REGISTERED NUMBER: 07316074 (England and Wales)

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30TH SEPTEMBER 2025

FOR

DANFORDS (CONSTRUCTION EQUIPMENT) LTD

Page

Company information

1

Strategic report

2

Report of the directors

4

Report of the independent auditors

6

Income statement

10

Other comprehensive income

11

Balance sheet

12

Statement of changes in equity

13

Cash flow statement

14

Notes to the cash flow statement

15

Notes to the financial statements

17

Directors:

D J Fordham

R R Bufton

N P Taylor

Registered office:

Concrete Park

Enterprise Way

Leominster

Herefordshire

HR6 0LZ

Registered number:

07316074 (England and Wales)

The directors present their strategic report for the year ended 30th September 2025.

Review of business

The principal activity of the company is the sale of concrete pumping equipment and ancillary items to the construction industry. Sales are predominantly in the UK.

The company is a wholly owned subsidiary of Danfords Holdings Limited.

Results & performance

This year the company saw turnover of £14.5m compared to £17m last year, as expected due to challenging market conditions. However, despite a reduction in turnover and rising costs, the Directors are pleased with the performance of the company with gross margin increasing from 17.4% in 2024 to 21% in 2025. This in turn resulted in maintaining profit before tax at £1.2m (2024: £1.4m). The Directors have monitored costs and managed them, despite an increasingly punitive tax regime.

The company increased cash reserves from £1.2m to £1.5m and saw a growth in net assets of £600k. The company was also able to continue making investments in fixed assets during the year of £783k (2024: £258k).

Despite challenging times, positive trading outcomes have enabled the Directors to develop new opportunities as they arose. The company purchased local premises in order to expand its existing parts and pipeline department.

Dividends were paid of £310k (2024: £1.11m) which moved reserves to the holding company.

The company monitors a series of KPIs, of which by far the most important is the margin per unit of equipment sold.

Principal risks & uncertainties

The company supplies the construction industry and is therefore subject to the cyclical nature of that industry. Specific challenges are as follows:

- Supply chain disruption - Brexit has increased the administrative burden for equipment resellers and still remains a challenge. However, the Directors are positive that friction will be reduced in the future.

- International trade - any tightening of trade terms and tariff wars has the potential to upset supply chains.

- Continuing tensions globally also have the potential to upset supply chains and cause inflation.

The key opportunities for the business which mitigate its risks are:

- Maintaining the quality of service whilst simultaneously striving to improve internal processes.

- Demonstrating the quality of both product and services to ensure customer loyalty.

- Building stronger relationships with EU suppliers.

Development & performance

Turnover for the next year is likely to remain similar to 2025 due to challenging market conditions. However, the company has a strong order book despite this. The Directors remain positive as the company has a good supply chain and is in a strong position to serve its customers to usual high standards.

Our strategic focus will continue to drive us to invest in our people and processes and continue serving our customers as effectively as possible, whilst maintaining strong relationships with our major suppliers. There are currently no capital projects on the horizon, so cash generation will be focused on working capital requirements.

The current US/Iran conflict is likely to drive inflation and the company is in a strong position to maintain profitability.

On behalf of the board:

D J Fordham - Director

21st May 2026

The directors present their report with the financial statements of the company for the year ended 30th September 2025.

Dividends

Interim dividends were paid as follows:

£

Share class

110,000

Ordinary

30th April 2025

200,000

Ordinary

30th September 2025

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30th September 2025 will be £310,000.

Research and development

The company continues to invest in research and development in order to continue developing their products.

Future developments

The directors expect continued improvement in the level of activity and operational profits for the forthcoming year ending 30th September 2026. No changes in the operational activities are expected in the foreseeable future.

Directors

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

D J Fordham

R R Bufton

N P Taylor

Financial instruments

The company enters into no complex financial instruments.

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

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

On behalf of the board:

D J Fordham - Director

21st May 2026

Opinion

We have audited the financial statements of Danfords (Construction Equipment) Ltd (the 'company') for the year ended 30th September 2025 which comprise the Income statement, 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 30th September 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 pages four and five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.

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 engagement partner ensured that the engagement 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 the construction sector;

-

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 and data protection, anti-bribery, employment, environmental 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;

-

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

-

understanding the design of the company's remuneration policies.

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;

-

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

-

reviewing correspondence with HMRC, relevant regulators 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.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

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

Chris Duckett (Senior Statutory Auditor)

for and on behalf of Chris Duckett (Audit) Limited

Chartered Accountants & Statutory Auditors

Network House

Thorn Office Centre

Rotherwas

Hereford

HR2 6JT

21st May 2026

Turnover

14,546,956

16,965,565

Cost of sales

11,490,202

14,019,956

Gross profit

3,056,754

2,945,609

Administrative expenses

1,848,162

1,586,947

Operating profit

5

1,208,592

1,358,662

Interest receivable & similar income

22,055

22,772

1,230,647

1,381,434

Interest payable & similar expenses

6

22,073

24,006

Profit before taxation

1,208,574

1,357,428

Tax on profit

7

306,254

293,916

Profit for the financial year

902,320

1,063,512

Profit for the year

902,320

1,063,512

Other comprehensive income

-

-

Total comprehensive income for the year

902,320

1,063,512

Fixed assets

Tangible assets

10

1,151,614

754,385

Current assets

Stocks

11

5,018,540

5,970,885

Debtors

12

1,558,738

2,058,585

Cash at bank and in hand

1,478,714

1,237,216

8,055,992

9,266,686

Creditors

Amounts falling due within one year

13

3,569,790

5,311,167

Net current assets

4,486,202

3,955,519

Total assets less current liabilities

5,637,816

4,709,904

Creditors

Amounts falling due after more than one year

14

(370,068

)

(126,876

)

Provisions for liabilities

18

(265,900

)

(173,500

)

Net assets

5,001,848

4,409,528

Capital and reserves

Called up share capital

19

900

900

Retained earnings

20

5,000,948

4,408,628

Shareholders' funds

5,001,848

4,409,528

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

D J Fordham - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st October 2023

900

4,455,116

4,456,016

Changes in equity

Dividends

-

(1,110,000

)

(1,110,000

)

Total comprehensive income

-

1,063,512

1,063,512

Balance at 30th September 2024

900

4,408,628

4,409,528

Changes in equity

Dividends

-

(310,000

)

(310,000

)

Total comprehensive income

-

902,320

902,320

Balance at 30th September 2025

900

5,000,948

5,001,848

Cash flows from operating activities

Cash generated from operations

1

1,312,770

612,203

Interest paid

(5,236

)

(10,353

)

Interest element of hire purchase payments paid

(16,837

)

(13,527

)

Finance costs paid

-

(126

)

Tax paid

(135,149

)

(327,625

)

Net cash from operating activities

1,155,548

260,572

Cash flows from investing activities

Purchase of tangible fixed assets

(314,917

)

(137,346

)

Sale of tangible fixed assets

38,500

877,329

Interest received

22,055

22,772

Net cash from investing activities

(254,362

)

762,755

Cash flows from financing activities

Loan repayments in year

(54,545

)

(54,545

)

Capital repayments in year

(143,789

)

(122,001

)

Amount introduced by directors

9,000

-

Amount withdrawn by directors

-

(13,000

)

Loans with group undertakings

(160,354

)

884,263

Equity dividends paid

(310,000

)

(1,110,000

)

Net cash from financing activities

(659,688

)

(415,283

)

Increase in cash and cash equivalents

241,498

608,044

Cash and cash equivalents at beginning of year

2

1,237,216

631,991

Effect of foreign exchange rate changes

-

(2,819

)

Cash and cash equivalents at end of year

2

1,478,714

1,237,216

1.	Reconciliation of profit before taxation to cash generated from operations

30.9.25

30.9.24

£

£

Profit before taxation

1,208,574

1,357,428

Depreciation charges

346,299

222,886

Loss/(profit) on disposal of fixed assets

926

(10,230

)

Effects of change in exchange rate

-

2,819

Provisions

(14,000

)

14,000

Finance costs

22,073

24,006

Finance income

(22,055

)

(22,772

)

1,541,817

1,588,137

Decrease/(increase) in stocks

952,345

(1,810,995

)

Decrease/(increase) in trade and other debtors

490,847

(261,118

)

(Decrease)/increase in trade and other creditors

(1,672,239

)

1,096,179

Cash generated from operations

1,312,770

612,203

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 30th September 2025

30.9.25

1.10.24

£

£

Cash and cash equivalents

1,478,714

1,237,216

Year ended 30th September 2024

30.9.24

1.10.23

£

£

Cash and cash equivalents

1,237,216

631,991

3.	Analysis of changes in net funds

Other

non-cash

At 1.10.24

Cash flow

changes

At 30.9.25

£

£

£

£

Net cash

Cash at bank

and in hand

1,237,216

241,498

1,478,714

1,237,216

241,498

1,478,714

Debt

Finance leases

(211,911

)

143,789

(468,037

)

(536,159

)

Debts falling due

within 1 year

(54,545

)

18,181

-

(36,364

)

Debts falling due

after 1 year

(36,364

)

36,364

-

-

(302,820

)

198,334

(468,037

)

(572,523

)

Total

934,396

439,832

(468,037

)

906,191

1.	Statutory information

Danfords (Construction Equipment) Ltd 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.

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.

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

Tangible fixed assets are stated in the Balance Sheet at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under finance lease, over the lease term, whichever is the shorter.

Plant & machinery

12.5% on cost

Motor vehicles

20% on cost

Computer equipment

12.5% on cost

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances,are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, 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, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. 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 assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a 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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all of the risks and rewards of the ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducing all of its liabilities.

Basic financial liabilities, including trade and other payables are measured at the transaction price.

Other financial liabilities, including bank loans, loans from fellow group companies and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Research & development

Expenditure on research and development is written off in the year in which it is incurred.

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 & 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.

Pension costs & 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.

3.	Significant accounting judgements & key sources of estimation uncertainty

The following judgements and estimations have been made in the process of applying the company's accounting policies that have had the most significant effect on amounts recognised in the financial statements.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where it affects only that period or in both current and future periods.

Stock provision

In calculating the stock provision, the Directors assess the nature and condition of the items in stock at the year end and how long they have been held. This provision is included within the stock balance in notes.

Useful economic lives of tangible fixed assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economical lives and residual values of the assets. These are assessed by the Directors on an annual basis.

4.	Employees (including officers)

30.9.25

30.9.24

£

£

Wages and salaries

1,055,449

950,373

Social security costs

123,142

101,042

Other pension costs

104,000

98,711

1,282,591

1,150,126

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

30.9.25

30.9.24

Directors

3

3

Sales, admin & production

22

20

25

23

30.9.25

30.9.24

£

£

Directors' remuneration

205,420

207,461

Directors' pension contributions to money purchase schemes

43,449

43,109

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

Money purchase schemes

3

3

Information regarding the highest paid director is as follows:

30.9.25

30.9.24

£

£

Emoluments etc

100,670

105,523

Pension contributions to money purchase schemes

1,499

1,421

5.	Operating profit

The operating profit is stated after charging/(crediting):

30.9.25

30.9.24

£

£

Depreciation - owned assets

166,620

117,887

Depreciation - assets on hire purchase contracts

179,679

104,999

Loss/(profit) on disposal of fixed assets

926

(10,230

)

Auditors' remuneration

12,725

12,000

Foreign exchange differences

8,547

14,647