 | 2,997,911 |  |  |  |
| Aggregate depreciation | - | - |  |  |  |
|  | _______ | _______ |  |  |  |
| Carrying amount | 2,997,911 | 2,997,911 |  |  |  |
|  | _______ | _______ |  |  |  |
| At 31 December 2024 |  |  |  |  |  |
| Aggregate cost | 1,000,000 | 1,000,000 |  |  |  |
| Aggregate depreciation | - | - |  |  |  |
|  | _______ | _______ |  |  |  |
| Carrying amount | 1,000,000 | 1,000,000 |  |  |  |
|  | _______ | _______ |  |  |  |

17. Stocks

|  |  | 2025 | 2024
|  |  | £ | £
| Raw materials |  | 148,195 | 242,106
|  |  | _______ | _______

18. Debtors

|  |  | 2025 | 2024
|  |  | £ | £
| Trade debtors |  | 185 | 53
| Prepayments and accrued income |  | 129,042 | 161,629
| Other debtors |  | 35,198 | 157,912
|  |  | _______ | _______
|  |  | 164,425 | 319,594
|  |  | _______ | _______

19. Investments

|  |  | 2025 | 2024
|  |  | £ | £
| Other investments |  | 11,250 | 13,750
|  |  | _______ | _______

20. Creditors: amounts falling due within one year

|  |  | 2025 | 2024
|  |  | £ | £
| Trade creditors |  | 1,385,382 | 1,464,765
| Accruals and deferred income |  | 1,013,110 | 920,531
| Corporation tax |  | 335,993 | -
| Social security and other taxes |  | 718,895 | 597,909
| Obligations under finance leases |  | 89,126 | 7,817
| Director loan accounts |  | 197,897 | 163,624
| Other creditors |  | 4,356 | 4,201
|  |  | _______ | _______
|  |  | 3,744,759 | 3,158,847
|  |  | _______ | _______

21. Creditors: amounts falling due after more than one year

|  |  | 2025 | 2024
|  |  | £ | £
| Obligations under finance leases |  | - | 89,126
|  |  | _______ | _______

22. Provisions

|  | Deferred tax (note 23) | Total |  |  |
|  | £ | £ |  |  |
| At 1 January 2025 | 763,876 | 763,876 |  |  |
| Additions | ( 258,880) | ( 258,880) |  |  |
|  | _______ | _______ |  |  |
| At 31 December 2025 | 504,996 | 504,996 |  |  |
|  | _______ | _______ |  |  |

23. Deferred tax
The deferred tax included in the statement of financial position is as follows:

|  |  | 2025 | 2024
|  |  | £ | £
| Included in provisions (note 22) |  | 504,996 | 763,876
|  |  | _______ | _______

The deferred tax account consists of the tax effect of timing differences in respect of:

|  |  | 2025 | 2024
|  |  | £ | £
| Accelerated capital allowances |  | 504,996 | 763,876
|  |  | _______ | _______

24. Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £ 159,077 (2024: £ 170,806 ).
25. Called up share capital
Issued, called up and fully paid

|  |  | 2025 |  |  |  | 2024 |  |
|  |  | No |  | £ |  | No |  | £
| Ordinary shares shares of £ 1.00 each |  | 100 |  | 100 |  | 100 |  | 100
|  |  | _______ |  | _______ |  | _______ |  | _______

26. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
27. Analysis of changes in net debt

|  | At 1 January 2025 | Cash flows | At 31 December 2025 |  |  |
|  | £ | £ | £ |  |  |
| Cash and cash equivalents | 5,485,873 | 889,665 | 6,375,538 |  |  |
| Debt due within one year | (171,441) | (115,582) | (287,023) |  |  |
| Debt due after one year | (89,126) | 89,126 | - |  |  |
| Current asset investments | 13,750 | (2,500) | 11,250 |  |  |
|  | _______ | _______ | _______ |  |  |
|  | 5,239,056 | 860,709 | 6,099,765 |  |  |
|  | _______ | _______ | _______ |  |  |

28. Related party transactions
During the year the company paid £20,000 to Mr S Williams and £20,000 to Mrs V E Williams in dividends.
29. Controlling party
Mr S Williams, a director and majority shareholder, is considered to have a controlling interest in the company.