REGISTERED NUMBER: 04918830 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Period 1 November 2024 to 29 October 2025

for

Full Power Utilities Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

P Smith

M A C Wheatley

J Miller

J S Kolirin

REGISTERED OFFICE:

Lumiere

Elstree Way

Borehamwood

Hertfordshire

WD6 1JH

REGISTERED NUMBER:

04918830 (England and Wales)

AUDITORS:

Harold Sharp Limited

Statutory Auditors

Chartered Accountants

5 Brooklands Place

Sale

M33 3SD

The directors present their strategic report for the period 1 November 2024 to 29 October 2025.

Full Power Utilities Ltd operates as an energy consultancy and brokerage business providing procurement and advisory services to commercial customers across the United Kingdom. The Company assists businesses in securing competitive electricity, gas and water contracts, managing energy risk, and navigating the increasingly complex energy supply market.

In addition to contract brokerage, the Company provides a range of value-added services, including consumption analysis, contract management, supplier engagement, and strategic procurement advice aimed at helping clients control energy costs and improve operational efficiency. The Company also provides industry-specific services to assist the challenges faced by Managing Agent businesses.

REVIEW OF BUSINESS

The year ended 31 October 2025 was one of continued operational development for the Company, set against a backdrop of ongoing volatility in the UK energy markets. Wholesale energy prices remained subject to geopolitical pressures, regulatory intervention, and structural changes within the supplier landscape.

Despite these challenges, the Company maintained strong relationships with its supplier partners and customer base, allowing it to continue delivering competitive procurement solutions.

The Board remained focused on strengthening internal systems, maintaining compliance with evolving industry standards, and ensuring that clients received transparent and reliable advice in an environment where supplier failures and market uncertainty remained a feature of the sector.

Operationally, the Company continued to invest in improving internal processes and strengthening governance as part of its long-term strategy to build a resilient and saleable energy brokerage business.

Market Environment

The UK commercial energy sector has continued to evolve rapidly, with increased regulatory scrutiny, supplier consolidation, and growing customer awareness of energy risk management.

Businesses have increasingly sought expert guidance when navigating energy contracts, particularly following a period of supplier instability across the sector. This has reinforced the role of experienced energy consultants capable of interpreting market conditions and structuring appropriate procurement strategies for customers.

The Company believes this structural shift continues to support demand for professional brokerage services and positions the business well for future growth. The Company fully supports regulatory developments that adds value to the client and the industry as a whole.

Strategy and Future Development

The Company's strategy is centred on sustainable growth through:

- Recruiting, training and developing its internal team and external partner programme

- Expanding its commercial customer base across the UK

- Strengthening relationships with energy suppliers

- Investing in technology and internal systems to improve operational efficiency

- Maintaining high standards of governance and regulatory compliance

- Developing additional advisory services to complement core brokerage activities

The Board believes that maintaining a disciplined and transparent approach to energy procurement will remain critical as the sector continues to evolve.

The Company will continue to explore opportunities to broaden its service offering and strengthen its market position while maintaining a strong focus on long-term client relationships.

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors recognise that the Company operates within a sector subject to several key risks:

Market Volatility

Wholesale energy prices can fluctuate significantly due to geopolitical factors, supply constraints, and macroeconomic conditions. These fluctuations can influence customer purchasing behaviour and contract timing.

Supplier Risk

The failure or financial instability of energy suppliers remains a potential risk within the market. The Company mitigates this risk by working with established suppliers and maintaining strong market awareness.

Regulatory Environment

The energy sector is subject to ongoing regulatory change. The Company actively monitors developments and adapts its processes to remain compliant with relevant regulations and industry standards.

Customer Retention and Competition

The brokerage market remains competitive. The Company focuses on delivering consistent service quality and transparent advice to maintain long-term customer relationships.

Financial Position

The Company maintained a stable financial position during the year. Management continues to monitor cash flow closely and maintain a prudent approach to cost control while investing selectively in areas that support long-term growth.

The Directors remain confident in the Company's business model and its ability to continue operating successfully in the evolving energy market.

Outlook

Looking forward, the Board believes the Company is well-positioned to benefit from continued demand for professional energy procurement advice.

The Company will remain focused on delivering value to its customers while strengthening its operational capabilities and market presence.

The Directors are confident that the business is well placed to continue its development in the coming years.

ON BEHALF OF THE BOARD:

P Smith - Director

20 May 2026

The directors present their report with the financial statements of the company for the period 1 November 2024 to 29 October 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of a utility broker.

DIVIDENDS

Interim dividends per share were paid as follows:

0.5

- 31 October 2025

0.5

- 29 May 2025

0.5

- 30 April 2025

3.6

- 30 April 2025

4

- 25 March 2025

2

- 21 March 2025

0.5

- 24 February 2025

0.5

- 28 November 2024

0.5

- 28 November 2024

12.6

The directors recommend that no final dividend be paid.

The total distribution of dividends for the period ended 29 October 2025 will be £ 1,260,000 .

DIRECTORS

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

P Smith

M A C Wheatley

J Miller

J S Kolirin

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, Harold Sharp Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P Smith - Director

20 May 2026

Opinion

We have audited the financial statements of Full Power Utilities Ltd (the 'company') for the period ended 29 October 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 29 October 2025 and of its profit for the period 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.

Emphasis of matter

At the balance sheet date the entity hived up its trade and assets to its parent (see note 16). The directors continue to apply the going concern basis of preparation given the historical commission and renewals of contracts written by the company which will continue to be collected by the company for the foreseeable future.

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

Matters on which we are required to report by exception

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

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

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

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

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

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

Responsibilities of directors

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

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

Auditors' responsibilities for the audit of the financial statements

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

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

As part of our planning process:

- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.

- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006 and relevant energy section requirements.

- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates.

- Testing a sample of revenue transactions to source documents.

- Obtaining third-party confirmation of material bank balances.

- Documenting and verifying all significant related party and transactions.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors and management.

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.

Other matters which we are required to address

The prior period results for the year ended 31 October 2024 are presented for information purposes only and were unaudited.

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.

Frederick Norman (Senior Statutory Auditor)

for and on behalf of Harold Sharp Limited

Statutory Auditors

Chartered Accountants

5 Brooklands Place

Sale

M33 3SD

15 June 2026

TURNOVER

13,974,013

12,514,920

Cost of sales

4,419,352

5,116,643

GROSS PROFIT

9,554,661

7,398,277

Administrative expenses

6,509,757

4,482,076

OPERATING PROFIT

4

3,044,904

2,916,201

Interest receivable and similar income

12,160

43,522

3,057,064

2,959,723

Interest payable and similar expenses

5

17,619

14,181

PROFIT BEFORE TAXATION

3,039,445

2,945,542

Tax on profit

6

671,509

688,331

PROFIT FOR THE FINANCIAL PERIOD

2,367,936

2,257,211

PROFIT FOR THE PERIOD

2,367,936

2,257,211

OTHER COMPREHENSIVE INCOME

Share option

(277,786

)

93,984

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF INCOME TAX

(277,786

)

93,984

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

2,090,150

2,351,195

FIXED ASSETS

Intangible assets

8

-

105,431

Tangible assets

9

-

60,698

-

166,129

CURRENT ASSETS

Debtors

10

5,714,189

5,983,325

Cash at bank

1,398,946

913,093

7,113,135

6,896,418

CREDITORS

Amounts falling due within one year

11

722,060

1,501,622

NET CURRENT ASSETS

6,391,075

5,394,796

TOTAL ASSETS LESS CURRENT LIABILITIES

6,391,075

5,560,925

CAPITAL AND RESERVES

Called up share capital

13

100

100

Other reserves

14

-

876,543

Retained earnings

14

6,390,975

4,684,282

SHAREHOLDERS' FUNDS

6,391,075

5,560,925

The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2026 and were signed on its behalf by:

P Smith - Director

Called up

share

Retained

Other

Total

capital

earnings

reserves

equity

£

£

£

£

Balance at 1 November 2023

100

3,737,271

782,559

4,519,930

Changes in equity

Dividends

-

(1,310,200

)

-

(1,310,200

)

Total comprehensive income

-

2,257,211

93,984

2,351,195

Balance at 31 October 2024

100

4,684,282

876,543

5,560,925

Changes in equity

Dividends

-

(1,260,000

)

-

(1,260,000

)

Total comprehensive income

-

2,966,693

(876,543

)

2,090,150

Balance at 29 October 2025

100

6,390,975

-

6,391,075

Cash flows from operating activities

Cash generated from operations

1

3,499,917

2,922,843

Interest paid

(17,619

)

(14,181

)

Tax paid

(925,264

)

(764,613

)

Non cash movement - deferred tax hive up

124,552

-

Net cash from operating activities

2,681,586

2,144,049

Cash flows from investing activities

Purchase of intangible fixed assets

(41,096

)

(51,545

)

Purchase of tangible fixed assets

(15,352

)

(14,705

)

Sale of intangible fixed assets

97,326

-

Sale of tangible fixed assets

59,541

-

Interest received

12,160

43,522

Net cash from investing activities

112,579

(22,728

)

Cash flows from financing activities

Share based payment charge

(277,786

)

93,984

Movement in group loan

(770,526

)

(4,842,816

)

Equity dividends paid

(1,260,000

)

(1,310,200

)

Net cash from financing activities

(2,308,312

)

(6,059,032

)

Increase/(decrease) in cash and cash equivalents

485,853

(3,937,711

)

Cash and cash equivalents at beginning of period

2

913,093

4,850,804

Cash and cash equivalents at end of period

2

1,398,946

913,093

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

Period

1.11.24

to

Year Ended

29.10.25

31.10.24

(Unaudited)

£

£

Profit before taxation

3,039,445

2,945,542

Depreciation charges

65,710

63,325

Finance costs

17,619

14,181

Finance income

(12,160

)

(43,522

)

3,110,614

2,979,526

Decrease/(increase) in trade and other debtors

832,525

(107,217

)

(Decrease)/increase in trade and other creditors

(443,222

)

50,534

Cash generated from operations

3,499,917

2,922,843

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:

Period ended 29 October 2025

29.10.25

1.11.24

£

£

Cash and cash equivalents

1,398,946

913,093

Year ended 31 October 2024

31.10.24

1.11.23

(Unaudited)

£

£

Cash and cash equivalents

913,093

4,850,804

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.24

Cash flow

At 29.10.25

£

£

£

Net cash

Cash at bank

913,093

485,853

1,398,946

913,093

485,853

1,398,946

Total

913,093

485,853

1,398,946

1.	STATUTORY INFORMATION

Full Power Utilities Ltd 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 £.

Revenue recognition

Revenue is generated from commission paid for services related to the finding of energy suppliers for third party companies.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

The directors are aware of some contracts entered into with certain customers which include an element of upfront payment based on estimated energy usage, which is subject to potential clawback by the customer and deferral. Whilst contracts are being recorded correctly, it is not possible to precisely calculate the amount of income deferral or clawback as at the period end, due to the nature of the revenue, therefore the financial statements do not include any adjustment in respect of such amounts. As these terms do not affect the majority of contracts, the directors do not consider that this would result in a material adjustment to the reported revenue.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business, has been fully amortised over its useful life.

Computer software

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.

Computer software is being amortised on a straight line basis of 25% per annum.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Taxation

Taxation for the period 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 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 period 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 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.

Going concern

The directors have assessed the Company’s ability to operate as a going concern for a period in excess of 12 months from the date of signing the financial statements.

Based on this assessment, the directors believe that it remains appropriate to continue to adopt the going concern basis in preparing these financial statements.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due within the operating cycle fall into this category of financial instruments.

Impairment of financial assets

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 is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Share options

Where share options are awarded to employees, the fair value of the option at the date of grant is charged to the Statement of Comprehensive Income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Statement of Financial Position date, so that the cumulative amount recognised over the vesting period is based on the number of options that ultimately vest. There were no market conditions.

The grant date fair value of the employee share scheme is recognised as a personnel cost, with a corresponding increase in equity, over the period that the employee becomes unconditionally entitled to the awards.

The fair value of the options granted is measured using an option valuation model where required, taking into account the terms and conditions upon which the options were granted and is charged to the profit or loss on a straight-line basis over the vesting period of the award.

3.	EMPLOYEES AND DIRECTORS

31.10.25

31.10.24

£

£

Wages and salaries

6,904,429

6,229,387

Social security costs

934,126

763,352

Other pension costs

43,187

43,325

7,881,742

7,036,064

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

31.10.25

31.10.24

Directors

4

4

Direct staff

48

44

52

48

The following note includes a high level of commission payments for directors in a dual role.

Period

1.11.24

to

Year Ended

29.10.25

31.10.24

(Unaudited)

£

£

Directors' remuneration

2,448,251

1,705,745