REGISTERED NUMBER: 02863624 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2025

for

Lintec Europe (UK) Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

16

DIRECTORS:

Mr A J Voss

Mr N Hara

Mr H Miyake

Mr Y Noguchi

REGISTERED OFFICE:

11 Castle Hill

Maidenhead

Berkshire

SL6 4AA

REGISTERED NUMBER:

02863624 (England and Wales)

AUDITORS:

WP Audit Limited

Statutory Auditors

TOR

Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

REVIEW OF BUSINESS

Our UK strategy remains focused on developing sales of niche, high value materials, -primarily sourced from Japan - to specialist label and wide format printers.

Demand within our core industrial end markets for durable labels remained subdued during the year. UK automotive production contracted by 8%, and broader economic conditions continued to weigh on customer activity. Persistently high interest rates, inflation above target, minimal GDP growth, negative PMI indicators, and a generally pessimistic outlook for the UK economy all contributed to a challenging trading environment.

UK businesses also faced sustained cost pressures, particularly in relation to wages, energy, and additional government-imposed taxes.

Current forecasts suggest that the economic outlook for 2026 is likely to mirror the conditions experienced in 2025.

Despite these headwinds, we remain committed to delivering market leading solutions and supporting our customers with high performance materials and technical expertise.

PRINCIPAL RISKS AND UNCERTAINTIES

The company's principal risk continues to be its reliance on a key supplier, LINTEC Corporation. This risk is significantly mitigated by the company's position within the LINTEC Corporation group.

In addition, the company is exposed to the normal commercial risks associated with fluctuations in customer demand and competitive pressures within the markets in which it operates.

ON BEHALF OF THE BOARD:

Mr A J Voss - Director

23 June 2026

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

DIVIDENDS

An interim dividend of 1366.16 per share on the A Ordinary £1 shares was paid on 6 June 2025. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 31 December 2025 will be £ 1,366,155 .

DIRECTORS

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

Mr A J Voss

Mr N Hara

Mr H Miyake

Other changes in directors holding office are as follows:

Mr M Yoshitake - resigned 2 June 2025

Mr Y Noguchi - appointed 2 June 2025

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

ON BEHALF OF THE BOARD:

Mr A J Voss - Director

23 June 2026

Opinion

We have audited the financial statements of Lintec Europe (UK) Limited (the 'company') for the year ended 31 December 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 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 three, 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, outlines 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud.

-The engagement partners ensured that the engagement team collectively had the appropriate competence, capabilities and skill to identify or recognise non-compliance with applicable laws and regulations;

-we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

-we assessed the extent of compliance with 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 instance 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;

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

-understanding the design of the company's remuneration policies.

To address the risk of fraud through management bias and override of controls, we;

-performed analytical procedures to identify unusual or unexpected relationships;

-tested journal entries to identify unusual transactions;

-assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-investigated the rationale behind significant or unusual transactions.

Audit response to risks identified

In response to the risk of irregularities and non-compliance with laws and regulations; we designed procedures which included, but were not limited to;

-agreeing financial statement disclosures to underlying supporting documentation;

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

-reviewing correspondence with HMRC, relevant regulators and 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 of collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Philippa Duckworth BSc FCCA (Senior Statutory Auditor)

for and on behalf of WP Audit Limited

Statutory Auditors

TOR

Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

30 July 2026

TURNOVER

3

4,650,759

4,384,805

Cost of sales

(2,014,459

)

(2,069,142

)

GROSS PROFIT

2,636,300

2,315,663

Administrative expenses

(1,884,245

)

(1,834,105

)

752,055

481,558

Other operating income

844,552

672,933

OPERATING PROFIT

5

1,596,607

1,154,491

Interest receivable and similar income

22,359

24,874

1,618,966

1,179,365

Interest payable and similar expenses

6

(9,464

)

(3,083

)

PROFIT BEFORE TAXATION

1,609,502

1,176,282

Tax on profit

7

(403,014

)

(310,413

)

PROFIT FOR THE FINANCIAL YEAR

1,206,488

865,869

PROFIT FOR THE YEAR

1,206,488

865,869

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,206,488

865,869

FIXED ASSETS

Intangible assets

9

2,686

4,031

Tangible assets

10

279,327

328,020

282,013

332,051

CURRENT ASSETS

Stocks

11

1,369,902

1,356,264

Debtors

12

718,066

710,789

Cash at bank

1,976,500

2,096,956

4,064,468

4,164,009

CREDITORS

Amounts falling due within one year

13

(777,539

)

(756,351

)

NET CURRENT ASSETS

3,286,929

3,407,658

TOTAL ASSETS LESS CURRENT LIABILITIES

3,568,942

3,739,709

PROVISIONS FOR LIABILITIES

15

(56,738

)

(67,838

)

NET ASSETS

3,512,204

3,671,871

CAPITAL AND RESERVES

Called up share capital

16

26,000

26,000

Capital redemption reserve

17

25,000

25,000

Retained earnings

17

3,461,204

3,620,871

SHAREHOLDERS' FUNDS

3,512,204

3,671,871

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2026 and were signed on its behalf by:

Mr A J Voss - Director

Mr H Miyake - Director

Mr Y Noguchi - Director

Mr N Hara - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2024

26,000

3,708,784

25,000

3,759,784

Changes in equity

Dividends

-

(953,782

)

-

(953,782

)

Total comprehensive income

-

865,869

-

865,869

Balance at 31 December 2024

26,000

3,620,871

25,000

3,671,871

Changes in equity

Dividends

-

(1,366,155

)

-

(1,366,155

)

Total comprehensive income

-

1,206,488

-

1,206,488

Balance at 31 December 2025

26,000

3,461,204

25,000

3,512,204

Cash flows from operating activities

Cash generated from operations

1

1,879,228

1,525,489

Interest paid

(9,464

)

(3,083

)

Tax paid

(620,847

)

(220,728

)

Net cash from operating activities

1,248,917

1,301,678

Cash flows from investing activities

Purchase of tangible fixed assets

(25,577

)

(38,193

)

Sale of tangible fixed assets

-

2,849

Interest received

22,359

24,874

Net cash from investing activities

(3,218

)

(10,470

)

Cash flows from financing activities

Equity dividends paid

(1,366,155

)

(953,782

)

Net cash from financing activities

(1,366,155

)

(953,782

)

(Decrease)/increase in cash and cash equivalents

(120,456

)

337,426

Cash and cash equivalents at beginning of year

2

2,096,956

1,759,530

Cash and cash equivalents at end of year

2

1,976,500

2,096,956

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

31.12.25

31.12.24

£

£

Profit before taxation

1,609,502

1,176,282

Depreciation charges

74,579

148,804

Loss/(profit) on disposal of fixed assets

1,084

(980

)

Finance costs

9,464

3,083

Finance income

(22,359

)

(24,874

)

1,672,270

1,302,315

(Increase)/decrease in stocks

(13,638

)

241,891

Decrease in trade and other debtors

3,363

77,382

Increase/(decrease) in trade and other creditors

217,233

(96,099

)

Cash generated from operations

1,879,228

1,525,489

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£

£

Cash and cash equivalents

1,976,500

2,096,956

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

2,096,956

1,759,530

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£

£

£

Net cash

Cash at bank and in hand

2,096,956

(120,456

)

1,976,500

2,096,956

(120,456

)

1,976,500

Total

2,096,956

(120,456

)

1,976,500

1.	STATUTORY INFORMATION

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

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.

Going concern

The directors have prepared detailed forecasts and consider that the company has adequate financial resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from approval of these accounts.

The business model is based around generating continuing revenues from current vendor lines and looking for opportunities with new customers. They have reviewed the costs incurred in the business and more directly aligned the costs to the needs of the business and it is therefore anticipated that profits will continue to be generated in future periods which will generate adequate cash to ensure the on-going strength of the business.

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

In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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

The company's key source of estimation uncertainty relates to provision made against slow moving stock.

Turnover

Turnover is measured at the fair value of the consideration receivable for goods supplied net of VAT and trade discounts. Sales are recognised when the company has fulfilled its contractual obligations and the risks and rewards attaching to the product have been transferred to the customer.

Intangible assets

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

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets

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

Plant and machinery

-

33% on cost, 33% on reducing balance, 25% on cost, 25% on reducing balance, 20% on reducing balance, 15% on reducing balance and at variable rates on reducing balance

Tangible fixed assets are included at cost less depreciation and impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Provisions for slow-moving or excess inventory are recognised when management determine the stock item is too small or unable to sell. The provision is recognised to reduce the carrying amount of the inventory to the lower of cost and net realisable value.

Financial instruments

Basic financial instruments are recognised at amortised cost using the effective interest method, except for investments in non-convertible preference and non-puttable preference and 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 and 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 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

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are reported at the rates of exchange prevailing at that date.

The results of overseas operations are translated at the average rates of exchange during the period and their balance sheets at the rates ruling at the balance sheet date. Exchange differences arising on translation of the opening net assets and results of overseas operations are reported in other comprehensive income and accumulated in equity (attributed to non-controlling interests as appropriate).

Other exchange differences are recognised in profit or loss in the period in which they arise except for:

- exchange differences on transactions entered into to hedge certain foreign currency risks (see above);

- exchange differences arising on gains or losses on non-monetary items which are recognised in other comprehensive income; and

- in the case of the consolidated financial statements, exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognised in other comprehensive income and reported under equity.

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.

Other long-term employee benefits are measured at the present value of the benefit obligation at the reporting date.

Invoice discounting facility

The company discounts its trade debts. The accounting policy is to include trade debtors within one year and the returnable element of the proceeds within current liabilities. Discounting charges and interest are charged to the profit and loss account when paid. Bad debts are borne by the company and are charged to the profit and loss account when incurred.

Commission

Sales commission directly attributable to revenue earned from customers that have transferred to Lintec Europe are recognised as an expense in the Income Statement in the period in which the related sale is recognised. Commission expense is measured at the fair value of consideration paid by Lintec Europe.

Oecd pillar two global minimum tax

The Organisation for Economic Co-operation and Development (OECD) introduced a global minimum tax regime (commonly known as Pillar Two), which has been implemented in the UK and various other jurisdictions. The rules apply to multinational enterprise (MNE) groups with annual consolidated revenue exceeding €750 million, and are effective for accounting periods beginning on or after 31 December 2023. The rules impose a minimum effective tax rate of 15% on profits earned by large multinational groups, either through a domestic top-up tax or via the Income Inclusion Rule (IIR).

The company is part of a group that is within the scope of these rules. However, based on current evaluations, no top-up tax has arisen under the Income Inclusion Rule that the company is obligated to pay.

Accordingly, no top-up tax has been recognized in these financial statements.

The group continues to monitor the implications of Pillar Two across its operations. Based on current assessments, management does not expect the legislation to have a material impact on this company’s tax position. The company has also not recognized any deferred tax in respect of potential Pillar Two top-up taxes, in line with prevailing guidance and industry practice.

The company will continue to assess the impact of these rules as further guidance and implementation details emerge.

3.

TURNOVER

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

An analysis of turnover by geographical market is given below:

31.12.25

31.12.24

£

£

United Kingdom

3,447,920

3,073,397

Europe

1,003,460

1,095,182

Rest of the world

199,379

216,226

4,650,759

4,384,805

4.	EMPLOYEES AND DIRECTORS

31.12.25

31.12.24

£

£

Wages and salaries

972,891

902,545

Social security costs

129,851

124,458

Other pension costs

28,473

26,502

1,131,215

1,053,505

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

31.12.25

31.12.24

Management and operations

14

14

31.12.25

31.12.24

£

£

Directors' remuneration

196,160

180,747

5.	OPERATING PROFIT

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

31.12.25

31.12.24

£

£

Other operating leases

182,210

113,806

Depreciation - owned assets

73,233

146,789

Loss/(profit) on disposal of fixed assets

1,084

(980

)

Computer software amortisation

1,345

2,017

Auditors' remuneration

15,250

12,780

Foreign exchange differences

(25,023

)

18,935

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.25

31.12.24

£

£

Other interest

9,464

3,083

7.

TAXATION

Analysis of the tax charge

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

31.12.25

31.12.24

£

£

Current tax:

UK corporation tax

414,114

320,274

Deferred tax

(11,100

)

(9,861

)

Tax on profit

403,014

310,413

Reconciliation of total tax charge included in profit and loss

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

31.12.25

31.12.24

£

£

Profit before tax

1,609,502

1,176,282

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

402,376

294,071

Effects of:

Expenses not deductible for tax purposes

638

16,342

Total tax charge

403,014

310,413

8.

DIVIDENDS

31.12.25

31.12.24

£

£

A Ordinary shares of £1 each

Interim

1,366,155

953,782

9.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 January 2025

and 31 December 2025

36,000

AMORTISATION

At 1 January 2025

31,969

Amortisation for year

1,345

At 31 December 2025

33,314

NET BOOK VALUE

At 31 December 2025

2,686

At 31 December 2024

4,031