REGISTERED NUMBER: 12165148 (England and Wales)

Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 31 March 2025

for

Lawrence Stephens Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

8

Statement of Financial Position

9

Statement of Cash Flows

10

Notes to the Statement of Cash Flows

11

Notes to the Financial Statements

12

DIRECTORS:

Mr S Bernstein

Mr D Schwarz

Mr J.L. Rubenstein

Mr G Palos

Mr S. Messias

Mr L. Kelly

Mr A J Conway

Miss G M Banan

REGISTERED OFFICE:

50 Farringdon Road

London

EC1M 3HE

REGISTERED NUMBER:

12165148 (England and Wales)

AUDITORS:

Parker Cavendish

Chartered Accountants

Registered Auditor

Suite 301, Stanmore Business

and Innovation Centre

Howard Road

Stanmore

Middlesex

HA7 1FW

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

REVIEW OF BUSINESS

In accordance with The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the directors set out the following review of the business.

The profit for the year after taxation is £277,474 (2024 - £676,552).

The group's key financial performance indicators are as follows:

12 months

8 months

2025

2024

£'000

£'000

Turnover

22,231

11,909

Operating profit

1,392

1,117

EBITDA

2,842

2,070

Post tax profit for the financial year/period

277

675

Shareholder's equity

360

2,244

Cash

60

10

Debt

3,919

4,586

The financial year ending 31 March 2025 represented another period of growth for the firm. The business continued to build on its established practice areas while investing in strategic growth initiatives. It was another year of substantial increase in the firm's headcount, culminating in the recruitment of 7 new partners, and over 20 people in total, as part of a significant lateral hire.

The firm continued its move towards increasing specialisation in its key practice areas of acting for financial institutions and for entrepreneurial, owner-managed SMEs and the founders of those businesses. This included the recruitment of our first tax partner, a substantial strengthening of our commercial property team, and growing our employment department to meet the demands of our corporate clients.

The corporate department continued to benefit from increased M&A activity whilst the real estate finance and banking teams were able to onboard a significant number of new lender clients, which also required us to increase our real estate disputes department. There was also increased activity within our residential real estate department, including the new build team, where a large number of new developer clients were onboarded. We also restructured our family department.

The firm continued to benefit from the strong relationships that exist with its corporate clients, meaning that many clients were instructing the firm across multiple departments.

The firm continued to experience cost pressures, particularly in relation to salary increases and operational expenses, which were managed through careful cost control and improved utilisation of fee earners. Investment was also made in technology and operational systems to improve efficiency and enhance client service delivery.

The firm operates in a competitive legal market and is exposed to fluctuations in client demand driven by wider economic conditions. The business is dependent on the continued contribution of key personnel, and the firm actively manages this risk through recruitment and retention.

As a regulated entity, the firm is subject to compliance with Solicitors Regulation Authority requirements and other applicable regulations. Robust internal policies and procedures are in place to mitigate regulatory risk.

The firm also recognises the importance of cybersecurity and data protection and continues to invest in systems and controls to safeguard client information.

The directors remain cautiously optimistic about the firm's prospects for the coming year. While macroeconomic conditions remain uncertain, the firm is well positioned due to its diversified practice areas, established client base and continued investment in people and infrastructure.

The firm will continue to focus on profitable growth, operational efficiency and delivering high-quality legal services to its clients.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors regularly review and evaluate various risks applicable to the company.

Market and Competitive Risk

The directors believe that the principal risks and uncertainties which the business faces result from the changing nature of the market in which it operates and the associated and continuing price and cost pressures in the economy generally.

Liquidity risks

The company's principal financial risk is cash.The company manages its cash and borrowing requirements daily to ensure it has sufficient working capital resources to meet the operating needs of its business. Where necessary the Company looks to its bankers, other lenders and Directors for support as appropriate.

Taxation risk

The company is exposed to financial risks from increases in tax rates and changes to the basis of taxation including corporation tax and VAT.

Credit risk

All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on an on-going basis and provision is made for doubtful debts where necessary.

Cyber risk

With a growing reliance on the IT infrastructure to manage the business operations there is a risk of cyber-attack.

The company has robust systems in place to deal with this threat and staff are regularly reminded to be vigilant to reduce the chances of an attack taking place and the Company has adequate insurance in place should it fall victim to such an event.

Recruitment, development and retention of a quality team

The company continues to maintain its positive and vibrant culture , promoting diversity and inclusion and an ethos that helps engender a quality workplace whilst nurturing an entrepreneurial spirit that will enable our staff to meet the challenges ahead. The company's staff are an integral part of our success story.

ON BEHALF OF THE BOARD:

Mr S Bernstein - Director

22 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 the provision of legal services.

DIVIDENDS

During the year the company paid total dividends of £2,160,713 (2024: £1,195,258) on all classes of shares.

DIRECTORS

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

Mr S Bernstein

Mr D Schwarz

Mr J.L. Rubenstein

Mr G Palos

Mr S. Messias

Mr L. Kelly

Mr A J Conway

Miss G M Banan

Other changes in directors holding office are as follows:

Mr M Green - appointed 18 June 2024

Mr A J Edwards - appointed 24 June 2024

Ms A Y Ebberson - appointed 1 July 2024

Mr J Richards - appointed 1 August 2024

Ms E Wood - appointed 1 August 2024

Ms R Coulthard - appointed 1 August 2024

Mr A Yeganeh - appointed 1 August 2024

Ms Zangana - appointed 1 August 2024

Mr D Holden - appointed 13 November 2024

Mr C Cagney - appointed 3 February 2025

Mr S Silverman - appointed 3 February 2025

Mr N Mandora - appointed 3 February 2025

Mr C Aynsley - appointed 3 February 2025

Mr M Hind - appointed 12 February 2025

Mr S Clinning - appointed 17 February 2025

Mrs J A Mackie - resigned 30 April 2024

Mr J Patel - resigned 30 April 2024

Mr G I Mendelsohn - resigned 24 July 2024

Mr A Panteli - resigned 28 February 2025

Mrs N Bhola, Mr A Bose-Mallick, Ms A Y Ebberson, Mr A J Edwards, Mr A Yeganeh, Mr C Cagney, Ms C L Allan, Mr C Mullen, Mrs C A Russell and Mr N T S Marshall ceased to be directors after 31 March 2025 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that 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, Parker Cavendish, are deemed to be reappointed under Section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:

Mr S Bernstein - Director

22 June 2026

Opinion

We have audited the financial statements of Lawrence Stephens Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, 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 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.

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

- Performing audit work over the risk of management override of controls, including testing of large or otherwise unusual journal entries and other adjustments for appropriateness;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with the applicable laws and regulations;

- Review of legal and professional nominal accounts for indications of any actual or potential litigation;

- Reviewing correspondence and discussing with those charged with governance for evidence of any actual or potential litigation or non-compliance with laws or regulations;

- Review of accounting estimates for indications of management bias.

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.

Marco Gazza (Senior Statutory Auditor)

for and on behalf of Parker Cavendish

Chartered Accountants

Registered Auditor

Suite 301, Stanmore Business

and Innovation Centre

Howard Road

Stanmore

Middlesex

HA7 1FW

22 June 2026

TURNOVER

3

22,231,436

11,908,742

Administrative expenses

(20,839,307

)

(10,792,190

)

OPERATING PROFIT

5

1,392,129

1,116,552

Interest receivable and similar income

375,931

384,737

1,768,060

1,501,289

Interest payable and similar expenses

6

(850,724

)

(284,441

)

PROFIT BEFORE TAXATION

917,336

1,216,848

Tax on profit

7

(639,862

)

(541,296

)

PROFIT FOR THE FINANCIAL YEAR

277,474

675,552

Retained earnings at beginning of year

2,243,566

2,763,272

Dividends

8

(2,160,713

)

(1,195,258

)

RETAINED EARNINGS AT END OF YEAR

360,327

2,243,566

FIXED ASSETS

Intangible assets

10

6,049,992

7,149,996

Tangible assets

11

1,167,638

1,452,531

7,217,630

8,602,527

CURRENT ASSETS

Debtors

12

9,831,893

8,626,869

Cash at bank and in hand

60,470

9,894

9,892,363

8,636,763

CREDITORS

Amounts falling due within one year

13

(15,744,046

)

(13,334,587

)

NET CURRENT LIABILITIES

(5,851,683

)

(4,697,824

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,365,947

3,904,703

CREDITORS

Amounts falling due after more than one year

14

(986,369

)

(1,641,846

)

PROVISIONS FOR LIABILITIES

18

(17,951

)

(17,951

)

NET ASSETS

361,627

2,244,906

CAPITAL AND RESERVES

Called up share capital

19

1,300

1,340

Retained earnings

20

360,327

2,243,566

SHAREHOLDERS' FUNDS

361,627

2,244,906

The financial statements were approved by the Board of Directors and authorised for issue on 22 June 2026 and were signed on its behalf by:

Mr S Bernstein - Director

Mr J.L. Rubenstein - Director

Cash flows from operating activities

Cash generated from operations

1

4,797,052

1,458,709

Interest paid

(850,724

)

(284,441

)

Tax paid

(1,023,725

)

(1,038,272

)

Net cash from operating activities

2,922,603

135,996

Cash flows from investing activities

Purchase of tangible fixed assets

(64,939

)

(800,687

)

Interest received

375,931

384,737

Net cash from investing activities

310,992

(415,950

)

Cash flows from financing activities

Movement in Loans

5,011

1,460,136

Finance leases repayments in period

(317,915

)

418,403

Amount withdrawn by directors

(355,059

)

(1,221,150

)

Share buyback

(40

)

-

Equity dividends paid

(2,160,713

)

(1,195,258

)

Net cash from financing activities

(2,828,716

)

(537,869

)

Increase/(decrease) in cash and cash equivalents

404,879

(817,823

)

Cash and cash equivalents at beginning of year

2

(436,596

)

381,227

Cash and cash equivalents at end of year

2

(31,717

)

(436,596

)

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

Period

1.8.23

Year ended

to

31.3.25

31.3.24

as restated

£

£

Profit before taxation

917,336

1,216,848

Depreciation charges

1,449,836

953,790

Finance costs

850,724

284,441

Finance income

(375,931

)

(384,737

)

2,841,965

2,070,342

Increase in trade and other debtors

(1,205,025

)

(1,666,017

)

Increase in trade and other creditors

3,160,112

1,054,384

Cash generated from operations

4,797,052

1,458,709

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

60,470

9,894

Bank overdrafts

(92,187

)

(446,490

)

(31,717

)

(436,596

)

Period ended 31 March 2024

31.3.24

1.8.23

as restated

£

£

Cash and cash equivalents

9,894

381,227

Bank overdrafts

(446,490

)

-

(436,596

)

381,227

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

9,894

50,576

60,470

Bank overdrafts

(446,490

)

354,303

(92,187

)

(436,596

)

404,879

(31,717

)

Debt

Finance leases

(1,131,684

)

317,915

(813,769

)

Debts falling due within 1 year

(2,291,593

)

(296,848

)

(2,588,441

)

Debts falling due after 1 year

(716,493

)

291,836

(424,657

)

(4,139,770

)

312,903

(3,826,867

)

Total

(4,576,366

)

717,782

(3,858,584

)

1.	STATUTORY INFORMATION

Lawrence Stephens 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.

Significant judgements and estimates

The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the accounting policies selected by the Company. When preparing the Financial Statements management is required to make certain estimates and assumptions which affect reported income, expenses, assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with management's expectations of future events that are believed to be reasonable under the circumstances. The Directors consider that the significant estimates included in the financial statements concern the recognition of revenue on unbilled contracts and the amortisation of goodwill.

Revenue

Revenue represents amounts recoverable from clients for professional services provided during the period. It is measured at the fair value of consideration received or receivable on each client assignment, including expenses and disbursements but excluding Value Added Tax. Revenue is recognised when earned and when a right to consideration has been obtained through performance under each contract. Consideration accrues as contract activity progresses by reference to the value of the work performed.

Unbilled revenue is included within debtors as "Amounts recoverable on contracts".

Revenue is only recognised where the amount of revenue can be measured reliably and it is probable that the economic benefits will be received.

Goodwill

Goodwill arising on the acquisition of a business on 1 October 2020 is carried at cost less accumulated amortisation and impairment losses, if any. Amortisation is calculated on a straight line basis and goodwill is being amortised over its expected useful life of ten years. Amortisation charges are reported within operating expenses in the Statement of Comprehensive Income and Retained Earnings. Goodwill is reviewed annually by the Directors for impairment.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

straight line over the life of the lease

Fixtures and fittings

-

25% on cost

Leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.In preparing the financial statements, management has applied the overarching concept of substance over form. Transactions are accounted for and presented in accordance with their economic reality to provide relevant and reliable financial information, irrespective of their strict legal form. As a result assets held under leases where the company assumes substantially all the risks and rewards of ownership, are capitalised at their fair value at the inception of the lease. The corresponding liability is recorded as a finance lease obligation. Leased assets are depreciated over the shorter of the lease term and their useful economic life. Lease payments are apportioned between finance charges and the reduction of the lease obligation using the effective interest method so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Trade and other debtors

Trade and other debtors are measured at transation price, less any impairment.

Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand and deposits with financial institutions which are subject to an insignificant risk of change in value.

Trade and other creditors

Trade and other creditors are initially recorded at the transaction price. Other financial liabilities, inluding bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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.

Pension costs and other post-retirement benefits

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

Going concern

When assessing going concern the Board of Directors have considered the firm's cost base and short-term liquidity. Forecasts have been prepared to cover a period of at least 12 months from the date of approval of the financial statements. These have been stress tested by the Board of Directors and they remain confident that the company has adequate resources to continue trading. The business continues to produce daily cash flows to ensure that the cash position of the company is monitored in real time.

The company is currently in advanced negotiations to refinance its existing borrowings, repay debt and obtain additional working capital to help facilitate the growth in it's business.The senior Directors have also confirmed their intention to provide such financial support if necessary to enable the company to meet its liabilities as they fall due.

Based on this support and the review of projected cash flows, the Directors are satisfied that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

3.

TURNOVER

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

4.	EMPLOYEES AND DIRECTORS

Period

1.8.23

Year ended

to

31.3.25

31.3.24

as restated

£

£

Wages and salaries

13,005,389

6,500,410

Other pension costs

236,081

135,410

13,241,470

6,635,820

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

Period

1.8.23

Year ended

to

31.3.25

31.3.24

as restated

Accounts and administration

30

25

Professional

124

103

154

128

Period

1.8.23

Year ended

to

31.3.25

31.3.24

as restated

£

£

Directors' remuneration

3,688,473

1,871,864

Information regarding the highest paid director is as follows:

Period

1.8.23

Year ended

to

31.3.25

31.3.24

as restated

£

£

Emoluments etc

337,009

283,805

5.	OPERATING PROFIT

The operating profit is stated after charging:

Period

1.8.23

Year ended

to

31.3.25

31.3.24

as restated

£

£

Other operating leases

426,809

339,783

Depreciation - owned assets

349,832

220,458

Goodwill amortisation

1,100,004

733,333

Auditors' remuneration

55,000

25,000

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1.8.23

Year ended

to

31.3.25

31.3.24

as restated

£

£

Interest payable

559,594

245,426

Interest on overdue tax

291,130

39,015

850,724

284,441

7.

TAXATION

Analysis of the tax charge

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

Period

1.8.23

Year ended

to

31.3.25

31.3.24

as restated

£

£

Current tax:

UK corporation tax

639,862

546,090

Deferred tax

-

(4,794

)

Tax on profit

639,862

541,296

Reconciliation of total tax charge included in profit and loss

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

Period

1.8.23

Year ended

to

31.3.25

31.3.24

as restated

£

£

Profit before tax

917,336

1,216,848

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

229,334

304,212

Effects of:

Expenses not deductible for tax purposes

373,930

51,080

Depreciation in excess of capital allowances

36,598

190,797

Deferred tax

-

(4,793

)

Total tax charge

639,862

541,296