REGISTERED NUMBER: 10052865 (England and Wales)

MAG ROTHERHAM LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

to

6

Income Statement

7

Other Comprehensive Income

8

Statement of Financial Position

9

Statement of Changes in Equity

10

Statement of Cash Flows

11

Notes to the Statement of Cash Flows

12

Notes to the Financial Statements

13

to

21

DIRECTORS:

M I Gill

P A Hill

J M Tomlinson

D M Tomlinson

REGISTERED OFFICE:

Carr House

Greasbrough Road

Rotherham

S61 4QQ

REGISTERED NUMBER:

10052865 (England and Wales)

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

14 London Road

Newark

Nottinghamshire

NG24 1TW

SOLICITORS:

Jones & Co Solicitors

5 Churchgate

Connon Square

Retford

Nottinghamshire

DN22 6PB

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

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and the non-complex nature of our business and is written in the context of risk and uncertainties we face.

PRINCIPAL ACTIVITY

The principal activity of the business the wholesaling of used vehicles by auction. The principal activity remains unchanged from the previous year.

REVIEW OF BUSINESS

The Company faced a challenging economic environment during the year, with a continuing shortage of supply, of used vehicles in the market, as well as a significant correction in the pricing of used cars. Due to this, turnover has decreased by £719,597 (4.59%) in the year under review. Due to a decrease in cost of sales, there has been an in increase in gross profit of 3.54% from £3,695,146 to £3,825,814.

The Company continued to expand its direct-to-consumer vehicle purchasing offering, with this contributing over 10% of all units sold in the year.

Post year end the Company has expanded its LCV offering, which is expected to form a significant part of the client base in future years.

The Company continues to invest significantly in technology, and digital products.

KEY PERFORMANCE INDICATORS

We consider that our key performance indicators are those that most adequately communicate the financial performance and strength of the company as a whole, these being turnover and gross margin.

PRINCIPAL RISKS AND UNCERTAINTIES

The key risk facing the business is the continuing erosion in margin within the sector. The auction industry is a highly competitive arena, which since Covid has suffered from overcapacity and under supply. This has led to extremely competitive pricing / discounting by some operators, resulting in downward pressure on margin.

To combat this MAG strives to be industry leading in customer service delivery, maintaining strong relationships with both vendors and buyers, as well as continuing investment in new technology.

The company will also continue to be affected by wage rate increases due to changes in the minimum wage, price movements on materials and transportation costs.

With these risks and uncertainties in mind, we are aware that any plans for future development of the business may be subject to unforeseen future events outside of our control.

ON BEHALF OF THE BOARD:

J M Tomlinson - Director

10 June 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of motor auctioneers and the wholesaling of vehicles purchased from consumers.

DIVIDENDS

An interim dividend of £288 per share was paid on 31 March 2025. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2025 will be £ 288,000 .

DIRECTORS

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

M I Gill

P A Hill

J M Tomlinson

D M Tomlinson

POLITICAL DONATIONS AND EXPENDITURE

During the year, there were donation costs totalling £29,943. These were not political donations.

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, Duncan & Toplis Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

J M Tomlinson - Director

10 June 2026

Opinion

We have audited the financial statements of MAG Rotherham Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 March 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 have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of tangible fixed assets, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements.We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the company is subject to other laws and regulations where the consequence for noncompliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, Goods vehicle operating licence and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of correspondence from any external regulators as well as verification of the company's vehicle operating license . Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Rachel Rudkin FCCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

14 London Road

Newark

Nottinghamshire

NG24 1TW

10 June 2026

TURNOVER

14,925,377

15,657,327

Cost of sales

(11,204,789

)

(11,999,319

)

GROSS PROFIT

3,720,588

3,658,008

Administrative expenses

(3,156,438

)

(2,719,583

)

564,150

938,425

Other operating income

43,052

54,139

OPERATING PROFIT

4

607,202

992,564

Exceptional items

5

-

(90,142

)

607,202

902,422

Interest receivable and similar income

7,934

-

615,136

902,422

Interest payable and similar expenses

6

(130

)

(4,185

)

PROFIT BEFORE TAXATION

615,006

898,237

Tax on profit

7

(99,422

)

(225,508

)

PROFIT FOR THE FINANCIAL YEAR

515,584

672,729

PROFIT FOR THE YEAR

515,584

672,729

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

515,584

672,729

Note

Prior year adjustment

9

(144,896

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

370,688

FIXED ASSETS

Intangible assets

11

344,893

261,151

Tangible assets

12

915,132

821,865

1,260,025

1,083,016

CURRENT ASSETS

Stocks

13

59,490

92,621

Debtors

14

1,827,549

1,192,062

Cash at bank

910,196

1,764,226

2,797,235

3,048,909

CREDITORS

Amounts falling due within one year

15

(1,403,597

)

(1,719,068

)

NET CURRENT ASSETS

1,393,638

1,329,841

TOTAL ASSETS LESS CURRENT LIABILITIES

2,653,663

2,412,857

PROVISIONS FOR LIABILITIES

18

(122,414

)

(109,192

)

NET ASSETS

2,531,249

2,303,665

CAPITAL AND RESERVES

Called up share capital

19

1,000

1,000

Retained earnings

20

2,530,249

2,302,665

SHAREHOLDERS' FUNDS

2,531,249

2,303,665

The financial statements were approved by the Board of Directors and authorised for issue on 10 June 2026 and were signed on its behalf by:

J M Tomlinson - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

1,000

2,405,936

2,406,936

Changes in equity

Dividends

-

(776,000

)

(776,000

)

Total comprehensive income

-

817,625

817,625

Balance at 31 March 2024

1,000

2,447,561

2,448,561

Prior year adjustment

-

(144,896

)

(144,896

)

As restated

1,000

2,302,665

2,303,665

Changes in equity

Dividends

-

(288,000

)

(288,000

)

Total comprehensive income

-

515,584

515,584

Balance at 31 March 2025

1,000

2,530,249

2,531,249

Cash flows from operating activities

Cash generated from operations

1

(314,468

)

1,212,081

Interest paid

(130

)

(4,185

)

Tax paid

(110,707

)

(53,001

)

Net cash from operating activities

(425,305

)

1,154,895

Cash flows from investing activities

Purchase of intangible fixed assets

(174,119

)

(160,757

)

Purchase of tangible fixed assets

(290,140

)

(76,545

)

Sale of tangible fixed assets

27,600

3,139

Interest received

7,934

-

Net cash from investing activities

(428,725

)

(234,163

)

Cash flows from financing activities

Amount introduced by directors

288,000

-

Equity dividends paid

(288,000

)

(776,000

)

Net cash from financing activities

-

(776,000

)

(Decrease)/increase in cash and cash equivalents

(854,030

)

144,732

Cash and cash equivalents at beginning of year

2

1,764,226

1,619,494

Cash and cash equivalents at end of year

2

910,196

1,764,226

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

2025

2024

as restated

£

£

Profit before taxation

615,006

898,237

Depreciation charges

269,394

209,854

Profit on disposal of fixed assets

(9,745

)

(4,160

)

Finance costs

130

4,185

Finance income

(7,934

)

-

866,851

1,108,116

Decrease in stocks

33,131

79,644

Increase in trade and other debtors

(635,486

)

(483,967

)

(Decrease)/increase in trade and other creditors

(578,964

)

508,288

Cash generated from operations

(314,468

)

1,212,081

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

910,196

1,764,226

Year ended 31 March 2024

31.3.24

1.4.23

as restated

£

£

Cash and cash equivalents

1,764,226

1,619,494

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

1,764,226

(854,030

)

910,196

1,764,226

(854,030

)

910,196

Total

1,764,226

(854,030

)

910,196

1.	STATUTORY INFORMATION

MAG Rotherham 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.

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.

These financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principle accounting policies adopted are set out below.

Financial Reporting Standard 102 - reduced disclosure exemptions

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 requirement of paragraph 33.7.

Turnover

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

The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

i) Rendering of services

In the case of auctioneering income, turnover comprises only commission and similar fees receivable and does not include gross amounts receivable for vehicles sold in the company's capacity of auctioneering agents.

ii) Sale of goods

Revenue represents the sale value of a vehicle sold and is recognised on the date of sale. Revenue is measured at fair value of consideration received or receivable and is stated net of discounts and value added taxes.

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.

Computer software is being amortised evenly over its estimated useful life of nil years.

Amortisation os recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer software 20% straight line

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings

No depreciation

Plant & equipment

20% straight line

Fixtures & fittings

20% straight line

Computers

33.3% straight line

Motor vehicles

12.5% - 33.3% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit or loss.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amount of it's tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimate in order to determine the extent of the impairment loss (if any).

Stocks

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

At each reporting date, an assessment is made for impairment. Any excess of the carry amount of stocks over it's estimated selling price less costs to complete and sell is recognised as an impairment loss on the profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

The company has chosen to adopt the FRS102 in respect of financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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 the income statement.

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. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transactions costs. Dividends payable on equity instruments are recognised as liabilities once they are not longer at the discretion of the company.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Employee benefits and other post-retirement benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

3.	EMPLOYEES AND DIRECTORS

2025

2024

as restated

£

£

Wages and salaries

3,056,557

2,727,743

Social security costs

321,436

201,098

Other pension costs

56,684

30,998

3,434,677

2,959,839

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

2025

2024

as restated

Directors

4

4

Management

79

70

83

74

2025

2024

as restated

£

£

Directors' remuneration

484,000

399,000

Information regarding the highest paid director is as follows:

2025

2024

as restated

£

£

Emoluments etc

235,000

225,000

4.	OPERATING PROFIT

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

2025

2024

as restated

£

£

Depreciation - owned assets

179,018

158,527

Profit on disposal of fixed assets

(9,745

)

(4,160

)

Computer software amortisation

90,377

51,327

5.	EXCEPTIONAL ITEMS

2025

2024

as restated

£

£

Exceptional items

-

(90,142

)

Included within exceptional items is a charge of £90,142 arising from the write off of historical unreconciled balances identified during a comprehensive review of the bank balance. Management have assessed that these differences relate to prior accounting periods and could not be attributed with sufficient certainty to specific historical income or expenditure categories. Following completion of the reconciliation exercise, all material balance sheet accounts have been reconciled and management does not expect further adjustments of this nature.

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

as restated

£

£

Bank interest

-

4,185

Corporation tax interest

130

-

130

4,185

7.

TAXATION

Analysis of the tax charge

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

2025

2024

as restated

£

£

Current tax:

UK corporation tax

86,200

251,316

Deferred tax

13,222

(25,808

)

Tax on profit

99,422

225,508

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 lower than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

as restated

£

£

Profit before tax

615,006

898,237

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

153,752

224,559

Effects of:

Expenses not deductible for tax purposes

5,452

(22,693

)

Capital allowances in excess of depreciation

(73,004

)

-

Depreciation in excess of capital allowances

-

13,226

Temporary timing differences

13,222

10,416

Total tax charge

99,422

225,508

8.

DIVIDENDS

2025

2024

as restated

£

£

ORDINARY shares of 1 each

Interim

288,000

776,000