Bristol & West Investments PLC - Limited company accounts 25.1

REGISTERED NUMBER: 01610013 (England and Wales)

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

FOR

BRISTOL & WEST INVESTMENTS PLC

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Financial Statements

14

DIRECTORS:

P Klein

K Liss

J Abudarham

D Klein

REGISTERED OFFICE:

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

REGISTERED NUMBER:

01610013 (England and Wales)

AUDITORS:

Melinek Fine LLP

Chartered Accountants

Statutory Auditors

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

The directors present their strategic report for the year ended 31 March 2026.

PRINCIPAL ACTIVITIES AND REVIEW OF BUSINESS

The principal activity during the year remained that of mortgage lending.

Development and Performance

The statement of comprehensive income is set out on page 8 and shows turnover for the year of £124,679 (2025: £241,726) and a loss for the year of £32,477 (2025: 31,138 profit). The turnover is lower compared to last year due to no significant new loans advanced or repaid during the year.

The company is continuing looking to increase its lending. At the year end the company has a loan book balance of £2,005,868 (2025: £1,458,214).

PRINCIPAL RISKS AND UNCERTAINTIES

The main risks to the business are to remain competitive and to manage the financial instruments risks.

The company's financial instruments comprise cash and liquid resources and various items that arise directly from its operations. The purpose of these financial instruments is to fund mortgage advances made by the company and to provide the company's working capital.

The company's policy in respect of risk is to ensure that adequate security exists before making the advance through appropriate checks on the security valuation, the ability for the client to service the loan, and credit checks on the client. The company then constantly monitors the advances to ensure recoverability.

All material financial assets attract interest at a rate determined by management and the rate can be varied. The rate for determining interest is based on a detailed risk assessment.

The company's policy in respect of liquidity risk, is to maintain sufficient funds for loans through its' own capital to service the budgeted lending.The company's credit risk is primarily attributable to its debtors. Credit risk is managed by running identity and credit checks on new customers, monitoring payments against contractual agreements and ensuring that lending is redeemed within the contractual agreements.

There were no bank borrowings as at 31 March 2026.

SECTION 172(1) STATEMENT

Consequences of decisions in the long term

The directors consider that they have acted in a way to promote the success of the business in the decisions taken in the year ended 31 March 2026. The intention is to nurture the Company's reputation, through the delivery of a plan that reflects responsible behaviour.

Employees

The Company has two employees.

Suppliers, customers and others

The Company deals solely with mortgage lending. The Company is lending at a steady pace. The directors do their due diligence before lending to anyone to ensure they are reputable. All the lending is secured.

Community and environment

The Company has minimal direct environment impact due to its nature. When looking for regular suppliers, the directors consider the supplier's ethical and environment policies.

Reputation

The Company's intention is to behave responsibly and to ensure that the business operates in a responsible manner, operating within the high standards of business conduct and good governance expected of the business. The company has a good reputation in this regard and acts in good faith in all of it's operations.

Acting fairly between members

The directors fulfil their legal duty to act fairly and impartially between the company's shareholders irrespective of their shareholding.

KEY PERFORMANCE INDICATORS

The directors use a variety of key performance indicators to effectively measure the development, performance and position of the business, which include:

Gross profit margin: 92.86% (2025: 96.64%)

Net profit margin: -26.05% (2025: 12.88%)

Loan book size: £2,005,868

There are no non financial KPIs for the company.

SUPPLIER TERMS

The company has no specific policy and the company settles all outstanding invoices on the due date.

GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION REPORTING

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

ON BEHALF OF THE BOARD:

P Klein - Director

8 June 2026

The directors present their report with the financial statements of the company for the year ended 31 March 2026.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2026.

FUTURE DEVELOPMENTS

Bristol and West Investments plan to continue to lend in the future in the pace they are lending now with some large loans and some smaller ones.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2025 to the date of this report.

P Klein

K Liss

J Abudarham

D Klein

FINANCIAL INSTRUMENTS

This section is shown in the strategic report.

SUBSTANTIAL INTERESTS

As at the date of this report Sandford Investments Overseas Limited a company registered in British Virgin Islands held 99.99% of the issued ordinary share capital of the company. The number of ordinary shares held was 999,999.

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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

AUDITORS

Melinek Fine LLP have expressed their willingness to continue in office as auditors and a resolution to reappoint them will be proposed at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P Klein - Director

8 June 2026

Opinion

We have audited the financial statements of Bristol & West Investments PLC (the 'company') for the year ended 31 March 2026 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and 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 2026 and of its loss 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 four, 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 identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the company's regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company's constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigation. We identified the following area as most likely to have such an affect, being loan regulations and FCA registered.

International Standards on Auditing (UK) (ISAs (UK)) limit the required procedures to identify non-compliance with these laws and regulations, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

Challenging assumptions made by management in its significant accounting estimates.

Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account

combinations, journal entries crediting cash or any revenue account, journal entries posted by senior management.

Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

Ensuring that testing undertaken on both the performance statements and the Balance Sheet includes a number of items selected on a random basis.

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

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 International Standards on Auditing (UK)(ISAs (UK)). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

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.

DANIEL FINE (Senior Statutory Auditor)

for and on behalf of Melinek Fine LLP

Chartered Accountants

Statutory Auditors

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

8 June 2026

TURNOVER

124,679

241,726

Cost of sales

8,906

8,125

GROSS PROFIT

115,773

233,601

Administrative expenses

148,594

201,602

OPERATING (LOSS)/PROFIT

4

(32,821

)

31,999

Interest receivable and similar income

344

-

(32,477

)

31,999

Interest payable and similar expenses

5

-

861

(LOSS)/PROFIT BEFORE TAXATION

(32,477

)

31,138

Tax on (loss)/profit

6

(6,384

)

6,384

(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(26,093

)

24,754

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(26,093

)

24,754

FIXED ASSETS

Tangible assets

7

3,235

962

CURRENT ASSETS

Debtors

8

2,005,868

1,458,214

Cash at bank

9

2,739,269

3,366,935

4,745,137

4,825,149

CREDITORS

Amounts falling due within one year

10

12,014

63,660

NET CURRENT ASSETS

4,733,123

4,761,489

TOTAL ASSETS LESS CURRENT
LIABILITIES

4,736,358

4,762,451

CAPITAL AND RESERVES

Called up share capital

11

1,032,971

Share premium

2,004,560

Profit and loss account

1,698,827

1,724,920

SHAREHOLDERS' FUNDS

4,736,358

4,762,451

The financial statements were approved by the Board of Directors and authorised for issue on 8 June 2026 and were signed on its behalf by:

P Klein - Director

Called up

Profit

share

and loss

Share

Total

capital

account

premium

equity

£

Balance at 1 April 2024

1,032,971

1,700,166

2,004,560

4,737,697

Changes in equity

Profit for the year

-

24,754

-

24,754

Total comprehensive income

-

24,754

-

24,754

Balance at 31 March 2025

1,032,971

1,724,920

2,004,560

4,762,451

Changes in equity

Deficit for the year

-

(26,093

)

-

(26,093

)

Total comprehensive income

-

(26,093

)

-

(26,093

)

Balance at 31 March 2026

1,032,971

1,698,827

2,004,560

4,736,358

Cash flows from operating activities

Cash generated from operations

13

(618,380

)

1,510,258

Interest paid

-

(861

)

Tax paid

(6,384

)

(26,816

)

Net cash from operating activities

(624,764

)

1,482,581

Cash flows from investing activities

Purchase of tangible fixed assets

(3,246

)

-

Interest received

344

-

Net cash from investing activities

(2,902

)

-

(Decrease)/increase in cash and cash equivalents

(627,666

)

1,482,581

Cash and cash equivalents at beginning
of year

14

3,366,935

1,884,354

Cash and cash equivalents at end of
year

14

2,739,269

3,366,935

1.	STATUTORY INFORMATION

Bristol & West Investments PLC is a private company , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The principal operation of the company is disclosed in the strategic report.

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.

Going Concern

The directors have prepared detailed projected information to 31 March 2027. The directors support this opinion based on our current and expected cash reserves, our much reduced overheads and a strong capital base. Summary projections beyond April 2027 indicate we have sufficient reserves to cover operating costs for the foreseeable future.

The accounts have been prepared on the going concern basis as the directors consider the company to have adequate resources to continue in operational existence for the foreseeable future, which the directors consider to be 12 months from the date of approval of the financial statements.

Income recognition and Turnover

Turnover represents interest on loans advanced. Interest income is recognised on an amortised cost basis, unless the outstanding balance is in excess of the expected realisable value of any asset, in which case it is excluded from the profit or loss account. Bridging loans, also included in mortgage advances in the balance sheet, earn interest on a daily basis.

Bad debt provision

Following a review of all of our mortgage advances, the provision represents the specific amount required to reduce the outstanding balance of any impaired asset to its expected realisable value, after adjusting for any recoveries anticipated. The provision is deducted from Trade debtors rather than being shown as a separate provision on the balance sheet.

Impairment of debts

Because the loans are charged against a property the capital is usually fully recoverable.

Turnover

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

Turnover represents interest on loans advanced and amounts recovered in respect of loans previously written off.

Tangible fixed assets

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

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

20% on cost

Financial instruments

Bristol and West Investments is following FRS 102 sections 11 and 12 for financial instruments.

As per note 10 a financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost unless they are classified as receivable within one year in which case they are measured at the undiscounted amount of the cash or other consideration expected to be received net of impairment.

Financial liabilities that are classified as payable within one year are subsequently measured at the undiscounted amount of the cash or other consideration expected to be paid.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset or settle the liability simultaneously.

Taxation

Taxation for the year comprises current tax. Tax is recognised in the profit or loss account Statement of Comprehensive Incomeexcept to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

3.	EMPLOYEES AND DIRECTORS

2026

2025

£

Wages and salaries

122,000

Social security costs

6,300

5,324

128,300

127,324

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

2026

2025

Directors

2

2026

2025

£

Directors' remuneration

122,000

4.	OPERATING (LOSS)/PROFIT

The operating loss (2025 - operating profit) is stated after charging:

2026

2025

£

Depreciation - owned assets

973

933

Auditors' remuneration

5,100

Preparation of Financial Statements

1,750

Corporation Tax

250

FCA Reporting

1,000

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2026

2025

£

Interest payable

-

861

6.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss for the year was as follows:

2026

2025

£

Current tax:

UK corporation tax

(6,384

)

6,384

Tax on (loss)/profit

(6,384

)

6,384

Reconciliation of total tax (credit)/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:

2026

2025

£

(Loss)/profit before tax

(32,477

)

31,138

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
19% (2025 - 19%)

(6,171

)

5,916

Effects of:

Expenses not deductible for tax purposes

200

468

Capital allowances in excess of depreciation

(432

)

-

Unused tax losses carried forward

19

-

Total tax (credit)/charge

(6,384

)

6,384

7.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

COST

At 1 April 2025

2,637

9,103

64,441

76,181

Additions

-

3,246

At 31 March 2026

2,637

9,103

67,687

79,427

DEPRECIATION

At 1 April 2025

2,637

9,103

63,479

75,219

Charge for year

-

973

At 31 March 2026

2,637

9,103

64,452

76,192

NET BOOK VALUE

At 31 March 2026

-

3,235

At 31 March 2025

-

962

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Trade debtors

2,005,868

1,453,339

Prepayments and accrued income

-

4,875

2,005,868

1,458,214

9.	CASH AT BANK

2026

2025

£

Bank account no. 1

2,739,269

3,366,935

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

Tax

(6,384

)

6,384

Social security and other taxes

5,275

5,214

Other creditors

6,417

6,356

Accruals and deferred income

6,706

45,706

12,014

63,660

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2026

2025

value:

£

1,000,000

Ordinary Shares

£1.03

1,032,971

12.	RELATED PARTY DISCLOSURES

Transactions

Other than Directors remuneration there were no related party transactions during the year.

Controlling Party and Ultimate Holding Company

The parent company is Sandford Investments Overseas Limited a company registered in British Virgin Islands.The directors regard Southwark Holdings Limited and Line Trust Corporation Limited as trustee of The Malaga Settlement, both registered in Gibraltar, as respectively the ultimate holding company and controlling party.

13.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2026

2025

£

(Loss)/profit before taxation

(32,477

)

31,138

Depreciation charges

973

933

Finance costs

-

861

Finance income

(344

)

-

(31,848

)

32,932

(Increase)/decrease in trade and other debtors

(547,654

)

1,442,326

(Decrease)/increase in trade and other creditors

(38,878

)

35,000

Cash generated from operations

(618,380

)

1,510,258

14.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2026

31.3.26

1.4.25

£

Cash and cash equivalents

2,739,269

3,366,935

Year ended 31 March 2025

31.3.25

1.4.24

£

Cash and cash equivalents

3,366,935

1,884,354

15.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.25

Cash flow

At 31.3.26

£

Net cash

Cash at bank

3,366,935

(627,666

)

2,739,269

3,366,935

(627,666

)

2,739,269

Total

3,366,935

(627,666

)

2,739,269