REGISTERED NUMBER: SC142594 (Scotland)

Strategic Report, Report of the Directors and

Financial Statements For The Year Ended 31 October 2025

for

Burns Express Freight Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

8

Statement of Financial Position

9

Statement of Changes in Equity

10

Statement of Cash Flows

11

Notes to the Statement of Cash Flows

12

Notes to the Financial Statements

13

DIRECTORS:

Mrs C Burns

Mr D J Burns

Mr M J Burns

Miss G L Burns

SECRETARY:

Mr D J Burns

REGISTERED OFFICE:

100 Penilee Road

Hillington

Glasgow

G52 4UU

REGISTERED NUMBER:

SC142594 (Scotland)

INDEPENDENT AUDITORS:

Robb Ferguson

Chartered Accountants & Statutory Auditors

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

REVIEW OF BUSINESS

Burns Express Freight Limited is an independent haulage and logistics company providing professional haulage and distribution services across the UK, Ireland, and Europe.

The directors are content with the performance and progress being made with the business, particularly as the transport sector is continuing to be extremely competitive, notwithstanding the general economic and inflationary pressures impacting on fuel and other expenditure. Our focus is to continue to maximise our mutual business opportunities through relationships with customers, which has always been at the forefront of anything we do.

PRINCIPAL RISKS AND UNCERTAINTIES

The company is exposed to market risks arising from its operations. The directors have policies in place to ensure such risks are managed.

Credit risk

The company provides services on credit to its customers. The risk arises from the possibility that customers will fail to meet their obligations to pay the sums due. To manage this risk, all customers have their credit worthiness assessed and credit given is monitored by the company's administrative staff to ensure that payments are received, and late payments are pursued. The company has a lot of longstanding customers, with whom good credit control is in place.

Liquidity risk

The company is funded by retained profits, director's loans, hire purchase contracts, and by an invoice discounting facility. The company mitigates liquidity risks through regular review of cash levels to ensure sufficient cash to meet its operational needs.

Other risks and uncertainties

There are unprecedented challenges presently in the economy with rising fuel costs, pallet network charges increase, and wage inflation to name a few. The company has a fuel surcharge matrix in place, whereby customers are charged separately by a percentage surcharge which increases or decreases based on the current fuel price. This helps to reduce the risk of exposure to any major spike in fuel prices.The directors discuss regularly to consider the principal risks and uncertainties and believe that our structure and experience leaves us in a strong position to meet these challenges.

Development and performance

The company has maintained its overall financial performance despite the challenges detailed above. The directors consider that 2026 will prove to be another challenging year but believe that the company is well placed and agile enough to react to changes in the sector.

KEY PERFORMANCE INDICATORS

The directors monitor the key financial performance indicators, comprising, turnover, gross profit and net profit margins, EBITDA and liquidity ratios. The directors consider that non-financial key performance indicators are as important as financial KPI's. The non-financial KPI's include, but are not limited to: the retention of skilled workforce; maintaining good customer relationships; and achieving the highest possible standards in Health and Safety and Environmental performance.

ON BEHALF OF THE BOARD:

Mrs C Burns - Director

30 April 2026

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

DIVIDENDS

Dividends totalling £176,600 (2024: £199,200) were paid in the year.

The directors recommended that no final dividend will be paid.

DIRECTORS

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

Mrs C Burns

Mr D J Burns

Mr M J Burns

Miss G L Burns

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he 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.

ON BEHALF OF THE BOARD:

Mrs C Burns - Director

30 April 2026

Opinion

We have audited the financial statements of Burns Express Freight Limited (the 'company') for the year ended 31 October 2025 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the company through discussions with directors and other

management, and from our wider knowledge and experience;

- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and FRS 102.

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of

management and inspecting legal correspondence; and

- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to

instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of

actual, suspected and alleged fraud; and

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

Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;

- Tested journal entries to identify unusual transactions; - Assessed whether judgements and assumptions made in determining the accounting estimates set out were indicative

of potential bias; and

- Investigated the rationale behind significant or unusual transactions. - Specific audit procedures and review around the key judgemental areas and estimates within the financial statements, in particular the carrying value of accruals, existence fixed assets, recoverability of debtors and the deprecation policy.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- Agreeing financial statement disclosures to underlying supporting documentation;

- Reading the minutes of meetings of those charged with governance;

- Enquiring of management as to actual and potential litigation and claims; and

- Requesting correspondence with HMRC, Companies House and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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

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

Use of our report

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

Andrew Logan CA (Senior Statutory Auditor)

for and on behalf of Robb Ferguson

Chartered Accountants & Statutory Auditors

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

30 April 2026

TURNOVER

3

11,058,510

10,580,226

Cost of sales

9,708,876

9,217,844

GROSS PROFIT

1,349,634

1,362,382

Administrative expenses

1,022,636

1,082,265

326,998

280,117

Other operating income

2,581

7,813

OPERATING PROFIT

5

329,579

287,930

Interest receivable and similar income

17,616

23,385

347,195

311,315

Interest payable and similar expenses

6

62,922

71,084

PROFIT BEFORE TAXATION

284,273

240,231

Tax on profit

7

73,077

67,317

PROFIT FOR THE FINANCIAL YEAR

211,196

172,914

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

211,196

172,914

FIXED ASSETS

Tangible assets

9

1,340,644

1,359,708

Investments

10

6,250

6,250

1,346,894

1,365,958

CURRENT ASSETS

Debtors

11

1,717,356

1,713,974

Cash at bank and in hand

1,275,452

1,282,564

2,992,808

2,996,538

CREDITORS

Amounts falling due within one year

12

2,317,787

2,246,550

NET CURRENT ASSETS

675,021

749,988

TOTAL ASSETS LESS CURRENT LIABILITIES

2,021,915

2,115,946

CREDITORS

Amounts falling due after more than one year

13

(261,228

)

(391,849

)

PROVISIONS FOR LIABILITIES

16

(311,895

)

(309,901

)

NET ASSETS

1,448,792

1,414,196

CAPITAL AND RESERVES

Called up share capital

17

100

100

Retained earnings

18

1,448,692

1,414,096

SHAREHOLDERS' FUNDS

1,448,792

1,414,196

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2026 and were signed on its behalf by:

Mrs C Burns - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 November 2023

100

1,440,382

1,440,482

Changes in equity

Dividends

-

(199,200

)

(199,200

)

Total comprehensive income

-

172,914

172,914

Balance at 31 October 2024

100

1,414,096

1,414,196

Changes in equity

Dividends

-

(176,600

)

(176,600

)

Total comprehensive income

-

211,196

211,196

Balance at 31 October 2025

100

1,448,692

1,448,792

Cash flows from operating activities

Cash generated from operations

1

670,093

685,357

Interest paid

(62,922

)

(71,084

)

Tax paid

(6,686

)

(51,266

)

Net cash from operating activities

600,485

563,007

Cash flows from investing activities

Purchase of tangible fixed assets

(366,391

)

(583,715

)

Sale of tangible fixed assets

69,000

57,185

Interest received

17,616

23,385

Net cash from investing activities

(279,775

)

(503,145

)

Cash flows from financing activities

Loan repayments in year

(62,500

)

(62,500

)

New HP in year

324,212

496,634

Capital repayments in year

(430,934

)

(350,188

)

Amount withdrawn by directors

-

(91,041

)

Amount introduced by directors

18,000

-

Equity dividends paid

(176,600

)

(199,200

)

Net cash from financing activities

(327,822

)

(206,295

)

Decrease in cash and cash equivalents

(7,112

)

(146,433

)

Cash and cash equivalents at beginning of year

2

1,282,564

1,428,997

Cash and cash equivalents at end of year

2

1,275,452

1,282,564

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

2025

2024

£

£

Profit before taxation

284,273

240,231

Depreciation charges

311,241

284,775

Loss on disposal of fixed assets

5,214

36,690

Finance costs

62,922

71,084

Finance income

(17,616

)

(23,385

)

646,034

609,395

Increase in trade and other debtors

(3,382

)

(22,194

)

Increase in trade and other creditors

27,441

98,156

Cash generated from operations

670,093

685,357

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 October 2025

31.10.25

1.11.24

£

£

Cash and cash equivalents

1,275,452

1,282,564

Year ended 31 October 2024

31.10.24

1.11.23

£

£

Cash and cash equivalents

1,282,564

1,428,997

3.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.11.24

Cash flow

At 31.10.25

£

£

£

Net cash

Cash at bank and in hand

1,282,564

(7,112

)

1,275,452

1,282,564

(7,112

)

1,275,452

Debt

Finance leases

(739,104

)

106,723

(632,381

)

Debts falling due within 1 year

(62,500

)

36,458

(26,042

)

Debts falling due after 1 year

(26,042

)

26,042

-

(827,646

)

169,223

(658,423

)

Total

454,918

162,111

617,029

1.	STATUTORY INFORMATION

Burns Express Freight Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Tangible fixed assets

Depreciation is provided at the following rates in order to write off each asset over its estimated useful life or, if held under finance lease, over the lease term, whichever is shorter.

Freehold property - 2% on cost

Short leasehold - over the period of lease

Improvements to property - 2% on cost

Plant & machinery - 25% on reducing balance

Motor vehicles - 20% on reducing balance

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the Statement of Comprehensive Income..

Taxation and deferred tax

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives.Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the statement of comprehensive income over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the statement of comprehensive income on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the statement of comprehensive income in the period to which they relate.

Investments

Unlisted investments are measured at cost less impairment as fair value cannot be reliably measured without undue cost or effort.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3.

TURNOVER

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

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

2,743,129

2,526.017

Social security costs

306,073

247,203

Other pension costs

74,231

73,633

3,123,434

2,846,853

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

2025

2024

Employees

76

78

2025

2024

£

£

Directors' remuneration

90,917

80,000

Directors' pension contributions to money purchase schemes

26,353

26,266

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

2025

2024

Money purchase schemes

2

2

5.	OPERATING PROFIT

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

2025

2024

£

£

Other operating leases

712,840

620,291

Depreciation - owned assets

28,734

82,124

Depreciation - assets on hire purchase contracts

256,113

202,650

(Profit)/loss on disposal of fixed assets

5,214

36,390

Auditors' remuneration

10,500

10,500

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank interest

50,909

59,071

Bank loan interest

12,013

12,013

62,922

71,084

7.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

71,083

6,663

Prior years provision

-

2,050

Total current tax

71,083

8,713

Deferred tax

1,994

58,604

Tax on profit

73,077

67,317

UK corporation tax has been charged at 25% .

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:

2025

2024

£

£

Profit before tax

284,273

240,231

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

71,068

60,058

Effects of:

Expenses not deductible for tax purposes

93,658

87,288

Income not taxable for tax purposes

(2,528

)

-

Capital allowances in excess of depreciation

(92,997

)

(138,462

)

Adjustments to tax charge in respect of previous periods

1,882

(171

)

Deferred tax

1,994

58,604

Total tax charge

73,077

67,317

8.

DIVIDENDS

2025

2024

£

£

A Ordinary Shares shares of £1 each

Interim

150,000

174,000

B Ordinary Shares shares of £1 each

Interim

13,300

12,600

C Ordinary Shares shares of £1 each

Interim

13,300

12,600

176,600

199,200