REGISTERED NUMBER: 03359591 (England and Wales)

Group Strategic Report, Report of the Director and

Consolidated Financial Statements

for the Year Ended 31 October 2025

for

Townson Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Consolidated Statement of Income and Retained Earnings

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Cash Flow Statement

11

Notes to the Consolidated Cash Flow Statement

12

Notes to the Consolidated Financial Statements

13

DIRECTOR:

W Townson

SECRETARY:

J R Craig

REGISTERED OFFICE:

West End

Hellifield

Skipton

North Yorkshire

BD23 4HE

REGISTERED NUMBER:

03359591 (England and Wales)

SENIOR STATUTORY AUDITOR:

Stephen McGevor FCCA

AUDITORS:

Stirk Lambert & Co

Chartered Accountants

Statutory Auditors

Russell Chambers

61a North Street

Keighley

West Yorkshire

BD21 3DS

The director presents his strategic report of the company and the group for the year ended 31 October 2025.

REVIEW OF BUSINESS

The group continues to deal in agricultural machinery, both in the United Kingdom and overseas, together with providing a full after sales service.

The group performed well during the year.

PRINCIPAL RISKS AND UNCERTAINTIES

The director regularly reviews the principal risks faced by the group.

The group's principal risks are credit risk and cash flow risk.

Credit Risk

The group manages credit risk by assessing customers and applying credit limits using data from credit reference agencies. Credit limits are reviewed on a regular basis by management to ensure that the group minimises its exposure to over trading with customers deemed to be a credit risk.

Cash Flow Risk

The group does not rely upon debt financing and has accumulated considerable cash reserves during 2025 and 2024 thereby minimising cash flow risk.

KEY PERFORMANCE INDICATORS

The director monitors performance of the group with reference to the following key performance indicators:

2025

2024

Revenue growth/(decline) %

3.8%

(8.7)%

Gross profit %

5.4%

5.8%

Net profit after tax %

1.3%

1.5%

ON BEHALF OF THE BOARD:

W Townson - Director

19 May 2026

The director presents his report with the financial statements of the company and the group for the year ended 31 October 2025.

DIVIDENDS

The total distribution of dividends for the year ended 31 October 2025 will be £ 41,000 .

DIRECTOR

W Townson held office during the whole of the period from 1 November 2024 to the date of this report.

His beneficial interest in the shares of the company, according to the register of directors' interests, was as follows:

31.10.25

1.11.24

Ordinary shares of £1 each

445,002

445,002

He did not hold any non-beneficial interests in the shares of the company.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group's auditors are aware of that information.

AUDITORS

The auditors, Stirk Lambert & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

W Townson - Director

19 May 2026

Opinion

We have audited the financial statements of Townson Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2025 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 October 2025 and of the group's 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 group 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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

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

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

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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 commercial knowledge and experience of the sector;

- 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;

- 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

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

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 were indicative of potential bias;

- investigated the rationale behind significant or unusual transactions.

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;

- enquiring of management as to actual and potential litigation and claims and

- reviewing correspondence with HMRC and relevant regulators

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.

Stephen McGevor FCCA (Senior Statutory Auditor)

for and on behalf of Stirk Lambert & Co

Chartered Accountants

Statutory Auditors

Russell Chambers

61a North Street

Keighley

West Yorkshire

BD21 3DS

19 May 2026

TURNOVER

3

20,121,136

19,372,185

Cost of sales

(19,030,388

)

(18,247,377

)

GROSS PROFIT

1,090,748

1,124,808

Administrative expenses

(771,611

)

(910,297

)

319,137

214,511

Other operating income

35,978

56,959

OPERATING PROFIT

5

355,115

271,470

Interest receivable and similar income

5,382

-

360,497

271,470

Gain/loss on revaluation of assets

684

124,876

361,181

396,346

Interest payable and similar expenses

6

18

42

PROFIT BEFORE TAXATION

361,199

396,388

Tax on profit

7

(92,257

)

(108,147

)

PROFIT FOR THE FINANCIAL YEAR

268,942

288,241

Retained earnings at beginning of year

5,676,664

5,450,423

Dividends

9

(41,000

)

(62,000

)

RETAINED EARNINGS FOR THE GROUP AT END OF YEAR

5,904,606

5,676,664

Profit attributable to:

Owners of the parent

268,942

288,241

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

761,193

722,001

Investments

12

3,133

2,449

Investment property

13

605,000

605,000

1,369,326

1,329,450

CURRENT ASSETS

Stocks

14

2,902,639

3,574,137

Debtors

15

1,846,228

1,271,379

Cash at bank and in hand

1,810,019

1,206,638

6,558,886

6,052,154

CREDITORS

Amounts falling due within one year

16

1,389,411

1,084,002

NET CURRENT ASSETS

5,169,475

4,968,152

TOTAL ASSETS LESS CURRENT LIABILITIES

6,538,801

6,297,602

CREDITORS

Amounts falling due after more than one year

17

(3,596

)

-

PROVISIONS FOR LIABILITIES

20

(185,597

)

(175,936

)

NET ASSETS

6,349,608

6,121,666

CAPITAL AND RESERVES

Called up share capital

21

445,002

445,002

Retained earnings

22

5,904,606

5,676,664

SHAREHOLDERS' FUNDS

6,349,608

6,121,666

The financial statements were approved by the director and authorised for issue on 19 May 2026 and were signed by:

W Townson - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

-

-

Investments

12

894,737

894,737

Investment property

13

-

-

894,737

894,737

CREDITORS

Amounts falling due within one year

16

449,735

449,735

NET CURRENT LIABILITIES

(449,735

)

(449,735

)

TOTAL ASSETS LESS CURRENT LIABILITIES

445,002

445,002

CAPITAL AND RESERVES

Called up share capital

21

445,002

445,002

SHAREHOLDERS' FUNDS

445,002

445,002

Company's profit for the financial year

41,000

62,000

The financial statements were approved by the director and authorised for issue on 19 May 2026 and were signed by:

W Townson - Director

Cash flows from operating activities

Cash generated from operations

1

1,447,840

1,332,385

Interest paid

18

42

Tax paid

(75,496

)

(105,396

)

Net cash from operating activities

1,372,362

1,227,031

Cash flows from investing activities

Purchase of tangible fixed assets

(182,321

)

(94,054

)

Sale of tangible fixed assets

36,350

10,501

Interest received

5,382

-

Net cash from investing activities

(140,589

)

(83,553

)

Cash flows from financing activities

Capital repayments in year

66,074

-

Amount introduced by directors

12,166

503

Amount withdrawn by directors

(665,632

)

-

Equity dividends paid

(41,000

)

(62,000

)

Net cash from financing activities

(628,392

)

(61,497

)

Increase in cash and cash equivalents

603,381

1,081,981

Cash and cash equivalents at beginning of year

2

1,206,638

124,657

Cash and cash equivalents at end of year

2

1,810,019

1,206,638

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

31.10.25

31.10.24

£

£

Profit before taxation

361,199

396,388

Depreciation charges

121,320

117,786

(Profit)/loss on disposal of fixed assets

(14,541

)

1,619

Gain on revaluation of fixed assets

(684

)

(124,876

)

Finance costs

(18

)

(42

)

Finance income

(5,382

)

-

461,894

390,875

Decrease in stocks

671,498

1,150,423

Decrease in trade and other debtors

77,308

220,296

Increase/(decrease) in trade and other creditors

237,140

(429,209

)

Cash generated from operations

1,447,840

1,332,385

2.	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 October 2025

31.10.25

1.11.24

£

£

Cash and cash equivalents

1,810,019

1,206,638

Year ended 31 October 2024

31.10.24

1.11.23

£

£

Cash and cash equivalents

1,206,638

124,657

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.24

Cash flow

At 31.10.25

£

£

£

Net cash

Cash at bank and in hand

1,206,638

603,381

1,810,019

1,206,638

603,381

1,810,019

Debt

Finance leases

-

(66,074

)

(66,074

)

-

(66,074

)

(66,074

)

Total

1,206,638

537,307

1,743,945

1.	STATUTORY INFORMATION

Townson Holdings 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 General 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 as modified by the revaluation of certain assets.

Basis of consolidation

The consolidated financial statements include the financial statements of the Company and all of its subsidiary undertakings.

All intra-group transactions, balances, income and expenses are eliminated on consolidation.

Critical accounting judgements and key sources of estimation uncertainty

Stock write downs

Stock, which consists of finished goods and parts, is stated at the lower of cost or market value. The company analyses its stock levels periodically and writes down inventory to its net realisable value if it has become obsolete, has a cost in excess of its expected net realisable value or is in excess of expected requirements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1997, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Long leasehold

-

15% on reducing balance

Improvements to property

-

15% on reducing balance

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Depreciation is not provided on freehold land and buildings on the grounds of immateriality as the director is of the opinion that the residual value will be at least equal to book value.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Parts stocks have been valued at average cost less a reduction for slow-moving and obsolete stocks.

Tractors and machinery have been valued at lower of cost and net realisable value.

Work in progress has been valued at the cost of materials and labour.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss and any subsequent reversal is recognised in the profit and loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled. or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables and bank loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 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.

Pension costs and other post-retirement benefits

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

Investments

Listed investments are stated at the year end valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account.

3.

TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

31.10.25

31.10.24

£

£

Sale of goods

19,422,685

18,660,255

Rendering of services

608,684

624,330

Hire income

89,767

87,600

20,121,136

19,372,185

An analysis of turnover by geographical market is given below:

31.10.25

31.10.24

£

£

UK

18,410,855

17,891,789

Non UK

1,710,281

1,480,396

20,121,136

19,372,185

4.	EMPLOYEES AND DIRECTORS

31.10.25

31.10.24

£

£

Wages and salaries

785,192

825,310

Social security costs

89,102

75,094

Other pension costs

16,557

16,867

890,851

917,271

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

31.10.25

31.10.24

Parts

4

5

Administrative

1

1

Yard

-

1

Export

2

2

Sales

5

4

Service

9

11

21

24

31.10.25

31.10.24

£

£

Director's remuneration

109,991

108,362

Director's pension contributions to money purchase schemes

1,261

1,234

5.	OPERATING PROFIT

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

31.10.25

31.10.24

£

£

Depreciation - owned assets

121,320

117,786

(Profit)/loss on disposal of fixed assets

(14,541

)

1,621

Auditors' remuneration

15,136

14,990

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.10.25

31.10.24

£

£

Interest on corporation tax

(18

)

(42

)

7.

TAXATION

Analysis of the tax charge

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

31.10.25

31.10.24

£

£

Current tax:

UK corporation tax

82,596

75,478

Deferred tax

9,661

32,669

Tax on profit

92,257

108,147

UK corporation tax has been charged at 25 % (2024 - 25 %).

Reconciliation of total tax charge included in profit and loss

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

31.10.25

31.10.24

£

£

Profit before tax

361,199

396,388

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

90,300

99,097

Effects of:

Expenses not deductible for tax purposes

2,988

622

Income not taxable for tax purposes

-

(31,250

)

Capital allowances in excess of depreciation

(9,798

)

-

Depreciation in excess of capital allowances

-

7,991

Deferred tax

9,661

32,669

Effects of tax rate change

(894

)

(982

)

Total tax charge

92,257

108,147

8.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

9.

DIVIDENDS

31.10.25

31.10.24

£

£

Interim

41,000

62,000