REGISTERED NUMBER: 02783152 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 August 2025

for

THE HARRODIAN SCHOOL LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

6

Balance Sheet

7

Statement of Changes in Equity

8

Cash Flow Statement

9

Notes to the Cash Flow Statement

10

Notes to the Financial Statements

11

DIRECTORS:

Sir T A Houstoun-Boswall

Mrs A G Moore

K Soe

REGISTERED OFFICE:

Monument House

215 Marsh Road

Pinner

Middlesex

HA5 5NE

BUSINESS ADDRESS:

Lonsdale Road

Barnes

London

SW13 9QN

REGISTERED NUMBER:

02783152 (England and Wales)

SENIOR STATUTORY AUDITOR:

Lino Perdoni FCA

AUDITORS:

Hill Wooldridge & Co. Limited

Statutory Auditor & Chartered Accountants

Monument House

215 Marsh Road

Pinner

HA5 5NE

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

REVIEW OF BUSINESS

The school is a co-educational independent day school for girls and boys aged between 4 (Reception) and 18 years of age (Sixth Form). It was founded in 1993 by Sir Alford Houstoun-Boswall and is situated on the south bank of the River Thames in West London. The school currently has over 1,000 pupils, a figure which continues to increase year on year towards the maximum figure of 1,050 as currently permitted by the London Borough of Richmond upon Thames.

The school aims to promote good citizenship, responsibility, consideration for others and for the school environment and to promote European and global awareness. Its OFSTED report in May 2025 classed behaviour and attitudes, personal development and the school's Sixth Form as "outstanding". The school prides itself in using the information and communication technology (ICT) at its disposal to ensure that pupils' skills are developed well from an early age. The personal, social, health and citizenship education (PSHCE) is implemented in an imaginative way and the school's Youth Philanthropic Initiative (YPI) is particularly successful in enabling pupils in Year 9 to become involved with local charities. There is also a thriving Duke of Edinburgh Award program. The school's activities have now returned to pre-pandemic levels, with a considerable number of domestic and overseas trips now being available for students to participate in.

The school's students achieved the best ever A-level results in a non-Covid era in the summer of 2025, with 87% of students achieving at least one A* or A grade and 84% being accepted by their first-choice university. At GCSE level 79% of all grades were at grades 9 to 7.

The management of the school and the execution of its financial strategy are subject to a number of risks. The key business risks affecting the school are considered to relate to competition from other schools within the geographical catchment area for pupils and any effect on the number of pupils able to attend the school as a result of economic conditions. The directors remain confident that the school is able to withstand any competition and threat to its profitability as a result of its excellent academic results and the distinctive character and qualities that the school has developed through its open door policy, encouraging interaction between teachers and pupils and between parents and the school. The education of many current Harrodian pupils who are siblings of alumni from the school's history is proof of the close ties established between many families and the school.

The school has opted to increase the level of its investments significantly during the financial year in preference to retaining more liquid assets. It is extremely well-placed to continue to return substantial levels of profit and growth. Its location, its excellent facilities and its reputation continue to offer significant competitive advantages.

The school continues to achieve strong financial results with an increased level of profits disclosed in the 2025 accounts.

The school's Current Ratio has increased to 233% while its Debt-to-Equity Ratio has remained constant at 40%. The directors consider that the school's financial position remains highly satisfactory and their forecasts for the current and subsequent financial years indicate continued growth and profitability.

ON BEHALF OF THE BOARD:

Mrs A G Moore - Director

21 May 2026

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

DIVIDENDS

An interim dividend of £51.00 per share was paid on 1 September 2024. The directors recommend a final dividend of £31.50 per share, making a total of £82.50 per share for the year ended 31 August 2025.

The total distribution of dividends for the year ended 31 August 2025 will be £ 825,000 .

DIRECTORS

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

Sir T A Houstoun-Boswall

Mrs A G Moore

Other changes in directors holding office are as follows:

K Soe was appointed as a director after 31 August 2025 but prior to the date of this report.

CHARITABLE DONATIONS

Charitable donations of £5,950 each were made to Trekstock, to Medecins Sans Frontieres and to the Rooh Foundation during the financial year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Hill Wooldridge & Co. Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs A G Moore - Director

21 May 2026

Opinion

We have audited the financial statements of The Harrodian School Limited (the 'company') for the year ended 31 August 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 August 2025 and of its profit for the year then ended;

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

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

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

We obtained an understanding of the procedures and controls over the company's operations and discussed these with those charged with governance. No matters of fraud were brought to our attention during that discussion.

During our discussions with management they assessed these as being the normal risks required to be considered by us as auditors by the Auditing Standards (such as management override and revenue recognition) but confirmed that no irregularities here occurred. This was confirmed by our review of management meetings, auditing management override through journal testing, and other adjustments to consider appropriateness, review of the financial statements to ensure no unusual and/or inexplicable variances and general discussions with management during the course of the audit. We did not identify any significant business transactions outside the normal course of the business operations.

Our senior statutory auditor has assessed that the audit team possessed the ability and competence to identify and recognise non-compliance with the relevant laws and regulations which are central to the entity's operations and which we were not notified about during the course of our audit fieldwork.

We believe that our audit was capable of detecting material irregularities, including fraud but note that it is inherently difficult to detect such irregularities. We also note that it is always possible that a fraud might exist, if undertaken in a sophisticated fashion and hidden from the auditor.

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.

Lino Perdoni FCA (Senior Statutory Auditor)

for and on behalf of Hill Wooldridge & Co. Limited

Statutory Auditor & Chartered Accountants

Monument House

215 Marsh Road

Pinner

HA5 5NE

21 May 2026

TURNOVER

4

26,668,855

25,831,714

Administrative expenses

17,944,122

17,133,963

8,724,733

8,697,751

Other operating income

714,616

588,994

OPERATING PROFIT

6

9,439,349

9,286,745

Interest receivable and similar income

309,068

272,324

9,748,417

9,559,069

Interest payable and similar expenses

7

13,783

428,419

PROFIT BEFORE TAXATION

9,734,634

9,130,650

Tax on profit

8

2,483,988

2,451,524

PROFIT FOR THE FINANCIAL YEAR

7,250,646

6,679,126

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

7,250,646

6,679,126

FIXED ASSETS

Tangible assets

10

39,088,074

39,469,703

Investments

11

2

2

39,088,076

39,469,705

CURRENT ASSETS

Debtors

12

9,357,876

7,795,770

Investments

13

20,795,786

10,486,965

Cash at bank and in hand

4,166,725

7,257,605

34,320,387

25,540,340

CREDITORS

Amounts falling due within one year

14

14,700,491

12,666,047

NET CURRENT ASSETS

19,619,896

12,874,293

TOTAL ASSETS LESS CURRENT LIABILITIES

58,707,972

52,343,998

CREDITORS

Amounts falling due after more than one year

15

(2,688,214

)

(2,716,603

)

PROVISIONS FOR LIABILITIES

19

(3,675,341

)

(3,708,624

)

NET ASSETS

52,344,417

45,918,771

CAPITAL AND RESERVES

Called up share capital

20

10,000

10,000

Revaluation reserve

21

17,274,055

17,378,306

Retained earnings

21

35,060,362

28,530,465

SHAREHOLDERS' FUNDS

52,344,417

45,918,771

The financial statements were approved by the Board of Directors and authorised for issue on 21 May 2026 and were signed on its behalf by:

Mrs A G Moore - Director

Called up

share

Retained

Revaluation

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 September 2023

10,000

21,967,088

17,482,557

39,459,645

Changes in equity

Profit for the year

-

6,679,126

-

6,679,126

Total comprehensive income

-

6,679,126

-

6,679,126

Dividends

-

(220,000

)

-

(220,000

)

Transfer

-

104,251

(104,251

)

-

Balance at 31 August 2024

10,000

28,530,465

17,378,306

45,918,771

Changes in equity

Profit for the year

-

7,250,646

-

7,250,646

Total comprehensive income

-

7,250,646

-

7,250,646

Dividends

-

(825,000

)

-

(825,000

)

Transfer

-

104,251

(104,251

)

-

Balance at 31 August 2025

10,000

35,060,362

17,274,055

52,344,417

Cash flows from operating activities

Cash generated from operations

1

9,849,095

9,287,657

Interest paid

(3,904

)

(422,360

)

Interest element of hire purchase payments paid

(9,879

)

(6,059

)

Tax paid

(2,279,698

)

(2,067,391

)

Net cash from operating activities

7,555,614

6,791,847

Cash flows from investing activities

Purchase of tangible fixed assets

(565,066

)

(4,175,429

)

Sale of tangible fixed assets

408,740

13,000

Purchase of current asset investments

(14,955,074

)

(5,440,014

)

Sale of current asset investments

5,000,000

912,616

Interest received

309,068

272,324

Net cash from investing activities

(9,802,332

)

(8,417,503

)

Cash flows from financing activities

Capital repayments in year

(68,762

)

(42,220

)

Equity dividends paid

(825,000

)

(220,000

)

Net cash from financing activities

(893,762

)

(262,220

)

Decrease in cash and cash equivalents

(3,140,480

)

(1,887,876

)

Cash and cash equivalents at beginning of year

2

7,005,579

8,893,455

Cash and cash equivalents at end of year

2

3,865,099

7,005,579

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

2025

2024

£

£

Profit before taxation

9,734,634

9,130,650

Depreciation charges

537,955

631,941

Loss on disposal of fixed assets

-

614

Gain on revaluation of fixed assets

(353,747

)

(430,849

)

Finance costs

13,783

428,419

Finance income

(309,068

)

(272,324

)

9,623,557

9,488,451

Increase in trade and other debtors

(1,562,106

)

(1,000,398

)

Increase in trade and other creditors

1,787,644

799,604

Cash generated from operations

9,849,095

9,287,657

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

4,166,725

7,257,605

Bank overdrafts

(301,626

)

(252,026

)

3,865,099

7,005,579

Year ended 31 August 2024

31.8.24

1.9.23

£

£

Cash and cash equivalents

7,257,605

9,103,822

Bank overdrafts

(252,026

)

(210,367

)

7,005,579

8,893,455

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

7,257,605

(3,090,880

)

4,166,725

Bank overdrafts

(252,026

)

(49,600

)

(301,626

)

7,005,579

(3,140,480

)

3,865,099

Liquid resources

Current asset investments

10,486,965

10,308,821

20,795,786

10,486,965

10,308,821

20,795,786

Debt

Finance leases

(169,687

)

68,763

(100,924

)

(169,687

)

68,763

(100,924

)

Total

17,322,857

7,237,104

24,559,961

1.	GENERAL INFORMATION

The company is a private company limited by shares and is incorporated and domiciled in England. The address of its registered office is Monument House, 215 Marsh Road, Pinner, England, HA5 5NE.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the recognition of certain financial assets measured at fair value.

Preparation of consolidated financial statements

The company have taken the exemption from presenting consolidated financial statements on the grounds that both subsidiaries are immaterial (individually and collectively).

Investment in the dormant subsidiaries is held at cost less accumulated impairment losses.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

Straight line over 50 years

Equipment

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Land is not depreciated

Tangible fixed assets are stated cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use.

Freehold property

Freehold property is stated at cost (or deemed cost for freehold property held at valuation at the date of transition to FRS 102) less accumulated depreciation and accumulated impairment losses.

Freehold property under course of construction is stated at cost. Assets under construction are not depreciated until available for use.

The difference between depreciation based on the deemed cost charged in the profit and loss account and the asset's original cost is transferred from revaluation reserve to retained earnings.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. 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 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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

Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price. Such assets are subsequently measured at the undiscounted amount of the cash expected to be paid or received.

At the end of each reporting period basic financial assets are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows. The impairment loss is recognised in profit or loss.

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

Current asset investments in securities are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss.

Financial assets are derecognised when (a) the contractual right to the cash flows from the assets expire or are settled, or (b) substantially all the risks and rewards of the ownership of the assets are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the assets has been transferred to another party who has the practical ability to unilaterally sell the assets to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price.

Trade and other creditors are subsequently measured at the undiscounted amount of the cash expected to be paid or received.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

4.

TURNOVER

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

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

11,617,735

10,558,383

Social security costs

1,378,886

1,146,708

Other pension costs

262,173

252,704

13,258,794

11,957,795

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

2025

2024

Teaching, administration and secretarial

235

202

Dining and kitchen

12

12

Domestic and cleaning

16

16

Maintenance

16

14

279

244

2025

2024

£

£

Directors' remuneration

62,973

63,376

6.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Other operating leases

133,326

185,447

Depreciation - owned assets

514,473

592,401

Depreciation - assets on hire purchase contracts

23,482

39,540

Loss on disposal of fixed assets

-

614

Auditors' remuneration

19,600

26,400

Other non- audit services

81,122

97,260

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Interest on overdue tax

3,904

422,360

Hire purchase charges

9,879

6,059

13,783

428,419

8.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£

£

Current tax:

UK corporation tax

2,517,430

2,385,844

Prior year adjustment

(158

)

-

Total current tax

2,517,272

2,385,844

Deferred tax

(33,284

)

65,680

Tax on profit

2,483,988

2,451,524

UK corporation tax has been charged at 25% (2024 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£

£

Profit before tax

9,734,634

9,130,650

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

2,433,659

2,282,663

Effects of:

Expenses not deductible for tax purposes

11,400

110,833

Depreciation in excess of capital allowances

39,087

58,028

Adjustments to tax charge in respect of previous periods

(158

)

-

Total tax charge

2,483,988

2,451,524

9.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Final

315,000

120,000

Interim

510,000

100,000

825,000

220,000