REGISTERED NUMBER: SC136445 (Scotland)

Strategic Report, Report of the Directors and

Audited Financial Statements For The Year Ended 31 December 2025

for

Thomas Johnstone Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

6

Income Statement

10

Statement of Financial Position

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

T Green

D S Haddow

R Young

G Cameron

D Campbell

C Buttar

K Pick

C Ross

SECRETARY:

C Buttar

REGISTERED OFFICE:

Cartside Avenue

Inchinnan Business Park

Inchinnan

Renfrewshire

PA4 9RU

REGISTERED NUMBER:

SC136445 (Scotland)

INDEPENDENT AUDITORS:

Robb Ferguson

Chartered Accountants & Statutory Auditors

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

BANKERS:

Santander UK Plc

12-13 St Andrew Square

Edinburgh

EH2 2AF

SOLICITORS:

Morton Fraser MacRoberts

Capella

60 York Street

Glasgow

G2 8JX

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

REVIEW OF BUSINESS

2025 has emphasised the challenge of getting projects from the drawing board to site. Several key projects were delayed during the design stages resulting in a slow start to the year. It was difficult to recover the shortfall in sales as the 2nd quarter progressed, and it was not until the 3rd quarter that we began to remedy the sales deficit. It is important to note that the sales we were targeting for Q1 and Q2 did not disappear but were simply "pushed out" into the 3rd and 4th quarters and indeed into 2026. The momentum continued through the remainder of the year leading to Annual sales of £74m. Whilst this was less than we budgeted for, strong performances from our Divisions and our Core business led to us meeting our Operating Profit expectations.

Whilst 2026 looks to have a strong start, we do not intend to rest on our laurels. We are continuing to invest in our people through continuous training and rewarding exceptional performances. We aim to make their place of work an enjoyable experience and encourage a good work-life balance. We provide apprenticeships for trades persons of all ages and sponsor undergraduates training to be professionals in the construction sector.

We are also investing heavily in our Joinery Manufacturing Facility and IT systems. These are key areas of the business and set us apart from our competitors.

Motivating our people is key to delivering the exceptional product we offer. We are focussed on our customers and "what they want", guaranteeing delivery through our highly skilled site and manufacturing teams, ably supported by their "backroom" colleagues.

We continue to negotiate, and risk manage projects which allows us to agree favourable terms with our clients, giving them value for money with realistic risks.

We are an equal opportunities employer, putting equality, diversity and inclusion at the forefront of our company policies. We also encourage our people to be socially responsible by offering salary sacrifice schemes to purchase electric cars as well as forging relationships with the local community through charities and visits to local schools.

Our approach to delivering projects is securing repeat work from existing customers and is also leading us to new ones. Our order book is filling up and this, combined with constant improvement gives the Directors confidence that we will continue to grow the business in 2026.

Rod Young

Joint Managing Director

ON BEHALF OF THE BOARD:

R Young - Director

15 July 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of fit-out contractor with associated support divisions.

DIVIDENDS

Interim dividends per share on the Ordinary £1 shares were paid as follows:

1.23

- 6 January 2025

1.31

- 7 April 2025

1.85

- 6 October 2025

£4.38

The directors recommend a final dividend of £1.85 per share, making a total of £6.23 per share for the year ended 31 December 2025.

The total distribution of dividends for the year ended 31 December 2025 will be £ 2,532,291 .

DIRECTORS

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

T Green

D S Haddow

R Young

G Cameron

D Campbell

C Buttar

K Pick

C Ross

Other changes in directors holding office are as follows:

N Crighton - resigned 14 April 2025

STREAMLINED ENERGY AND CARBON REPORTING

Energy and Carbon Report

In accordance with the Companies (Directors Report) and the Energy and Carbon Report Regulations 2018, the company, having met the thresholds of large unquoted company status in the UK, is now required to report their UK energy use and associated GHG emissions relating to electricity, gas and transport fuel.

The requirement also calls for an intensity ratio.

For company reporting purposes the methods adopted in the calculations of the total greenhouse gas emissions incorporate the GHG Protocol Corporate Standard, the 2019 HM Government Environmental Reporting Guidelines, and the 2023 UK Government Conversion Factors.

Information surrounding Business travel and power consumption have been sourced internally from invoices and receipts and converted accordingly to tCO2e utilising UK Government GHG Conversion Factors.

Our adopted intensity metric has been defined as tonnes of CO2e per £1million of Sales Revenue.

The increase in our intensity ratio is due to the reduction in Turnover from 2024 to 2025.

The energy reduction in kWh during 2025 was due to a culmination of the continual contribution made from our solar panels investment, the reduction in usage of propane and the reduced turnover during 2025.

Energy efficient boilers at our Manufacturing facility have also impacted on this.

The shift within our vehicle fleet continues towards electric cars.

2025

2024

UK Energy Use

kWh

487,926

636,424

Associated Greenhouse Gas Emissions

TCO2e

387

386

Intensity Ratio

TCO2e per £M Sales Revenue

5.2

4.5

Focus for 2026:

- Continual awareness, briefings, and training of our employees on CO2 reduction measures.

- Review of the use of Diesel within our sites and explore options available with regards a more carbon friendly substitute.

- Continue with our strategy towards an Electric fleet of vehicles.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

ON BEHALF OF THE BOARD:

R Young - Director

15 July 2026

Opinion

We have audited the financial statements of Thomas Johnstone Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Statement of Financial Position, 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 December 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 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line

with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

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.

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/auditors responsibilities. This description forms part of our Report of the Auditors.

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.

Janice Alexander CA (Senior Statutory Auditor)

for and on behalf of Robb Ferguson

Chartered Accountants & Statutory Auditors

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

16 July 2026

TURNOVER

3

74,069,992

84,383,372

Cost of sales

60,813,077

70,694,177

GROSS PROFIT

13,256,915

13,689,195

Administrative expenses

10,673,959

10,515,188

2,582,956

3,174,007

Other operating income

124,236

126,477

OPERATING PROFIT

5

2,707,192

3,300,484

Interest receivable and similar income

256,303

338,129

2,963,495

3,638,613

Interest payable and similar expenses

6

34,186

68,249

PROFIT BEFORE TAXATION

2,929,309

3,570,364

Tax on profit

7

851,672

(401,317

)

PROFIT FOR THE FINANCIAL YEAR

2,077,637

3,971,681

OTHER COMPREHENSIVE INCOME

Revaluation of property

-

396,188

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

396,188

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,077,637

4,367,869

FIXED ASSETS

Tangible assets

10

2,395,452

2,477,724

CURRENT ASSETS

Stocks

11

25,424

38,451

Debtors

12

15,295,920

19,320,410

Cash at bank and in hand

17,185,835

8,562,959

32,507,179

27,921,820

CREDITORS

Amounts falling due within one year

13

23,828,647

18,869,358

NET CURRENT ASSETS

8,678,532

9,052,462

TOTAL ASSETS LESS CURRENT LIABILITIES

11,073,984

11,530,186

PROVISIONS FOR LIABILITIES

15

72,666

74,214

NET ASSETS

11,001,318

11,455,972

CAPITAL AND RESERVES

Called up share capital

16

406,289

406,289

Revaluation reserve

17

1,150,954

1,180,466

Capital redemption reserve

17

100,000

100,000

Retained earnings

17

9,344,075

9,769,217

SHAREHOLDERS' FUNDS

11,001,318

11,455,972

The financial statements were approved by the Board of Directors and authorised for issue on 15 July 2026 and were signed on its behalf by:

R Young - Director

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 January 2024

406,289

6,832,744

784,278

100,000

8,123,311

Changes in equity

Dividends

-

(1,035,208

)

-

-

(1,035,208

)

Total comprehensive income

-

3,971,681

396,188

-

4,367,869

Balance at 31 December 2024

406,289

9,769,217

1,180,466

100,000

11,455,972

Changes in equity

Dividends

-

(2,532,291

)

-

-

(2,532,291

)

Total comprehensive income

-

2,107,149

(29,512

)

-

2,077,637

Balance at 31 December 2025

406,289

9,344,075

1,150,954

100,000

11,001,318

1.	STATUTORY INFORMATION

Thomas Johnstone 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 as modified by revaluation of certain assets.

The significant accounting policies applied in the preparation of the financial statements are set out below. The policies have been consistently applied to all years presented unless otherwise stated.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions 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;

•

the requirement of paragraph 33.7.

Thomas Johnstone Limited is a qualifying subsidiary and has taken advantage of the reduced disclosure exemptions listed above. The parent company of the group is TJH1868 Limited and the group financial statements are available from TJH1868 Limited, Cartside Avenue, Inchinnan Business Park, Renfrewshire, PA4 9RU.

Significant judgements and estimates

In the application of the group's accounting policies the directors and management are required to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the period end date, and the amounts reported for revenues and expenses during the period.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, and in future periods should it affect future periods.

Management consider that the following have the most significant effect on the amounts recognised in the financial statements:

- Financial outcome of individual construction contracts - all long-term contracts are reviewed on a monthly basis, with particular attention to contract stage of completion, costs to date and costs still to be incurred. Movement in margin is recognised when prudent to do so but immediately in the event there is a foreseeable loss.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred.

Where it is probable that contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Tangible fixed assets

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

Property and improvements

-

2.5% on cost

Fixed plant and equipment

-

10% on cost

Computer equipment

-

25% on cost

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the profit and loss.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

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 profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Loans and borrowings that are classified as payable or receivable within one year on initial recognition are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

3.

TURNOVER

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

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

2025

2024

£

£

Construction contract income

74,069,992

84,383,372

74,069,992

84,383,372

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

11,770,670

11,178,188

Social security costs

863,937

748,545

Other pension costs

629,364

707,069

13,263,971

12,633,802

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

2025

2024

Office and administration

101

95

Production

116

119

217

214

2025

2024

£

£

Directors' remuneration

1,463,575

1,494,455

Directors' pension contributions to money purchase schemes

292,936

355,416

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

252,979

207,490

Pension contributions to money purchase schemes

10,000

30,000

5.	OPERATING PROFIT

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

2025

2024

£

£

Hire of plant and machinery

831,961

1,370,037

Operating lease income

(124,236

)

(126,477

)

Depreciation - owned assets

137,957

153,878

Auditors' remuneration

23,900

22,580

Operating lease costs - property

160,000

159,295

Operating lease costs - other

463,405

362,279

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank overdraft & loan interest

34,186

68,249

7.

TAXATION

Analysis of the tax charge/(credit)

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

2025

2024

£

£

Current tax:

UK corporation tax

853,220

(369,774

)

Deferred tax

(1,548

)

(31,543

)

Tax on profit

851,672

(401,317

)

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

Reconciliation of total tax charge/(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:

2025

2024

£

£

Profit before tax

2,929,309

3,570,364

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

732,327

892,591

Effects of:

Adjustments to tax charge in respect of previous periods

69,317

-

Income & expenses not deductible for tax purposes

35,865

41,235

Timing differences

15,711

50,438

Deferred tax movement

(1,548

)

(31,543

)

Research and development tax relief claims

-

(1,354,038

)

Total tax charge/(credit)

851,672

(401,317

)

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 December 2025.

2024

Gross

Tax

Net

£

£

£

Revaluation of property

396,188

-

396,188

8.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Final

750,000

-

Interim

1,782,291

1,035,208

2,532,291

1,035,208

9.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Contributions payable by the company for the year were £629,364 (2024 - £707,069). Amounts outstanding at the year end 31 December 2025 were £72,988 (2024 - £68,237)

10.	TANGIBLE FIXED ASSETS

Property

Fixed

and

plant and

Computer

improvements

equipment

equipment

Totals

£

£

£

£

COST OR VALUATION

At 1 January 2025

2,240,000

1,224,821

624,498

4,089,319

Additions

-

1,027

54,658

55,685

At 31 December 2025

2,240,000

1,225,848

679,156

4,145,004

DEPRECIATION

At 1 January 2025

-

1,024,916

586,679

1,611,595

Charge for year

56,000

57,083

24,874

137,957

At 31 December 2025

56,000

1,081,999

611,553

1,749,552

NET BOOK VALUE

At 31 December 2025

2,184,000

143,849

67,603

2,395,452

At 31 December 2024

2,240,000

199,905

37,819

2,477,724

Cost or valuation at 31 December 2025 is represented by:

Property

Fixed

and

plant and

Computer

improvements

equipment

equipment

Totals

£

£

£

£

Valuation in 2014

1,500,000

-

-

1,500,000

Valuation in 2021

39,803

-

-

39,803

Valuation in 2024

410,000

-

-

410,000

Cost

290,197

1,225,848

679,156

2,195,201

2,240,000

1,225,848

679,156

4,145,004

If the property had not been revalued it would have been included at the following historical cost:

2025

2024

£

£

Cost

1,624,710

1,624,710

Aggregate depreciation

770,500

729,906

The property was valued on an open market basis in July 2024 by way of a 3rd party valuation. The Directors have reviewed the carrying value at December 2025 and consider it to be a reasonable estimate of valuation at that date.