REGISTERED NUMBER: 09999330 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

SMITH & BROCK LTD

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Income and Retained Earnings

10

Balance Sheet

11

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

15

DIRECTORS:

Mr J F Fowler

Mr N Fowler

REGISTERED OFFICE:

Unit 1 Deptford Trading Estate

Blackhorse Road

London

SE8 5HY

REGISTERED NUMBER:

09999330 (England and Wales)

AUDITORS:

Kings CAP Ltd

Statutory Auditor

4 Grovelands

Boundary Way

Hemel Hempstead

Hertfordshire

HP2 7TE

ACCOUNTANTS:

Chartswood Limited

6b Parkway

Porters Wood

St Albans

Hertfordshire

AL3 6PA

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

REVIEW OF BUSINESS

The directors view the key financial performance indicators as being turnover and operating profit. As shown in the company's profit and loss account, turnover has reached approximately £35.1m (2024: £33.2m) and an operating profit achieved of £0.48m (2024: £1.7m).

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties facing the group are broadly categorised as strategic, technology, operational,

people and legal and regulatory risks.

STRATEGIC RISK

The directors do occasionally look to diversify into related businesses, where appropriate, such as retail and restaurants. However, the main focus and resources continue to be directed towards developing and nurturing our wholesale supply business.

Our aim is simple - to have the best people supplying the best product with the best service at the right price to

customers who value those attributes in a supplier. We use weekly reports and KPIs to measure the performance of our business. We have weekly sales dashboards to measure sales against budget and monitor our margins. We use debtor days and cash banking targets to monitor our credit control. We use monthly management accounts to review, monitor and manage the performance of the overall business.

TECHNOLOGY AND OPERATIONAL RISK

We have invested heavily over the last two years in enhancing our IT infrastructure and we now operate comfortably from three sites which provides a degree of contingency for disaster planning. We have an annual review of our IT hardware to ensure that the kit is still fit for purpose. We have anti-virus software across all our various IT networks and ensure that our data and our customer's data is kept safe and secure.

Our fridges are monitored, and we can be notified by SMS if there are problems with our temperatures in the various

fridges.

We use a Health & Safety advisor to review our risk assessments for the operation, and in conjunction with HR and our management team to ensure that Smith & Brock Ltd remains a safe place to work and a reliable provider of services to our customers across the 52 weeks of the year. Our day shift transport manager is qualified to assess new drivers and ensures existing drivers have refresher training. Our transport management team carry out regular 'toolbox talks' to ensure that we are adhering to the required standards of operation for our vehicles.

PEOPLE RISK

Our people are the key to our ongoing success and growth. The Company continues to have a relatively low churn rate for our industry. We ensure via our staff orders scheme and discounted café food that our team is well looked after. Our vehicles are installed with cameras which provides safety not only for the public and our customers but also for our drivers.

LEGAL AND REGULATORY RISK

We use food safety and Health & Safety consultants to ensure that we adhere to the very highest of standards in our operation. We have achieved AA accreditation under BRC Food Certification and our preparatory facility operates to SALSA requirements. We understand that changes to laws and regulations could have a direct impact on the business and/or the services we provide.

Our transport compliance ensures that our drivers have valid licences and are fit to operate trucks.

ON BEHALF OF THE BOARD:

Mr N Fowler - Director

30 July 2026

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of wholesale of fruit and vegetables.

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.

Mr J F Fowler

Mr N Fowler

DONATIONS

The company made charitable donations during the year amounting to £17,694 (2024- £10,070). There were no political contributions.

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, Kings CAP Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr N Fowler - Director

30 July 2026

Opinion

We have audited the financial statements of Smith & Brock Ltd (the 'company') for the year ended 31 October 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, 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 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 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was to ensure the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity by way of discussions with the directors and from our commercial knowledge and experience in the retail 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, ISO Standards, employment and health and safety legislation.

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls we performed analytical procedures to identify any unusual or unexpected relationships; tested journal entries to identify unusual transactions assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;

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

- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Sara Brown (Senior Statutory Auditor)

for and on behalf of Kings CAP Ltd

Statutory Auditor

4 Grovelands

Boundary Way

Hemel Hempstead

Hertfordshire

HP2 7TE

30 July 2026

TURNOVER

4

35,135,528

33,210,504

Cost of sales

29,944,247

27,607,451

GROSS PROFIT

5,191,281

5,603,053

Administrative expenses

4,706,409

3,859,170

OPERATING PROFIT

6

484,872

1,743,883

Interest receivable and similar income

327

-

485,199

1,743,883

Interest payable and similar expenses

7

334,272

361,122

PROFIT BEFORE TAXATION

150,927

1,382,761

Tax on profit

8

68,996

121,600

PROFIT FOR THE FINANCIAL YEAR

81,931

1,261,161

Retained earnings at beginning of year

1,796,630

985,469

Dividends

9

-

(450,000

)

RETAINED EARNINGS AT END OF YEAR

1,878,561

1,796,630

FIXED ASSETS

Tangible assets

10

2,699,070

2,440,061

Investments

11

855

855

2,699,925

2,440,916

CURRENT ASSETS

Stocks

12

411,116

337,393

Debtors

13

10,000,262

8,576,306

Cash at bank and in hand

36,433

515,391

10,447,811

9,429,090

CREDITORS

Amounts falling due within one year

14

5,590,821

5,303,795

NET CURRENT ASSETS

4,856,990

4,125,295

TOTAL ASSETS LESS CURRENT LIABILITIES

7,556,915

6,566,211

CREDITORS

Amounts falling due after more than one year

15

(5,026,768

)

(4,186,991

)

PROVISIONS FOR LIABILITIES

19

(651,486

)

(582,490

)

NET ASSETS

1,878,661

1,796,730

CAPITAL AND RESERVES

Called up share capital

20

100

100

Retained earnings

21

1,878,561

1,796,630

SHAREHOLDERS' FUNDS

1,878,661

1,796,730

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2026 and were signed on its behalf by:

Mr N Fowler - Director

Cash flows from operating activities

Cash generated from operations

1

1,106,875

1,883,587

Interest paid

(231,560

)

(292,688

)

Interest element of hire purchase payments paid

(102,712

)

(68,434

)

Tax paid

(1,403

)

26,187

Net cash from operating activities

771,200

1,548,652

Cash flows from investing activities

Purchase of tangible fixed assets

(770,626

)

(801,740

)

Sale of tangible fixed assets

-

3,500

Interest received

327

-

Net cash from investing activities

(770,299

)

(798,240

)

Cash flows from financing activities

Capital repayments in year

(50,313

)

196,988

Amount introduced by directors

-

299,181

Amount withdrawn by directors

(429,546

)

(366,960

)

Equity dividends paid

-

(450,000

)

Net cash from financing activities

(479,859

)

(320,791

)

(Decrease)/increase in cash and cash equivalents

(478,958

)

429,621

Cash and cash equivalents at beginning of year

2

515,391

85,770

Cash and cash equivalents at end of year

2

36,433

515,391

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

31.10.25

31.10.24

£

£

Profit before taxation

150,927

1,382,761

Depreciation charges

511,617

423,382

Loss on disposal of fixed assets

-

3,228

Amounts owed by group undertakings

(617,472

)

(782,735

)

Loan movement

(113,091

)

(73,356

)

Finance income

(80

)

-

Finance costs

334,272

361,122

Finance income

(327

)

-

265,846

1,314,402

Increase in stocks

(73,723

)

(76,860

)

Increase in trade and other debtors

(376,938

)

(860,225

)

Increase in trade and other creditors

1,291,690

1,506,270

Cash generated from operations

1,106,875

1,883,587

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 October 2025

31.10.25

1.11.24

£

£

Cash and cash equivalents

36,433

515,391

Year ended 31 October 2024

31.10.24

1.11.23

£

£

Cash and cash equivalents

515,391

85,770

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.11.24

Cash flow

At 31.10.25

£

£

£

Net cash

Cash at bank and in hand

515,391

(478,958

)

36,433

515,391

(478,958

)

36,433

Debt

Finance leases

(1,144,878

)

50,313

(1,094,565

)

Debts falling due within 1 year

(84,508

)

84,508

-

Debts falling due after 1 year

(28,583

)

28,583

-

(1,257,969

)

163,404

(1,094,565

)

Total

(742,578

)

(315,554

)

(1,058,132

)

1.	STATUTORY INFORMATION

Smith & Brock 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.

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.

The Company meets its day-to-day working capital requirements through its cash reserves and bank facilities. The Company has prepared forecasts up to October 2025 based upon what it considers to be prudent assumptions. After considering these forecasts, the directors consider that the Company has adequate resources to continue in operational existence for a period of at least 12 months from the date of issue of these financial statements and believe it is appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts, rebates and value added taxes. Turnover includes revenue earned from the sale of goods.

Tangible fixed assets

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

Improvements to property

-

25% on reducing balance

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

20% on cost

Computer equipment

-

20% 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

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group undertakings, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.	CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements in accordance with FRS 102 requires management to make certain assumptions and estimates that may affect the amounts of the assets and liabilities included in the Statement of Financial Position, the amounts of income and expenses, and the disclosures relating to contingent liabilities. These estimate and underlying assumptions are reviewed on a ongoing basis. REvisions to accounting estimates and recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty:

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Impairment of Stock

The directors have applied their judgement in impairing slow moving stock to its net realisable value, based on sell by dates and customer demand.

Impairment of Trade Debtors

Some customers are offered credit accounts based on a credit review and historical trading information available.The debtors ledger is reviewed frequently and provision made where necessary. When assessing the impairment of trade debtors management considers factors including the current credit rating of the debtor, the ageing profile of debts and historical experience.

4.

TURNOVER

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

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

31.10.25

31.10.24

£

£

Wholesale fruit and vegetables

35,135,528

33,210,504

35,135,528

33,210,504

5.	EMPLOYEES AND DIRECTORS

31.10.25

31.10.24

£

£

Wages and salaries

5,503,930

4,705,399

Social security costs

663,172

488,061

Other pension costs

107,668

107,299

6,274,770

5,300,759

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

31.10.25

31.10.24

Management

3

5

Administration

19

22

Sales

5

6

Transport drivers

40

32

Operations management

1

1

Operations picking

63

50

131

116

31.10.25

31.10.24

£

£

Directors' remuneration

325,345

90,000

Information regarding the highest paid director for the year ended 31 October 2025 is as follows:

31.10.25

£

Emoluments etc

162,673

6.	OPERATING PROFIT

The operating profit is stated after charging:

31.10.25

31.10.24

£

£

Hire of plant and machinery

51,571

46,226

Other operating leases

393,184

361,767

Depreciation - owned assets

173,759

216,363

Depreciation - assets on hire purchase contracts

337,858

207,023

Loss on disposal of fixed assets

-

3,228

Auditors' remuneration

15,000

7,000

7.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.10.25

31.10.24

£

£

Invoice financing interest

231,560

292,688

Hire purchase

102,712

68,434

334,272

361,122

8.

TAXATION

Analysis of the tax charge

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

31.10.25

31.10.24

£

£

Current tax:

UK corporation tax

-

1,701

Interest on taxation

-

(26,187

)

Total current tax

-

(24,486

)

Deferred tax

68,996

146,086

Tax on profit

68,996

121,600

UK corporation tax was charged at 25%) in 2024.

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:

31.10.25

31.10.24

£

£

Profit before tax

150,927

1,382,761

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

37,732

345,690

Effects of:

Expenses not deductible for tax purposes

21,656

22,220

Depreciation in excess of capital allowances

-

20,996

Utilisation of tax losses

-

(136,565

)

Group relief

-

(130,741

)

Adjustments in respect of deferred tax and losses

9,608

-

Total tax charge

68,996

121,600

9.

DIVIDENDS

31.10.25

31.10.24

£

£

Ordinary shares of £1 each

Interim

-

450,000