REGISTERED NUMBER: 04437964 (England and Wales)

Strategic Report, Directors' Report and

Financial Statements

for the Year Ended 31 October 2025

for

SMART ELECTRONIC TECHNOLOGIES LTD

Page

Company Information

1

Strategic Report

2

Directors' Report

5

Independent Auditors' Report

6

Statement of Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

Directors:

P R Daly

S Dines

Registered office:

Unit 3 The Western Centre

Western Road

Bracknell

Berkshire

RG12 1RW

Registered number:

04437964 (England and Wales)

Auditors:

Cooper Parry Group Limited

Statutory Auditor

Davidson House, 1st Floor

The Forbury

Reading

RG1 3EU

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

Principal activities

The Company's principal activities during the year continued to be the supply, installation and maintenance of commercial scale energy efficiency products and systems to the public and private sectors.

Review of business

Revenue for the year as reported on a statutory basis increased by 31.4% to £39,442,897 (2024: £30,025,269) and underlying EBITDA before exceptional unrecoverable amounts as reported on a statutory basis increased by 283.5% to £11,097,178 (2024: £2,893,914). The balance sheet as at 31 October 2025 has strengthened further, with net current assets of £36,983,353 (2024: £28,376,403) and net assets of £36,872,416 (2024: £28,337,020).

Underlying trading performance saw a return to strong growth, driven by the supply and installation of lighting products to public sector customers and ongoing customer demand for other energy efficiency products as a result of relatively high energy costs and carbon reduction initiatives. Gross profit margins on a pro forma basis increased to 51.2% (2024: 42.9%), with the improvement driven by continued investment in operational and commercial excellence and a changed product mix. In addition, strong cost control saw administrative expenses increase by only 1.3%, despite a 22.5% increase in pro forma revenue. The Company continues to generate a strong positive cash flow from its operations.

There was growth in year end head count to 142 (2024: 133) reflecting the ongoing strategy of operational investment and process improvement in the business and an overall increase in activity levels during the year.

Pro forma adjustments

The pro forma profit and loss account for the year ended 31 October 2024 reflects three material adjustments to the figures as reported on a statutory basis, which are set out below. There are no related (or unrelated) pro forma adjustments to the profit and loss account for the year ended 31 October 2025:

- Following the 31 October 2024 year end, the company conducted a review of outstanding debtor balances associated with ongoing projects. Following an assessment of the likelihood of completing two specific projects and recovering the related income, it was determined that £1,004,312 should be treated as irrecoverable during the year ended 31 October 2024. This action reflects the Company's decision to formally close out these projects, which had previously been placed on hold due to external factors impacting the customer. The resulting adjustments have been recognised as an exceptional item against revenue (see note 3). The pro forma profit and loss account includes an adjustment which reverses this exceptional item. Note that £604,676 of the £1,004,312 total relates to the commercial healthcare customer referenced in the pro forma adjustment below and, as such, has already been removed from pro forma revenue in the year ended 31 October 2023.

- During the year ended 31 October 2023 the Company entered an agreement with a commercial healthcare customer to supply and install LED lighting under a long-term programme and some revenue was recognised on the initial allocation of materials. However, the installation was delayed due to customer issues and did not actually commence until the year ended 31 October 2024. The pro forma profit and loss account includes an adjustment which removes revenue and profit recognised on the sale of materials during the year ended 31 October 2023 and instead recognises programme revenue and profit in line with actual and planned installation activity. The effect of the adjustment was to increase revenue and underlying EBITDA by £554,438 and £358,438 respectively during the year ended 31 October 2024 and to reduce revenue and underlying EBITDA by £1,200,438 and £1,004,438 respectively during the year ended 31 October 2023.

- During the year ended 31 October 2024 there were unexpected cost overruns at the tail-end of a small number of legacy solar projects. The Company elected to absorb and not attempt to contractually recover the majority of these costs, which were not understood fully by either party at the point of contract award, in order to maintain and build client relationships and reputation in those sectors. The pro forma profit and loss account includes an adjustment which reapportions revenue in line with actual costs incurred across the years ended 31 October 2024 and 31 October 2023 and the resultant pro forma revenue is in line with that which would have been recognised originally, if total project costs had been known at the start of the project. The effect of the pro forma adjustment is to increase revenue and underlying EBITDA by £1,607,000 during the year ended 31 October 2024 and to reduce revenue and underlying EBITDA by £1,607,000 during the year ended 31 October 2023.

2024

2024

2024

2025

£

£

£

£

As reported

Adjustments

Pro forma

As reported

Revenue

29,020,957

3,165,750

32,186,707

39,442,897

Cost of sales

(18,175,007

)

(196,000

)

(18,371,007

)

(19,265,959

)

Gross profit

10,845,950

2,969,750

13,815,700

20,176,938

Admin expenses

(9,067,472

)

-

(9,067,472

)

(9,186,680

)

Operating profit

1,778,478

2,969,750

4,748,228

10,990,258

Exceptional items

(765,000

)

-

(765,000

)

(232,708

)

EBIT

1,013,478

2,969,750

3,983,228

10,757,550

Add back : depreciation and exceptional items

876,124

-

876,124

339,628

Underlying EBITDA

1,889,602

2,969,750

4,859,352

11,097,178

Key performance indicators

2025

2024

Increase in pro forma revenue

22.5%

11.7%

Year on year pro forma revenue change expressed as a percentage

Pro forma gross margin %

51.2%

42.9%

Pro forma gross profit expressed as a percentage of pro forma revenue

Increase/(decrease) in pro forma underlying EBITDA

128.4%

(44.8)%

Year on year pro forma underlying EBITDA change expressed as a percentage

The KPI's above have been agreed by the Directors as providing appropriate focus on underlying business performance and year-on-year sales growth.

Trading after the balance sheet date

2026 has started in a positive manner, with continuing strong demand for the company's products and services across the public and private sectors, driven by targeting of strategic accounts and the high return on investment delivered by LED lighting, solar PV, infrared heating technology and other energy efficiency projects.

Principal risks and uncertainties

The management of the business and the execution of the Company's strategy are subject to certain risks.

The principal risks and uncertainties affecting the Company are considered to relate to the uncertain economic climate and project delivery.

Economic risk relates to a number of macro and micro economic risks. These include: the general level of public and private sector funding available for capex; the specific level of public and private sector funding directed towards energy efficient solutions; global and UK energy prices which may impact customer project payback calculations; and the availability and cost of finance available to customers. Overall, the Directors consider that the economic outlook in relation to energy efficiency sector expenditure in the UK is positive across all time horizons, particularly when considering both the carbon saving and cost saving benefits that such expenditure brings.

Project delivery risk relates to the risk of delivery of complex projects to time, as well as within budget. This risk is mitigated by the use of dedicated, expert project managers for every project, which are delivered according to a successful Company project delivery framework.

On behalf of the board:

S Dines - Director

24 July 2026

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

Dividends

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

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 R Daly

S Dines

Statement of directors' responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report 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.

On behalf of the board:

S Dines - Director

24 July 2026

Opinion

We have audited the financial statements of Smart Electronic Technologies Ltd (the 'company') for the year ended 31 October 2025 which comprise the Statement of 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 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 Directors' Report, but does not include the financial statements and our Auditors' Report 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Directors' Report 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 Directors' Report.

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, 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 an Auditors' Report 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.

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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.

During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' Report.

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 an Auditors' Report 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.

George Style (Senior Statutory Auditor)

for and on behalf of Cooper Parry Group Limited

Statutory Auditor

Davidson House, 1st Floor

The Forbury

Reading

RG1 3EU

24 July 2026

Turnover

3

39,442,897

29,020,957

Cost of sales

19,265,959

18,175,007

Gross profit

20,176,938

10,845,950

Administrative expenses

9,186,680

9,067,472

Operating profit

10,990,258

1,778,478

Exceptional items

6

232,708

765,000

10,757,550

1,013,478

Interest receivable and similar income

301,703

83,330

11,059,253

1,096,808

Interest payable and similar expenses

7

13,573

23,957

Profit before taxation

8

11,045,680

1,072,851

Tax on profit

9

2,510,284

(17,576

)

Profit for the financial year

8,535,396

1,090,427

Other comprehensive income

-

-

Total comprehensive income for the year

8,535,396

1,090,427

Fixed assets

Tangible assets

10

158,720

248,713

Current assets

Stocks

11

3,505,417

3,971,081

Debtors: amounts falling due within one year

12

27,507,082

26,142,622

Debtors: amounts falling due after more than one year

12

15,975

91,299

Cash at bank

16,835,464

3,714,982

47,863,938

33,919,984

Creditors

Amounts falling due within one year

13

10,880,585

5,543,581

Net current assets

36,983,353

28,376,403

Total assets less current liabilities

37,142,073

28,625,116

Provisions for liabilities

15

269,657

288,096

Net assets

36,872,416

28,337,020

Capital and reserves

Called up share capital

16

11,000

11,000

Retained earnings

17

36,861,416

28,326,020

Shareholders' funds

36,872,416

28,337,020

The financial statements were approved by the Board of Directors and authorised for issue on 24 July 2026 and were signed on its behalf by:

S Dines - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 November 2023

11,000

27,235,593

27,246,593

Changes in equity

Total comprehensive income

-

1,090,427

1,090,427

Balance at 31 October 2024

11,000

28,326,020

28,337,020

Changes in equity

Total comprehensive income

-

8,535,396

8,535,396

Balance at 31 October 2025

11,000

36,861,416

36,872,416

1.	Statutory information

Smart Electronic Technologies 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.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates in determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The management's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. This disclosure excludes uncertainty over future events and judgement in respect of measuring financial instruments. Management consider the key accounting estimates to be:

Bad debt provision

A bad debt provision is recognised when there is objective evidence that a trade debtor is impaired. The directors will assess the adequacy of the bad debt provision at each reporting date, adjusting it as necessary to reflect changes in estimates or circumstances. The provision will be recorded as an expense in the income statement and will reduce the carrying amount of trade debtors on the balance sheet.

Stock provision

Stock provisions are established to reflect the estimated net realisable value of inventory, ensuring that stock is not carried at an amount greater than its recoverable value. The directors will assess inventory for impairment at each reporting date, considering factors such as obsolescence, slow-moving items, and changes in market demand. If the expected carrying amount of inventory exceeds its net realisable value, a stock provision will be recognised.

Contract accounting and stage of completion

Revenue and profit recognised on long-term contracts are based on management's assessment of the stage of completion at the reporting date. The stage of completion is determined using information available at the year end, including costs incurred to date, project progress and the estimated costs required to complete each contract. As a result, the valuation of contract assets, contract liabilities, accrued income and deferred income involves a degree of management judgement and estimation.

The directors review contract performance and estimated project costs at each reporting date and update their assumptions where necessary. Whilst every attempt is made to ensure these estimates are appropriate, actual outcomes may differ from those anticipated and could result in adjustments to revenue and profit recognised in future periods.

Whilst every attempt is made to ensure the provisions are as accurate as possible, there remains a risk that the provisions do not match actual levels that crystallise in the future.

Turnover

Turnover 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. Turnover is measured as the fair value of the consideration received or receivable, excluding value added tax. Turnover is recognised as each project progresses.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Fixtures and fittings

- 10-33% on cost

Motor vehicles

- 25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

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.

3.

Turnover

2025

2024

£

£

Turnover before exceptional unrecoverable amounts

39,442,897

30,025,269

Exceptional unrecoverable amounts

-

(1,004,312

)

39,442,897

29,020,957

4.	Employees and directors

2025

2024

£

£

Wages and salaries

7,765,991

7,730,833

Social security costs

944,203

836,996

Other pension costs

264,797

259,320

8,974,991

8,827,149

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

2025

2024

Installation

66

68

Sales and administration

68

76

134

144

5.	Directors' emoluments

2025

2024

£

£

Directors' remuneration

271,383

302,424

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

135,935

170,656

6.	Exceptional items

2025

2024

£

£

Exceptional consultancy fees

145,000

765,000

Debt restructuring fees

87,708

-

232,708

765,000

The consultancy costs relate to one off strategic business planning carried out during the current and prior year.

Debt restructuring fees relate to non-recurring fees incurred in connection with the restructuring of the company's debt facilities, including advisory and arrangement costs associated with the debt.

7.

Interest payable and similar expenses

2025

2024

£

£

Bank interest

692

-

Foreign exchange loss

12,881

23,957

13,573

23,957

8.	Profit before taxation

The profit is stated after charging/(crediting):

2025

2024

£

£

Other operating leases

172,511

219,333

Depreciation - owned assets

106,920

111,125

Profit on disposal of fixed assets

(5,572

)

-

Auditors' remuneration

19,136

18,400

Auditors' remuneration - non

audit

10,332

9,935

9.

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

2,515,862

-

Prior period under-provision

12,861

-

Total current tax

2,528,723

-

Deferred tax

(18,439

)

(17,576

)

Tax on profit

2,510,284

(17,576

)

Reconciliation of total tax charge/(credit) included in profit and loss

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

2025

2024

£

£

Profit before tax

11,045,680

1,072,851

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

2,761,420

268,213

Effects of:

Expenses not deductible for tax purposes

73,821

196,943

Adjustments to tax charge in respect of previous periods

12,861

-

Utilisation of group losses

(504,596

)

(482,732

)

Fixed asset difference

3,595

-

Other timing differences

163,183

-

Total tax charge/(credit)

2,510,284

(17,576

)

10.	Tangible fixed assets

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

Cost

At 1 November 2024

371,887

144,924

516,811

Additions

16,927

-

16,927

Disposals

-

(29,995

)

(29,995

)

At 31 October 2025

388,814

114,929

503,743

Depreciation

At 1 November 2024

173,650

94,448

268,098

Charge for year

78,188

28,732

106,920

Eliminated on disposal

-

(29,995

)

(29,995

)

At 31 October 2025

251,838

93,185

345,023

Net book value

At 31 October 2025

136,976

21,744

158,720

At 31 October 2024

198,237

50,476

248,713

11.

Stocks

2025

2024

£

£

Finished goods

3,505,417

3,971,081

12.

Debtors

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

4,838,101

7,882,738

Amounts owed by group undertakings

21,250,705

15,524,635

Other debtors

70,580

77,055

Tax

-

48,436

VAT

-

654,873

Prepayments and accrued income

1,347,696

1,954,885

27,507,082

26,142,622

Amounts falling due after more than one year:

Other Debtors

15,975

91,299

Aggregate amounts

27,523,057

26,233,921