Registered number: 08976175
FOR THE YEAR ENDED 31 DECEMBER 2025
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their Strategic Report for the year ended 31 December 2025.
Ensco 1066 Limited owned the following subsidiaries at the reporting date: Mills CNC Limited, Mills CNC Finance Limited and Mills CNC Automation Limited.
Ensco 1772 Limited is the ultimate parent company of the group and own 100% of the share capital in Ensco 1066 Limited.
Mills CNC Limited (“Mills CNC”) is the main operating company within the group and is primarily involved in the marketing, distribution and after sales servicing of CNC machines and is recognised as a market leader within this sector.
The group has established a very balanced portfolio of clients across a wide range of UK & Ireland manufacturing sectors.
Furthermore, Mills CNC is clearly recognised as one of the leading UK and Irish suppliers across many machine tool technology sectors (lathes, vertical machining centres, horizontal machining centres, mill-turn, 5-axis etc.) with an equal reputation in customer support, both pre and post-delivery.
At the heart of this success has been the company’s relentless determination to continually improve its customer service across all of its business and thereby capitalise on the already excellent market reputation.
The company has continued to expand its facilities giving it the ability to be agile to its customer needs with a continuous emphasis on delivering the best technology, training, service and support.
The company’s dedicated Training Academy, which in early 2024 moved to newly refurbished classrooms with the latest AV technology, continues to be a first class offering to customers.
The company has continued to enhance its technological ability and capacity within its automation division. Across a range of diverse sectors our customers have benefited from significant improvements in productivity and hence their competitiveness in their markets.
Product innovation by our main supplier, D N Solutions, continues to firmly place the machines that we sell as amongst the world's best, in their class.
The directors will continue to build upon the great progress to date to deliver even greater value for our customers and in turn success to our business.
Like 2024, 2025 was another challenging year with a series of geopolitical and economic events influencing customers confidence to invest. Despite this the directors have been pleased with the quality and diversity of work secured in the year, the resilience of our customer base to adapt to the challenges and therefore the outlook for the future remains strong.
As always, we owe the greatest thanks to our entire workforce, our customers and the team at D N Solutions, all of whom play a vital part in our achievements.
Ensco 1772 Limited is the ultimate parent company of the group and own 100% of the share capital in Ensco 1066 Limited.
Mills CNC Limited (“Mills CNC”) is the main operating company within the group and is primarily involved in the marketing, distribution and after sales servicing of CNC machines and is recognised as a market leader within this sector.
The group has established a very balanced portfolio of clients across a wide range of UK & Ireland manufacturing sectors.
Furthermore, Mills CNC is clearly recognised as one of the leading UK and Irish suppliers across many machine tool technology sectors (lathes, vertical machining centres, horizontal machining centres, mill-turn, 5-axis etc.) with an equal reputation in customer support, both pre and post-delivery.
At the heart of this success has been the company’s relentless determination to continually improve its customer service across all of its business and thereby capitalise on the already excellent market reputation.
The company has continued to expand its facilities giving it the ability to be agile to its customer needs with a continuous emphasis on delivering the best technology, training, service and support.
The company’s dedicated Training Academy, which in early 2024 moved to newly refurbished classrooms with the latest AV technology, continues to be a first class offering to customers.
The company has continued to enhance its technological ability and capacity within its automation division. Across a range of diverse sectors our customers have benefited from significant improvements in productivity and hence their competitiveness in their markets.
Product innovation by our main supplier, D N Solutions, continues to firmly place the machines that we sell as amongst the world's best, in their class.
The directors will continue to build upon the great progress to date to deliver even greater value for our customers and in turn success to our business.
Like 2024, 2025 was another challenging year with a series of geopolitical and economic events influencing customers confidence to invest. Despite this the directors have been pleased with the quality and diversity of work secured in the year, the resilience of our customer base to adapt to the challenges and therefore the outlook for the future remains strong.
As always, we owe the greatest thanks to our entire workforce, our customers and the team at D N Solutions, all of whom play a vital part in our achievements.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Significant Key Supplier
A significant majority of the company’s revenue is derived from the distribution of D N Solutions Machine Tools supplied by D N Solutions Co. Ltd based in Korea.
The board acknowledges that should this relationship deteriorate or breakdown this could have a significant adverse effect on our business. However, this relationship is very strong based on its longevity (over 30 years), legal standing and above all cultural match ensuring both parties prosper.
Global Trade Tariffs
Although there are no signs that tariffs will significantly change with our direct suppliers the directors are aware of the possible impact further down our supply chains and also within our customer base. As always, the company will remain agile and innovative to mitigate the risks and even be ready to take advantage of the opportunities that could present themselves for our customer base.
Financial risk management objectives and policies
Financial instrument risk
The company's principal financial instruments comprise an import loan facility, bank loans, preferred shares treated as debt, cash and short term deposits. The purpose of these financial instruments is to raise finance for the group's operations. The company has various other financial instruments such as trade debtors and trade creditors, which arise directly from its operations.
The main risks arising from the company's financial instruments are interest rate risk, liquidity risk, foreign currency risk, and credit risk. The board reviews and agrees policies for managing each of these risks and they are summarised below:
Interest rate risk
The company finances its operations through a mixture of shareholders' equity and borrowings. The company's exposure to interest rate fluctuations on its borrowings is reduced by the periodic use of interest rate swaps and caps. Cash reserves are placed on deposit and earn interest which partially hedges the exposure for further interest rate rises. Details of the bank loans and preference shares treated as debt are given within the notes to the financial statements.
Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The company holds banking facilities with HSBC UK Bank Plc which secures its liquidity and ability to invest in the future growth of the business. These facilities were renewed in October 2025. Letters of credit, import loans and trade credit facilities are used to finance the purchase of CNC machines.
Foreign currency risk
The group purchases CNC machines from D N Solutions Machine Tools based in Korea. In order to minimise the foreign currency risk with these transactions, D N Solutions invoices the group in sterling.
Credit risk
A significant majority of the company’s revenue is derived from the distribution of D N Solutions Machine Tools supplied by D N Solutions Co. Ltd based in Korea.
The board acknowledges that should this relationship deteriorate or breakdown this could have a significant adverse effect on our business. However, this relationship is very strong based on its longevity (over 30 years), legal standing and above all cultural match ensuring both parties prosper.
Global Trade Tariffs
Although there are no signs that tariffs will significantly change with our direct suppliers the directors are aware of the possible impact further down our supply chains and also within our customer base. As always, the company will remain agile and innovative to mitigate the risks and even be ready to take advantage of the opportunities that could present themselves for our customer base.
Financial risk management objectives and policies
Financial instrument risk
The company's principal financial instruments comprise an import loan facility, bank loans, preferred shares treated as debt, cash and short term deposits. The purpose of these financial instruments is to raise finance for the group's operations. The company has various other financial instruments such as trade debtors and trade creditors, which arise directly from its operations.
The main risks arising from the company's financial instruments are interest rate risk, liquidity risk, foreign currency risk, and credit risk. The board reviews and agrees policies for managing each of these risks and they are summarised below:
Interest rate risk
The company finances its operations through a mixture of shareholders' equity and borrowings. The company's exposure to interest rate fluctuations on its borrowings is reduced by the periodic use of interest rate swaps and caps. Cash reserves are placed on deposit and earn interest which partially hedges the exposure for further interest rate rises. Details of the bank loans and preference shares treated as debt are given within the notes to the financial statements.
Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. The company holds banking facilities with HSBC UK Bank Plc which secures its liquidity and ability to invest in the future growth of the business. These facilities were renewed in October 2025. Letters of credit, import loans and trade credit facilities are used to finance the purchase of CNC machines.
Foreign currency risk
The group purchases CNC machines from D N Solutions Machine Tools based in Korea. In order to minimise the foreign currency risk with these transactions, D N Solutions invoices the group in sterling.
Credit risk
The company trades with only recognised, creditworthy, third parties. It is the company's policy that all customers who wish to trade on credit terms are subject to credit vetting procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the company's exposure to bad debts is not significant.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The entity has no activity than acting as an intermediary holding company and therefore there are no meaningful key performance indicators at the entity level. From a group perspective we consider that our key financial performance indicators are those that communicate the financial performance and strength of the group, these being turnover and earnings before amortisation, depreciation, interest and tax.
The board also monitors the level of stock held against the level of associated import trade debt. This relationship is key in optimising liquidity.
The group achieved a turnover of £62.3m (2024: £64.7m). The group also achieved earnings before interest, tax, depreciation, and amortisation (EBITDA) of £5.1m (2024: £5.7m).
The company's net asset position at year-end has remained stable at £14.5m (2024: £14.5m).
The board also monitors the level of stock held against the level of associated import trade debt. This relationship is key in optimising liquidity.
The group achieved a turnover of £62.3m (2024: £64.7m). The group also achieved earnings before interest, tax, depreciation, and amortisation (EBITDA) of £5.1m (2024: £5.7m).
The company's net asset position at year-end has remained stable at £14.5m (2024: £14.5m).
The board monitors on a monthly basis the responses from its regular customer feedback and employee satisfaction surveys.
The directors of the company, as those of all UK companies, must act in accordance with a set of general duties which are detailed in section 172 of the Companies Act 2006. These duties include a duty by the directors of the company to act in a way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so, have had regard to and recognised the importance of considering all stakeholders and other matters in its decision making.
As part of their induction, a director is briefed on their duties and they can access professional advice on these, either through the company or, if they judge it necessary, from an independent provider. On going training is provided to directors to ensure that their knowledge remains up to date so that they can continue to perform their duties. It is important to recognise that in a large company such as ours, the directors fulfil their duties partly through a governance framework that delegates day to day decision making to employees of the company.
Engagement with our stakeholders
Shareholders
Our shareholders are key to the future success of the business, providing funds which aid business growth and stability. The directors provide information on company strategy and performance, being honest and transparent at all times. Value is generated for shareholders by supporting the overall group to deliver the business plan. Shareholders are able to ask questions regarding the business and are provided with a copy of the Annual Report and Financial Statements for the company.
Suppliers
The group has a broad range of suppliers both globally and throughout the UK & Ireland. We work in collaboration with all our suppliers to not only ensure we treat each other fairly in our business arrangements but that we drive high standards and reduce risk in our supply chain whilst benefiting from cost efficiencies and positive environmental outcomes.
Customers
A close working relationship with our customers helps us to better understand their needs and provide suitable and reliable products and service support. Our talented teams are dedicated to making sure we constantly refine what we do, providing confidence with delivery of everything we do. It is this employee experience, expertise and creativity that is what our customers seek.
As part of their induction, a director is briefed on their duties and they can access professional advice on these, either through the company or, if they judge it necessary, from an independent provider. On going training is provided to directors to ensure that their knowledge remains up to date so that they can continue to perform their duties. It is important to recognise that in a large company such as ours, the directors fulfil their duties partly through a governance framework that delegates day to day decision making to employees of the company.
Engagement with our stakeholders
Shareholders
Our shareholders are key to the future success of the business, providing funds which aid business growth and stability. The directors provide information on company strategy and performance, being honest and transparent at all times. Value is generated for shareholders by supporting the overall group to deliver the business plan. Shareholders are able to ask questions regarding the business and are provided with a copy of the Annual Report and Financial Statements for the company.
Suppliers
The group has a broad range of suppliers both globally and throughout the UK & Ireland. We work in collaboration with all our suppliers to not only ensure we treat each other fairly in our business arrangements but that we drive high standards and reduce risk in our supply chain whilst benefiting from cost efficiencies and positive environmental outcomes.
Customers
A close working relationship with our customers helps us to better understand their needs and provide suitable and reliable products and service support. Our talented teams are dedicated to making sure we constantly refine what we do, providing confidence with delivery of everything we do. It is this employee experience, expertise and creativity that is what our customers seek.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Directors' statement of compliance with duty to promote the success of the company (continued)
Community
By contributing to the wider society this enables us to create stronger communities and have a positive environmental impact. The group’s approach to environmental and social matters is of high importance. As a national but predominantly remotely operated business we rely on our: workforce, suppliers and customers to help drive local initiatives where our support can make a positive impact.
Employees
We continually invest in employee training, development and wellbeing. The company engages with employees via a variety of information, consultation and participation activities. Information is shared through regular operational team briefings, board meetings, written updates and open forum Q&A sessions. Directors regularly visit all site areas providing the opportunity for employee engagement. Department managers are regularly invited to board meetings to discuss their departments performance and future development. Engaging with our employees enables us to create an inclusive culture and a positive working environment.
Community
By contributing to the wider society this enables us to create stronger communities and have a positive environmental impact. The group’s approach to environmental and social matters is of high importance. As a national but predominantly remotely operated business we rely on our: workforce, suppliers and customers to help drive local initiatives where our support can make a positive impact.
Employees
We continually invest in employee training, development and wellbeing. The company engages with employees via a variety of information, consultation and participation activities. Information is shared through regular operational team briefings, board meetings, written updates and open forum Q&A sessions. Directors regularly visit all site areas providing the opportunity for employee engagement. Department managers are regularly invited to board meetings to discuss their departments performance and future development. Engaging with our employees enables us to create an inclusive culture and a positive working environment.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The principal activity of the company is that of a holding company.
The profit for the year, after taxation, amounted to £1,998,860 (2024: £2,499,540).
The directors who served during the year, and up to the date of signing this report, were:
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
∙select suitable accounting policies and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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ENSCO 1066 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The company has taken the exemption available to subsidiary companies not to disclose information in respect of greenhouse gas emissions, energy consumption and energy efficiency action given this is disclosed in the consolidated financial statements of the ultimate parent company, Ensco 1772 Limited.
The company is expected to continue to operate as a holding company for the foreseeable future.
The group has a number of banking facilities with HSBC UK Bank Plc. These secure liquidity and the ability to invest in the future growth of the business.
The directors have prepared detailed cash flow forecasts at the level of Ensco 1772 Limited, of which this company is a part of. These forecasts show that after considering reasonable downside scenarios, the group has sufficient funds to support their activities and meet their liabilities as they fall due based on forecasted trading levels and that the funding is held for a period of at least 12 months from the date of signing these financial statements. As part of the directors' consideration of downside scenarios, they have run reverse stress tests on the cash flow, profit and loss and covenant forecasts that they deem to be implausible
In preparing these forecasts the directors have taken into consideration the current macro economic climate. There have been inflationary cost pressures within our supply chain, but we have and will continue to work hard with our suppliers to minimise the impact of these to our customers.
Global tariff uncertainty has limited direct impact on our costs or onward sales, but we are aware of the potential adverse impact to our customers and have modelled those uncertainties into our projections.
Local and global interest rates have stabilised in the last year and the expectation is that they will remain stable; however, we have profiled interest rate rise sensitivity into our assumptions.
The directors have received confirmation from the parent, Ensco 1772 Limited, that it is the intention to provide financial support, should it be required, to at least 31 December 2027 to enable Ensco 1066 Limited to meet its financial liabilities.
On the basis set out above, the directors continue to adopt the going concern basis of preparation for these financial statements.
The directors have prepared detailed cash flow forecasts at the level of Ensco 1772 Limited, of which this company is a part of. These forecasts show that after considering reasonable downside scenarios, the group has sufficient funds to support their activities and meet their liabilities as they fall due based on forecasted trading levels and that the funding is held for a period of at least 12 months from the date of signing these financial statements. As part of the directors' consideration of downside scenarios, they have run reverse stress tests on the cash flow, profit and loss and covenant forecasts that they deem to be implausible
In preparing these forecasts the directors have taken into consideration the current macro economic climate. There have been inflationary cost pressures within our supply chain, but we have and will continue to work hard with our suppliers to minimise the impact of these to our customers.
Global tariff uncertainty has limited direct impact on our costs or onward sales, but we are aware of the potential adverse impact to our customers and have modelled those uncertainties into our projections.
Local and global interest rates have stabilised in the last year and the expectation is that they will remain stable; however, we have profiled interest rate rise sensitivity into our assumptions.
The directors have received confirmation from the parent, Ensco 1772 Limited, that it is the intention to provide financial support, should it be required, to at least 31 December 2027 to enable Ensco 1066 Limited to meet its financial liabilities.
On the basis set out above, the directors continue to adopt the going concern basis of preparation for these financial statements.
On 29th January 2026 the group was able to secure additional funding from HSBC UK Bank Plc which along with its own cash reserves enabled it to fully settle the Loan Notes B which were a liability of the ultimate holding company Ensco 1772 Limited.
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ENSCO 1066 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The auditor, Grant Thornton UK LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ENSCO 1066 LIMITED
We are responsible for concluding on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern.
In our evaluation of the directors' conclusions, we considered the inherent risks associated with the company's business model including effects arising from macro-economic uncertainties such as the cost of living crisis and the US conflict with Iran, we assessed and challenged the reasonableness of estimates made by the directors and the related disclosures and analysed how those risks might affect the company's financial resources or ability to continue operations over the going concern period.
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ENSCO 1066 LIMITED (CONTINUED)
Conclusions relating to going concern (continued)
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.
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ENSCO 1066 LIMITED (CONTINUED)
Matters on which we are required to report by exception
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ENSCO 1066 LIMITED (CONTINUED)
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ENSCO 1066 LIMITED (CONTINUED)
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Senior Statutory Auditor
for and on behalf of Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Ensco 1066 Limited is a private company limited by shares, incorporated in England and Wales. Registered number 08976175. Its registered head office is located at Units 2 & 3 Tachbrook Link, Tachbrook Park Drive, Leamington Spa, Warwickshire, CV34 6SN.
2.Accounting policies
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; and
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Ensco 1772 Limited as at 31 December 2025 and these financial statements may be obtained from Companies House.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The directors have prepared detailed cash flow forecasts at the level of Ensco 1772 Limited, of which this company is a part of. These forecasts show that after considering reasonable downside scenarios, the group has sufficient funds to support their activities and meet their liabilities as they fall due based on forecasted trading levels and that the funding is held for a period of at least 12 months from the date of signing these financial statements. As part of the directors' consideration of downside scenarios, they have run reverse stress tests on the cash flow, profit and loss and covenant forecasts that they deem to be implausible
In preparing these forecasts the directors have taken into consideration the current macro economic climate. There have been inflationary cost pressures within our supply chain, but we have and will continue to work hard with our suppliers to minimise the impact of these to our customers.
Global tariff uncertainty has limited direct impact on our costs or onward sales, but we are aware of the potential adverse impact to our customers and have modelled those uncertainties into our projections.
Local and global interest rates have stabilised in the last year and the expectation is that they will remain stable; however, we have profiled interest rate rise sensitivity into our assumptions.
The directors have received confirmation from the parent, Ensco 1772 Limited, that it is the intention to provide financial support, should it be required, to at least 31 December 2027 to enable Ensco 1066 Limited to meet its financial liabilities.
On the basis set out above, the directors continue to adopt the going concern basis of preparation for these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
8.Taxation (continued)
Deferred tax balances have been measured at 25%, being the enacted UK corporation tax rate applicable to future periods at the balance sheet date.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Share premium account
Capital redemption reserve
Profit and loss account
The group also has bank guarantees in place at the year end of £509,222 (2024: £332,400).
The parent undertaking of the largest and smallest group for which consolidated accounts are prepared is
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