REGISTERED NUMBER: 02009736 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 October 2025

for

Camden Boss Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Report of the Independent Auditors

7

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTORS:

C P Course

J K Buckle

B Sinclair

G Watling

REGISTERED OFFICE:

Dairy Farm Office

Dairy Road

Semer

Ipswich

IP7 6RA

REGISTERED NUMBER:

02009736 (England and Wales)

AUDITORS:

Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

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

REVIEW OF BUSINESS

The results for the year and financial position of the company are as shown in the annexed financial statements.

The key financial highlights are as follows:

2025

2024

£

£

Gross profit

2,260,800

2,749,186

Operating (loss)/profit

(1,825,247

)

(863,318

)

Gross assets

4,411,368

4,851,129

Net assets/(liabilities)

(437,696

)

1,117,848

Although market conditions remained challenging, the company increased turnover by 9.4% on 2024 and gross margin increased slightly to 34.9% (excluding provision for onerous contracts, detailed in note 18), compared with 34.7% in 2024.

During the year, a new executive management team was appointed with Gordon Watling, Chief Executive Officer (joining May 2025) and Brad Sinclair, Chief Finance Officer (joining November 2025) of the combined Camden Boss Ltd and Cogent Technology Ltd businesses bringing a wealth of experience in leadership roles across manufacturing and a range of sectors.

Dan Goddard was also appointed Chief Operating Officer during the year, now responsible across both businesses having previously held the position of Operations Director for Cogent Technology Ltd.

A new 3-year business plan has been put in place to return the businesses to profitability, with key decisions taken to exit loss-making lines of business and investment in a sales strategy to grow the business and improve margins.

As part of the 3-year plan, a new vision and company values have been developed along with significant investment in people and a people strategy is in progress to align the workforce capabilities with the businesses' long-term goals to attract, develop, engage, and retain top talent, ensuring employees are supported and empowered.

The board are confident that the combined efforts of the businesses, its employees, customers and suppliers along with the innovation and investments made and planned for the future lay the foundation for future profits.

PRINCIPAL RISKS AND UNCERTAINTIES

The company has implemented a co-ordinated set of risk management and control systems, including strategic planning and management reporting, to help anticipate, measure, monitor and manage its exposure to risk.

The company has identified a number of key risks to its business which, whilst having remained relatively stable over recent years, are nevertheless critical to its future financial and operational performance. These are explained further below:

Cashflow

Due to trading performance of both the company and its subsidiary, Cogent Technology Ltd the companies are reliant on the ultimate parent company, Heathpatch Ltd for funding to support working capital and investments. The company monitors cashflow weekly and a 3-year cashflow forecast has been produced as part of the business returning the companies back to positive working capital.

Foreign exchange volatility

The company is exposed to exchange rate variations in both customer and supplier contracts; an imbalance in these could lead to exchange rate risk exposure. The directors monitor the impact of changes in exchange rates on an ongoing basis and work with other subsidiaries within the group to make best use of currencies at hand.

Other significant risks

Other risks include but are not limited to failure to comply with legislative and regulatory requirements including environmental and litigation risk, equipment failures, business continuity and the actions of customers and competitors. The company has implemented risk controls and loss mitigation plans which are considered to be commensurate with risks involved.

FINANCIAL RISK MANAGEMENT POLICIES

The overall aim of the company financial risk management policy is to minimise potential adverse effects on financial performance and net assets. In the course of its business, the company is exposed primarily to foreign exchange risk, liquidity risk and credit risk. Interest rate risk is not considered significant as this is charged on a loan from the parent company which can be varied if needed.

The company manages the principal financial risks within policies and operating parameters approved by the Board of Directors. The company does not enter into speculative transactions.

i) Foreign currency risk

The company operates domestically and overseas and any exposure to currency risk is likely to be short term. A reassessment of sales prices is undertaken when marked movements in exchange rates occurs to limit any potential losses.

ii) Liquidity risk

The company's policy on group borrowings is to ensure that sufficient cash is available to fund on-going operations without the need to carry any more debt than is necessary. Where appropriate financing can be negotiated, assets may be purchased under finance lease arrangements.

iii) Credit risk

Credit risk arises on financial instruments such as trade receivables. Policies and procedures exist to ensure that customers have an appropriate credit history.

ON BEHALF OF THE BOARD:

B Sinclair - Director

16 July 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review continued to be that of the design, manufacture, assembly, import, export and distribution of electro-mechanical components and standard and bespoke enclosures for the electronics industry.

DIVIDENDS

No dividends will be distributed for the year ended 31 October 2025.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

C P Course

J K Buckle

Other changes in directors holding office are as follows:

K Bottomley - resigned 26 August 2025

L D Braham - resigned 28 October 2025

B Sinclair and G Watling were appointed as directors after 31 October 2025 but prior to the date of this report.

GOING CONCERN

The financial statements have been prepared on a going concern basis despite the balance sheet showing net current liabilities of £595,311 (2024: £21,864) and net liabilities of £437,696 (2024: net assets £1,117,848). Despite the results, the company has obtained continued financial support of its creditors from group companies.

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

AUDITORS

The auditors, Hardcastle Burton LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

B Sinclair - Director

16 July 2026

Opinion

We have audited the financial statements of Camden Boss Limited (the 'company') for the year ended 31 October 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 October 2025 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 five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors' responsibilities for the audit of the financial statements

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

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

We assessed the susceptibility of the company's financial statements to material misstatement and how fraud might occur at the planning stage. We held pre audit discussions with the directors, carried out a preliminary analytical review and discussed within the audit team areas of risk. We evaluated potential areas where fraud might occur and the possible incentives for manipulating the financial statements. We also identified the relevant laws and regulations applicable to the company using our understanding of the industry and discussions with directors.

During the audit fieldwork we carried out audit procedures to mitigate assessed risks identified in the financial statements. We selected a sample of manual journals posted into the accounting system for reasonableness, vouching the journals to supporting documentation where appropriate to ensure the journal was accurate and correct.

We also held a discussion with management to question whether there were any known cases of fraud affecting the company. We then corroborated our discussions by reviewing the board meeting minutes throughout the year and after the year end. We also reviewed the nominal ledger for legal and professional fees to confirm that there had been no legal costs associated with actual or potential fraudulent activity.

Accounting estimates were also highlighted as a potential area for fraudulent manipulation or management bias in the financial statements. We scrutinised each key accounting estimate and the method chosen for each estimate to verify that the methods used are appropriate and reasonable. We also substantively tested these to confirm that the methods were applied correctly.

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.

Denise Lindsell FCA (Senior Statutory Auditor)

for and on behalf of Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

20 July 2026

TURNOVER

3

8,660,196

7,913,745

Cost of sales

6,399,396

5,164,559

GROSS PROFIT

2,260,800

2,749,186

Administrative expenses

4,173,893

3,726,025

(1,913,093

)

(976,839

)

Other operating income

87,846

113,521

OPERATING LOSS

5

(1,825,247

)

(863,318

)

Loan waiver

6

2,500,000

3,245,492

Exceptional items

6

(2,081,135

)

(3,245,492

)

(1,406,382

)

(863,318

)

Interest payable and similar expenses

7

220,622

302,500

LOSS BEFORE TAXATION

(1,627,004

)

(1,165,818

)

Tax on loss

8

(71,460

)

-

LOSS FOR THE FINANCIAL YEAR

(1,555,544

)

(1,165,818

)

LOSS FOR THE YEAR

(1,555,544

)

(1,165,818

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(1,555,544

)

(1,165,818

)

FIXED ASSETS

Tangible assets

9

1,041,209

1,376,901

Investments

10

2

2

1,041,211

1,376,903

CURRENT ASSETS

Stocks

11

1,417,740

1,869,202

Debtors

12

1,837,494

1,489,197

Cash at bank and in hand

114,923

115,827

3,370,157

3,474,226

CREDITORS

Amounts falling due within one year

13

3,965,468

3,496,090

NET CURRENT LIABILITIES

(595,311

)

(21,864

)

TOTAL ASSETS LESS CURRENT LIABILITIES

445,900

1,355,039

CREDITORS

Amounts falling due after more than one year

14

(118,596

)

(237,191

)

PROVISIONS FOR LIABILITIES

18

(765,000

)

-

NET (LIABILITIES)/ASSETS

(437,696

)

1,117,848

CAPITAL AND RESERVES

Called up share capital

19

50,000

50,000

Retained earnings

20

(487,696

)

1,067,848

SHAREHOLDERS' FUNDS

(437,696

)

1,117,848

The financial statements were approved by the Board of Directors and authorised for issue on 16 July 2026 and were signed on its behalf by:

B Sinclair - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 November 2023

50,000

2,233,666

2,283,666

Changes in equity

Total comprehensive income

-

(1,165,818

)

(1,165,818

)

Balance at 31 October 2024

50,000

1,067,848

1,117,848

Changes in equity

Total comprehensive income

-

(1,555,544

)

(1,555,544

)

Balance at 31 October 2025

50,000

(487,696

)

(437,696

)

1.	STATUTORY INFORMATION

Camden Boss Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The balance sheet for 31 October 2025 shows net current liabilities of £595,311 (2024: £21,864) and net liabilities of £437,696 (2024: net assets £1,117,848). The directors have reviewed the cash flow projections and lending requirements for the 12 month period from the date of approval of these financial statements. The company has obtained continued financial support from its parent company, Heathpatch Limited, who have confirmed their ability to provide financial support. The cash flow projections indicate that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the accounts.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements

The financial statements contain information about Camden Boss Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Heathpatch Limited, Dairy Farm Office, Semer, Ipswich, Suffolk, IP7 6RA.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions which impact on the carrying amounts of assets and liabilities. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised int he period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial year are addressed below.

Stock Provisions:

A provision for slow-moving and obsolete stock is recognised based on the number of years since the item was last purchased.

Turnover

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

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

Tangible fixed assets

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

Improvements to property

-

Straight line over 20 years

Plant and machinery

-

Straight line over 3 years and 20% on reducing balance

Motor vehicles

-

25% on reducing balance

Depreciation is not charged on assets under construction until construction is complete.

Tangible fixed assets are reviewed for impairment annually. Where impairment is considered necessary, the net book value of the assets are written down to the recoverable amount.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Indicators of impairments are considered annually to assess whether the net realisable value of investments are lower than cost. Where identified, impairment reviews are undertaken on the investment.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated using the first-in, first-out method.

Work in progress is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and labour.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and loans that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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 balance sheet. 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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 profit or loss in the period to which they relate.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

31.10.25

31.10.24

£

£

UK

5,895,855

5,116,807

Europe

1,924,133

1,928,459

Rest of the world

840,208

868,479

8,660,196

7,913,745

4.	EMPLOYEES AND DIRECTORS

31.10.25

31.10.24

£

£

Wages and salaries

3,137,640

2,967,611

Social security costs

334,731

279,814

Other pension costs

64,858

55,607

3,537,229

3,303,032

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

31.10.25

31.10.24

Direct

54

64

Administration

32

33

86

97

31.10.25

31.10.24

£

£

Directors' remuneration

247,078

275,764

Directors' pension contributions to money purchase schemes

4,036

2,659

Information regarding the highest paid director is as follows:

31.10.25

31.10.24

£

£

Emoluments etc

133,119

157,764

Pension contributions to money purchase schemes

2,201

1,339

5.	OPERATING LOSS

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

31.10.25

31.10.24

£

£

Depreciation - owned assets

196,421

235,242

Depreciation - assets on hire purchase contracts

81,523

101,904

Loss on disposal of fixed assets

9,950

26,143

Auditors' remuneration

33,482

25,026

Foreign exchange differences

(13,430

)

48,635

6.	EXCEPTIONAL ITEMS

31.10.25

31.10.24

£

£

Intercompany loan waiver

(2,500,000

)

(3,245,492

)

Impairment of shares in group undertakings

-

313,613

Impairment of loan in group undertakings

2,081,135

2,931,879

(418,865

)

-

A loan from the parent company amounting to £2,500,000 (2024: £3,245,492) was waived during the year.

A loan to a subsidiary company has been impaired during the year by £2,081,135 (2024: £2,931,879).

An investment in a subsidiary company was impaired in the previous year by £313,613.

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.10.25

31.10.24

£

£

Loan interest

199,744

270,552

Hire purchase

20,878

31,948

220,622

302,500

8.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

31.10.25

31.10.24

£

£

Current tax:

UK corporation tax

(71,460

)

-

Tax on loss

(71,460

)

-

Reconciliation of total tax credit 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

£

£

Loss before tax

(1,627,004

)

(1,165,818

)

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

(406,751

)

(291,455

)

Effects of:

Expenses not deductible for tax purposes

520,986

17,017

Income not taxable for tax purposes

(625,000

)

-

Unprovided deferred tax

510,765

330,121

R&D tax credit

(71,460

)

(55,683

)

Total tax credit

(71,460

)

-

The company has trading losses carried forward of approximately £5.3m (2024: £3.5m) as at 31 October 2025 available to surrender against future profits.

A corporation tax refund of £71,460 (2024: £nil) was received during the year relating to R&D tax credits in respect of the prior year.

9.	TANGIBLE FIXED ASSETS

Improvements

Assets

to

Plant and

Motor

under

property

machinery

vehicles

construction

Totals

£

£

£

£

£

COST

At 1 November 2024

139,670

3,878,743

67,845

125,250

4,211,508

Additions

8,008

44,194

-

-

52,202

Disposals

-

(22,500

)

-

-

(22,500

)

At 31 October 2025

147,678

3,900,437

67,845

125,250

4,241,210

DEPRECIATION

At 1 November 2024

15,131

2,664,961

29,266

125,249

2,834,607

Charge for year

7,184

261,051

9,709

-

277,944

Eliminated on disposal

-

(12,550

)

-

-

(12,550

)

Impairments

-

100,000

-

-

100,000

At 31 October 2025

22,315

3,013,462

38,975

125,249

3,200,001

NET BOOK VALUE

At 31 October 2025

125,363

886,975

28,870

1

1,041,209

At 31 October 2024

124,539

1,213,782

38,579

1

1,376,901