REGISTERED NUMBER: 04932249 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 October 2025

for

Thorneycroft Solicitors Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Profit and Loss Account

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

R L Stow

S P Carnwell

REGISTERED OFFICE:

6 King Edward Street

Macclesfield

SK10 1AB

REGISTERED NUMBER:

04932249 (England and Wales)

AUDITORS:

Thompson Wright (Audit) Limited

Chartered Accountants

and Statutory Auditors

Ebenezer House

Ryecroft

Newcastle under Lyme

Staffordshire

ST5 2BE

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

REVIEW OF BUSINESS

The Directors are pleased to report a profit before tax which is nearly 400% that of 2024. Since 2020 the business has been winding down it's RTA areas of work, this is now materially completed. RTA historically was our major area of Legal work.

The firm although with a slightly smaller overall income than in 2024, has significantly increased its turnover in the planned growth areas of Private Client and Clinical Negligence. We also continue to grow our ELPL department in both staff numbers and turnover.

Our margin has increased by over 8% as we continue to market in different ways for Private Client and Clinical Negligence work, reducing acquisition costs and growing loyalty to our adjusted brand, and services.

Overall profit as a % of turnover has risen by 8.44% reflecting decreased case acquisition costs.

The accounts do not contain unsettled cases within our work in progress at year end. We still have over £600,000 more work in progress compared to budget, not valued in our accounts. We are carrying over £1.6 million of work in progress at year end at cost. This also excludes Private Client WIP.

Our cash reserves have fallen by 22% from 2024 as we have funded the final reduction in Ex RTA staff, and the buyout of one shareholder.

We consider the following to be key performance indicators;

2025

2024

Gross profit percentage

89.82%

81.38%

Net profit percentage

12.16%

3.02%

Liquidity

322.33%

315.53%

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors have identified the key risks faced by the company to be:

a) Market risk

b) Financial risk

With regards to market risk, the key risk remains the continuing growth of Private Client work, development of good Clinical Negligence and ELPL work, and also staffing costs in the current UK legal economy.

The company seeks to manage financial risk by ensuring liquidity is available to meet foreseeable needs and monitor work levels closely to ensure that they are sufficient in Private Client, ELPL and Clinical Negligence areas.

To achieve short term flexibility, the company operates an overdraft facility which means that it is exposed to interest rate risk, although the overdraft facility has not been used in 2025.

FUTURE DEVELOPMENTS

Looking to the future as reported above the directors will continue with their growth plan in the areas that they have already diversified into.

ON BEHALF OF THE BOARD:

R L Stow - Director

13 May 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of solicitors practising in personal injury claims, conveyancing and general private client services.

DIVIDENDS

The total distribution of dividends for the year ended 31 October 2025 will be £1,531,079, payable to the holding company.

DIRECTORS

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

R L Stow

S P Carnwell

Other changes in directors holding office are as follows:

Mr M D Belfield - resigned 5 June 2025

DISCLOSURE IN THE STRATEGIC REPORT

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

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Thompson Wright (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

R L Stow - Director

13 May 2026

Opinion

We have audited the financial statements of Thorneycroft Solicitors Limited (the 'company') for the year ended 31 October 2025 which comprise the Profit and Loss Account, Other 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 October 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the Senior Statutory Auditor ensured that the audit team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of solicitors.

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental consumer rights act, other industry specific accreditations and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

Report of the Independent Auditors to the Members of

Thorneycroft Solicitors Limited

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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.

Jeremy Bostock FCA BFP BA(Hons) (Senior Statutory Auditor)

for and on behalf of Thompson Wright (Audit) Limited

Chartered Accountants

and Statutory Auditors

Ebenezer House

Ryecroft

Newcastle under Lyme

Staffordshire

ST5 2BE

13 May 2026

TURNOVER

3

5,664,581

5,894,259

Cost of sales

576,578

1,097,677

GROSS PROFIT

5,088,003

4,796,582

Administrative expenses

4,326,953

4,783,226

761,050

13,356

Other operating income

4

13,213

21,817

OPERATING PROFIT

7

774,263

35,173

Interest receivable and similar income

312,899

366,856

1,087,162

402,029

Interest payable and similar expenses

8

158,965

165,401

PROFIT BEFORE TAXATION

928,197

236,628

Tax on profit

9

239,253

58,425

PROFIT FOR THE FINANCIAL YEAR

688,944

178,203

PROFIT FOR THE YEAR

688,944

178,203

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

688,944

178,203

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

36,056

50,715

Investments

13

250,000

250,000

286,056

300,715

CURRENT ASSETS

Debtors

14

7,335,347

7,470,031

Cash at bank and in hand

4,093,634

5,288,012

11,428,981

12,758,043

CREDITORS

Amounts falling due within one year

15

3,545,065

4,043,360

NET CURRENT ASSETS

7,883,916

8,714,683

TOTAL ASSETS LESS CURRENT LIABILITIES

8,169,972

9,015,398

PROVISIONS FOR LIABILITIES

18

7,006

10,297

NET ASSETS

8,162,966

9,005,101

CAPITAL AND RESERVES

Called up share capital

19

1

1

Retained earnings

20

8,162,965

9,005,100

SHAREHOLDERS' FUNDS

8,162,966

9,005,101

The financial statements were approved by the Board of Directors and authorised for issue on 13 May 2026 and were signed on its behalf by:

R L Stow - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 November 2023

1

9,805,088

9,805,089

Changes in equity

Dividends

-

(978,191

)

(978,191

)

Total comprehensive income

-

178,203

178,203

Balance at 31 October 2024

1

9,005,100

9,005,101

Changes in equity

Dividends

-

(1,531,079

)

(1,531,079

)

Total comprehensive income

-

688,944

688,944

Balance at 31 October 2025

1

8,162,965

8,162,966

Cash flows from operating activities

Cash generated from operations

1

385,407

(5,244

)

Interest paid

(158,965

)

(165,401

)

Tax paid

(144,000

)

(27,040

)

Net cash from operating activities

82,442

(197,685

)

Cash flows from investing activities

Purchase of tangible fixed assets

(10,981

)

(30,024

)

Interest received

312,899

366,856

Net cash from investing activities

301,918

336,832

Cash flows from financing activities

Loan repayments in year

-

(210,860

)

Amounts due to group undertakings

(47,659

)

126,550

Equity dividends paid

(1,531,079

)

(978,191

)

Net cash from financing activities

(1,578,738

)

(1,062,501

)

Decrease in cash and cash equivalents

(1,194,378

)

(923,354

)

Cash and cash equivalents at beginning of year

2

5,288,012

6,211,366

Cash and cash equivalents at end of year

2

4,093,634

5,288,012

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

2025

2024

£

£

Profit before taxation

928,197

236,628

Depreciation charges

25,639

31,866

Finance costs

158,965

165,401

Finance income

(312,899

)

(366,856

)

799,902

67,039

Decrease in trade and other debtors

134,685

485,900

Decrease in trade and other creditors

(549,180

)

(558,183

)

Cash generated from operations

385,407

(5,244

)

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 October 2025

31.10.25

1.11.24

£

£

Cash and cash equivalents

4,093,634

5,288,012

Year ended 31 October 2024

31.10.24

1.11.23

£

£

Cash and cash equivalents

5,288,012

6,211,366

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.24

Cash flow

At 31.10.25

£

£

£

Net cash

Cash at bank and in hand

5,288,012

(1,194,378

)

4,093,634

5,288,012

(1,194,378

)

4,093,634

Total

5,288,012

(1,194,378

)

4,093,634

1.	STATUTORY INFORMATION

Thorneycroft Solicitors 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 Company 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.

The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed below.

Going concern

The company had net assets of £8,162,966 (2024: £9,005,101) at the year end and has continued to generate profits post year end. The directors believe that the company is well placed to manage the risks at these challenging times and therefore continue to adopt a going concern basis of accounting in preparing these financial statements

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 29.28(b) and 29.29;

•

the requirement of paragraph 33.7.

Preparation of consolidated financial statements

The financial statements contain information about Thorneycroft Solicitors Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, TSGroup Limited, Bridge Street Mills, Bridge Street, Macclesfield, Cheshire, SK11 6QA.

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.

Significant judgements and estimates

The company makes significant judgements and estimates concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities are detailed below.

Impairment of debtors

Management makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the progress and stage reached of individual cases.

Turnover

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

Turnover represents amounts chargeable to clients for professional services provided during the year, inclusive of direct expenses incurred on client assignments but excluding value added tax. Turnover is recognised when a right to consideration has been obtained through performance under each contract. Consideration accrues as contract activity progresses by reference to the value of work performed.

Turnover also includes appropriate amounts in respect of long-term work in progress, to the extent that the outcome of these contracts can be assessed with reasonable certainty.

Turnover is not recognised where the right to receive payment is conditional on events outside the control of the business.

Unbilled revenue is included in debtors as 'Trade debtors' .

All turnover is derived from UK customers.

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.

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

Office equipment

-

25% on cost

Fixtures and fittings

-

15% on cost

Investments in subsidiaries

Investments in shares are measured at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Hire purchase and leasing commitments

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 instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost 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 discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

3.

TURNOVER

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

An analysis of turnover by class of business is given below:

2025

2024

£

£

Large Loss

1,794,790

1,608,351

Clinical Negligence

1,150,837

493,865

RTA Exited

739,329

807,331

Employment/public liability

1,343,984

1,142,181

Other legal services

635,641

1,842,531

5,664,581

5,894,259

4.	OTHER OPERATING INCOME

2025

2024

£

£

Sundry receipts

13,213

21,817

5.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,406,462

2,633,987

Social security costs

267,697

274,258

Other pension costs

291,462

361,248

2,965,621

3,269,493

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

2025

2024

Directors

2

3

Fee earners

26

27

Accounts

6

8

Administration

24

35

58

73

6.	DIRECTORS' EMOLUMENTS

2025

2024

£

£

Directors' remuneration

121,019

66,611

Directors' pension contributions to money purchase schemes

56,354

63,125

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

3

3

7.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Other operating leases

102,252

125,127

Depreciation - owned assets

25,638

31,866

Auditors' remuneration

14,700

14,000

Auditors' remuneration for non audit work

8,770

8,865

8.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Client account interest

158,965

155,275

Loan interest payable

-

10,126

158,965

165,401

9.

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

242,544

59,978

Adjustment to prior years

-

(1,542

)

Total current tax

242,544

58,436

Deferred tax:

Accelerated capital allowances

(3,291

)

(11

)

Tax on profit

239,253

58,425